• Why Wasn't Wells Fargo Scandal Caught Sooner? Partly Because Inspectors Gave Branches 24 Hour Notice

    By:
    Chris Gaetano
    |
    Jan 26, 2017
    Interviews with current and former Wells Fargo executives and employees has revealed that compliance inspections meant to detect wrongdoing tended to come with a 24 hour advance notice, giving branches time to cover evidence of the phantom account scandal that has plagued the bank over the past few months. 
  • Poll: Accountants Find Month-End Stressful

    By:
    Chris Gaetano
    |
    Jan 26, 2017
    A recent survey of 259 accounting and finance professionals found that 82 percent felt the month-end close had negative personal effects on their lives, with 60 percent saying it increased stress levels overall, 36 percent saying it made scheduling regular life events difficult and 19 percent saying their personal relationships were negatively impacted. 

  • Dow Jones Hits 20,000

    By:
    Chris Gaetano
    |
    Jan 25, 2017
    The Dow Jones Industrial Average, after hovering just below the mark for weeks, has finally reached an historic 20,000 points today. 
  • Study: About 60 Percent of CPAs are Republican

    By:
    Chris Gaetano
    |
    Jan 25, 2017
    An analysis by data firm Verdant Labs, using publicly available campaign contribution data, has found that CPAs (at least among those who make political contributions) tend to be Republicans, with the ratio between the two major parties being about 60/40. 
  • SEC Faults Shipping Conglomerate for Failing to Recognize $512 Million in Tax Liabilities

    By:
    Chris Gaetano
    |
    Jan 24, 2017
    The Securities and Exchange Commission charged shipping conglomerate Overseas Shipholding Group (OSG) and its former chief financial officer Myles R. Itkin for materially understating the company's income tax liabilities by approximately $512 million over 12 years, an action that eventually led to the business going bankrupt when it was revealed. 
  • Wikileaks Seeking Donald Trump's Tax Returns

    By:
    Chris Gaetano
    |
    Jan 24, 2017
    Wikileaks, fresh from focusing most of its energy on then-presidential candidate Hillary Clinton, has now turned to newly-minted president Donald Trump, saying that it is actively seeking copies of his tax returns so they can release them to the public. 
  • Regulatory Roundup, Jan. 18-24

    By:
    Chris Gaetano
    |
    Jan 24, 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.
  • Trump Vows Tax Reform in First 100 Days

    By:
    Chris Gaetano
    |
    Jan 23, 2017
    Newly-inaugurated President Donald Trump has released a Contract with the American Voter outlining his first 100 days in office, which includes several tax reform efforts he believes will help the American economy. 
  • Data Breaches at Yahoo Lead to SEC Probe

    By:
    Chris Gaetano
    |
    Jan 23, 2017
    The SEC will ask Yahoo "what took you so long?" when it investigates a pair of massive data breaches that the company failed to disclose to investors until years after the fact. 
  • PCAOB Makes Available XML Data File for Form AP, Auditor Reporting of Certain Audit Participants

    By:
    Chris Gaetano
    |
    Jan 18, 2017
    The Public Company Accounting Oversight Board yesterday formally released the Firm Data File for the Form AP, which is used to disclose certain audit participants. 
  • 10 Firms Settle with SEC Over Pay-to-Play Charges

    By:
    Chris Gaetano
    |
    Jan 18, 2017
    The SEC has settled with 10 investment advisory firms that they said violated pay-to-play rules by receiving compensation from public pension funds within two years after campaign contributions made by the firms’ associates.
  • Number of IRS Whistleblower Awards Grows 322 Percent in a Year

    By:
    Chris Gaetano
    |
    Jan 17, 2017
    The number of whisteblowers receiving cash payouts from the IRS spiked 322 percent between 2015 and 2016, resulting in more than $61 million in reward money. 
  • Study: Supply Chain Audits Ineffective at Driving More Ethical Business Practices

    By:
    Chris Gaetano
    |
    Jan 17, 2017
    While supply chain audits are seen as standard tools in determining whether a company is, say, using conflict minerals or following environmental standards, a recent study from the University of Sheffield says that they have been largely ineffective at driving ethical business practices and, indeed, might actually be contributing to the problem. 
  • Regulatory Roundup, Jan. 11-17

    By:
    Chris Gaetano
    |
    Jan 17, 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.
  • SEC Names Retail Investors, Market-wide Risks, and Retirement Investments as 2017 Enforcement Priorities

    By:
    Chris Gaetano
    |
    Jan 13, 2017
    The Securities and Exchange Commission's Office of Compliance Inspections and Examinations said that it will pay particular attention to issues relevant to retail investors, retirement investments and market-wide risks as areas that it considers to present potentially higher risk to investors and the U.S. capital market as a whole. 
  • New York State Requires Driver's License Information for e-Filing

    By:
    Chris Gaetano
    |
    Jan 13, 2017
    In the interests of providing an extra layer of verification, software for processing e-filed New York state personal income tax returns will now require the inclusion of driver's license information. 
  • Senate Democrats Propose Capping Deductions for Performance Pay

    By:
    Chris Gaetano
    |
    Jan 11, 2017
    Senate Democrats have introduced a bill that, if passed, would apply the same $1 million limit to compensation deductions to performance pay, saying that the current exception effectively amounts to a subsidy of multi-million dollar bonuses.  
  • National Taxpayer Advocate Expresses Worry About "Enforcement First" Mentality of IRS

    By:
    Chris Gaetano
    |
    Jan 11, 2017
    National Taxpayer Advocate Nina E. Olson said that the IRS needs to stop thinking of itself primarily as an enforcement agency and start thinking of itself mainly as a service agency, saying the current mindset treats taxpayers who make innocent mistakes as malicious tax evaders, something that could ironically create a self-fulfilling prophesy. 
  • Study: It Will Take More Than a New Program to Promote Gender Diversity In Leadership

    By:
    Chris Gaetano
    |
    Jan 10, 2017
    A recent study published by McKinsey has found that while the vast majority of companies have introduced gender diversity programs, these initiatives have not produced much in the way of tangible results, as female representation in corporate leadership remains low. 
  • Port Authority of NY and NJ Agree to $400K SEC Settlement for Not Disclosing Bond Risks

    By:
    Chris Gaetano
    |
    Jan 10, 2017
    The Port Authority of New York and New Jersey has agreed to a $400,000 settlement with the Securities and Exchange Commission over accusations that it did not properly warn investors funding a series of roadway projects of the risks that came with the bonds. 

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