• Speaker: Tax Law Changes Mean Simpler Filings for Many Clients

    By:
    Chris Gaetano
    |
    Jan 9, 2018
    The raft of new tax provisions recently signed into law means that many complex planning issues will become much simpler once everything goes into effect, according to Joseph Sanford, president and CEO of Sanford & Company, who spoke at the Foundation for Accounting Education seminar "Getting to the Heart of Tax Reform: Individual Income Tax Strategies."
  • Audit Fees Rose by $1.2 Billion Since 2010

    By:
    Chris Gaetano
    |
    Jan 8, 2018
    A study from research firm Audit Analytics has found that audit fees for public entities have grown by $1.2 billion since 2010, going from $7.6 billion to $9.2 billion in this time. 
  • Study: Board Replace CEOs when Taxes Stray Too Far From Middle

    By:
    Chris Gaetano
    |
    Jan 8, 2018
    A recent study has found that corporate boards seem to prefer a tax rate that is neither too high nor too low, as extremes in either direction are correlated with decisions to replace the CEO. 
  • IRS: Filing Season Begins Jan. 29

    By:
    Chris Gaetano
    |
    Jan 5, 2018
    The IRS announced that this year's filing season begins Jan. 29, though certain credits and refunds won't be available until late February. 
  • Study: Bad Economies Make People More Ruthless

    By:
    Chris Gaetano
    |
    Jan 5, 2018
    A study detailed in the Harvard Business Review found that people are more likely to view the economy as a zero-sum game, and are less likely to collaborate with others, during bad economic times. 
  • SEC Swears in New PCAOB Chair, New Board Member

    By:
    Chris Gaetano
    |
    Jan 3, 2018
    William D. Duhnke III was officially sworn in yesterday as the new chair of the Public Company Accounting Oversight Board (PCAOB), along with a new member, Kathleen Hamm. 
  • Gov. Cuomo Proposes Adopting Payroll Tax in Response to Tax Law's Cap on SALT Deduction

    By:
    Chris Gaetano
    |
    Jan 3, 2018
    New York Governor Andrew Cuomo proposed adopting a payroll tax system as part of a three-part plan to meet the challenges presented by the new federal tax law, which he characterized as an "all-out attack on New York's economic future." 
  • Judge Rules PwC Negligent in Crisis-era Bank Failure, Says Firm Missed $2B Fraud

    By:
    Chris Gaetano
    |
    Jan 2, 2018
    A federal judge has ruled PricewaterhouseCoopers was negligent in failing to detect a $2 billion fraud scheme that led to the bank failing during the height of the global financial crisis. 
  • State Governments Working Overtime to Ameliorate SALT Impacts

    By:
    Chris Gaetano
    |
    Jan 2, 2018
    With the landmark tax reform bill effectively capping deductions on state-level taxes at $10,000, governments in high-tax, high-cost-of-living states are working on a number of options to blunt the impact on their taxpayers. 
  • Grant Thornton Settled with PCAOB for $1.5 Million Over Audit Failures and QC Violations

    By:
    Chris Gaetano
    |
    Dec 21, 2017
    Grant Thornton LLP settled with the PCOAB for $1.5 million over an audit of a Philadelphia-based financial services provider. 
  • SEC Charges Group With Running $1.2 Billion Ponzi Scheme

    By:
    Chris Gaetano
    |
    Dec 21, 2017

    The Securities and Exchange Commission charged the owner of a group of unregistered funds with looping thousands of retail investors, many of them seniors, in a $1.2 billion Ponzi scheme. 

  • Speaker at Tax Update Session Highlights Changes in New Tax Overhaul

    By:
    Chris Gaetano
    |
    Dec 20, 2017
    The House of Representatives and the Senate have now  passed the Republicans' new tax reform bill, the largest and most dramatic shift in the country's tax system in decades. While the changes are voluminous and their implications still being analyzed, John J. Connors, president of the Tax Educators Network and a speaker at the Foundation for Accounting Education's 2017 Federal Individual Income Tax Update, highlighted some of the changes in the vote's immediate aftermath, as they apply to individuals.

  • NYSSCPA Board Approves Legislative and Regulatory Agenda

    By:
    NYSSCPA Staff
    |
    Dec 19, 2017

    At its Dec. 7 meeting, the Board of Directors of the NYSSCPA approved the legislative and regulatory agenda presented by the Society’s staff and leadership, which appears below. The Society has embraced these initiatives in order to elevate the professional practice and further promote the CPA brand and expertise to legislators, the business community, the media and the general public in New York state.

  • GAO: State and Local Governments Could Gain $8 Billion to $13 Billion from Internet Sales Tax

    By:
    Chris Gaetano
    |
    Dec 19, 2017
    The Government Accountability Office released a study saying that if all remote sellers were required to collect sales tax in 2017, state and local governments would have gained $8 billion to $13 billion, though there would also be increased compliance costs for certain businesses.  
  • House Republicans Pass Tax Plan, But Second Vote Will Be Needed

    By:
    Chris Gaetano
    |
    Dec 19, 2017
    House Republicans have approved their landmark tax reform bill, 227-203. Senate Republicans are expected to vote on the measure later today. 
  • Regulatory Roundup - Dec. 13-19

    By:
    Chris Gaetano
    |
    Dec 19, 2017
    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.
  • Tax Bill to Introduce New Complexities for Companies, With Little Time to Process Them

    By:
    Chris Gaetano
    |
    Dec 18, 2017
    With House and Senate Republicans having developed a compromise bill for tax reform, the Wall Street Journal reports that many of the same companies the plan is meant to benefit are scrambling to figure out how it will affect them with little time to do so. 
  • Investors Unfazed by Revenue Recognition Changes

    By:
    Chris Gaetano
    |
    Dec 18, 2017
    The Financial Accounting Standards Board's new rules on revenue recognition, which is effective for periods beginning after Dec. 15, 2017, represents a fundamental shift in how companies understand revenue, but investors are not particularly troubled by these changes. 
  • IRS Criminal Investigations Struggling with Personnel Shortages

    By:
    Chris Gaetano
    |
    Dec 15, 2017
    The number of criminal cases pursued by the IRS has dropped 11 percent over the past year, mainly due to staffing shortages, having lost 21 percent of of its agents since 2011. 
  • Half of Renters Experience Housing Cost Burdens

    By:
    Chris Gaetano
    |
    Dec 15, 2017
    Nearly half of all renters spend more than 30 percent on of their incomes on rent, and a full 25 percent pay more than half. 

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