• 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. 
  • E&Y, Other Firms, Upping Recruitment of Workers with Autism, Other Disabilities

    By:
    Chris Gaetano
    |
    Dec 14, 2017
    Ernst and Young, along with other CPA firms, have been increasing their recruitment of people with disabilities, particularly those on the autism spectrum with in-demand skills like data analytics and raw mathematical ability. 
  • Households Spend $904 a Year on Credit Card Interest Alone

    By:
    Chris Gaetano
    |
    Dec 14, 2017
    Data from the Federal Reserve Bank of New York and the U.S. Census Bureau finds that credit card interest costs the average American $904 a year. 
  • SEC Appoints William D. Duhnke III to Chair PCAOB

    By:
    Chris Gaetano
    |
    Dec 13, 2017
    The Securities and Exchange Commission has appointed William D. Duhnke III, currently the staff director and general counsel for the Senate Committee on Rules and Administration, to chair the Public Company Accounting Oversight Board (PCAOB), replacing outgoing chair James Doty. 
  • Payroll Processors Worry There May Not Be Enough Time to Calculate Tax Bill Changes

    By:
    Chris Gaetano
    |
    Dec 13, 2017
    With Congress working to pass a massive tax reform bill before the end of this year, and with many of the provisions within that bill set to take effect at the beginning of next year, payroll processors warned legislators that there may not be enough time to calculate all the changes that would take effect, causing major disruption to hundreds of millions of workers. 
  • House and Senate Republicans Reach Accord on Tax Plan

    By:
    Chris Gaetano
    |
    Dec 13, 2017
    Republicans in the House and Senate have come to a tentative deal on the tax reform bill, with leadership saying a final vote could come as soon as Monday. 
  • Few Corporate Boards Are Majority Women, But Ones That Are Tend to Outperform Peers

    By:
    Chris Gaetano
    |
    Dec 12, 2017
    While, worldwide, there are few majority-female corporate boards, the ones that do exist tend to outperform their industry peers. 
  • Treasury Department Releases Page-long Analysis of Tax Plan,

    By:
    Chris Gaetano
    |
    Dec 12, 2017
    The Treasury Department released the long-awaited analysis of the Republican tax plan, which took the form of a one-page long document that essentially says the Joint Committee on Taxation is correct. 
  • NYS Tax Department Extends 'No Applicable ID' Option for Driver's License Requirement

    By:
    Chris Gaetano
    |
    Dec 12, 2017

    Just in time for the launch of the 2017 tax filing season, the New York State Department of Taxation and Finance (NYSDTF) confirmed on Dec. 8 that it will continue to allow tax practitioners e-filing returns with NYSDTF to click a “No Applicable ID” box if a client refuses to provide them with driver’s license information when they are preparing the client’s New York State income tax return. 


  • Regulatory Roundup: Dec. 6-12

    By:
    Chris Gaetano
    |
    Dec 12, 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.
  • Society to Transfer Peer Review Administration to Pennsylvania Institute in March

    By:
    Ruth Singleton
    |
    Dec 12, 2017

    On March 15, 2018, the NYSSCPA will hand off its peer review administration responsibilities to the Pennsylvania Institute of CPAs (PICPA). As of that date, the PICPA will become the administering entity (AE) for New York state CPA firms that are required to undergo peer review, meaning all firms that perform attest services, as well as firms that include members of the American Institute of CPAs (AICPA) and perform work for which that organization requires peer review.

  • Speaker: Uncertainty Snarls Tax Planning

    By:
    Chris Gaetano
    |
    Dec 11, 2017
    Congress is in the middle of crafting what has been promised to be the most significant overhaul to federal tax policy in decades, though a speaker at the Foundation for Accounting Education's Tax Planning for Individuals Conference on Dec. 7 noted that the timing of all this makes it difficult to plan for next year. 
  • Japanese Firm Tries Drones to Prevent Death-by-Overwork

    By:
    Chris Gaetano
    |
    Dec 11, 2017
    A Japanese cleaning and office security firm is considering using drones to curtail white collar workers who stay in the office until late at night as a way to both encourage better work-life balance and discourage death-by-overwork. 
  • Why Are People So Bad With Money?

    By:
    Chris Gaetano
    |
    Dec 11, 2017
    It's a question that many CPAs have no doubt asked themselves when observing a client making a particularly bad decision: why are they so bad with money? A behavioral economist from Duke University thinks he has an answer to that question—several, in fact. 

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