• Speakers: Blockchain Will Change Everything, Auditors Must Be Nimble

    By:
    Chris Gaetano
    |
    May 11, 2018
    Blockchain technology will disrupt the financial world just as surely as the Internet disrupted the media world decades ago, and while this may seem threatening to some, it also represents an opportunity for forward-thinking firms to find a niche in this new world and thrive when others go extinct. This was the message put forth by a pair of speakers at the Foundation for Accounting Education's Broker Dealer Conference on May 9.
  • Government Accounting Standards Rule Stings Municipal Bond Issuers

    By:
    Chris Gaetano
    |
    May 11, 2018
    The generally stable municipal bond market has been rocked by turbulence stemming from the implementation of a 2014 Government Accounting Standards Board rule that has added billions in previously unreported liabilities.
  • IRS Warns of Fake Form W-8BEN Scam

    By:
    Chris Gaetano
    |
    May 11, 2018
    The IRS is advising people to be on the lookout for a new scam that targets international taxpayers and non-resident aliens. 
  • Speaker: When Implementing New Lease Standard, Broker-Dealers Must Sweat the Small Stuff

    By:
    Chris Gaetano
    |
    May 11, 2018
    When speaking with broker-dealer clients on implementing the Financial Accounting Standards Board's new lease standards, Charles V. Abraham, the financial services practice leader at Mazars USA, said the first question he gets from them is how they can avoid doing it at all. Speaking at the Foundation for Accounting Education's annual Broker-Dealer Conference on May 9, Abraham said that there are very few circumstances in which they could be exempt from the standards.. 
  • Regulatory Roundup: May 2-8

    By:
    Chris Gaetano
    |
    May 8, 2018
    With so many regulators out there, it can be tough to keep track of all the decisions being made. This is the NYSSCPA’s regular series that collects relevant regulatory ​​announcements from the past week, and puts them in one place to help you stay on top of the issues.
  • TCJA Changes Incentives for Corporate Behavior

    By:
    Chris Gaetano
    |
    May 8, 2018
    The Tax Cuts and Jobs Act presents domestic and international corporations with a wave of new opportunities—and challenges—as the law’s changes call old tactics into question while bringing new ones to the fore.
  • Accounting Standards Change Prompts Berkshire Hathaway to Report $1.1 Billion Net Loss

    By:
    Chris Gaetano
    |
    May 7, 2018
    Berkshire Hathaway, the multinational conglomerate behind billionaire Warren Buffet, has reported a $1.1 billion net loss that it attributed mainly to accounting changes on how unrealized gains and losses on stock investments are reported. 
  • M&A Activity Heating Up

    By:
    Chris Gaetano
    |
    May 7, 2018
    Mergers and acquisitions deals for the first three months of the year have increased by 13 percent in value from the previous quarter to $513 billion, the highest amount since 2016, with the total number of deals growing by 6 percent at the same time.
  • Gallup Survey Finds People Have Dim View of Their Jobs

    By:
    Chris Gaetano
    |
    May 4, 2018
    Gallup's new State of the American Workplace survey has found that things aren't so good with the workers, as only a third would be considered engaged—that is, involved in, enthusiastic about and committed to their work and workplace— and 16 percent are "actively disengaged," defined as resentful that their needs aren't being met and are acting out on their unhappiness. 
  • Theranos Investors, Including Top Business and Government Officials, Lost $600M

    By:
    Chris Gaetano
    |
    May 4, 2018
    Recently unsealed court documents reveal that investors in Theranos Inc., including many top business and government officials such as Education Secretary Betsy DeVos and Mexican billionaire Carlos Slim, lost a collective $600 million in what the SEC believes to be a massive fraud. 
  • E&Y Settles Sexual Harassment Suit

    By:
    Chris Gaetano
    |
    May 3, 2018
    Ernst & Young has settled with a female tax partner over claims of sexual assault, harassment, and retaliation, according to Barron's.
  • GE Mortgage Unit, Haunted by Ghosts of Financial Crisis, May Turn to Bankruptcy for Exorcism

    By:
    Chris Gaetano
    |
    May 3, 2018
    More than a decade later, General Electric is still dealing with the fallout from its now-defunct sub-prime mortgage business. Faced with ongoing investor lawsuits and federal investigation, the company said the troubled unit might be forced to declare bankruptcy.  
  • Survey Finds People Think CEOs Mostly Driven by Greed, But Still Want Them to Take Lead on Issues

    By:
    Chris Gaetano
    |
    May 2, 2018
    A recent survey has found that while the majority of people say that CEOs are driven mostly by greed versus wanting to make the world a better place, they also want  CEOs to take the lead on change rather than wait for government to impose it. 
  • Federal Reserve: Climate Change Could Cut U.S. Economic Growth by One Third Over Century

    By:
    Chris Gaetano
    |
    May 2, 2018
    A study recently published by the Federal Reserve Bank of Richmond said that climate change could stunt U.S. economic growth by one third over the next century. 
  • CPA in Government Award Winner Scott Adair Bridges Worlds of Finance and Public Sector

    By:
    Chris Gaetano
    |
    May 1, 2018
    Former NYSSCPA President Scott M. Adair, winner of this year’s Outstanding CPA in Government Award, is the CFO of the Rochester-Genesee Regional Transportation Authority. He has worked in the public sector for 14 years, and he has met its challenges with a CPA’s sober eye and attention to detail.
  • Regulatory Roundup: April 25-May 1

    By:
    Ruth Singleton
    |
    May 1, 2018
    With so many regulators out there, it can be tough to keep track of all the decisions being made. This is the NYSSCPA’s regular series that collects relevant regulatory ​​announcements from the past week, and puts them in one place to help you stay on top of the issues.
  • Former CFO of Software Company Acquired by HP Is Convicted of Accounting Fraud

    By:
    Ruth Singleton
    |
    May 1, 2018

    The former chief financial officer of software company Autonomy Corp. was found guilty yesterday of using accounting fraud to come up with the $11.7 billion price that Hewlett Packard Co. paid for it in 2011. A federal jury in San Francisco voted to convict Sushovan Hussain on 14 counts of wire fraud and one count of securities fraud. He faces up to 25 years in prison on the securities fraud count.

  • IRS Asks What Guidance People Want Most

    By:
    Chris Gaetano
    |
    Apr 30, 2018
    The IRS is asking the public what guidance it should prioritize as it rolls out the finer points of the Tax Cuts and Jobs Act. 
  • Wells Fargo Accused of ERISA Violations

    By:
    Chris Gaetano
    |
    Apr 30, 2018
    Embattled bank Wells Fargo, which has recently been involved in a series of scandals, has now been accused of violating the Employee Retirement Income Security Act by inappropriately pushing clients to roll their 401(k) into a more expensive IRA regardless of suitability. 
  • NYC Dept. of Finance Sends out Erroneous Late Notices, Will Send Correction Letters

    By:
    Chris Gaetano
    |
    Apr 27, 2018
    Members on NYSSCPA's Exchange forum have been reporting that the New York City Department of Finance has been sending notices that some unincorporated business tax filings were late even when they were actually filed on time, which the city later said was connected to the IRS technical difficulties on April 17. 

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