Latest Articles

  • OMB Gains Power to Review IRS Tax Regulations

    By:
    Chris Gaetano
    |
    Apr 16, 2018
    The Office of Management and Budget now has the power to review and analyze tax regulations from the IRS as it does for most other government agencies. 
  • 3.3M Pound Accounting Error at Air Charter Firm Leads Finance Chief to Resign

    By:
    Chris Gaetano
    |
    Apr 13, 2018
    The finance chief of UK-based plane charter company Air Partner has resigned after the discovery of a 3.3 million pound accounting error that has sent shares tumbling. 
  • Typo Leads Samsung to Distribute $105 Billion in Stock That Does Not Exist

    By:
    Chris Gaetano
    |
    Apr 13, 2018
    If you ever needed a reason to check for typos before hitting send, it's this: Samsung has accidentally distributed $105 billion in stock that, technically, does not exist. 
  • IFAC: Regulatory Divergence Drains $780B from Global Economy

    By:
    Chris Gaetano
    |
    Apr 12, 2018
    A report from the International Federation of Accountants says that regulatory divergence—inconsistencies in regulation between different jurisdictions—saps about $780 billion from the global economy a year, and represents a "moderate to substantial barrier" to the growth of international financial institutions. 
  • Federal Reserve: Involuntary Part Time Work 40 Percent Higher Than Expected

    By:
    Chris Gaetano
    |
    Apr 12, 2018
    A report from the Federal Reserve Bank of San Francisco said that the number of people who are stuck in part-time work but would really prefer full-time jobs is about 40 percent higher than one might normally expect at this point in the economic expansion, indicating that this is a long-term structural problem versus one that will dissipate through the business cycle. 
  • Study: Major Financial Shock Linked With Earlier Death

    By:
    Chris Gaetano
    |
    Apr 11, 2018
    A study published in the Journal of the American Medical Association said that people who experience a major financial shock are 50 percent more likely to die within the following two decades than those who did not. 
  • Ways and Means Committee Releases Bipartisan IRS Overhaul Package

    By:
    Chris Gaetano
    |
    Apr 11, 2018
    The House Ways and Means Committee released a package of bills that, if passed, would enact the first major overhaul of the IRS since 1998. 
  • Regulatory Roundup: April 4-10

    By:
    Chris Gaetano
    |
    Apr 10, 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. 
  • CBO Estimates Debt to Approach 100 Percent of GDP Within a Decade

    By:
    Chris Gaetano
    |
    Apr 10, 2018
    The Congressional Budget Office (CBO), in its annual Budget and Economic Outlook report, estimated that U.S. public debt will equal 100 percent of GDP by the year 2028. 
  • IRS Audits of Giant Corporations Nearly Halved Since 2010

    By:
    Chris Gaetano
    |
    Apr 10, 2018
    A recent report has found that even as the number of giant corporations with over $20 billion in assets has grown, the proportion of them subjected to IRS audits has nearly halved since 2010.