• Study: Many Jobs Calling for College Degree Don't Really Need One

    By:
    Chris Gaetano
    |
    Oct 25, 2017
    A recently released Harvard Business School study has found that 6.2 million jobs are at risk of "degree inflation," that is requiring college degrees when it's really not necessary for the job at hand. 
  • Speaker: As Anti-Money Laundering, Counter-Terrorist Financing Efforts Mature, New Complexities Emerge

    By:
    Chris Gaetano
    |
    Oct 25, 2017
    In the grand scheme of things, anti-money laundering and counter-terrorist financing regulations are relatively recent phenomena, and though they have evolved quickly,  they will be tested by the complexities and challenges of a global economy under rapid change, according to Daniel L. Glaser, former Assistant Secretary for Terrorist Financing and Financial Crimes in the U.S. Department of the Treasury and a speaker at the Foundation for Accounting Education's Oct. 25  Anti-Money Laundering Conference.
  • Speakers: Regulatory Systems Only As Good As Their Data

    By:
    Chris Gaetano
    |
    Oct 25, 2017
    While financial institutions are eager to implement automated systems to help them catch suspicious activity, a panel of regulators at the Foundation for Accounting Education's Oct. 25 Anti-Money Laundering Conference said that none of that helps if they're not fed the right data. 
  • Peer Review Bill Becomes Law, Affected Firms Have 30 Days to Notify SED

    By:
    Chris Gaetano and Ruth Singleton
    |
    Oct 24, 2017
    Governor Andrew Cuomo on Oct. 23 signed legislation that mandates peer review for all CPA firms in the state that provide attest work for their clients, regardless of size. The legislation takes effect immediately, giving affected firms with two or fewer CPAs 18 months to have a completed peer review. However, a more immediate deadline looms.

  • It's Official: SEC Approves Expanded Audit Report

    By:
    Chris Gaetano
    |
    Oct 24, 2017
    The Securities and Exchange Commission has formally approved the new expanded auditor's report adopted by the Public Company Accounting Oversight Board on June 1, creating a number of new disclosure requirements, chiefly the mandatory discussion of critical audit matters. 
  • TIGTA: IRS Must Improve Efforts to Ferret Out Erroneous EITC Claims

    By:
    Chris Gaetano
    |
    Oct 24, 2017
    The Treasury Inspector General for Tax Administration took the IRS to task for failing to conduct appropriate compliance treatments on returns that made potentially erroneous EITC claims, as well as for lack of adequate followup efforts on preparers with consistent non-compliance. 
  • Regulatory Roundup: Oct. 18-24

    By:
    Chris Gaetano
    |
    Oct 24, 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.
  • Study: Female Business Owners 20 Percent Less Likely to Be Approved for Bank Loans

    By:
    Chris Gaetano
    |
    Oct 23, 2017
    A recent study found that while 50 percent of all business owners in general were able to get a bank loan approved over the last three months, when looking only at female-owned businesses, that number drops to 30 percent. 
  • Data Finds People Working Longer, Living Less

    By:
    Chris Gaetano
    |
    Oct 23, 2017
    Recent statistics released by the Society of Actuaries has found that people are retiring later even as life expectancy is getting shorter. 
  • IRS to Block Returns Missing Obamacare Info

    By:
    Chris Gaetano
    |
    Oct 20, 2017
    The IRS said it will be suspending or blocking any return filed for the 2017 tax year that is missing information about the taxpayer's health insurance status.
  • Speaker: New Recession Could Come in 5-7 Years

    By:
    Chris Gaetano
    |
    Oct 19, 2017
    Lester Wigler, a senior portfolio manager and financial adviser with Morgan Stanley, said that a number of financial indices show that the global economy is still growing, so don't worry about a worldwide recession in the next three to five years. The next five to seven years, though, are another story. 
  • Speaker: New Paid Family Leave Law Can Be Challenging But Employers Can Protect Themselves

    By:
    Chris Gaetano
    |
    Oct 19, 2017
    Frank Kerbein, the director of the Center for Human Resources at the Business Council of New York State and a speaker at the Foundation for Accounting Education's Oct. 18 Business and Industry Conference, said that the state's new paid family leave law will be challenging for employers, but there are ways for employers to mitigate the impacts. 
  • Speaker: Misconceptions Often Mean Contractors Leave Money on Table

    By:
    Chris Gaetano
    |
    Oct 19, 2017
    James Lundy Jr., a partner with Marcum LLP's Construction Industry Practice group and a speaker at the Foundation for Accounting Educations Oct. 19 Construction Contractors Conference, said that many contractors miss opportunities to lower their tax bills because of misconceptions about how certain programs can apply to their industry, particularly where it concerns deferred taxation. 
  • Panel: Construction Contractor Firms Keep Succession Planning in Mind

    By:
    Chris Gaetano
    |
    Oct 19, 2017
    As in CPA firms, leaders in the construction industry tend to skew older, which means many are wrestling with questions of how they can best ensure continuity of leadership and a continuing flow of high-quality younger employees interested in working in that field. 
  • IRS Reconsiders Equifax Contract

    By:
    Chris Gaetano
    |
    Oct 17, 2017
    The IRS has decided that it may not have been a good idea to hire Equifax, recently the subject of a data breach that impacted potentially 40 percent of the U.S. population, to verify taxpayer identities. 
  • California Carves Out Special Tax Apportionment Rules for Space Travel

    By:
    Chris Gaetano
    |
    Oct 17, 2017
    The state of California added "space transportation," that is the movement of people or property into space, to the list of unusual industries subject to special apportionment rules for determining how much income the state can tax. 
  • Regulatory Roundup: Oct. 11-17

    By:
    Chris Gaetano
    |
    Oct 17, 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.
  • IRS to Revisit How It Processes Private Letter Rulings

    By:
    Chris Gaetano
    |
    Oct 16, 2017
    The IRS warned practitioners that it plans to reconsider how it processes certain private letter rulings, and may issue new guidance to that effect. 
  • Nominations for Society’s Board of Directors Due Jan. 2

    By:
    NYSSCPA Staff
    |
    Oct 16, 2017

    Are you interested in serving on the NYSSCPA’s Board of Directors? The Society’s Nominating Committee is accepting submissions of interest by members to fill key leadership positions on the NYSSCPA’s Board of Directors. Terms begin on June 1, 2018. The deadline to submit a nomination is Tuesday, Jan. 2.

  • Study Finds Bad News is Best Delivered Directly, Clearly

    By:
    Chris Gaetano
    |
    Oct 16, 2017
    If you've got to deliver bad news to someone, perhaps an employee who didn't get the raise or promotion they've been angling for, a recent study has found that you shouldn't sugar coat anything or beat around the bush: just tell it to them straight. 

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