• Study: It's Better to Have a Last Name Toward the Front of the Alphabet

    By:
    Chris Gaetano
    |
    Feb 10, 2017
    A recent study looking at 3,000 men over the course of nearly 60 years has found that those with last names beginning with letters toward the front of the alphabet have more academic success and better career starts than those whose names start with letters more toward the back. 

  • Bank of America Opens Three Human-Free Branches

    By:
    Chris Gaetano
    |
    Feb 8, 2017
    Bank of America has opened three branches where customers can access basic services all without the need to interact with any human worker--because at these branches, there aren't any. 
  • IRS Rules That Retirement Payments Are Subject to Self-Employment Tax

    By:
    Chris Gaetano
    |
    Feb 8, 2017
    If you're retired but still receiving payment from your former employer, perhaps as part of a previous agreement, then those payments are subject to self-employment taxes, according to a recent letter ruling from the IRS. 
  • Engagement Partner Names Now Searchable in PCAOB Database

    By:
    Chris Gaetano
    |
    Feb 7, 2017
    Information from the first Form AP filings, which among other things discloses the name of the engagement partner who worked on an audit, is now available in a searchable PCAOB database. 
  • SEC to Revisit Pay Ratio Rule

    By:
    Chris Gaetano
    |
    Feb 7, 2017
    Michael Piwowar, acting SEC Chairman, said that the agency will be revisiting a rule that required companies to disclose the ratio of compensation between executives and rank-and-file employees, as he said a number of filers have reported unanticipated compliance difficulties. 
  • Cybersecurity expert: Best defense is common sense

    By:
    Chris Gaetano
    |
    Feb 6, 2017
    Cybersecurity risks are just as real for small charities as they are for multinational corporations. Without the big budgets to spend on an advanced cybersecurity program, however, nonprofits face more challenges, particularly when it comes to protecting donor information. Fortunately, there are measures even small organizations can take to protect themselves which won’t break the bank.  That was the message that Richard Nathan, a cybersecurity specialist, emphasized when speaking at the 39th Annual Nonprofit Conference on Jan. 12, sponsored by the Foundation for Accounting Education
  • Speakers reveal the many hats of the nonprofit CFO

    By:
    Chris Gaetano
    |
    Feb 6, 2017

    Years ago, the nonprofit CFO’s role was mainly operational: overseeing functions such as accounting, budgeting and investments. But today’s CFO must be on top of governance, information technology, funding, compliance regulations, risk mitigation, insurance, employee benefits, time management and contracts, said Ronald F. Ries, a partner at WeiserMazars LLP and a panelist at the Foundation for Accounting Education’s 39th Annual Nonprofit Conference on Jan. 12. 

  • The Day After Superbowl, Millions Take Day Off

    By:
    Chris Gaetano
    |
    Feb 6, 2017
    If you're reading this, you're probably NOT one of the 16.5 million people who are expected to call out sick the day after the Superbowl, though perhaps you are one of the 7.5 million who will come in late. 
  • TIGTA: IRS Had a Rough 2016 Filing Season

    By:
    Chris Gaetano
    |
    Feb 6, 2017
    The Treasury Inspector General for Tax Administration (TIGTA) said that the IRS faced a lot of challenges last year, particularly when it came to adjusting to the late passage of legislation that extended a number of expired tax provisions, and as a result failed to establish or update key processes, and made numerous processing errors. 
  • Regulatory Roundup, Feb. 1-6

    By:
    Chris Gaetano
    |
    Feb 6, 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.
  • IRS Releases New, More User-Friendly Form 990-EZ

    By:
    Chris Gaetano
    |
    Feb 3, 2017
    The IRS has released an updated Form 990-EZ, Short Form Return of Organization Exempt From Income Tax that is meant to be more user-friendly than previous versions in order to prevent the most common filing mistakes made on the form. 
  • Trump Halts Fiduciary Rule, Vows Review of Dodd-Frank Regulations

    By:
    Chris Gaetano
    |
    Feb 3, 2017
    Donald Trump signed an executive order halting the implementation of a rule that required investment advisers to use the fiduciary, rather than suitability, standard when dealing with clients, and on top of that promised a broad review of regulations put into place through the Dodd-Frank Act of 2010. 
  • House Votes to Repeal SEC Transparency Measure

    By:
    Chris Gaetano
    |
    Feb 2, 2017
    House Republicans have successfully passed a vote to repeal a recently-instituted Securities and Exchange Commission measure that required the disclosure of payments to foreign governments, implemented to curb corruption in the energy sector. 
  • IRS Tackles Tax Refund Myths

    By:
    Chris Gaetano
    |
    Feb 2, 2017
    The IRS attempted to clear up myths and rumors that have apparently been brewing over tax refunds and when and how and they will be issued this season. 
  • Senate Panel Confirms Treasury, Health and Human Services Picks

    By:
    Chris Gaetano
    |
    Feb 1, 2017
    The Senate Finance Committee confirmed Representative Tom Price to head the Department of Health and Human Services and banker Steven Mnuchin to be treasury secretary. 
  • GAO: IRS Improved Phone Service, But Much Work Remains on Fraud Prevention

    By:
    Chris Gaetano
    |
    Feb 1, 2017
    The Government Accountability Office (GAO) said that IRS telephone support improved during the most recent tax season, but its overall performance has remained low. In addition, it said that the IRS still needs to do more to prevent fraudulent refunds from being issued, and protect taxpayers from identity theft. 
  • Tax Manager Listed as 4th Highest Paying Job in Country

    By:
    Chris Gaetano
    |
    Jan 31, 2017
    Salary data recently released from jobs site Glassdoor has listed tax managers as the fourth-highest paying profession in the U.S. right now. 
  • Survey: Firms Planning to Up Fees 6.1 Percent

    By:
    Chris Gaetano
    |
    Jan 31, 2017
    A survey conducted by the National Society of Accountants has found that firms are planning to up their fees by an average of 6.1 percent this year. 
  • Acting Tax Commish Addresses Driver’s License Requirement at FAE Conference

    By:
    Chris Gaetano
    |
    Jan 31, 2017

    The New York State Department of Taxation and Finance (NYSDTF) is requiring taxpayers to provide driver’s license or state identification information along with their New York state e-filed returns this year, leaving some tax practitioners scrambling to educate themselves and their clients about the new rule announced only 11 days before filing season began on Jan. 23.

  • Regulatory Roundup, Jan. 25-31

    By:
    Chris Gaetano
    |
    Jan 31, 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. This is the first of a regular series that will let you know what you may have missed in the past seven days.

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