• Study: Gender Pay Gap Widened

    By:
    Chris Gaetano
    |
    Apr 4, 2017
    While there has been much progress on the gender pay gap over the decades, a recent study has shown a slight regression from 2011 to 2015, going from 97 cents on the dollar to 90. 
  • Regulatory Roundup: March 29-April 4

    By:
    Chris Gaetano
    |
    Apr 4, 2017
    With so many regulators out there, it can be tough to keep track of everything they say from week to week. Luckily, we here at The Trusted Professional have collected relevant regulatory announcements from the past week and put them here in one place to help you stay on top of regulatory issues or matters.
  • TIGTA: IRS Overpaid 600 Employees, Underpaid 900 Employees

    By:
    Chris Gaetano
    |
    Apr 3, 2017
    A report from the Treasury Inspector General for Tax Administration said that the IRS's complex pay-setting rules has resulted in more than a thousand employees being either under or overpaid between 2006 and 2015, representing 31 percent of the sample. 
  • IRS Warns of Surge of Phishing Schemes Emerging Over Last Few Days

    By:
    Chris Gaetano
    |
    Apr 3, 2017
    Tax time is prime time for identity thieves looking for personal information, but the IRS has said there is an unusually large amount of phishing activity, even for tax season. It warned professionals to beware of emails with certain subject lines. 
  • Credit Suisse Offices Raided by Authorities From Five Different Countries

    By:
    Chris Gaetano
    |
    Mar 31, 2017
    Authorities from Netherlands, Britain, Germany, France and Australia conducted a series of coordinated raids on offices belonging to Swiss bank Credit Suisse as part of a massive tax evasion and money laundering probe concerning tens of thousands of account holders. 
  • Poll: Audits Provide Valuable Business Insights But Not Everyone Acts on Them

    By:
    Chris Gaetano
    |
    Mar 31, 2017
    A Deloitte survey of over 300 c-suite executives and 100 audit committee members has found that while the majority think the financial audit provides valuable business insights, only about a third of companies actually leverage them into their business strategies. 
  • Amazon to Start Collecting Sales Taxes in Every Applicable State

    By:
    Chris Gaetano
    |
    Mar 30, 2017
    Online retail giant Amazon plans to begin collecting sales tax in Hawaii, Idaho, Maine and New Mexico, the last four states in which it did not already do so. 
  • Poll: Most People Find Work Stressful

    By:
    Chris Gaetano
    |
    Mar 30, 2017
    A recent survey of 2000 people has found that the majority of people find work to be pretty stressful, while roughly equal numbers either found to work to be really stressful or, conversely, not stressful at all. 
  • Grocery Chain Tesco to Pay $160,256,700 Over Accounting Fraud

    By:
    Chris Gaetano
    |
    Mar 29, 2017
    International grocery store chain Tesco will pay a fine of  $160,256,700 (or £129 million) to settle charges related to widespread accounting fraud that, when it became unsustainable, led the company to admit it had overstated its profits by $338 million (£263 million). 

  • Study: People Like Hedge Funds That Sound Tough

    By:
    Chris Gaetano
    |
    Mar 29, 2017
    A recent study has found that investors put more money into a hedge fund if it has a tough sounding name, like Manchester Alpha Fund or Marathon Macro Strategic Allocation, instead of a more prosaic, or even gentle sounding, name like Hare Investment Fund or Mullaney Investment. 
  • TIGTA Faults IRS for Keeping IP PIN Program Open After It Was Hacked

    By:
    Chris Gaetano
    |
    Mar 28, 2017
    The Treasury Inspector General for Tax Administration (TIGTA) faulted the IRS in a recent report for keeping its IP PIN program open even after a security breach had been identified. 
  • Burglars Steal 220-pound Gold Coin Worth $4 Million

    By:
    Chris Gaetano
    |
    Mar 28, 2017
    A 20-inch wide, 220-pound solid gold coin was stolen from Berlin's Bode Museum, estimated to be worth approximately $4 million.  
  • Regulatory Roundup: March 22-28

    By:
    Chris Gaetano
    |
    Mar 28, 2017
    With so many regulators out there, it can be tough to keep track of everything they say from week to week. Luckily we here at the Trusted Professional have collected relevant regulatory announcements from this past week and put them here in one place to help you stay on top of regulatory issues or matters. 
  • Study: CPA Firms Put More Customers on Hold Longer Than National Average

    By:
    Chris Gaetano
    |
    Mar 27, 2017
    While the average business will put their customers on hold about 70 percent of the time, CPA firms do so pretty much 100 percent of the time, according to Accounting Today. 
  • Study: Audits Have Deterrent Effect Only if Additional Tax Assessed

    By:
    Chris Gaetano
    |
    Mar 27, 2017
    An IRS study has found that people who have been audited become much more honest on their taxes for years after the fact, but this is only if the engagement ended with them having to pay more money. If the audit ended with no additional tax assessed, the opposite happens, with the taxpayer becoming less likely to comply with the law. 
  • Vote on Obamacare Replacement Stalls in House, Trump Responds With Ultimatum

    By:
    Chris Gaetano
    |
    Mar 24, 2017
    The expected vote on the American Health Care Act, the proposed replacement for the Affordable Care Act, did not happen on Thursday amid a shortage of votes, and in response President Trump has said the bill must pass today or else he will simply move on to other legislative priorities. 
  • More Than Half of Professionals Eat Lunch at Desk

    By:
    Chris Gaetano
    |
    Mar 24, 2017
    A majority of professionals eschew the company of others during lunch according to recent research that has found 62 percent opt to eat their lunch alone, at their desks. 
  • TIGTA: 1.4 Million Employers Owe $45.6 Billion in Unpaid Employment Taxes

    By:
    Chris Gaetano
    |
    Mar 23, 2017
    The Treasury Inspector General for Tax Administration issued a report saying that the federal government needs a better strategy for address employment tax noncompliance, as it has determined that, as of 2015, 1.4 million employers owed approximately $45.6 billion in unpaid employment taxes, interest, and penalties. 
  • MF Global, PwC Agree to Settlement

    By:
    Chris Gaetano
    |
    Mar 23, 2017
    MF Global, the brokerage firm that experienced a spectacular collapse in 2011, has come to a settlement with Big Four firm PwC in its lawsuit over whether the accounting advice the firm gave it was responsible for the meltdown. 
  • Proposed Bill Would Make PCAOB Disciplinary Proceedings Public

    By:
    Chris Gaetano
    |
    Mar 22, 2017
    Senators Chuck Grassley (R - Iowa) and Jack Reed (D - Rhode Island) have reintroduced as bill that, if passed, would make the currently closed disciplinary proceedings of the PCAOB public, similar to the SEC's current rules of practice. 

Click here to see more of the latest news from the NYSSCPA.