Latest Articles

  • Proposed FASB Standard Lays Out Revenue Rules for Grants

    By:
    Chris Gaetano
    |
    Jan 19, 2018
    Rick Cole, a supervising project manager at the Financial Accounting Standards Board (FASB) who spoke at the Foundation for Accounting Education's 40th Annual Nonprofit Conference on Jan. 18, outlined a proposed new FASB standard that could radically change the way organizations recognize grant revenue. 
  • Gov. Cuomo Formally Proposes Switching Income Tax to Payroll Tax to Circumvent SALT Cap

    By:
    Chris Gaetano
    |
    Jan 17, 2018
    New York Governor Andrew Cuomo, during his budget address, formally proposed the New York State Taxpayer Protection Act, which would shift many state-level income taxes to a payroll tax that businesses can deduct, framed as a way to avoid the new $10,000 deduction on state and local taxes. 
  • IRS Preparing to Implement Measure Revoking Passports of Tax Scofflaws

    By:
    Chris Gaetano
    |
    Jan 17, 2018
    The IRS yesterday released Notice 2018-01, outlining how it plans to enforce a measure that revokes, limits or denies the passports of certain tax delinquents. 
  • SCOTUS Considers Internet Sales Tax

    By:
    Chris Gaetano
    |
    Jan 16, 2018
    The state of North Dakota will square off against online retailers  Wayfair Inc., Overstock.com Inc. and Newegg Inc. before the U.S. Supreme Court over the question of state authority to level taxes for online sales. 
  • PwC Fined in India for Failure to Detect $1.7B Fraud

    By:
    Chris Gaetano
    |
    Jan 16, 2018
    India's securities regulator has fined PwC $2 million for its failure to detect a $1.7 billion fraud at a now-defunct tech company. 
  • Regulatory Roundup: Jan. 10-16

    By:
    Chris Gaetano
    |
    Jan 16, 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.
  • Study: Execs from Tarnished Firms Get Paid 4 Percent Less, Even If They Had Nothing to Do With Scandal

    By:
    Chris Gaetano
    |
    Jan 12, 2018
    If a former employer suddenly makes headlines due to a major scandal, you might make about 4 percent less than you otherwise would. 
  • IRS Releases Updated Withholding Tables in Response to New Tax Law

    By:
    Chris Gaetano
    |
    Jan 12, 2018
    The IRS has released updated withholding tables that take into account the changes made by the new tax law signed last month. 
  • Taxpayer Advocate Warns IRS Needs More Money to Implement New Tax Law

    By:
    Chris Gaetano
    |
    Jan 11, 2018
    National Taxpayer Advocate Nina Olson, in her most recent report to Congress, noted that the IRS will require nearly $500 million in FY 2018 and FY 2019 to implement the provisions outlined in the new tax law passed last month, and that's not even counting the what's needed to address already existing problems such as poor phone service lagging enforcement. 
  • FASB Provides Guidance on Certain Tax Reform Implications

    By:
    Chris Gaetano
    |
    Jan 11, 2018
    The Financial Accounting Standards Board (FASB), during its Wednesday meeting, provided guidance on questions of how certain aspects of the new tax law will affect financial reporting.