• NYS Tax Department Extends 'No Applicable ID' Option for Driver's License Requirement

    By:
    Chris Gaetano
    |
    Dec 12, 2017

    Just in time for the launch of the 2017 tax filing season, the New York State Department of Taxation and Finance (NYSDTF) confirmed on Dec. 8 that it will continue to allow tax practitioners e-filing returns with NYSDTF to click a “No Applicable ID” box if a client refuses to provide them with driver’s license information when they are preparing the client’s New York State income tax return. 


  • Regulatory Roundup: Dec. 6-12

    By:
    Chris Gaetano
    |
    Dec 12, 2017
    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.
  • Society to Transfer Peer Review Administration to Pennsylvania Institute in March

    By:
    Ruth Singleton
    |
    Dec 12, 2017

    On March 15, 2018, the NYSSCPA will hand off its peer review administration responsibilities to the Pennsylvania Institute of CPAs (PICPA). As of that date, the PICPA will become the administering entity (AE) for New York state CPA firms that are required to undergo peer review, meaning all firms that perform attest services, as well as firms that include members of the American Institute of CPAs (AICPA) and perform work for which that organization requires peer review.

  • Speaker: Uncertainty Snarls Tax Planning

    By:
    Chris Gaetano
    |
    Dec 11, 2017
    Congress is in the middle of crafting what has been promised to be the most significant overhaul to federal tax policy in decades, though a speaker at the Foundation for Accounting Education's Tax Planning for Individuals Conference on Dec. 7 noted that the timing of all this makes it difficult to plan for next year. 
  • Japanese Firm Tries Drones to Prevent Death-by-Overwork

    By:
    Chris Gaetano
    |
    Dec 11, 2017
    A Japanese cleaning and office security firm is considering using drones to curtail white collar workers who stay in the office until late at night as a way to both encourage better work-life balance and discourage death-by-overwork. 
  • Why Are People So Bad With Money?

    By:
    Chris Gaetano
    |
    Dec 11, 2017
    It's a question that many CPAs have no doubt asked themselves when observing a client making a particularly bad decision: why are they so bad with money? A behavioral economist from Duke University thinks he has an answer to that question—several, in fact. 
  • Ways to Recognize a Social Engineering Attack

    By:
    Chris Gaetano
    |
    Dec 8, 2017
    You can have the most sophisticated network security in the world, but it's all worthless if someone replies to the wrong email. We speak often of what to do in the event of a cyber attack, but many of those are preceded by simple social engineering. What are the signs that someone is trying to manipulate you into giving up valuable information?
  • Speaker: Regulatory Slowdown Means More Work for CPAs

    By:
    Chris Gaetano
    |
    Dec 7, 2017
    While the administration's freeze on new federal regulations might seem, on its face, to mean less work for CPAs, a speaker at the Foundation for Accounting Education's Tax Planning for Individuals Conference on Dec. 6 said that, paradoxically enough, it will actually mean the opposite. 
  • Speaker: Federal Estate Tax Cut All But Certain, But Don't Count Out State-Level Taxes

    By:
    Chris Gaetano
    |
    Dec 7, 2017
    Kevin Matz, a tax partner at Stroock & Stroock & Lavan LLP, said it was almost certain that the tax reform bill will pass, which at the very least means significant cuts in the federal estate tax, if it's not repealed entirely. But at the same time, he said, CPAs need to remember that states collect estate taxes too, and they won't necessarily follow every aspect of the federal law. 
  • House and Senate Republicans to Confer on Respective Tax Plans

    By:
    Chris Gaetano
    |
    Dec 5, 2017
    Senate Republicans will be meeting with their House counterparts this week after voting on their version of the tax reform bill. 
  • PCAOB Releases Staff Guidance for Expanded Auditors Report

    By:
    Chris Gaetano
    |
    Dec 5, 2017
    The Public Company Accounting Oversight Board (PCAOB) released guidance intended to help people make sense of the new expanded auditor's report, which was formally adopted this past June. 
  • Regulatory Roundup: Nov. 29-Dec. 5

    By:
    Chris Gaetano
    |
    Dec 5, 2017
    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.
  • Treasury Inspector General: Investigating Missing Tax Analysis a 'Top Priority'

    By:
    Chris Gaetano
    |
    Dec 1, 2017
    The Treasury Inspector General has said that looking into why the secretary's long-awaited analysis of the Republican tax plan has not been released. 
  • IRS Gives Partnerships, REMICs, Certain Other Entities More Time

    By:
    Chris Gaetano
    |
    Dec 1, 2017
    The IRS has given certain entities a little more time on their taxes to account for recently implemented due date changes. 
  • Corporate Boards Concerned About Industry Disruption, Cybersecurity

    By:
    Chris Gaetano
    |
    Nov 30, 2017
    A survey of 587 corporate directors at 520 public companies has found that board members are concerned about the changing state of both their own industry and the economy as a whole, as well as emerging cybersecurity threats. 
  • FASB to Make Lease Accounting Standard a Little Easier

    By:
    Chris Gaetano
    |
    Nov 30, 2017
    The Financial Accounting Standards Board (FASB) gave final approval to a proposed update that allows entities to use a practical expedient when it comes to land easements, as well as voted to propose a new update that allows lessors to not separate lease and nonlease components if certain conditions are met. 
  • Most CEOs Plan to Use Tax Cuts to Pay Shareholders, Debts

    By:
    Chris Gaetano
    |
    Nov 29, 2017
    At a recent forum attended by CEOs of top companies like Coca Cola Co. and Pfizer, it was found that the vast majority had no plans to spend tax cuts on jobs and investment, with most opting instead to reward shareholders and pay down debt. 
  • Speakers Promote Tax Security Awareness, Saying Cybercrime Is Growing Rapidly

    By:
    Chris Gaetano
    |
    Nov 29, 2017
    Cybercrime and identity theft are among the fastest growing crimes. Given this rapid growth, speakers from the IRS, New York State Department of Taxation and Finance,  Better Business Bureau, New York City Department of Consumer Affairs and Manhattan District Attorney's Office held a press conference on Nov. 29, stressing the need for people to protect themselves.
  • Wells Fargo Currency Traders Found to Be Overcharging Customers to Fatten Bonuses

    By:
    Chris Gaetano
    |
    Nov 28, 2017
    Currency traders at Wells Fargo routinely overcharged foreign exchange customers in order to meet bonus incentives based on how much revenue they were able to pull in.
  • IRS to Allow Casualty Deductions for Damaged Concrete Foundations

    By:
    Chris Gaetano
    |
    Nov 28, 2017
    The IRS will now allow certain damage resulting from deteriorating concrete foundations to be treated as a casualty loss.

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