• Bill Would Require Small Firms with Attest Clients to Undergo Peer Review

    By:
    Ruth Singleton
    |
    Aug 15, 2017

    A bill (S6026A/A7895A) that would require mandatory peer review for all CPA firms in New York state that do attest work was passed in the Senate and Assembly in June and now requires only Gov. Andrew Cuomo’s signature to become law.  The Society advocated for passage of the act, which eliminates an exemption from mandatory peer review for firms with two or fewer CPAs, in order to protect the public interest by ensuring best practices among all CPA firms that perform audits. 

  • Technology creates promise, but can firms keep up?

    By:
    Chris Gaetano
    |
    Aug 15, 2017
    The accounting profession is undergoing a period of major change, with technology serving as one of the main drivers, both in terms of what clients demand and what CPA firms can deliver. But while innovations like cognitive computing and blockchain technology promise a world of new opportunities, they also raise questions about how firms will adjust to a landscape where common business practices are becoming obsolete.
  • NYSSCPA Board Seeks to Fill 2 Remaining Nominating Committee Seats by Appointment

    By:
    Anthony T. Abboud, NYSSCPA Secretary/Treasurer
    |
    Aug 15, 2017
    The official Nominating Committee petition period ended on Friday, Aug. 11, but there are still two open spaces. The NYSSCPA Board is ready to step in to fill these spots, but it’s still asking for interested members to step up and join this important committee.
  • Study: Mandatory Vacation Works Best for Employees

    By:
    Chris Gaetano
    |
    Aug 14, 2017
    A recent study has found that the best way for companies to help their workers get the most out of their vacations is to make them mandatory. 
  • James Doty to Remain as PCAOB Chair Until Replacement Appointed

    By:
    Chris Gaetano
    |
    Aug 14, 2017
    The Public Company Accounting Oversight Board (PCAOB) announced that it will be keeping its chair, James Doty, until a replacement is appointed, though his term technically ended in 2015. 
  • Yet Another Wells Fargo Scandal: Small Businesses Claim Overbilling for Credit Transactions

    By:
    Chris Gaetano
    |
    Aug 11, 2017
    Troubled bank Wells Fargo has racked up yet another scandal: small businesses are suing the financial institution over claims that it used deceptive language to overcharge them for processing credit card transactions, and when they tried to leave the agreement, they were charged exorbitant fees.  
  • Analysts Say Nuclear War Will Be Bad for Markets

    By:
    Chris Gaetano
    |
    Aug 11, 2017
    Financial analysts, rattled by the recent feud between the president and Kim Jong Un, said that a nuclear war would likely be bad for the markets. 
  • Online Sellers to be Given 60-Day Amnesty Period Before Being Subject to Sales Tax

    By:
    Chris Gaetano
    |
    Aug 10, 2017
    A consortium of state-level tax authorities is planing to give online sellers a 60-day grace period, starting from Aug. 17, to disclose outstanding liabilities stemming from their business activities as a way to get more retailers to start collecting sales and use taxes. 
  • IRS E-Services to be Down For Maintenance Aug. 17 to Aug. 21

    By:
    Chris Gaetano
    |
    Aug 10, 2017
    The IRS said that numerous e-services will be down for maintenance from Aug. 17 to Aug. 22. 
  • Company Asks Media to Use Non-GAAP Metric After SEC Ordered It Excluded From Financial Report

    By:
    Chris Gaetano
    |
    Aug 9, 2017
    Video game company Activision Blizzard―known for hit titles like World of Warcraft, Starcraft and Overwatch―has been asking the media to report non-GAAP metrics that the SEC told them to stop using in their financial reports. 
  • The Opposite of 'Accountants and Auditors' is 'Agricultural Graders'

    By:
    Chris Gaetano
    |
    Aug 9, 2017

    Using data from the U.S. Department of Labor, the New York Times broke every profession down into their required skills, and then used those points to determine what the opposite of each profession would be. In the case of accountants and auditors, the result was agricultural graders. 

  • State Education Department Proposes Changes to Annual Professional Ethics CPE Requirement

    By:
    Ruth Singleton
    |
    Aug 8, 2017
    Beginning in 2018, New York-licensed CPAs will be required to earn six CPE credits in ethics every three years, up from the current four-credit requirement, if the New York State Board of Regents approves the measure this fall.
  • State Tax Department Simplifies Power of Attorney Form, Process Issues

    By:
    New York State Department of Taxation and Finance
    |
    Aug 8, 2017
    Based on feedback from tax professionals and taxpayers, the New York State Department of Taxation and Finance recently revised Form POA-1, Power of Attorney, and implemented a power of attorney (POA) web application to make it easy to file. The changes are part of the department’s ongoing effort to make its forms more user-friendly and to enhance its operational efficiency.
  • Americans' Credit Card Debt Tops $1 Trillion

    By:
    Chris Gaetano
    |
    Aug 8, 2017
    A recent report from the U.S. Federal Reserve has found that American credit card debt is higher than it's ever been before, with people collectively owing $1.021 trillion, and there's no sign it won't climb higher. 
  • NYC Mayor Proposes Tax Increase to Fund Subway Repairs

    By:
    Chris Gaetano
    |
    Aug 8, 2017
    NYC Mayor Bill de Blasio said that the city could raise taxes on the rich in order to fund repairs and improvements to the ailing public transit system. 
  • Regulatory Roundup: Aug. 2-8

    By:
    Chris Gaetano
    |
    Aug 8, 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.
  • Banks Pocketed $15 Billion in Overdraft Fees Last Year

    By:
    Chris Gaetano
    |
    Aug 7, 2017
    A recent report from the Consumer Financial Protection Bureau said that penalties from overdraft fees gave banks $15 billion last year. 
  • Regulatory Penalties Down Two-Thirds Compared with Last Year

    By:
    Chris Gaetano
    |
    Aug 7, 2017
    Securities and Exchange Commission, the Commodity Futures Trading Commission and the Financial Industry Regulatory Authority in the first half of 2017 were down nearly two-thirds compared with the first half of 2016. 
  • PCAOB Slaps PricewaterhouseCoopers with $1 Million Fine

    By:
    Chris Gaetano
    |
    Aug 4, 2017
    The Public Company Accounting Oversight Board (PCAOB) imposed a $1 million penalty against PricewaterhouseCoopers over issues in its audit of Merrill Lynch's compliance with SEC rules. 
  • Poll: 25 Percent Believe Time Travel Will Happen Before Female Parity in Fortune 500

    By:
    Chris Gaetano
    |
    Aug 4, 2017
    A recent survey done by the Rockefeller Foundation has discovered that 25 percent of people believe we'll have time travel before female parity in Fortune 500 leadership. 

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