• Social Security Payments Lost One-Third of Spending Power Since 2000

    By:
    Chris Gaetano
    |
    Jun 22, 2018
    A recent report says that Social Security payments don't go nearly as far as they used to, having lost about 34 percent of their buying power since the year 2000. 
  • Former Treasury Officials Say Federal Reserve Should Open Accounts for Individuals

    By:
    Chris Gaetano
    |
    Jun 21, 2018
    A recent paper authored by two former members of the Treasury Department called for the Federal Reserve Bank to allow individuals to open accounts, thereby encouraging financial inclusion by helping those without access to private banking services. 
  • Supreme Court Rules That States Can Tax Online Retailers Without Physical Presence

    By:
    Chris Gaetano
    |
    Jun 21, 2018
    The Supreme Court of the United States, in a 5-4 ruling, declared that state governments can tax online retailers even if there's no physical presence in the state. 
  • Wells Fargo Ethics Hotline Getting a Lot of Use

    By:
    Chris Gaetano
    |
    Jun 20, 2018
    Wells Fargo has reported that more employees are using its ethics hotline, indicating both that people are less afraid to report unethical activity and that unethical activity is still an issue for the bank. 
  • Americans Still Not Saving Enough, Despite Gains in Jobs

    By:
    Chris Gaetano
    |
    Jun 20, 2018
    Federal Reserve Chair Jerome Powell recently said that, given low unemployment, on-pace inflation targets and a "balanced" risk outlook, the economy makes a strong case for continued interest rate hikes. Despite these gains, however, a recent report found that almost a quarter of Americans have no savings at all. 
  • Momentum Against Big Four Builds in UK

    By:
    Chris Gaetano
    |
    Jun 19, 2018
    The United Kingdom's Financial Reporting Council, which regulates the audit profession, has found that Big Four firm KPMG is not performing work to an acceptable standard, exacerbating the already-tense relationship between the government and the Big Four in the wake of several high-profile audit failures. 
  • NY-Based Prometheum Aims to be First SEC-Compliant ICO Trade Platform

    By:
    Chris Gaetano
    |
    Jun 19, 2018
    Seeking to shed the anarchic reputation associated with many cryptocurrencies, the New York-based company Prometheum aims to be the first initial coin offering trading platform done in full compliance with all relevant Securities and Exchange Commission rules. 
  • Regulatory Roundup: June 13-19

    By:
    Chris Gaetano
    |
    Jun 19, 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.      
  • AICPA's Melancon Raises Possibility of Alternate Pathways to Becoming CPA

    By:
    Chris Gaetano
    |
    Jun 18, 2018
    AICPA President and CEO Barry Melancon, in a recent speech, said that as the skills demanded by the industry change, becoming a CPA may involve alternate paths that reflect the increasingly tech-savvy nature of the profession. 
  • Citibank Settles LIBOR Manipulation Dispute for $100 Million

    By:
    Chris Gaetano
    |
    Jun 18, 2018
    Citibank has agreed to a $100 million settlement with the attorneys general of 41 different U.S. jurisdictions over accusations that it manipulated the London Interbank Offered Rate (LIBOR), a key interest rate that informs many other rates, such as those for government and corporate bonds, mortgages, student loans, and credit cards. 
  • SEC Corporate Finance Director Says Bitcoin, Ethereum Are Probably Not Securities

    By:
    Chris Gaetano
    |
    Jun 15, 2018
    William Hinman, the SEC's Director of the Division of Corporate Finance, said in a recent speech that the offers and sales of cryptocurrencies Bitcoin and Ethereum do not fit the definition of a securities transaction. 
  • Poll: Tax Departments Around the World Struggle with Regulation, Talent, Tech, Budgets

    By:
    Chris Gaetano
    |
    Jun 15, 2018
    A poll of 1,722 senior executives from 28 countries found that the corporate tax and finance departments had largely the same challenges: regulation, finding qualified staff, doing more with less and technological disruption. 
  • Fed Lifts Interest Rates by Quarter of a Percent

    By:
    Chris Gaetano
    |
    Jun 14, 2018
    The Federal Reserve on Wednesday raised interest rates by a quarter of a percent, indicating that the central bank is confident about the current state of the economy. 
  • PwC Fined £6.5M for Audit on Failed British Retailer, Reflecting Increased Scrutiny of Accounting Firms

    By:
    Chris Gaetano
    |
    Jun 14, 2018
    The British government fined the U.K. branch of Big Four firm PwC £6.5 million over what it said was sloppy audit work of a now-defunct retailer, indicating an environment of heightened scrutiny of accounting firms in the wake of several major scandals involving auditors. 
  • Audit of City of Philadelphia's Finances Reveals $923 Million in Errors, $33 Million Discrepancy from Cash Accounts

    By:
    Chris Gaetano
    |
    Jun 13, 2018
    The Philadelphia city controller has blasted the municipal government after an audit found $923 million worth of accounting errors, as well as an additional $33 million variance between the city's books and bank balances. 
  • Study Suggests Cryptocurrency Boom Driven by Manipulation, Not Demand

    By:
    Chris Gaetano
    |
    Jun 13, 2018
    A recent study from University of Texas in Austin suggests that at least half of the meteoric rise in cryptocurrency valuation last year could be reflective not of market demand but of a motivated campaign of price manipulation. 
  • Society Honors Best Financial Reporting of 2017 at EFJ Awards

    By:
    Ruth Singleton
    |
    Jun 12, 2018
    At the NYSSCPA’s Excellence in Financial Journalism Awards luncheon on June 8, the Society honored some of 2017’s best financial journalism and the reporters and other professionals who produced it.
  • UK Regulator Fines KPMG £3 Million

    By:
    Chris Gaetano
    |
    Jun 12, 2018
    The UK's Financial Reporting Council, which regulates auditors, fined Big Four firm KPMG over poor audit work for insurance software company Quindell which, after the auditors blessed the financial statements, restated its information and turned an £83 million profit into a £68 million loss.
  • States Scrambling to Adjust to Federal Tax Law Changes, Leaving Companies Uncertain on Future

    By:
    Chris Gaetano
    |
    Jun 12, 2018
    The speed at which the Tax Cuts and Jobs Act was signed into federal law has left state government reeling as they debate how their own tax systems should react, leaving companies unsure of what to do as legislatures debate the degree to which they should conform to federal law. 
  • Regulatory Roundup: June 6-12

    By:
    Chris Gaetano
    |
    Jun 12, 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.     

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