• IRS, State Tax Agencies Warn of Scam Targeting Tax Professionals

    By:
    Ruth Singleton
    |
    Mar 22, 2018
    The IRS, state tax agencies and members of the tax industry are warning about a "new client" scam targeting tax professionals. According to the IRS, in this scam, a supposed “new client” emails the tax pro about a tax issue, attaching documents to the email that the sender claims to be an IRS notice or prior-year tax information. The documents actually contain malware that, if opened, enable the criminals to steal taxpayer information.
  • Typo Costs Oil Company $3B

    By:
    Chris Gaetano
    |
    Mar 21, 2018
    Formosa Petro, a Taiwanese oil giant, lost $3 billion in in market value after a "fat finger" error mistakenly caused the company to open a 15.2 million-share closing auction. 
  • EU Wants Tech Firms to Pay 3 Percent Tax on Revenue

    By:
    Chris Gaetano
    |
    Mar 21, 2018
    Tech companies like Facebook and Google could face major tax hits if a proposal by the European Commission (The EU's executive body) is approved: a 3 percent tax on revenue.
  • New Tax Law Makes Player Trades Harder for Professional Sports Teams

    By:
    Chris Gaetano
    |
    Mar 20, 2018
    The New York Times has pointed out that a provision of the Tax Cuts and Jobs Act, passed by the Republicans in December, could have the inadvertent effect of making player trades harder for professional sports teams. 
  • Poll Finds Less Misconduct, More Retaliation Against Those Reporting Misconduct

    By:
    Chris Gaetano
    |
    Mar 20, 2018
    A survey of 5,000 employees in late 2017 has found that, on the one hand, people are witnessing fewer instances of ethical misconduct at their firms but, on the other, people are also reporting more retaliation against those who report misconduct. 
  • Regulatory Roundup - March 14-20

    By:
    Chris Gaetano
    |
    Mar 20, 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.
  • IRS Says Wrongly Incarcerated Taxpayers Have Extra Time to Claim Tax Break

    By:
    Chris Gaetano
    |
    Mar 19, 2018
    The IRS announced that a tax break for wrongly incarcerated taxpayers that had originally expired in 2016, will now have until the end of the year to claim it, and will even be able to do so retroactively. 
  • Emergency Room Care Costs Rose 30 Percent in Four Years

    By:
    Chris Gaetano
    |
    Mar 19, 2018
    Emergency medical care, hardly a discount deal in the U.S. as it is, has grown even more expensive in a short time, with bills ballooning 30 percent in just four years. 
  • Voluntary Disclosure Program, Set to End This Year, Has Made IRS Savvier on Tax Evasion

    By:
    Chris Gaetano
    |
    Mar 16, 2018
    The IRS's Offshore Voluntary Disclosure Program allows U.S. taxpayers to voluntarily resolve past noncompliance related to unreported foreign financial assets and failure to file foreign information returns. On the taxpayer side, this program has given tens of thousands of tax scofflaws the opportunity to come clean in exchange for a lesser punishment. On the IRS side of things, though, the program has provided the agency with an abundance of information on how wealthy people use offshore havens to evade taxes, knowledge it plans to use to hunt down those who didn't come forward when they had the chance. 
  • Middle-Aged Accountants Sue PwC On Age Discrimination

    By:
    Chris Gaetano
    |
    Mar 16, 2018
    A group of middle-aged accountants has filed a lawsuit against Big Four firm PwC claiming that its focus on campus recruitment represents age discrimination. 
  • NYS Offers Deadline Relief to Those Affected by Recent Storms

    By:
    Chris Gaetano
    |
    Mar 15, 2018
    The New York Department of Taxation and Finance announced that it will be pushing back some tax deadlines for those who have been affected by the storms that have ravaged the state the past few weeks. 
  • SEC Charges Theranos CEO, President with "Massive Fraud"

    By:
    Chris Gaetano
    |
    Mar 15, 2018
    The SEC has charged Elizabeth Holmes, the CEO of blood testing company Theranos, and Ramesh “Sunny” Balwani, its president, with a "massive fraud" where they exaggerated or made false statements about the firm's technology, business, and financial performance. 
  • Study: Execs With Accounting Experience Linked to Higher Risk of Accounting Misstatements, If Given Pay Incentive

    By:
    Chris Gaetano
    |
    Mar 14, 2018
    A recent study says that executives highly skilled in accounting are also highly skilled at manipulating accounting, at least when there is incentives to do so. 
  • ACCA Finds Disclosure of Key Audit Matters Improves Governance, Audit Quality, Reporting

    By:
    Chris Gaetano
    |
    Mar 14, 2018
    The Association of Chartered Certified Accountants has released a study of audits conducted in jurisdictions requiring the disclosure of Key Audit Matters as required by the International Auditing and Assurance Standards Board, and has found that such disclosures have improved governance, supported audit quality and encourages better corporate reporting. 
  • Poll: 34 Percent of Women in Accounting Say They Experienced Sexual Harassment

    By:
    Chris Gaetano
    |
    Mar 13, 2018
    A recent poll of accounting professionals has found that 34 percent of women in the industry said they have experienced some form of sexual harassment over the course of their careers, and 39 percent of women said they are aware of others who have been similarly harassed. 
  • SEC Charges KPMG, Deloitte, BDO Affiliates With Circumventing PCAOB Regs

    By:
    Chris Gaetano
    |
    Mar 13, 2018
    The Securities and Exchange Commission announced that it has charged African affiliate firms of KPMG, Deloitte and BDO with circumventing the full oversight of the Public Company Accounting Oversight Board (PCAOB).
  • Regulatory Roundup: March 7-13

    By:
    Chris Gaetano
    |
    Mar 13, 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.
  • IRS Gives Extra Time to Many Businesses Affected by Recent Storms

    By:
    Chris Gaetano
    |
    Mar 13, 2018
    The IRS said that it is providing relief to businesses and tax professionals affected by last week’s storm--known as Winter Storm Quinn—and this week’s storm –known as Winter Storm Skylar--that primarily hit portions of the Northeast and Mid-Atlantic.
     
  • IFIAR: 40 Percent of Audits Flawed

    By:
    Chris Gaetano
    |
    Mar 12, 2018
    The International Forum of Independent Audit Regulators, a body of audit industry regulators such as the U.S.'s Public Company Accounting Oversight Board, released a survey of inspection findings from its members saying that, worldwide, about 40 percent of audits contained at least one problematic finding. 
  • Cryptocurrency Investors Bilked Out of $2M as Company Takes Money and Runs

    By:
    Chris Gaetano
    |
    Mar 12, 2018
    Over 1,000 investors funding an initial coin offering (ICO) for a company called Giza found themselves bilked out of $2 million after the company they put money into simply vanished with all their funds.

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