Latest Articles

  • Study Finds U.S. Public Pensions Have Only 73% of Assets Required to Support Members

    By:
    Chris Gaetano
    |
    Jul 26, 2019
    A survey of 180 public pensions in the United States has found that they have only 73 percent of the assets that they'd need to fulfill their obligations to public workers, and given the current state of the market, even this figure might be optimistic. 
  • Study Finds TCJA Increased Capital Investment Abroad More Than in U.S.

    By:
    Chris Gaetano
    |
    Jul 25, 2019
    While the Tax Cuts and Jobs Act was meant to spur investment here in the United States, a recent study found that, since its passage, more capital investment has taken place outside its borders than within. 
  • OFAC Sanctions Compliance Fines Reach Decade-Long High

    By:
    Chris Gaetano
    |
    Jul 25, 2019
    Fines issued by the Treasury Department's Office of Foreign Assets Control have reached a 10-year high, reflecting the administration's increased use of sanctions as a foreign policy tool. 

  • Polygamist Leader Pleads Guilty to $520 Million Tax Fraud

    By:
    Chris Gaetano
    |
    Jul 24, 2019
    Members of a polygamist group in Utah have pleaded guilty to a $520 million fraud involving renewable fuel tax credits, with their head having also admitted to money laundering, witness tampering and obstruction of justice. 
  • Era of Low Interest Rates Have Created a 'New Abnormal'

    By:
    Chris Gaetano
    |
    Jul 24, 2019
    Years and years of historically low interest rates have reshaped the culture of the finance community and their long-held assumptions on how to generate wealth. 
  • Bernie Madoff Requesting President to Reduce Sentence

    By:
    Chris Gaetano
    |
    Jul 24, 2019
    Notorious fraudster Bernie Madoff, who is currently serving out as 150-year prison sentence for a multibillion-dollar Ponzi scheme, is asking the president to take a few years off that total.
  • NYSSCPA Mourns Passing of Past President George Foundotos

    By:
    Chris Gaetano
    |
    Jul 23, 2019
    George T. Foundotos, who served as president of the NYSSCPA from 1998 to 1999, passed away on July 20. He was 80 years old. 
  • IRS Will Not Challenge Foreign Credits for Certain French Taxes

    By:
    Chris Gaetano
    |
    Jul 23, 2019

    The IRS clarified that it will not challenge foreign tax credits relating to two kinds of French taxes—the Contribution Sociale Generalisee (CSG) and the Contribution au Remboursement de la Dette Sociate (CRDS)—due to a previous communication between the United States and France stating that these two things do not count as social taxes and therefore are not subject to the terms of the Agreement on Social Security. 

  • Equifax to Pay up to $700 Million Over Data Breach

    By:
    Chris Gaetano
    |
    Jul 22, 2019
    Credit-reporting company Equifax will owe the Federal Trade Commission, the Consumer Financial Protection Bureau and 50 U.S. states and territories a sum totaling between $575 million and $700 million as part of a settlement over the massive data breach that took place in 2017. It is the largest-ever settlement for a data breach.
  • Regulatory Roundup - July 16-22

    By:
    Chris Gaetano
    |
    Jul 22, 2019
    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.