• Regulators Prepare to Fine Wells Fargo $1 Billion

    By:
    Chris Gaetano
    |
    Apr 20, 2018
    The Consumer Financial Protection Bureau and the Office of the Comptroller of Currency, as part of an expected settlement, plan to fine the bank Wells Fargo $1 billion for fraudulent practices regarding car insurance sales and mortgage fees. 
  • Fat Finger Error at Deutsche Bank Accidentally Transfers $35B

    By:
    Chris Gaetano
    |
    Apr 20, 2018
    Another major company has fallen victim to the inelegant fingers of fallible humans, as it was revealed that Deutsche Bank had accidentally transferred $35 billion to one of its outside accounts. 
  • PCAOB Seeking Input for New Strategic Plan

    By:
    Chris Gaetano
    |
    Apr 19, 2018
    The Public Company Accounting Oversight Board (PCAOB) is seeking stakeholder input as it prepares its new strategic plan, the first that will be developed under its new roster of board members. 
  • Spending on Accountants Rose $1B In One Year

    By:
    Chris Gaetano
    |
    Apr 19, 2018
    The amount of money Americans spent on accounting services rose by $1 billion between 2016 and 2017.
  • Following Major Technical Problems, IRS Grants Extra Day to File

    By:
    Chris Gaetano
    |
    Apr 18, 2018
    Taxpayers across the country found themselves frustrated yesterday as key portions of the IRS website crashed, leaving many unable to pay or even file their taxes. In response, the IRS announced that it will be adding one more day to the deadline, meaning that people have until the end of today to sort out their taxes. 
  • Study: Accounting-Related Class Action Suits Rose to Record Levels

    By:
    Chris Gaetano
    |
    Apr 18, 2018
    A recent report from a financial and economic consulting company says that the number of securities class action lawsuits related to accounting issues reached unprecedented levels in 2017, driven primarily by M&A activity. 
  • SCOTUS Hears Landmark Online Sales Tax Case Today

    By:
    Chris Gaetano
    |
    Apr 17, 2018
    The Supreme Court of the United States today is hearing a case meant to answer the question of whether online merchants are obligated to collect sales tax.  
  • Price Tag for TCJA Implementation: $397 Million

    By:
    Chris Gaetano
    |
    Apr 17, 2018
    A new report from the Treasury Inspector General for Tax Administration (TIGTA) said that the IRS has pegged the implementation costs for the Tax Cuts and Jobs Act at about $397 million. 
  • IRS Payment Site Crashes on Tax Day

    By:
    Chris Gaetano
    |
    Apr 17, 2018
    On this Tax Day, the IRS "direct pay" site, which enables people to pay their taxes directly to the IRS, and the "payment plan" page, which lets taxpayers pay their bills in installments, crashed this morning. While the pages themselves have been restored, the services remain unavailable as of this afternoon.
  • Regulatory Roundup: April 11-17

    By:
    Chris Gaetano
    |
    Apr 17, 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.
  • Bank Regulators Propose Three-Year Partial Reprieve From Credit Loss Accounting Rule

    By:
    Chris Gaetano
    |
    Apr 16, 2018
    A coalition of banking regulators—which includes the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation—has proposed a three-year phase-in period for ASU 2016-13, which concerns when banks book loan credit losses. 
  • OMB Gains Power to Review IRS Tax Regulations

    By:
    Chris Gaetano
    |
    Apr 16, 2018
    The Office of Management and Budget now has the power to review and analyze tax regulations from the IRS as it does for most other government agencies. 
  • 3.3M Pound Accounting Error at Air Charter Firm Leads Finance Chief to Resign

    By:
    Chris Gaetano
    |
    Apr 13, 2018
    The finance chief of UK-based plane charter company Air Partner has resigned after the discovery of a 3.3 million pound accounting error that has sent shares tumbling. 
  • Typo Leads Samsung to Distribute $105 Billion in Stock That Does Not Exist

    By:
    Chris Gaetano
    |
    Apr 13, 2018
    If you ever needed a reason to check for typos before hitting send, it's this: Samsung has accidentally distributed $105 billion in stock that, technically, does not exist. 
  • IFAC: Regulatory Divergence Drains $780B from Global Economy

    By:
    Chris Gaetano
    |
    Apr 12, 2018
    A report from the International Federation of Accountants says that regulatory divergence—inconsistencies in regulation between different jurisdictions—saps about $780 billion from the global economy a year, and represents a "moderate to substantial barrier" to the growth of international financial institutions. 
  • Federal Reserve: Involuntary Part Time Work 40 Percent Higher Than Expected

    By:
    Chris Gaetano
    |
    Apr 12, 2018
    A report from the Federal Reserve Bank of San Francisco said that the number of people who are stuck in part-time work but would really prefer full-time jobs is about 40 percent higher than one might normally expect at this point in the economic expansion, indicating that this is a long-term structural problem versus one that will dissipate through the business cycle. 
  • Study: Major Financial Shock Linked With Earlier Death

    By:
    Chris Gaetano
    |
    Apr 11, 2018
    A study published in the Journal of the American Medical Association said that people who experience a major financial shock are 50 percent more likely to die within the following two decades than those who did not. 
  • Ways and Means Committee Releases Bipartisan IRS Overhaul Package

    By:
    Chris Gaetano
    |
    Apr 11, 2018
    The House Ways and Means Committee released a package of bills that, if passed, would enact the first major overhaul of the IRS since 1998. 
  • Regulatory Roundup: April 4-10

    By:
    Chris Gaetano
    |
    Apr 10, 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. 
  • CBO Estimates Debt to Approach 100 Percent of GDP Within a Decade

    By:
    Chris Gaetano
    |
    Apr 10, 2018
    The Congressional Budget Office (CBO), in its annual Budget and Economic Outlook report, estimated that U.S. public debt will equal 100 percent of GDP by the year 2028. 

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