Latest Articles

  • State Senator Liz Krueger Says Cannabis Will Be Boring Once Legal, and That's a Good Thing

    By:
    Chris Gaetano
    |
    Nov 6, 2019
    New York State Senator Liz Krueger, chair of the New York State Senate Finance Committee and the lead sponsor of the Marijuana Regulation and Taxation Act, said that when (not if) cannabis is legalized in the Empire State, there will be an explosion of new legal businesses and jobs, and ultimately marijuana will become just another agricultural product like tomatoes or corn. Presenting the keynote address at the Foundation for Accounting Education's Nov. 6 Cannabis Conference, she said that legalization will happen sooner rather than later. 
  • Panel: Lack of Guidance Means Cannabis Industry Tax Planning Often Depends on Clients' Risk Tolerance

    By:
    Chris Gaetano
    |
    Nov 6, 2019
    With cannabis still deemed illegal under federal law, tax planning for state-level businesses often comes down to how much risk a client is willing to tolerate, as there is little guidance as to what the IRS will and will not accept. 
  • Survey of Nonprofits Finds Most Have Seen Increased Revenue

    By:
    Chris Gaetano
    |
    Nov 5, 2019
    A survey of 126 executive and C-level leaders at nonprofit organizations has found that most organizations have higher revenues, but at the same time are gearing up for leaner times. 
  • Marcum Leads Pack Among Large Firms for New SEC Clients

    By:
    Chris Gaetano
    |
    Nov 5, 2019
    New York City-based Marcum took the lead among all large firms in terms of new Securities and Exchange Commission audit clients, beating all Big Four firms as well as other major contenders. 
  • No Change to Ethics CPE in 2020

    By:
    Ruth Singleton
    |
    Nov 4, 2019
    The changes to ethics continuing professional education (CPE) that the New York State Board for Public Accountancy approved of in October 2018 will not go into effect in January 2020. That’s because the New York State Board of Regents has not yet approved of regulations to implement these changes. Even if the Board of Regents were to approve of the regulations at its December meeting, there would not be enough time for CPE providers to prepare for the change.
  • Regulatory Roundup - Oct. 29 to Nov. 4

    By:
    Chris Gaetano
    |
    Nov 4, 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.    
  • Treasury Dept. Announces Rollback of Sec. 385 Regulations on Offshoring Profits

    By:
    Chris Gaetano
    |
    Nov 4, 2019
    The U.S. Treasury Department announced that it is removing certain provisions meant to discourage corporations from moving profits offshore to avoid taxes, saying that the old regulations are redundant in light of changes from the recent Tax Cuts and Jobs Act. 
  • Study Finds Banks Increasingly Shifting Climate Change Risk Onto Taxpayers

    By:
    Chris Gaetano
    |
    Nov 4, 2019
    A recent study has found that banks are managing their climate change risk exposure by shifting it into taxpayer-funded institutions . 
  • Treasury Dept. Proposes New Form for Qualified Opportunity Zone Info

    By:
    Chris Gaetano
    |
    Nov 1, 2019
    The Treasury Department and IRS have unveiled a proposed new form designed to collect information, by census tract, on the amount of investment by opportunity funds in business property.
  • New Critical Audit Matters Rule Prompts Personal Styling Company to Bolster Internal IT Controls

    By:
    Chris Gaetano
    |
    Nov 1, 2019
    Personal styling company Stitch Fix said it would be expanding its internal IT controls after auditors, operating under the Public Company Accounting Oversight Board's new critical audit matters rule, expressed concern about the ability of the firm's third-party IT service providers to properly provide reports that aligned with its fiscal year.