• Study: While Women Enter Big Four in Large Numbers, Few Ever Lead Audits of Large Firms

    By:
    Chris Gaetano
    |
    Sep 17, 2018
    A recent study has found that women in the Big Four rarely lead audits of large corporate entities, despite making up about 51 percent of all accounting staff throughout the industry. 
  • Former PCAOB Chief Auditor Martin Baumann Appointed as New Chair of IAASB

    By:
    Chris Gaetano
    |
    Sep 17, 2018
    Martin Baumann, the former chief auditor for the Public Company Accounting Oversight Board (PCAOB), has been appointed to lead the International Auditing and Insurance Standards Board (IAASB), which sets international standards for auditing, assurance, and other related areas. 
  • House Ways and Means Committee Advances Tax Reform 2.0 Legislation

    By:
    Chris Gaetano
    |
    Sep 14, 2018
    Just three days after being introduced, Republicans on the House Ways and Means Committee approved the package of bills colloquially called Tax Reform 2.0 through a party-line vote. 
  • Study: On Corporate Earnings Calls, 92 Percent of Voices are Men

    By:
    Chris Gaetano
    |
    Sep 14, 2018
    A study conducted by Bloomberg has found that, over 155,000 corporate conference calls conducted over 19 years, men spoke 92 percent of the time. 
  • Charles Rettig Confirmed as New IRS Commissioner

    By:
    Chris Gaetano
    |
    Sep 13, 2018
    With a vote of 64 to 33, the Senate voted to confirm Charles Rettig, a Beverly Hills tax attorney, as the new head of the IRS. 
  • J.P. Morgan Analysts Predict Next Financial Downturn to Arrive in 2020

    By:
    Chris Gaetano
    |
    Sep 13, 2018
    J.P. Morgan analysts, using complicated economic models, predict that the next financial downturn will occur some time in the year 2020. 
  • TIGTA: IRS Private Debt Collection Program Not Losing Money, but Not Making Much Either

    By:
    Chris Gaetano
    |
    Sep 12, 2018
    The Treasury Inspector General for Tax Administration (TIGTA) has issued a report finding that, on the one hand, the IRS's private debt collection program is not losing money, as it had in the past. On the other, though, the report said that the program hasn't really generated all that much revenue, having collected about 1 percent of the $4 billion in delinquent taxes it was charged with collecting. TIGTA also criticized the program for its effects on tax compliance.
  • Study: Being Prone to Guilt No. 1 Indicator of Trustworthiness

    By:
    Chris Gaetano
    |
    Sep 12, 2018
    Researchers have found that the number one indicator that someone is trustworthy, by far, is that they are more prone to guilt. 
  • House Republicans Unveil Tax Reform 2.0 Bill

    By:
    Chris Gaetano
    |
    Sep 11, 2018
    House Republicans have introduced their Tax Reform 2.0 legislation, which is intended to correct technical errors in the Tax Cuts and Jobs Act as well as make permanent many of its provisions that are set to eventually expire. 
  • GAO Reports IRS Customer Service Improved

    By:
    Chris Gaetano
    |
    Sep 11, 2018
    The Government Accountability Office said that customer service at the IRS has improved over the past few years, which is an important development, considering that the agency will soon need to take significant steps to implement the new provisions in the Tax Cuts and Jobs Act. 
  • Regulatory Roundup: Sept. 6-11

    By:
    Chris Gaetano
    |
    Sep 11, 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.
  • SEC Suspends Trading in Cryptocurency-Based Securities Due to Confusion Over What Exactly They Are

    By:
    Chris Gaetano
    |
    Sep 10, 2018
    The Securities and Exchange Commission has suspended trading in two cryptocurrency-based securities investments, saying that different sources from the company classify them as different things, resulting in confusion from market participants. 
  • More Than a Decade Later, Many Affected by Recession Have Not Bounced Back

    By:
    Chris Gaetano
    |
    Sep 10, 2018
    More than 10 years after the global economy came perilously close to complete and total collapse, many of those caught in the wake of the crisis have yet to meaningfully recover. 
  • Tesla Chief Accountant Quits After One Month on the Job

    By:
    Chris Gaetano
    |
    Sep 7, 2018
    Dave Morton, who had recently been hired as the chief accounting officer for electric car company Tesla, has quit after just one month in the position. 
  • Poll: CPAs Still Optimistic About Economy, But Less Than Before

    By:
    Chris Gaetano
    |
    Sep 7, 2018
    An AICPA survey of CEOs, controllers and other CPAs who hold executive and senior management accounting roles within U.S. companies has found that the majority are still optimistic about the economy, but that this majority has shrunk by 5 percent since the last poll. 
  • Senate Confirms Elad Roisman as Fifth SEC Commissioner

    By:
    Chris Gaetano
    |
    Sep 6, 2018
    The Senate has confirmed Republican lawyer Elad Roisman as SEC commissioner, bringing the agency's leadership back up to its traditional five members. 
  • IRS Offers SALT Cap Workaround for Business Taxpayers

    By:
    Chris Gaetano
    |
    Sep 6, 2018
    The IRS has clarified that its recent guidance shutting down the use of state-level charities as a way to get around the $10,000 cap on state and local tax deductions does not affect business deductions. 
  • 39 Percent of CPA Firm Revenue Came from Mergers This Year

    By:
    Chris Gaetano
    |
    Sep 5, 2018
    The Rosenberg Survey, which annually looks at 360 accounting firms across the country to determine the profession's current state, found that mergers were a major source of money coming into firms this year, accounting for 39 percent of all revenue in the sample, a significant gain from last year's 29 percent. 
  • New GASB Guidance Focuses on Majority Equity Stakes in Legally Distinct Entities

    By:
    Chris Gaetano
    |
    Sep 5, 2018
    The Governmental Accounting Standards Board (GASB) has released new guidance outlining when a majority equity interest in a legally distinct entity is accounted for as an investment and when it is accounted for as a component. 
  • Regulatory Roundup: Aug. 29 - Sept. 5

    By:
    Chris Gaetano
    |
    Sep 5, 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.

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