Latest Articles

  • Federal Government Seeks to End Tax Break for Wine Importers

    By:
    Ruth Singleton
    |
    Aug 3, 2018

    The Trump administration is challenging a tax benefit available to companies that import and export wine, but not those dealing in beer and hard liquor. The benefit, amounting to $50 million a year, arose from a 2004 decision by a Customs and Boarder Patrol office in San Francisco.

  • Wells Fargo to Pay $2.09B Fine Over Issuing Mortgage Loans with Incorrect Information

    By:
    Chris Gaetano
    |
    Aug 2, 2018
    Embattled financial institution Wells Fargo agreed to pay the government $2.09 billion over accusations that, during the buildup to the financial crisis, the bank issued mortgage loans with incorrect information, which the Justice Department said directly contributed to the subsequent global economic meltdown. 
  • IRS Releases Proposed Guidance on Repatriation Tax

    By:
    Chris Gaetano
    |
    Aug 2, 2018
    The IRS has released proposed guidance on how multinational corporations can pay the lowered tax on repatriated foreign earnings that was included in the Tax Cuts and Jobs Act. 
  • FinTech Firms Given Go-Ahead to Provide Banking Services on National Scale

    By:
    Chris Gaetano
    |
    Aug 1, 2018
    The Office of the Comptroller of the Currency (OCC) announced that it will offer new banking charters for financial technology companies that, while not strictly banks, provide bank-like services. 
  • Data on Median Pay Varies Greatly Depending on Business Model, Even Between Very Similar Companies

    By:
    Chris Gaetano
    |
    Aug 1, 2018
    With public companies now required to report their median employee pay, the Wall Street Journal has found that differences in business models between ostensibly similar companies can produce wildly different results. 
  • Administration Seeks to Bypass Congress to Grant $100 Billion Tax Cut

    By:
    Chris Gaetano
    |
    Jul 31, 2018
    Treasury Secretary Steve Mnuchin said that the administration is looking into ways to grant a capital gains tax cut worth $100 billion without having to go through Congress first. 
  • FASB Releases Tweaks to Lease Standard Aimed at Simplifying Implementation

    By:
    Chris Gaetano
    |
    Jul 31, 2018
    The Financial Accounting Standards Board (FASB) has released a new update intended to make implementing the new lease standards a little easier. 
  • Regulatory Roundup: July 25-31

    By:
    Chris Gaetano
    |
    Jul 31, 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 ‚Äč‚Äčannouncements from the past week, and puts them in one place to help you stay on top of the issues.  
  • Society Objects to ABV Credential for Non-CPAs

    By:
    Chris Gaetano
    |
    Jul 31, 2018

    The NYSSCPA, in a July 25 comment letter, voiced its deep concern over the recent decision by the American Institute of CPAs (AICPA) to open the Accredited in Business Valuation (ABV) credential to finance professionals generally, not just CPAs. In the letter, drafted by members of the Society’s Business Valuation Committee, the Society decried the negative impact the decision will have on the value of the credential and on CPAs who possess it.

  • Swedish Bank, in Drive to Automate, Cuts 6,000 Human Workers

    By:
    Chris Gaetano
    |
    Jul 30, 2018
    Swedish bank Nordea, currently the only global systemically important bank in the Nordic region, plans to cut 6,000 human workers as it continues on a drive to automate as many processes as it can and end the decade with only half the staff it has now.