• Ways to Recognize a Social Engineering Attack

    By:
    Chris Gaetano
    |
    Dec 8, 2017
    You can have the most sophisticated network security in the world, but it's all worthless if someone replies to the wrong email. We speak often of what to do in the event of a cyber attack, but many of those are preceded by simple social engineering. What are the signs that someone is trying to manipulate you into giving up valuable information?
  • Speaker: Regulatory Slowdown Means More Work for CPAs

    By:
    Chris Gaetano
    |
    Dec 7, 2017
    While the administration's freeze on new federal regulations might seem, on its face, to mean less work for CPAs, a speaker at the Foundation for Accounting Education's Tax Planning for Individuals Conference on Dec. 6 said that, paradoxically enough, it will actually mean the opposite. 
  • Speaker: Federal Estate Tax Cut All But Certain, But Don't Count Out State-Level Taxes

    By:
    Chris Gaetano
    |
    Dec 7, 2017
    Kevin Matz, a tax partner at Stroock & Stroock & Lavan LLP, said it was almost certain that the tax reform bill will pass, which at the very least means significant cuts in the federal estate tax, if it's not repealed entirely. But at the same time, he said, CPAs need to remember that states collect estate taxes too, and they won't necessarily follow every aspect of the federal law. 
  • House and Senate Republicans to Confer on Respective Tax Plans

    By:
    Chris Gaetano
    |
    Dec 5, 2017
    Senate Republicans will be meeting with their House counterparts this week after voting on their version of the tax reform bill. 
  • PCAOB Releases Staff Guidance for Expanded Auditors Report

    By:
    Chris Gaetano
    |
    Dec 5, 2017
    The Public Company Accounting Oversight Board (PCAOB) released guidance intended to help people make sense of the new expanded auditor's report, which was formally adopted this past June. 
  • Regulatory Roundup: Nov. 29-Dec. 5

    By:
    Chris Gaetano
    |
    Dec 5, 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.
  • Treasury Inspector General: Investigating Missing Tax Analysis a 'Top Priority'

    By:
    Chris Gaetano
    |
    Dec 1, 2017
    The Treasury Inspector General has said that looking into why the secretary's long-awaited analysis of the Republican tax plan has not been released. 
  • IRS Gives Partnerships, REMICs, Certain Other Entities More Time

    By:
    Chris Gaetano
    |
    Dec 1, 2017
    The IRS has given certain entities a little more time on their taxes to account for recently implemented due date changes. 
  • Corporate Boards Concerned About Industry Disruption, Cybersecurity

    By:
    Chris Gaetano
    |
    Nov 30, 2017
    A survey of 587 corporate directors at 520 public companies has found that board members are concerned about the changing state of both their own industry and the economy as a whole, as well as emerging cybersecurity threats. 
  • FASB to Make Lease Accounting Standard a Little Easier

    By:
    Chris Gaetano
    |
    Nov 30, 2017
    The Financial Accounting Standards Board (FASB) gave final approval to a proposed update that allows entities to use a practical expedient when it comes to land easements, as well as voted to propose a new update that allows lessors to not separate lease and nonlease components if certain conditions are met. 
  • Most CEOs Plan to Use Tax Cuts to Pay Shareholders, Debts

    By:
    Chris Gaetano
    |
    Nov 29, 2017
    At a recent forum attended by CEOs of top companies like Coca Cola Co. and Pfizer, it was found that the vast majority had no plans to spend tax cuts on jobs and investment, with most opting instead to reward shareholders and pay down debt. 
  • Speakers Promote Tax Security Awareness, Saying Cybercrime Is Growing Rapidly

    By:
    Chris Gaetano
    |
    Nov 29, 2017
    Cybercrime and identity theft are among the fastest growing crimes. Given this rapid growth, speakers from the IRS, New York State Department of Taxation and Finance,  Better Business Bureau, New York City Department of Consumer Affairs and Manhattan District Attorney's Office held a press conference on Nov. 29, stressing the need for people to protect themselves.
  • Wells Fargo Currency Traders Found to Be Overcharging Customers to Fatten Bonuses

    By:
    Chris Gaetano
    |
    Nov 28, 2017
    Currency traders at Wells Fargo routinely overcharged foreign exchange customers in order to meet bonus incentives based on how much revenue they were able to pull in.
  • IRS to Allow Casualty Deductions for Damaged Concrete Foundations

    By:
    Chris Gaetano
    |
    Nov 28, 2017
    The IRS will now allow certain damage resulting from deteriorating concrete foundations to be treated as a casualty loss.
  • Regulatory Roundup: Nov. 15-28

    By:
    Chris Gaetano
    |
    Nov 28, 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.
  • NYC Housing Agency Makes Changes to CPA’s Report at Society’s Urging

    By:
    Chris Gaetano
    |
    Nov 27, 2017

    After three years of negotiations, the New York City Department of Housing Preservation and Development (HPD) has agreed to implement changes suggested by the NYSSCPA’s Real Estate Committee that bring a CPA’s report used in a tax exemption and abatement program known as J-51 into compliance with professional standards.

  • Finance Chiefs Turning Against Microsoft Excel

    By:
    Chris Gaetano
    |
    Nov 27, 2017
    Influential finance chiefs of major public corporations like Adobe are increasingly turning against popular business spreadsheet software Microsoft Excel, saying it's a relic of an earlier age that's getting in the way of today's businesses. 
  • Many Airbnb Listings Playing Host to Money Launderers

    By:
    Chris Gaetano
    |
    Nov 27, 2017
    Airbnb, the popular hotel-but-not-really-a-hotel service that's been taking the world by storm, has also been serving as a convenient tool to launder illicit cash. 
  • Banking Consortium Successfully Tests New Block Chain on Equity Swaps Market

    By:
    Chris Gaetano
    |
    Nov 20, 2017
    A group of large banks successfully concluded a six-month test where block chain technology was used to keep track of swaps contracts after execution. 

  • What NOT to Do In a Data Breach

    By:
    Chris Gaetano
    |
    Nov 20, 2017
    While there's quite a lot of advise on what to do when experiencing a data breach, a recent article in the Harvard Business Review points out times when companies made serious errors in the wake of a cyber attack. 

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