• 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. 
  • Study: A 1040 With No Schedules Costs an Average $169 If a CPA Prepares It

    By:
    Chris Gaetano
    |
    Nov 7, 2016
    The across the board average cost to prepare a simple 1040 with no schedules is $114 according to a recent study, though if a CPA does the work then the cost is about $169 on average. 
  • Study Shows Most People Still Prefer Cash, But Other Methods Gaining Ground

    By:
    Chris Gaetano
    |
    Nov 4, 2016
    A study from the San Francisco Federal Reserve shows that while cash is still the way most people in the U.S. pay for things, its popularity is falling as other methods like credit and debit cards are gaining ground. 
  • Wells Fargo Legal Troubles Continue Piling Up: SEC Now Investigating Phantom Accounts

    By:
    Chris Gaetano
    |
    Nov 4, 2016
    Wells Fargo continues to have a bad day as the LA Times reports that the Securities and Exchange Commission (SEC) has joined the veritable who's who of financial regulators in launching its own investigation into its use of sham accounts to drive up sales figures. 
  • The Tale of Gregor MacGregor, the Fraudster Whose Schemes in 1822 Left 180 Dead

    By:
    Chris Gaetano
    |
    Nov 4, 2016
    While the 21st century has certainly produced its share of notorious fraudsters, scams, shams and flim-flams are, unfortunately, as old as time. While often financially ruinous, though, they rarely get to the level where actual deaths are involved. Not so with 19th century con-man Gregor MacGregor, whose elaborate real estate scam led to the deaths of at least 180 people. 
  • PwC Partner Marc Panucci Named As SEC's Deputy Chief Accountant

    By:
    Chri
    |
    Nov 3, 2016

    Marc Panucci, a partner at PricewaterhouseCoopers, has been named Deputy Chief Accountant of the Securities and Exchange Commission.  

  • Cybercrime Moves Out of Mom's Basement, Into the Office

    By:
    Chris Gaetano
    |
    Nov 3, 2016
    When you think of a cybercriminal, you might be thinking of a sweatpants and hoodie-clad geek typing away at his laptop in the basement of his unsuspecting parents, ensconced in a nest of empty Red Bull cans and half-eaten Hot Pockets. While that may have been the case once, a noted cybersecurity expert said that today's cybercriminal more resembles white collar professionals who've doffed the anime t-shirt in favor of the three-piece suit. 
  • PKF O’Connor Davies Pays Fine To Settle SEC False Audit Report Charges

    By:
    Chris Gaetano
    |
    Nov 1, 2016
    The Securities and Exchange Commission has fined NY-based firm PKF O’Connor Davies over claims that it allowed a client to record a $3.08 million receivable in its general fund for a property sale that the audit partner knew had not occurred.
  • Leaked Tax Documents Show Trump Used Bondholder Losses To Offset Tax Debts

    By:
    Chris Gaetano
    |
    Nov 1, 2016
    Leaked tax documents sent to the New York Times show that Republican presidential candidate Donald Trump convinced bondholders to forgive hundreds of millions in debts he could not repay and then, to avoid having to report the debt forgiveness as income, used a now-defunct provision allowing him to cancel out the new income by giving burned investors partnership equity and thus making it appear as if the entire debt had been paid off. 
  • IRS Reminds People That W-2 Forms Now Due Jan. 31

    By:
    Chris Gaetano
    |
    Oct 31, 2016
    The IRS sent out a reminder that, due to legislation that passed last year, the filing deadline for W-2 forms is now Jan. 31, versus the current dates at the end of February for paper filers and end of March for digital filers. 
  • Exxon May Write-Down Billions In Assets

    By:
    Chris Gaetano
    |
    Oct 31, 2016
    Exxon, amid investigations from the SEC and the New York Attorney General, may write down billions worth of oil and gas assets that it had insisted were still profitable, despite skepticism from regulators. 
  • US Charges 61 In IRS Impersonation Scam, Aims To Extradite Connected Indian Call Center Workers

    By:
    Chris Gaetano
    |
    Oct 28, 2016
    The U.S. Department of Justice has charged 61 people who worked at call centers that served as hubs for IRS impersonation scam activity, and seeks to have those still in India extradited to face trial. 
  • SEC Launches Probes Into Abuse Of Adjusted Earnings Metrics

    By:
    Chris Gaetano
    |
    Oct 28, 2016
    The Securities and Exchange Commission (SEC) has been contacting individual companies informing them that they will be examining their use of adjusted earnings measures to determine whether they are appropriate. 
  • Panel: Blockchain Tech Undergirding Bitcoin Holds Great Promise, But Regulators Face Challenges

    By:
    Chris Gaetano
    |
    Oct 27, 2016
    Speakers at the FAE's Anti-Money Laundering Conference on Oct. 27 said that blockchain, the technology that drives Bitcoin and other virtual currencies, holds great potential for virtually all industries. But with this potential comes new risks that challenge regulators faced with navigating new territory opened up by this technology. 
  • PCAOB Member Worried About Eroding Auditor Independence

    By:
    Chris Gaetano
    |
    Oct 27, 2016
    Steven B. Harris, a member of the Public Company Accounting Oversight Board (PCAOB) who spoke at the FAE's SEC Conference on Oct. 27, expressed concern that auditor independence is threatened by firms' increasing reliance on consulting services over auditing for its revenue. 
  • Panel: International Trade Fertile Ground for Money Laundering

    By:
    Chris Gaetano
    |
    Oct 27, 2016
    Money laundering is a serious crime, so of course neither you nor your clients engage in it. But panelists at the FAE's Anti-Money Laundering Conference on Oct. 27 said that even if you don't plan to launder money anytime soon, you and your clients must still be vigilant against being used as an unwitting vehicle for money launderers. 
  • TARP Watchdog Calls For Bank CEOs To Certify Fraud Not Happening At Company

    By:
    Chris Gaetano
    |
    Oct 26, 2016
    Christy Goldsmith Romero, the special inspector general of the Troubled Asset Relief Program, has called for Congress to pass a law that would require bank CEOs to certify that no criminal or civil fraud has occurred during their tenure, with the added mandate to renew this certification each year. 

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