• 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. 
  • Before You Accept That Offer, Ask: How Toxic Is This Workplace?

    By:
    Chris Gaetano
    |
    Apr 27, 2018
    A toxic workplace culture will rarely identify itself as such, and so if you want to avoid working at a company that will leave you demoralized at best and deeply traumatized at worst, you might want to see whether the prospective employer matches the more common traits of a terrible organizational culture. 
  • Senate Bill Would Provide Retail Banking Services at Post Offices

    By:
    Chris Gaetano
    |
    Apr 26, 2018
    Senator Kirsten Gillibrand (D - NY) has proposed a bill that, if implemented, would make basic banking services available at all 30,000 U.S. post offices. 
  • Study: Knowing Identity of Audit Partner Tilts Investor Decisions 14 Percent

    By:
    Chris Gaetano
    |
    Apr 26, 2018
    A recent study has found that naming the audit engagement partner can affect investor behavior, sometimes significantly, because people tend to judge individuals more harshly than groups.
  • IRS Warns of Scammers Spoofing Telephone Numbers in Impersonation Scams

    By:
    Chris Gaetano
    |
    Apr 25, 2018
    The IRS has warned that scammers have learned to spoof phone numbers to make their calls appear to come from legitimate places like a local Taxpayer Assistance Center. 
  • Federal Government Expands Exemptions For ACA Individual Mandate Penalty

    By:
    Chris Gaetano
    |
    Apr 25, 2018
    The federal government has added four new exemptions to avoiding the Affordable Care Act's individual mandate penalty, which is already set to expire next year. 


  • CPA Education Award Winner Victoria Shoaf Has Eye on Future of Profession

    By:
    Chris Gaetano
    |
    Apr 24, 2018

    Victoria Shoaf, winner of this year’s Dr. Emanuel Saxe Outstanding CPA in Education Award, has taught aspiring CPAs at St. John’s University in Queens for more than two decades. Over this time, she has become keenly aware of both the rapid change the profession is undergoing as well as the need for accounting education to change with it.

  • For Some Individuals, the TCJA Has Led to More Complicated Planning, but Also More Opportunities

    By:
    Chris Gaetano
    |
    Apr 24, 2018

    The new federal tax law has dramatically shifted the individual taxation landscape, leading CPAs to rethink old assumptions about how best to plan for their clients. The process is becoming simpler for some and more complicated for others, and with these changes come opportunities.

  • Regulatory Roundup: April 18-24

    By:
    Chris Gaetano
    |
    Apr 24, 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. 
  • Joint Tax Committee Releases Report on Impact of TCJA

    By:
    Chris Gaetano
    |
    Apr 24, 2018

    The Joint Committee on Taxation released its initial assessment of the Tax Cuts and Jobs Act, estimating the new effective tax rates for the different brackets, as well as the estimated distribution of certain tax benefits. 

  • Guest Blog: Are You a Tax Pro Without a Security Plan in Place? You May Be Breaking the Law

    By:
    Walter Primoff
    |
    Apr 24, 2018
    "When Identity Thieves Hack Your Accountant" is the headline of noted cybersecurity blogger Brian Krebs' new blog post. Once an issue makes Krebs' blog, it usually affects a broad group, in this case a growing number of hacked CPA firms and resulting client identity theft. What Krebs and the 62 comments to his post leave out is the requirement under the federal Gramm-Leach-Bliley (GLB) law for all CPA firms with tax practices, including sole practitioners, to create, execute and periodically update a comprehensive written firm-size-appropriate information security plan.
  • Private Companies Struggling to Implement Revenue Recognition, Lease Standards

    By:
    Chris Gaetano
    |
    Apr 24, 2018
    A very small number of private companies said they are currently ready to implement the  new standards from the Financial Accounting Standards Board (FASB) on leases and revenue recognition, trailing public companies, which, themselves, are also largely unready for the change. 
  • SEC Proposes 'Best Interest' Standard for Broker-Dealers

    By:
    Chris Gaetano
    |
    Apr 23, 2018
    The Securities and Exchange Commission has proposed that broker-dealers follow what the agency is calling "Regulation Best Interest," which makes it clear that a broker-dealer may not put its financial interests ahead of the interests of a retail customer in making recommendations.

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