• NY Fed Speakers: New York State, City Show Strong Growth Relative to Rest of US

    By:
    Chris Gaetano
    |
    Nov 17, 2016

    New York City has continued to lead the region in economic growth, having recovered from the 2008 financial crisis, and what makes this recovery different from previous ones is that it’s not being led by the financial sector, according to economists from the New York Federal Reserve.

  • PCAOB Members Approve Proposed Budget, With Reservations

    By:
    Chris Gaetano
    |
    Nov 17, 2016
    While the Public Company Accounting Oversight Board (PCAOB) approved its proposed budget, which is 4.2 percent higher than last year's, several members expressed reservations, not so much because they're opposed to more money but because they felt there needs to be more study on the effectiveness on the programs and operations on which that money is spent. 
  • JPMorgan Chase Pays $264 Million Over What SEC Calls Systemic Bribery Scheme

    By:
    Chris Gaetano
    |
    Nov 17, 2016
    JPMorgan Chase has agreed to pay $264 million to settle allegations that it gave jobs and internships to relatives and friends of influential government officials and client executives in what the Securities and Exchange Commission called a "systemic bribery scheme." 
  • FAF Appoints Two New FASB Members, Reappoints Golden to Second Term as Chair

    By:
    Chris Gaetano
    |
    Nov 16, 2016
    The Financial Accounting Foundation (FAF) has appointed two new members to the Financial Accounting Standards Board (FASB), and reappointed current chair Russell Golden to his second term. 
  • SEC Approves Plan to Track Every Single US Securities Transaction from Start to Finish

    By:
    Chris Gaetano
    |
    Nov 16, 2016
    The Securities and Exchange Commission approved the plan for the creation of a centralized database called the Consolidated Audit Trail (CAT) that will track all activity in the U.S. equity and options market in order to better monitor and oversee transactions and investigate potential misconduct. 
  • SEC Chair Mary Jo White to Leave Agency When Trump Takes Office

    By:
    Chris Gaetano
    |
    Nov 15, 2016
    Securities and Exchange Commission Chair Mary Jo White announced plans to step down from the agency when President Obama leaves office, paving the way for President-elect Trump to appoint a new chief when he moves into the White House. 
  • PCAOB Announces Dec. 13 Webinar for Broker-Dealer Auditors

    By:
    Chris Gaetano
    |
    Nov 15, 2016
    The Public Company Accounting Oversight Board (PCAOB) announced it will be holding a Dec. 13 webcast for broker-dealer auditors on the use of service organizations, focusing in particular on recent broker-dealer audit inspection findings in applying AS 2601, (currently AU sec. 324), Consideration of an Entity's Use of a Service Organization.
  • NYSSCPA Member Beth van Bladel Appointed to Private Company Council

    By:
    Chris Gaetano
    |
    Nov 15, 2016
    NYSSCPA Northeast Chapter member Beth van Bladel has been appointed to the Private Company Council, which studies private company financial accounting matters and makes recommendations to the Financial Accounting Standards Board for private company modifications and exceptions to U.S. Generally Accepted Accounting Principles. 
  • TIGTA: Program Gave $12 Billion in Deductions, but IRS Has No System to Prevent Overclaiming

    By:
    Chris Gaetano
    |
    Nov 14, 2016
    The Treasury Inspector General for Tax Administration (TIGTA) released a report faulting the IRS for having no mechanism in place to make sure that people who take advantage of the Domestic Production Activities Deduction don't claim more than what they're owed. 
  • Out-of-State Smuggling Costing NYS $1.6 Billion Yearly in Liquor, Cigarette Taxes

    By:
    Chris Gaetano
    |
    Nov 14, 2016
    New York could have $1.6 billion more per year if people didn't keep smuggling in liquor and cigarettes from other states, allowing them to circumvent the tax. 
  • India Fights Counterfeit Currency by Taking High Denomination Notes Out of Circulation

    By:
    Dominic G. Diongson
    |
    Nov 11, 2016

    Indian Prime Minister Narendra Modi's latest move to fight corruption by eliminating its two highest denomination currency notes and issuing new ones was met with a frenzy, as people scrambled to do away with their higher-tiered bills in whatever way they could. 

  • IRS Removes Three-Year Rule for Reporting Debt Cancellation

    By:
    Chris Gaetano
    |
    Nov 11, 2016
    The IRS has long considered debt cancellation as income, with the tax code outlining eight different conditions for when it needs to be reported. The IRS, however, recently removed one of those conditions, a three-year testing period for nonpayment, because taxpayers found it to be confusing. 
  • Hackers Pull Off Digital Bank Robbery, Steal £2.5 Million From 9,000 People

    By:
    Chris Gaetano
    |
    Nov 11, 2016
    Hackers broke into a U.K. bank this week and stole 2.5 million pounds (roughly $3 million) from 9,000 account holders, choosing to ignore the personal data that that typified other recent breaches and go straight for the money. 
  • Markets Rally After Post-Election Hiccup

    By:
    Chris Gaetano
    |
    Nov 10, 2016
    In a stark contrast to the election's immediate aftermath, markets are rallying to record highs as investors anticipate lower taxes and fewer business regulations. 
  • SEC Charges Former Movie Producer With Stealing Millions From Investors

    By:
    Chris Gaetano
    |
    Nov 10, 2016
    The Securities and Exchange Commission has charged David Bergstein, a former movie producer, with stealing more than $5 million from investors who thought they were putting money into medical billing businesses but were instead paying for his personal expenses of guns, antique watches, jewelry and bonsai trees. 
  • Trump Transition Team Promises Dismantlement of Dodd-Frank Act

    By:
    Chris Gaetano
    |
    Nov 10, 2016
    President-elect Donald Trump's transition team issued a brief statement saying that Donald Trump would dismantle the Dodd-Frank Act, the legislation passed in the wake of the 2008 financial crisis intended to prevent a similar catastrophe from occurring. 
  • Trump Victory Sends Markets on Rollercoaster Ride

    By:
    Chris Gaetano
    |
    Nov 9, 2016
    Donald Trump is has been elected president of the United States. Markets were rattled in the immediate aftermath of his victory, with the Dow plunging more than 700 points once it became clear that the New York businessman would be the next president, though as of this morning it would seem that some parts of the market have somewhat stabilized. 
  • TIGTA Calls On IRS to Beef Up Virtual Currency Compliance Infrastructure

    By:
    Chris Gaetano
    |
    Nov 9, 2016
    The Treasury Inspector General for Tax Administration issued a report saying that the IRS needs to develop a coordinated virtual currency strategy, provide updated guidance on virtual currencies, and find ways to identify the use of virtual currencies in taxable transactions. 
  • Who’s a New Yorker? It’s Not Always So Clear Cut

    By:
    Chris Gaetano
    |
    Nov 8, 2016
    People use all sorts of criteria to determine who does and does not count as a real New Yorker, and New York's tax authorities are no different. But while others may talk about sports affiliations and how one pronounces Houston Street, the government is more concerned with things like business ties, living space and how long someone stays in the state throughout the course of a year. However a speaker at the FAE's NY State Taxation Conference on Nov. 8, suggested that practitioners untangling these sorts of issues with their clients think more about an overall picture of what kind of lifestyle is someone living.
  • IRS Warns of New Phishing Scam Targeting Tax Pros

    By:
    Chris Gaetano
    |
    Nov 7, 2016
    The IRS is warning tax professionals to look out for a suspicious email that claiming to be about, ironically enough, Security Awareness for Tax Professionals, saying that it is another attempt by scammers to collect personal information for identity theft. 

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