Latest Articles

  • IRS Urges Tax Professionals to Follow Six-Step Security Checklist

    By:
    Chris Gaetano
    |
    Jul 17, 2019
    The IRS has released six steps that a practitioner can take to improve security of private taxpayer data. 
  • Study: 811 Firms Accounted for All Global Economic Growth Over 28 Years

    By:
    Chris Gaetano
    |
    Jul 17, 2019
    A recent study has found that, out of the millions of companies that exist on this planet, from the titanic multinational to the corner lemonade stand, all global economic growth over the past 28 years can be attributed to just 811 firms. 
  • Newsmaker: New FASB Member Opens up About Priorities

    By:
    Chris Gaetano
    |
    Jul 16, 2019

    Susan M. Cosper, previously the technical director for the Financial Accounting Standards Board (FASB), was appointed as a FASB member on May 1, for a term that will run through 2024. As technical director, she was a driving force behind many landmark accounting standards, as well as the formation of the Private Company Council (PCC), an advisory body to the FASB on private company matters. She took the time to talk to The Trusted Professional about the transition from staff to board member, challenges to the financial accounting landscape, and the future of the accounting profession.

  • As Sustainability Frameworks Multiply, Navigating Them Becomes a Concern

    By:
    Chris Gaetano
    |
    Jul 16, 2019

    Sustainable business practices, once largely an afterthought in the corporate world, are growing in significance, as more companies become aware of how environmental, social and governance (ESG) factors affect their bottom line. This development has sparked a rising demand for clarity on where companies stand on these issues and what they’re doing to improve these wide-ranging practices. Seeking to meet this demand are dozens of organizations that arose to provide various frameworks for measuring sustainable corporate behavior.

  • Practitioners Describe an Exceptionally Vexing Tax Season

    By:
    Chris Gaetano
    |
    Jul 16, 2019

    This year’s tax season was one for the ages, according to practitioners at firms across the state, who were faced not only with an entirely new tax landscape, but also government shutdowns, software issues and a number of other headaches, as they worked their way through the 2019 busy season.

  • Society Advances Legislative Priorities

    By:
    Ruth Singleton
    |
    Jul 16, 2019

    Three pieces of accountancy legislation supported by the NYSSCPA advanced through the New York state Legislature this session but did not make it over the finish line, in spite of intensive grassroots efforts, a Lobby Day and outreach to influential legislators. The session ended on June 21.

  • Society Honors Past Leaders and Looks Ahead, at Installation Dinner

    By:
    Ruth Singleton
    |
    Jul 16, 2019

    On May 29, the NYSSCPA hosted “An Evening of Celebration with the 100th President,” to honor Ita M. Rahilly, who became the 100th president of the Society, succeeding Jan C. Herringer. The dinner took place at The University Club in Manhattan.

  • IRS Unveils New Draft 1040 for Senior Citizens

    By:
    Chris Gaetano
    |
    Jul 16, 2019
    The IRS has released the draft of the new Form 1040-SR, a new type of tax form made specifically for senior citizens. 
  • Securities Company Settles with SEC Over Deceptive Practices in Mortgage-Backed Securities

    By:
    Chris Gaetano
    |
    Jul 16, 2019
    The Securities and Exchange Commission (SEC) has reached a settlement with Nomura Securities International over charges that traders at  Nomura deceived customers about the nature of the commercial and residential mortgage backed securities they were selling. 
  • Hackers Pull Off $32M Cryptocurrency Heist

    By:
    Chris Gaetano
    |
    Jul 15, 2019
    Hackers targeted a Japanese cryptocurrency exchange, making off with $32 million worth of digital tokens.