• IRS Audits of Giant Corporations Nearly Halved Since 2010

    By:
    Chris Gaetano
    |
    Apr 10, 2018
    A recent report has found that even as the number of giant corporations with over $20 billion in assets has grown, the proportion of them subjected to IRS audits has nearly halved since 2010. 
  • The Negative Side of Positive Expectations

    By:
    Chris Gaetano
    |
    Apr 9, 2018
    While it's generally a good thing to believe in people and have high expectations for their work, a recent psychological study has found that these same expectations can actually lead certain people to give up more easily. 
  • Poll: Tax Executives Concerned About Impact of Tax Law

    By:
    Chris Gaetano
    |
    Apr 9, 2018
    A survey of 150 public company tax executives has found that implementing changes from the Tax Cuts and Jobs Act is the chief concern for 91 percent of poll respondents. 
  • IBM: Configuration Errors Responsible for 70 Percent of Compromised Records

    By:
    Chris Gaetano
    |
    Apr 6, 2018
    Improper configuration of cloud storage servers was responsible for 70 percent of all compromised records tracked by IBM in 2017, according to a recent report from the company. 
  • SEC Chair: Not Every ICO is a Scam

    By:
    Chris Gaetano
    |
    Apr 6, 2018
    Despite recent high-profile enforcement actions involving cryptocurrency ICOs (initial coin offerings), SEC Chair Jay Clayton, in a recent speech, said that his agency is not out to destroy the entire sector and does not believe that every ICO is a scam. 
  • Report: Fraudsters Seek New Ground as Traditional Targets Beef Up Security

    By:
    Chris Gaetano
    |
    Apr 5, 2018
    While the battle against online fraud has improved remarkably in some areas, it has gotten much worse in others, indicating that fraudsters are changing their focus to softer targets as security tightens in traditional areas. 
  • Delta, Sears Reveal Data Breach

    By:
    Chris Gaetano
    |
    Apr 5, 2018
    This is getting a little repetitive no? Sears and Delta Airlines both revealed that, because of a data breach of a mutual third-party contractor, some of their customers' credit card information may have been exposed. 
  • New Data Breach: This Time at Panera Bread

    By:
    Chris Gaetano
    |
    Apr 4, 2018
    Another day, another shocking revelation of a data breach exposing the personal information of thousands of people. This time around, it's Panera Bread, which apparently was aware of the problem for almost a year before fixing it. 
  • Poll: CFOs Very Confident in Wake of New Tax Law

    By:
    Chris Gaetano
    |
    Apr 4, 2018
    A Deloitte survey of 155 CFOs, nearly all of whom are from companies with over $1 billion  in revenue, are expressing great confidence and optimism about the economy, much of it connected with the passage of the Tax Cuts and Jobs Act. 
  • NYS Budget Passes, Includes SALT Cap Workarounds, Excludes Non-CPA Ownership

    By:
    Chris Gaetano
    |
    Apr 3, 2018
    Albany successfully passed a $168 billion budget on March 31 that, among other things, includes several measures meant to mitigate the impact of the new $10,000 cap on state and local tax deductions brought about by the federal Tax Cuts and Jobs Act. 
  • GASB Releases Guidance on Debt Disclosures Pertaining to Direct Borrowing, Direct Placements

    By:
    Chris Gaetano
    |
    Apr 3, 2018
    The Governmental Accounting Standards Board (GASB) released guidance designed to enhance debt-related disclosures in notes to financial statements, including those addressing direct borrowings and direct placements.
  • Regulatory Roundup: March 28-April 3

    By:
    Chris Gaetano
    |
    Apr 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 ‚Äč‚Äčannouncements from the past week, and puts them in one place to help you stay on top of the issues.
  • Saks Fifth Avenue, Lord & Taylor Report Data Breach, More Than 5M Affected

    By:
    Chris Gaetano
    |
    Apr 2, 2018
    Did you use a credit or debit card at either Saks Fifth Avenue or Lord & Taylor between May 2017 and now? You may be one of 5 million people affected by a massive data breach. 
  • As Lease Standard Deadline Looms, Only 20 Percent of Companies Say They Are Ready

    By:
    Chris Gaetano
    |
    Apr 2, 2018
    Companies are still struggling to get ready for the new lease standards from the Financial Accounting Standards Board (FASB), even as the effective date is now less than a year away. 
  • IRS Individual Audits Drop to Lowest Rate Since 2002

    By:
    Ruth Singleton
    |
    Mar 30, 2018
    In the fiscal year ending Sept. 30, 2017, the IRS audited roughly 1 in 160 individual tax returns. As reported in the Wall Street Journal, that represents the lowest rate--0.62 percent--since 2002, and it follows the sixth consecutive year of a decline in the percentage of individual audits.
  • Prominent Pastor Charged in Scheme to Defraud Elderly Investors

    By:
    Ruth Singleton
    |
    Mar 30, 2018
    A federal grand jury has indicted a well-known pastor, as well as a financial planner, on charges of wire fraud, money laundering and conspiracy arising out of an alleged scheme to defraud elderly investors. Kirbyjon Caldwell, senior pastor at Windsor Village United Methodist Church in Houston, one of the largest Protestant churches in the country, and Gregory Alan Smith, the operator and manager of Smith Financial Group LLC in Shreveport, La., were charged with luring mostly elderly investors to invest in pre-revolutionary Chinese bonds.
  • Grant Thornton Bows Out of UK Audit Market for Large Companies, Citing Competition from Big Four

    By:
    Chris Gaetano
    |
    Mar 29, 2018
    Grant Thornton, the UK's fifth biggest accounting firm, has said it will bow out of auditing large companies entirely due to the Big Four's dominance of the market. 
  • IASB Releases New Conceptual Framework

    By:
    Chris Gaetano
    |
    Mar 29, 2018
    The International Accounting Standards Board (IASB) has released its new conceptual framework that will underpin all of its standards-setting activities in the near future. 
  • Federal Court Rules You Have a Right to an Accounting Expert When Interviewed by PCAOB

    By:
    Chris Gaetano
    |
    Mar 28, 2018
    A federal court sided with a former Ernst and Young partner who'd been suspended for violating auditing standards, agreeing with the ex-partner's argument that the PCAOB should not have denied his request to also have an accounting expert accompany him to assist his counsel.
  • Google Loses Court Appeal to Oracle, May Need to Pay Largest Copyright Loss in HIstory

    By:
    Chris Gaetano
    |
    Mar 28, 2018
    One of the largest software companies in the world has prevailed in federal appeals court over Google, which it had accused of violating its patents when using Java to build the Android platform, which could result in damages so large it would set a world record. 

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