• Average American Credit Card Debt: $6,375

    By:
    Chris Gaetano
    |
    Jan 23, 2018
    A new report from credit reporting firm Experian says that the average American has a credit card balance of $6,375. 
  • Former KPMG Partners, PCAOB Staffers, Charged with Conspiracy

    By:
    Chris Gaetano
    |
    Jan 23, 2018
    Three former partners at KPMG, along with two former PCAOB staff members, were charged with conspiracy and wire fraud concerning a scheme involving the use of confidential PCAOB documents to improve the firm's inspection results. 
  • Regulatory Roundup: Jan. 17-23

    By:
    Chris Gaetano
    |
    Jan 23, 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.
  • Gov. Cuomo’s New Budget Includes Support for Non-CPA Firm Ownership

    By:
    Ruth Singleton
    |
    Jan 23, 2018
    Gov. Andrew Cuomo’s executive budget for fiscal year 2019, released on Jan. 16, includes a proposed bill and statement in support of non-CPA ownership of accounting firms in New York State.
  • NYS Senate Approves Bill Decoupling State from Federal Tax Code

    By:
    Chris Gaetano
    |
    Jan 23, 2018
    The New York State Senate passed a bill that decouples state tax law from the federal changes that were approved as part of the Republican tax bill which passed in December. 
  • Study: "Hey" "Hi" and "Hello" Best Ways to Start Email If You Want a Response

    By:
    Chris Gaetano
    |
    Jan 22, 2018
    A study of 300,000 email threads and their response rates found that opening an email with "Hey," "Hi," or "Hello" increased the chance of a reply over other possible greetings. 
  • Treasury Dept. Outlines IRS Contingency in Case of Extended Shutdown

    By:
    Chris Gaetano
    |
    Jan 22, 2018
    The Treasury Department has released a document outlining its contingency plan for the IRS should the government shutdown, now in its third day, for an extended period of time. 
  • Speakers: Nonprofit CFOs Must Look Beyond the Spreadsheet

    By:
    Chris Gaetano
    |
    Jan 19, 2018
    The role of the nonprofit CFO has evolved well past simple debits and credits and if the modern finance chief wants their organization to be successful, they will need to expand their skill sets towards communications and leadership. 
  • Proposed FASB Standard Lays Out Revenue Rules for Grants

    By:
    Chris Gaetano
    |
    Jan 19, 2018
    Rick Cole, a supervising project manager at the Financial Accounting Standards Board (FASB) who spoke at the Foundation for Accounting Education's 40th Annual Nonprofit Conference on Jan. 18, outlined a proposed new FASB standard that could radically change the way organizations recognize grant revenue. 
  • Gov. Cuomo Formally Proposes Switching Income Tax to Payroll Tax to Circumvent SALT Cap

    By:
    Chris Gaetano
    |
    Jan 17, 2018
    New York Governor Andrew Cuomo, during his budget address, formally proposed the New York State Taxpayer Protection Act, which would shift many state-level income taxes to a payroll tax that businesses can deduct, framed as a way to avoid the new $10,000 deduction on state and local taxes. 
  • IRS Preparing to Implement Measure Revoking Passports of Tax Scofflaws

    By:
    Chris Gaetano
    |
    Jan 17, 2018
    The IRS yesterday released Notice 2018-01, outlining how it plans to enforce a measure that revokes, limits or denies the passports of certain tax delinquents. 
  • SCOTUS Considers Internet Sales Tax

    By:
    Chris Gaetano
    |
    Jan 16, 2018
    The state of North Dakota will square off against online retailers  Wayfair Inc., Overstock.com Inc. and Newegg Inc. before the U.S. Supreme Court over the question of state authority to level taxes for online sales. 
  • PwC Fined in India for Failure to Detect $1.7B Fraud

    By:
    Chris Gaetano
    |
    Jan 16, 2018
    India's securities regulator has fined PwC $2 million for its failure to detect a $1.7 billion fraud at a now-defunct tech company. 
  • Regulatory Roundup: Jan. 10-16

    By:
    Chris Gaetano
    |
    Jan 16, 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.
  • Study: Execs from Tarnished Firms Get Paid 4 Percent Less, Even If They Had Nothing to Do With Scandal

    By:
    Chris Gaetano
    |
    Jan 12, 2018
    If a former employer suddenly makes headlines due to a major scandal, you might make about 4 percent less than you otherwise would. 
  • IRS Releases Updated Withholding Tables in Response to New Tax Law

    By:
    Chris Gaetano
    |
    Jan 12, 2018
    The IRS has released updated withholding tables that take into account the changes made by the new tax law signed last month. 
  • Taxpayer Advocate Warns IRS Needs More Money to Implement New Tax Law

    By:
    Chris Gaetano
    |
    Jan 11, 2018
    National Taxpayer Advocate Nina Olson, in her most recent report to Congress, noted that the IRS will require nearly $500 million in FY 2018 and FY 2019 to implement the provisions outlined in the new tax law passed last month, and that's not even counting the what's needed to address already existing problems such as poor phone service lagging enforcement. 
  • FASB Provides Guidance on Certain Tax Reform Implications

    By:
    Chris Gaetano
    |
    Jan 11, 2018
    The Financial Accounting Standards Board (FASB), during its Wednesday meeting, provided guidance on questions of how certain aspects of the new tax law will affect financial reporting. 
  • Computers Across the World Set to Get Slower Under New Security Fix

    By:
    Chris Gaetano
    |
    Jan 10, 2018
    A fix for a major security flaw connected with several major chip-makers, which had gone undiscovered for years, will address the gaping vulnerability at the cost of system performance, slowing down computers across the globe. 
  • Client With a Side Gig? Maybe Have a Talk

    By:
    Chris Gaetano
    |
    Jan 10, 2018
    With more and more people taking on side gigs to make ends meeting, CPAs might want to have a talk with their clients, as recent research has found that few people actually report this income to the government. 

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