Latest Articles

  • TIGTA: IRS Must Improve Efforts to Ferret Out Erroneous EITC Claims

    By:
    Chris Gaetano
    |
    Oct 24, 2017
    The Treasury Inspector General for Tax Administration took the IRS to task for failing to conduct appropriate compliance treatments on returns that made potentially erroneous EITC claims, as well as for lack of adequate followup efforts on preparers with consistent non-compliance. 
  • Regulatory Roundup: Oct. 18-24

    By:
    Chris Gaetano
    |
    Oct 24, 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.
  • Peer Review Bill Becomes Law, Affected Firms Have 30 Days to Notify SED

    By:
    Chris Gaetano and Ruth Singleton
    |
    Oct 24, 2017
    Governor Andrew Cuomo on Oct. 23 signed legislation that mandates peer review for all CPA firms in the state that provide attest work for their clients, regardless of size. The legislation takes effect immediately, giving affected firms with two or fewer CPAs 18 months to have a completed peer review. However, a more immediate deadline looms.

  • Study: Female Business Owners 20 Percent Less Likely to Be Approved for Bank Loans

    By:
    Chris Gaetano
    |
    Oct 23, 2017
    A recent study found that while 50 percent of all business owners in general were able to get a bank loan approved over the last three months, when looking only at female-owned businesses, that number drops to 30 percent. 
  • Data Finds People Working Longer, Living Less

    By:
    Chris Gaetano
    |
    Oct 23, 2017
    Recent statistics released by the Society of Actuaries has found that people are retiring later even as life expectancy is getting shorter. 
  • IRS to Block Returns Missing Obamacare Info

    By:
    Chris Gaetano
    |
    Oct 20, 2017
    The IRS said it will be suspending or blocking any return filed for the 2017 tax year that is missing information about the taxpayer's health insurance status.
  • Speaker: New Recession Could Come in 5-7 Years

    By:
    Chris Gaetano
    |
    Oct 19, 2017
    Lester Wigler, a senior portfolio manager and financial adviser with Morgan Stanley, said that a number of financial indices show that the global economy is still growing, so don't worry about a worldwide recession in the next three to five years. The next five to seven years, though, are another story. 
  • Speaker: New Paid Family Leave Law Can Be Challenging But Employers Can Protect Themselves

    By:
    Chris Gaetano
    |
    Oct 19, 2017
    Frank Kerbein, the director of the Center for Human Resources at the Business Council of New York State and a speaker at the Foundation for Accounting Education's Oct. 18 Business and Industry Conference, said that the state's new paid family leave law will be challenging for employers, but there are ways for employers to mitigate the impacts. 
  • Speaker: Misconceptions Often Mean Contractors Leave Money on Table

    By:
    Chris Gaetano
    |
    Oct 19, 2017
    James Lundy Jr., a partner with Marcum LLP's Construction Industry Practice group and a speaker at the Foundation for Accounting Educations Oct. 19 Construction Contractors Conference, said that many contractors miss opportunities to lower their tax bills because of misconceptions about how certain programs can apply to their industry, particularly where it concerns deferred taxation. 
  • Panel: Construction Contractor Firms Keep Succession Planning in Mind

    By:
    Chris Gaetano
    |
    Oct 19, 2017
    As in CPA firms, leaders in the construction industry tend to skew older, which means many are wrestling with questions of how they can best ensure continuity of leadership and a continuing flow of high-quality younger employees interested in working in that field.