• US DOL Delays Fiduciary Rule Implementation, Wants Additional Comments

    By:
    Chris Gaetano
    |
    Mar 2, 2017
    The U.S. Department of Labor said that it will be delaying the implementation of a new rule requiring that retirement investment advisers follow the fiduciary standard versus the more widely-used suitability standard from April to June in order to collect more comments. 
  • Budget Constraints Means Fewer IRS Criminal Investigations Last Year

    By:
    Chris Gaetano
    |
    Mar 1, 2017
    The IRS launched fewer criminal investigations last year, not because suddenly everyone's heart grew three sizes and decided not to commit any crimes, but because there wasn't as much money to do so. 
  • NY Cybersecurity Rules Now In Effect

    By:
    Chris Gaetano
    |
    Mar 1, 2017
    As of March 1, New York's new cybersecurity regulations, which mandate financial institutions take certain actions to better safeguard customer data, are now in effect. 
  • Speakers: Equity Crowdfunding Fills in Gap for Small Businesses

    By:
    Chris Gaetano
    |
    Feb 28, 2017
    It's been less than a year since Securities and Exchange Commission rules allowing for equity crowdfunding went into effect, and already startup companies have raised tens of millions of dollars in seed funding. While this may not seem like much to investors used to hundred million dollar deals, it's meeting a major need for small businesses that have faced growing challenges to raising capital through more traditional channels. 
  • Regulatory Roundup: Feb. 22-28

    By:
    Chris Gaetano
    |
    Feb 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. 

  • PwC Apologizes for its Role in Steve Harvey Moment at Oscars

    By:
    Chris Gaetano
    |
    Feb 27, 2017
    Big Four firm PricewaterhouseCoopers apologized for its role in the Steve Harvey moment at last night's Oscars, where it was first announced that La La Land had won best picture before the announcers backtracked and said that, in fact, Moonlight was the actual winner. 
  • For 30 Publicly Traded Companies, Some Fiscal Quarters Are Longer Than Others

    By:
    Chris Gaetano
    |
    Feb 27, 2017
    How long is a fiscal quarter? For the vast majority of publicly traded companies, the answer is "13 weeks." But a recent academic paper has revealed that, for a small number of prominent firms, the answer is a little more complicated. 
  • Survey Respondents Believe Automation Threatens Everyone Else's Jobs But Theirs Will Be Safe

    By:
    Chris Gaetano
    |
    Feb 24, 2017
    A recent survey has found that at least some people are wrong about whether automation threatens their job: respondents were secure that a robot couldn't possibly replace them, but felt that everyone else should be worried. 
  • NY Tax Department Clarifies Position on Driver’s License Requirement

    By:
    Chris Gaetano
    |
    Feb 24, 2017

    The New York State Department of Taxation and Finance (NYSDTF) clarified its position Friday on whether practitioners can check the “no applicable ID” box on a return if their client, despite having a valid driver’s license number, refuses to disclose it.

  • Sweden Has Too Much Money, and It's Costing The Government Millions

    By:
    Chris Gaetano
    |
    Feb 23, 2017
    While U.S. tax authorities struggle to close a $400 billion tax gap, Sweden is experiencing the opposite problem: too many people are overpaying their taxes, and the errors could cost the government millions. 
  • FASB Defines "In-substance Nonfinancial Asset" in New Update

    By:
    Chris Gaetano
    |
    Feb 23, 2017
    The Financial Accounting Standards Board (FASB) has released an update that clarifies the scope of Subtopic 610-20 by defining "In-substance Nonfinancial  Asset," a term that appeared in the guidance that had been causing confusion among practitioners. 
  • Study: Looks Matter for CEOs

    By:
    Chris Gaetano
    |
    Feb 22, 2017
    Just like how voters expect presidential candidates to look "presidential," a recent study has found that there's a certain look that people expect from corporate CEOs, with those more closely matching this physical idea being seen as more competent than those who do not. 
  • Worker Embezzles $100 Million from Company, Disappears

    By:
    Chris Gaetano
    |
    Feb 22, 2017
    An employee at the South Korean affiliate of Swiss power and robotics firm ABB is said to have forged documents and cooperated with outside parties to steal $100 million and then disappear, an act that the company said was part of a sophisticated criminal scheme. 
  • State Board Audit Finds 50% of CPAs Noncompliant with Ethics CPE Requirement

    By:
    Ruth Singleton
    |
    Feb 21, 2017
    A recent New York State Board for Public Accountancy audit of state-licensed CPAs’ continuing professional education (CPE) compliance in 2016 revealed that only 50 percent of New York-licensed CPAs had fulflled the state’s professional ethics CPE requirement.

  • Newsmakers: FASB Staffers Discuss Board's Revenue Recognition Standard

    By:
    Chris Gaetano
    |
    Feb 21, 2017
    In May 2014, the Financial Accounting Standards Board (FASB) issued a new standard on revenue recognition, which is set to take effect for public organizations on Dec. 15, 2017, and for nonpublic organizations on Dec. 15, 2018. The revenue recognition standard is one of the major features of the joint FASB/International Accounting Standards Board (IASB) convergence project, which was intended to produce a set of high-quality international accounting standards that can be used within either framework. Mary Mazzella, supervising project manager at the FASB, and Cullen Walsh, an assistant director at the FASB, are members of the FASB/IASB Joint Transition Resource Group for Revenue Recognition (TRG). Mazzella and Walsh took the time to respond to questions from The Trusted Professional about how the implementation process is progressing.
     

  • U.S. Census Bureau Data Shows Looming Retirement Crisis Worse Than Originally Thought

    By:
    Chris Gaetano
    |
    Feb 21, 2017
    Research from the U.S. Census Bureau has found that two-thirds of Americans have no money at all set aside for retirement, and that fewer than one-fifth of employers offer any kind of retirement plan. 
  • Trump's SEC Pick Seeks to De-Emphasize Regulation, Enforcement

    By:
    Chris Gaetano
    |
    Feb 21, 2017
    Jay Clayton, the Trump Administration's pick for chair of the Securities and Exchange Commission, wants to see the commission turn away from its Obama-era focus on regulation and enforcement and towards making public markets more attractive to investment. 
  • Regulatory Roundup: Feb. 15-21

    By:
    Chris Gaetano
    |
    Feb 21, 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. 
  • PCAOB Releases Additional Guidance for Form AP

    By:
    Chris Gaetano
    |
    Feb 17, 2017
    The Public Company Accounting Oversight Board (PCAOB) released additional guidance on the new Form AP, which is used to disclose the identity of audit engagement partners and other firms that took part in the audit. 
  • IRS Halts New Regulations, ACA Mandate Enforcement Until New Treasury Sec. Sets Up Tax Team

    By:
    Chris Gaetano
    |
    Feb 17, 2017
    The IRS will not be issuing any new regulations, nor will it enforce the individual mandate, until the recently-confirmed new Treasury Secretary Steven Mnuchin has set up his tax team. 

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