• 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.
  • Guest Blog Post: Individual Tax Extenders Included in the Bipartisan Budget Act of 2018

    By:
    Mark H. Levin, CPA, M.S. (Taxation)
    |
    Mar 9, 2018
    On Feb. 9, 2018, President Trump signed the Bipartisan Budget Act of 2018 as P.L. 115-123 (the Budget Act). Division D, Title 1, of the Budget Act enacts many of the long-awaited extenders of provisions that expired at the end of 2016. Some of these provisions are extended only for the tax year 2017, while others are extended for multiple years.

    This article discusses those extenders that, in the author’s opinion, will have the greatest impact for CPAs.

  • Two Economists, One Republican and One Democrat, Conclude Tax Bill Won't Pay For Itself

    By:
    Chris Gaetano
    |
    Mar 9, 2018
    Harvard economists Robert Barro, a conservative, and Jason Furman, a Democrat, said in a recent study that the Tax Cuts and Jobs Act passed by the Republicans in December will not, contrary to claims otherwise, pay for itself through economic growth. They estimate that the bill will grow the economy by 0.04 percent annually over the next decade, at the cost of $1.2 trillion. 
  • Study Finds Smaller Companies Spend More on Routine Expenses Than Large Ones

    By:
    Chris Gaetano
    |
    Mar 9, 2018
    A recent analysis finds that companies with less than $100 million in annual revenue actually spend much more in routine expenses like meals and flights than those with over $10 billion. 
  • SEC Announces It's Prepared to Enforce Securities Law on Cryptocurrency Platforms

    By:
    Chris Gaetano
    |
    Mar 8, 2018
    The Securities and Exchange Commission (SEC) said in a recent statement that services that facilitate the buying and selling of cryptocurrencies are acting as an exchange for a product that is functionally a security, and are therefore within the agency's regulatory purview. 
  • Subject of a Closed IRS Investigation? Now You Can Find Out Why.

    By:
    Chris Gaetano
    |
    Mar 8, 2018
    Previously if the IRS investigated a tax preparer for possible Circular 230 violations, then closed the case, the preparer in question could not be told what the investigation was about. This has now changed due to a policy change at the Office of Professional Responsibility. 
  • Average Business Loan for Female Entrepreneurs Dropped Nearly 50 Percent From Previous Year

    By:
    Chris Gaetano
    |
    Mar 7, 2018
    Business loans for female entrepreneurs plummeted between 2016 and 2017, falling by nearly half, while rates for male entrepreneurs remained stable.  
  • Federal Reserve Quantifies Financial Impact of Having White, College Grad Parents Aged 41-60

    By:
    Chris Gaetano
    |
    Mar 7, 2018
    A new report from the Federal Reserve Bank of St. Louis says that families headed by white college graduates between the age of 40 to 61 years old have three times the income and six times the wealth as the median family overall. 
  • Study Predicts Changes to Federal Corporate Taxes Will Grow State Tax Base 12 Percent

    By:
    Chris Gaetano
    |
    Mar 6, 2018
    While the Tax Cuts and Jobs Act slashed corporate tax rates at the federal level, the change could have the ironic effect of increasing them at the state level. 
  • Regulatory Roundup - Feb. 28 - March 6

    By:
    Chris Gaetano
    |
    Mar 6, 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.
  • Companies' Behavior Shows Tax Savings Mostly Used in Share Buybacks, Business Investment

    By:
    Chris Gaetano
    |
    Mar 5, 2018
    Despite several high-profile announcements in the wake of the bill's passage, actual corporate activity shows that most of the savings generated by the Tax Cuts and Jobs Act are going to share buybacks and business investments, with workers getting the smallest cut of the pie. 
  • Study Finds Talent Gets You Far, But Luck Gets You Furthest

    By:
    Chris Gaetano
    |
    Mar 5, 2018
    A Cornell University study argues that the most talented people in a given set are almost never the most successful, and that the most successful people are almost never the most talented. What sets the two apart? Random chance. 
  • As Attitudes on Marijuana Soften, Drug Testing Declines in Companies

    By:
    Chris Gaetano
    |
    Mar 5, 2018
    Employers asking workers to pee into a cup seems on its way to becoming as much of a relic as smoking in the office and three-martini lunches as softening public attitudes towards marijuana collide with an increasingly tight labor market. 
  • CFOs Went From Ranking Excel Skills Most Important to Least Important in 2 Years

    By:
    Chris Gaetano
    |
    Mar 1, 2018
    While just two years ago CFOs thought aptitude with Microsoft Excel was the most important skill for their finance teams, today it ranks as the least. 

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