• IRS Identifies New Tax Scam

    By:
    Chris Gaetano
    |
    Feb 5, 2018
    The IRS has warned taxpayers and the CPAs who serve them to be on the lookout for a new scam that has a more legitimate appearance than many that have come before it. 
  • Study: Employee Engagement Doesn't Always Protect from Stress, Burnout

    By:
    Chris Gaetano
    |
    Feb 5, 2018
    A recent study from the Yale Center for Emotional Intelligence has found that employee engagement is not guaranteed protection against stress and burnout and, indeed, some of the most engaged employees are also the most harried and overextended. 
  • CEOs Brace Themselves for New Pay Ratio Rule

    By:
    Chris Gaetano
    |
    Feb 2, 2018
    CEOs are bracing themselves for the implementation of a new rule that requires that companies report the ratio between their pay and their rank and file workers. 
  • Study: Idleness Costs Companies $100B a Year

    By:
    Chris Gaetano
    |
    Feb 2, 2018
    A recent study has found that idle time at work when there's nothing to do costs about $100 billion to companies per year. 
  • Study: Standing Desks Burn About an Orange's Worth of Calories Per Day

    By:
    Chris Gaetano
    |
    Feb 1, 2018
    If you've got a standing desk, congratulations! A recent study has found you can eat one orange per day without any guilt, as standing for six hours burns about 54 calories. 
  • Tax Bill's Impact Means Debt Ceiling Limit Reached 1 Month Early

    By:
    Chris Gaetano
    |
    Feb 1, 2018
    A tax cut means less money for the government, which means less money for the government to pay its debts, which means that the federal debt limit will now be reached one month earlier than previous estimates. 
  • Speaker: SALT Workarounds Unlikely to Work as Planned

    By:
    Chris Gaetano
    |
    Jan 31, 2018
    While state governments are laboring to enact workarounds to the new $10,000 limit on state and local tax (SALT) deductions, attorney Mark Klein, a speaker at the Foundation for Accounting Education's conference "Impact of the New Tax Law: a Sid Kess Workshop," said it's unlikely that they will actually work the way they're intended.
  • Speaker: New Corporate Tax Rate Has Hidden Catches

    By:
    Chris Gaetano
    |
    Jan 31, 2018
    The new tax law enacted in December swapped out a graduated corporate tax rate topping out at 35 percent with a flat 21 percent rate across the board. While this provision, combined with the elimination of the corporate alternative minimum tax (AMT), might seem to have simplified matters considerably, attorney Jerald David August, a tax partner at Kostelanetz & Fink, LLP, who spoke at the Foundation for Accounting Education's conference "Impact of the New Tax Law: a Sid Kess Workshop" today, pointed out some complicating factors.
  • SEC Halts $600M Initial Coin Offering, Says Company Misrepresented Itself to Investors

    By:
    Chris Gaetano
    |
    Jan 30, 2018
    The Securities and Exchange Commission, for the first time, halted an initial coin offering (ICO), which is a sort of IPO for cryptocurrencies, saying that the company made many materially false statements to raise $600 million in just two months. 
  • NYS Sales Tax Collection at Five-Year High

    By:
    Chris Gaetano
    |
    Jan 30, 2018
    New York State Comptroller Thomas DiNapoli reported that sales tax collection grew by nearly 4 percent this year, the highest collection rate since 2013. 
  • Regulatory Roundup: Jan. 24-30

    By:
    Chris Gaetano
    |
    Jan 30, 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.
  • IRS Filing Season Begins Today

    By:
    Chris Gaetano
    |
    Jan 29, 2018
    The IRS is now accepting returns, as the filing season formally begins today. 
  • Governors of NY, NJ and CT Announce Plans to Sue Federal Govt. Over New Tax Law

    By:
    Chris Gaetano
    |
    Jan 29, 2018
    The governors of New York, New Jersey and Connecticut have announced that they plan to sue the federal government over the SALT deduction cap, which they say unfairly discriminates against Democratic-leaning states. 
  • SEC May Seek to Immunize Company IPOs from Investor Lawsuits

    By:
    Chris Gaetano
    |
    Jan 26, 2018
    The Securities and Exchange Commission is said to be quietly exploring new rules that would make companies selling shares in an initial public offering effectively immune from investor class action lawsuits, forcing them instead into arbitration. 
  • FASB Formally Adopts Amendment Simplifying Lease Rules With Regard to Land Easements

    By:
    Chris Gaetano
    |
    Jan 26, 2018
    The Financial Accounting Standards Board (FASB) formally adopted an amendment that simplifies the lease standards as they relate to land easements. 
  • Administration May Nominate Tax Controversies Specialist as IRS Head

    By:
    Chris Gaetano
    |
    Jan 25, 2018
    Charles “Chuck” Rettig, an attorney from California who specializes in settling tax controversies for clients, is likely to be nominated as the head of the IRS. 
  • State Efforts to Mitigate Effects of SALT Deduction Cap Could Cost Federal Govt. $154 Billion

    By:
    Chris Gaetano
    |
    Jan 25, 2018
    State governments affected by the Republican tax plan, particularly where it concerns the $10,000 cap on SALT deductions, are feverishly working on ways to mitigate losses for their constituents, an effort that could collectively end up costing the federal government $154 billion. 
  • Study: Shorter Reporting Periods Encourages "Managerial Myopia"

    By:
    Chris Gaetano
    |
    Jan 24, 2018
    A recent study has found that while there may be advantages to a quarterly reporting cycle, such as decreased capital costs, it does so at the expense of creating a "managerial myopia" where short-term results are prioritized over long-term investments. 
  • Bill to Keep Govt. Funded Delays Three Obamacare Provisions

    By:
    Chris Gaetano
    |
    Jan 24, 2018
    The continuing resolution to fund the government, the signing of which officially ended the brief government shutdown over the weekend, contains language that delays three parts of the Affordable Care Act that hadn't yet kicked in. 
  • Average American Credit Card Debt: $6,375

    By:
    Chris Gaetano
    |
    Jan 23, 2018
    A new report from credit reporting firm Experian says that the average American has a credit card balance of $6,375. 

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