• FASB Update Addresses Cloud Computing Service Contracts

    By:
    Chris Gaetano
    |
    Aug 30, 2018
    The Financial Accounting Standards Board (FASB) has released an accounting standards update meant to address the implementation costs of cloud computing service contracts. 
  • FASB Releases Raft of New Updates Aimed at Improving Disclosures

    By:
    Chris Gaetano
    |
    Aug 29, 2018
    The Financial Accounting Standards Board has released two new updates to the conceptual framework and two new accounting standards, all aimed at improving the quality of financial disclosures. 
  • IRS Proposes Guidance on Who Qualifies for $500 Credit

    By:
    Chris Gaetano
    |
    Aug 29, 2018
    The IRS has released proposed guidance for the $500 credit for non-child dependents, such as elderly disabled parents or children over the age of 17, added in the Tax Cuts and Jobs Act to soften the blow of removing personal exemptions. 
  • IRS Announces Changes to Compliance Assurance Program

    By:
    Chris Gaetano
    |
    Aug 28, 2018
    The IRS has announced changes to the Compliance Assurance Program intended to improve operation of the program, make the best use of limited government resources and ensure the sustainability of the program.
  • Moody's Chief Economist Says Similarities Between Overleveraged Firms, Subprime Borrowers 'Eerie'

    By:
    Chris Gaetano
    |
    Aug 28, 2018
    While conceding that it's too early to make definitive pronouncements of doom and gloom, Mark Zandi, the chief economist for Moody's Analytics, said that there is an "eerie" resemblance between the recent explosion of corporate debt and the  proliferation of subprime mortgage securities preceding the 2008 financial crisis.
  • Regulatory Roundup - Aug. 22-28

    By:
    Chris Gaetano
    |
    Aug 28, 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.

  • Excellence in Accounting Scholarship Recipients Announced

    By:
    Ruth Singleton
    |
    Aug 28, 2018

    The NYSSCPA, through its Moynihan Scholarship Fund and its Foundation for Accounting Education (FAE), has awarded Excellence in Accounting Scholarships to 64 New York college students for the 2018–2019 academic year.

  • COAP 2018: Another Successful Year Introducing High School Students to Accounting

    By:
    Ruth Singleton
    |
    Aug 28, 2018

    This year, at five college campuses throughout New York state during the last week in June, high school students of color attended multiday immersion programs introducing them to accounting, courtesy of the NYSSCPA’s Career Opportunities in the Accounting Profession (COAP) program. Established more than 30 years ago, COAP teaches students that an accounting background can lead to a host of business careers.

  • Tesla Drama Reaches Denouement as Musk Shelves Plans to Take Company Private

    By:
    Chris Gaetano
    |
    Aug 27, 2018
    Tesla CEO Elon Musk has now said never mind to his previous plans to take the company private, saying that he didn't realize how hard a process it would be. 
  • Pulitzer Prize­-Winning Journalist Argues for Renewed Prosecution of Individuals Responsible for Financial Crimes

    By:
    Chris Gaetano
    |
    Aug 27, 2018
    Jesse Eisinger, in his most recent book, The Chickenshit Club: Why the Justice Department Fails to Prosecute Executives, laments the current state of the Department of Justice’s fight against white-collar crime, particularly in the wake of the 2008 financial crisis—a far cry from the DOJ’s rapid response to financial fraud scandals like Enron and WorldCom in the early 2000s. Eisinger took the time to talk to The Trusted Professional about what’s changed since the early 2000s and how authorities can once more pick up the fight against high-level financial crimes. The following Q&A has been edited for length and clarity.
  • TIGTA Says IRS Business Identity Theft Protection Has Hole: Employment Taxes

    By:
    Chris Gaetano
    |
    Aug 27, 2018
    Since business identity theft was first identified as an issue in 2015, the IRS has implemented a number of filters to detect and prevent it, but the Treasury inspector general for tax administration says that there is a gaping hole in the process, as forms for employment tax returns do not get the same level of scrutiny. 
  • Proposed IRS Guidance Nixes Charitable Deductions as SALT Cap Workaround

    By:
    Chris Gaetano
    |
    Aug 24, 2018
    The IRS has released proposed guidance that, if implemented, would effectively nullify the use of charitable contributions to get around the $10,000 cap on state and local tax deductions in the Tax Cuts and Jobs Act.
  • SEC Enforcement Against Auditors Drops, But PCAOB Action Has Surged

    By:
    Chris Gaetano
    |
    Aug 24, 2018
    Enforcement actions by the Securities and Exchange Commission against auditors have declined to a three-year low, but at the same time, enforcement by the Public Company Accounting Oversight Board, which the SEC oversees, has reached historic highs. 
  • SEC Declares Mulligan for Dozens of Cases After SCOTUS Ruling

    By:
    Chris Gaetano
    |
    Aug 23, 2018
    The Securities and Exchange Commission plans to retry dozens of cases that had been heard before administrative law judges in the wake of a Supreme Court decision that found that the way the judges had been appointed was unconstitutional. 
  • IRS Announces Newer, More Secure Tax Transcripts

    By:
    Chris Gaetano
    |
    Aug 23, 2018
    The IRS announced that it is introducing a new format for individual tax transcripts that, it says, will be less vulnerable to identity theft. 
  • Supreme Court’s Internet Sales Tax Ruling Creates Compliance Hurdles for Many Retailers

    By:
    Chris Gaetano
    |
    Aug 22, 2018

    The U.S. Supreme Court’s recent ruling that a state government can require retailers to collect sales tax even if they have no physical presence in the state overturns decades of precedent and exposes online merchants to a complex web of compliance decisions. 

  • CPAs See Proposed W-4 as ‘Invasive’ and a Burden on Employers

    By:
    Chris Gaetano
    |
    Aug 22, 2018

    A new Form W-4, Employee’s Withholding Allowance Certificate, proposed by the IRS in June, asks for potentially sensitive personal financial information, leading some preparers to view it as a needlessly complicated violation of taxpayer privacy.

  • Proposed 1040 Is Postcard-Sized, but Attached Schedules Retain Complexity

    By:
    Chris Gaetano
    |
    Aug 22, 2018

    A proposed change to the Form 1040, designed to make filing taxes easier, might paradoxically complicate the process for certain taxpayers. Released in late June, the new form is physically smaller than the current one, as the Treasury Department said it is meant to be the size of a postcard. But in order to fit onto the postcard-sized space, more than half of the 78 line items on the current Form 1040 would be moved to six separate schedules that would need to be attached to the new form.

  • CPA Exam Results Show NYS With Second Highest Number of Exam Sections Taken

    By:
    Chris Gaetano
    |
    Aug 22, 2018
    New York state, in 2017, had the second highest number of CPA exam sections taken at 30,123, just a little bit behind the number one state, California, which had 31,695. 
  • When It Comes to Stolen Information, Social Security Numbers Chump Change Compared to Medical Records and Passports

    By:
    Chris Gaetano
    |
    Aug 22, 2018
    While a great deal of discourse on identity theft is focused on Social Security numbers, going prices for stolen personal information indicates that potential fraudsters are not terribly interested in them compared to medical records and passports. 

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