• Study Finds Coffee Drinkers Live Slightly Longer

    By:
    Chris Gaetano
    |
    Jul 3, 2018
    A study of half a million British adults found that those who regularly drink coffee, up to eight cups a day, were slightly less likely to die over a 10-year period than those who did not drink coffee at all. 
  • Regulatory Roundup - June 27 - July 3

    By:
    Chris Gaetano
    |
    Jul 3, 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.
  • GAO Report Warns of Aging Tech Infrastructure at IRS

    By:
    Chris Gaetano
    |
    Jul 3, 2018
    The Government Accountability Office, in a recent report, said that the three key technology systems at the IRS are facing significant risks due to their reliance on legacy programming languages, outdated hardware and a shortage of human resources with critical skills. 
  • At $6.3 Trillion, Corporate America Has More Debt Than It Ever Had in All of History

    By:
    Chris Gaetano
    |
    Jul 2, 2018
    U.S. companies have a combined $6.3 trillion of total debt, more than any other time in history, even before the recession. What's more, this figure excludes banks, which would likely add even more to the total. 
  • Over 800 Cryptocurrencies Worth Less Than 1 Cent

    By:
    Chris Gaetano
    |
    Jul 2, 2018
    While cryptocurrencies unbound by any sovereign entity have captured people's imaginations, a recent report found that, as of now, more than 800 are effectively dead in the water, as they are all worth less than 1 cent. 
  • SEC Changes Definition of Smaller Reporting Company, Expands Number Qualifying for Exemptions

    By:
    Chris Gaetano
    |
    Jun 29, 2018
    The Securities and Exchange Commission voted to change the definition of a smaller reporting company, thereby expanding the number of companies that qualify for already-existing exemptions from certain disclosure rules. 
  • Deloitte Board Declines to Back CEO Englebert for Second Term

    By:
    Chris Gaetano
    |
    Jun 29, 2018
    Big Four firm Deloitte's board of directors will not be nominating current CEO Cathy Englebert for a second term, a move that has stunned its partners amid record earnings this fiscal year. 
  • LaCroix Company Won't Tell SEC Secret Formula Behind Custom Growth Metrics

    By:
    Chris Gaetano
    |
    Jun 28, 2018
    National Beverage Corp., the parent company behind seltzer brand LaCroix, said that it has "magnified" its proprietary velocity per outlet and velocity per capita sales metrics to create "growth never before thought possible." When the SEC asked just what those metrics mean, though, the company said it's a secret. 
  • Poll Finds 93 Percent of Workers Are Ready for Robot Bosses

    By:
    Chris Gaetano
    |
    Jun 28, 2018
    A recent report from tech company Oracle offers some evidence that humanity's final resting place may be under the boot of a robot overlord, as a recent survey found that an overwhelming 93 percent of human resources leaders and employees would trust orders from an artificial intelligence. 
  • Sen. Schumer Slams IRS Efforts to Nix SALT Fixes

    By:
    Chris Gaetano
    |
    Jun 27, 2018
    Senate Majority Leader Chuck Schumer (D-N.Y.) said that the IRS's objections to state-level workarounds to the recently enacted state and local tax (SALT) deduction cap ignore prior precedent and undermine state's rights. 
  • SEC Charges Credit Rating Analyst with Insider Trading

    By:
    Chris Gaetano
    |
    Jun 27, 2018
    The Securities and Exchange Commission has charged Sebastian Pinto-Thomaz with insider trading, saying he used the confidential information he received as an analyst at a credit rating agency to pass inside tips to two of his friends, who were able to leverage the tips into hundreds of thousands of dollars in profit. He and his two friends were also criminally charged with securities fraud.

  • Yet Another Wells Fargo Scandal: Investors Steered to Actively Trade Investments Meant for Long-Term Holds

    By:
    Chris Gaetano
    |
    Jun 26, 2018
    In the latest of a long list of Wells Fargo scandals, the bank was recently fined $4 million by the Securities and Exchange Commission over financial advisers encouraging people to actively trade investments that are meant to be held long-term. 
  • New Postcard-Sized 1040 Eliminates More Than Half of Line Items

    By:
    Chris Gaetano
    |
    Jun 26, 2018
    A draft copy of the new postcard-sized Form 1040, touted by the Treasury Department as an exercise in simplification, eliminates more than half of the 78 line items on the current form and, at the same time, comes with six separate worksheets for supplementary information. 
  • Regulatory Roundup: June 20-26

    By:
    Chris Gaetano
    |
    Jun 26, 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.       
  • NYS Legislature Passes Society-Supported Bill Eliminating CPE Exemption for New CPAs

    By:
    Chris Gaetano and Ruth Singleton
    |
    Jun 25, 2018
    The New York state Legislature has passed an NYSSCPA-supported bill that eliminates the three-year exemption from mandatory continuing professional education (CPE) for newly licensed CPAs. The Society lobbied for the legislation as part of an effort to ensure that new CPAs remain competent in new and emerging skill sets that clients and employers have come to expect in the age of blockchain and artificial intelligence.
  • Study Finds Women Do Indeed Ask for Raises as Much as Men

    By:
    Chris Gaetano
    |
    Jun 25, 2018
    While one commonly-cited reason for the pay gap between men and women is that women don't ask for raises, new research questions this assumption, as the study's authors assert that, controlling for background, women ask for raises as much as men; they're just less likely to receive one. 
  • SCOTUS Case Limits Restitution from Lawbreaking Employees

    By:
    Chris Gaetano
    |
    Jun 25, 2018
    A recent Supreme Court ruling  that internal investigation costs do not count towards how much a company must be repaid by an employee who broke the law could have the effect of making it less attractive for businesses to cooperate with the government. 
  • Nominating Committee Seeks Members for 2019

    By:
    Anthony T. Abboud, NYSSCPA Secretary/Treasurer
    |
    Jun 24, 2018

    Are you interested in helping to select who will serve on next year’s NYSSCPA Board of Directors? If so, consider serving on the Society’s Nominating Committee.This year’s 11-person Nominating Committee will be recommending a president-elect; four vice presidents; a secretary/treasurer; five at-large directors; and directors from the Mid Hudson, Northeast, Queens/Brooklyn, Rockland and Utica chapters. These nominees are then presented to the membership in a proxy ballot that is sent out in April.

  • Treasury Secretary Says to Expect Postcard-Sized 1040

    By:
    Chris Gaetano
    |
    Jun 22, 2018
    Treasury Secretary Steve Mnuchin said that next week the department will issue the new Form 1040, which he says will be the size of a postcard. 
  • Social Security Payments Lost One-Third of Spending Power Since 2000

    By:
    Chris Gaetano
    |
    Jun 22, 2018
    A recent report says that Social Security payments don't go nearly as far as they used to, having lost about 34 percent of their buying power since the year 2000. 

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