Latest Articles

  • Guest Blog: Are You a Tax Pro Without a Security Plan in Place? You May Be Breaking the Law

    By:
    Walter Primoff
    |
    Apr 24, 2018
    "When Identity Thieves Hack Your Accountant" is the headline of noted cybersecurity blogger Brian Krebs' new blog post. Once an issue makes Krebs' blog, it usually affects a broad group, in this case a growing number of hacked CPA firms and resulting client identity theft. What Krebs and the 62 comments to his post leave out is the requirement under the federal Gramm-Leach-Bliley (GLB) law for all CPA firms with tax practices, including sole practitioners, to create, execute and periodically update a comprehensive written firm-size-appropriate information security plan.
  • Private Companies Struggling to Implement Revenue Recognition, Lease Standards

    By:
    Chris Gaetano
    |
    Apr 24, 2018
    A very small number of private companies said they are currently ready to implement the  new standards from the Financial Accounting Standards Board (FASB) on leases and revenue recognition, trailing public companies, which, themselves, are also largely unready for the change. 
  • SEC Proposes 'Best Interest' Standard for Broker-Dealers

    By:
    Chris Gaetano
    |
    Apr 23, 2018
    The Securities and Exchange Commission has proposed that broker-dealers follow what the agency is calling "Regulation Best Interest," which makes it clear that a broker-dealer may not put its financial interests ahead of the interests of a retail customer in making recommendations.
  • Total Amount of Debt in the World: $164 Trillion

    By:
    Chris Gaetano
    |
    Apr 23, 2018
    The entire world owes more than twice what it can actually generate in a year, currently totaling $164 trillion, which is 225 percent of global economic output. 
  • Regulators Prepare to Fine Wells Fargo $1 Billion

    By:
    Chris Gaetano
    |
    Apr 20, 2018
    The Consumer Financial Protection Bureau and the Office of the Comptroller of Currency, as part of an expected settlement, plan to fine the bank Wells Fargo $1 billion for fraudulent practices regarding car insurance sales and mortgage fees. 
  • Fat Finger Error at Deutsche Bank Accidentally Transfers $35B

    By:
    Chris Gaetano
    |
    Apr 20, 2018
    Another major company has fallen victim to the inelegant fingers of fallible humans, as it was revealed that Deutsche Bank had accidentally transferred $35 billion to one of its outside accounts. 
  • PCAOB Seeking Input for New Strategic Plan

    By:
    Chris Gaetano
    |
    Apr 19, 2018
    The Public Company Accounting Oversight Board (PCAOB) is seeking stakeholder input as it prepares its new strategic plan, the first that will be developed under its new roster of board members. 
  • Spending on Accountants Rose $1B In One Year

    By:
    Chris Gaetano
    |
    Apr 19, 2018
    The amount of money Americans spent on accounting services rose by $1 billion between 2016 and 2017.
  • Following Major Technical Problems, IRS Grants Extra Day to File

    By:
    Chris Gaetano
    |
    Apr 18, 2018
    Taxpayers across the country found themselves frustrated yesterday as key portions of the IRS website crashed, leaving many unable to pay or even file their taxes. In response, the IRS announced that it will be adding one more day to the deadline, meaning that people have until the end of today to sort out their taxes. 
  • Study: Accounting-Related Class Action Suits Rose to Record Levels

    By:
    Chris Gaetano
    |
    Apr 18, 2018
    A recent report from a financial and economic consulting company says that the number of securities class action lawsuits related to accounting issues reached unprecedented levels in 2017, driven primarily by M&A activity.