• SEC Charges Credit Rating Analyst with Insider Trading

    By:
    Chris Gaetano
    |
    Jun 27, 2018
    The Securities and Exchange Commission has charged Sebastian Pinto-Thomaz with insider trading, saying he used the confidential information he received as an analyst at a credit rating agency to pass inside tips to two of his friends, who were able to leverage the tips into hundreds of thousands of dollars in profit. He and his two friends were also criminally charged with securities fraud.

  • Yet Another Wells Fargo Scandal: Investors Steered to Actively Trade Investments Meant for Long-Term Holds

    By:
    Chris Gaetano
    |
    Jun 26, 2018
    In the latest of a long list of Wells Fargo scandals, the bank was recently fined $4 million by the Securities and Exchange Commission over financial advisers encouraging people to actively trade investments that are meant to be held long-term. 
  • New Postcard-Sized 1040 Eliminates More Than Half of Line Items

    By:
    Chris Gaetano
    |
    Jun 26, 2018
    A draft copy of the new postcard-sized Form 1040, touted by the Treasury Department as an exercise in simplification, eliminates more than half of the 78 line items on the current form and, at the same time, comes with six separate worksheets for supplementary information. 
  • Regulatory Roundup: June 20-26

    By:
    Chris Gaetano
    |
    Jun 26, 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.       
  • NYS Legislature Passes Society-Supported Bill Eliminating CPE Exemption for New CPAs

    By:
    Chris Gaetano and Ruth Singleton
    |
    Jun 25, 2018
    The New York state Legislature has passed an NYSSCPA-supported bill that eliminates the three-year exemption from mandatory continuing professional education (CPE) for newly licensed CPAs. The Society lobbied for the legislation as part of an effort to ensure that new CPAs remain competent in new and emerging skill sets that clients and employers have come to expect in the age of blockchain and artificial intelligence.
  • Study Finds Women Do Indeed Ask for Raises as Much as Men

    By:
    Chris Gaetano
    |
    Jun 25, 2018
    While one commonly-cited reason for the pay gap between men and women is that women don't ask for raises, new research questions this assumption, as the study's authors assert that, controlling for background, women ask for raises as much as men; they're just less likely to receive one. 
  • SCOTUS Case Limits Restitution from Lawbreaking Employees

    By:
    Chris Gaetano
    |
    Jun 25, 2018
    A recent Supreme Court ruling  that internal investigation costs do not count towards how much a company must be repaid by an employee who broke the law could have the effect of making it less attractive for businesses to cooperate with the government. 
  • Nominating Committee Seeks Members for 2019

    By:
    Anthony T. Abboud, NYSSCPA Secretary/Treasurer
    |
    Jun 24, 2018

    Are you interested in helping to select who will serve on next year’s NYSSCPA Board of Directors? If so, consider serving on the Society’s Nominating Committee.This year’s 11-person Nominating Committee will be recommending a president-elect; four vice presidents; a secretary/treasurer; five at-large directors; and directors from the Mid Hudson, Northeast, Queens/Brooklyn, Rockland and Utica chapters. These nominees are then presented to the membership in a proxy ballot that is sent out in April.

  • Treasury Secretary Says to Expect Postcard-Sized 1040

    By:
    Chris Gaetano
    |
    Jun 22, 2018
    Treasury Secretary Steve Mnuchin said that next week the department will issue the new Form 1040, which he says will be the size of a postcard. 
  • Social Security Payments Lost One-Third of Spending Power Since 2000

    By:
    Chris Gaetano
    |
    Jun 22, 2018
    A recent report says that Social Security payments don't go nearly as far as they used to, having lost about 34 percent of their buying power since the year 2000. 
  • Former Treasury Officials Say Federal Reserve Should Open Accounts for Individuals

    By:
    Chris Gaetano
    |
    Jun 21, 2018
    A recent paper authored by two former members of the Treasury Department called for the Federal Reserve Bank to allow individuals to open accounts, thereby encouraging financial inclusion by helping those without access to private banking services. 
  • Supreme Court Rules That States Can Tax Online Retailers Without Physical Presence

    By:
    Chris Gaetano
    |
    Jun 21, 2018
    The Supreme Court of the United States, in a 5-4 ruling, declared that state governments can tax online retailers even if there's no physical presence in the state. 
  • Wells Fargo Ethics Hotline Getting a Lot of Use

    By:
    Chris Gaetano
    |
    Jun 20, 2018
    Wells Fargo has reported that more employees are using its ethics hotline, indicating both that people are less afraid to report unethical activity and that unethical activity is still an issue for the bank. 
  • Americans Still Not Saving Enough, Despite Gains in Jobs

    By:
    Chris Gaetano
    |
    Jun 20, 2018
    Federal Reserve Chair Jerome Powell recently said that, given low unemployment, on-pace inflation targets and a "balanced" risk outlook, the economy makes a strong case for continued interest rate hikes. Despite these gains, however, a recent report found that almost a quarter of Americans have no savings at all. 
  • Momentum Against Big Four Builds in UK

    By:
    Chris Gaetano
    |
    Jun 19, 2018
    The United Kingdom's Financial Reporting Council, which regulates the audit profession, has found that Big Four firm KPMG is not performing work to an acceptable standard, exacerbating the already-tense relationship between the government and the Big Four in the wake of several high-profile audit failures. 
  • NY-Based Prometheum Aims to be First SEC-Compliant ICO Trade Platform

    By:
    Chris Gaetano
    |
    Jun 19, 2018
    Seeking to shed the anarchic reputation associated with many cryptocurrencies, the New York-based company Prometheum aims to be the first initial coin offering trading platform done in full compliance with all relevant Securities and Exchange Commission rules. 
  • Regulatory Roundup: June 13-19

    By:
    Chris Gaetano
    |
    Jun 19, 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.      
  • AICPA's Melancon Raises Possibility of Alternate Pathways to Becoming CPA

    By:
    Chris Gaetano
    |
    Jun 18, 2018
    AICPA President and CEO Barry Melancon, in a recent speech, said that as the skills demanded by the industry change, becoming a CPA may involve alternate paths that reflect the increasingly tech-savvy nature of the profession. 
  • Citibank Settles LIBOR Manipulation Dispute for $100 Million

    By:
    Chris Gaetano
    |
    Jun 18, 2018
    Citibank has agreed to a $100 million settlement with the attorneys general of 41 different U.S. jurisdictions over accusations that it manipulated the London Interbank Offered Rate (LIBOR), a key interest rate that informs many other rates, such as those for government and corporate bonds, mortgages, student loans, and credit cards. 
  • SEC Corporate Finance Director Says Bitcoin, Ethereum Are Probably Not Securities

    By:
    Chris Gaetano
    |
    Jun 15, 2018
    William Hinman, the SEC's Director of the Division of Corporate Finance, said in a recent speech that the offers and sales of cryptocurrencies Bitcoin and Ethereum do not fit the definition of a securities transaction. 

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