Latest Articles

  • 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.