Latest Articles

  • Judge Rules PwC Negligent in Crisis-era Bank Failure, Says Firm Missed $2B Fraud

    By:
    Chris Gaetano
    |
    Jan 2, 2018
    A federal judge has ruled PricewaterhouseCoopers was negligent in failing to detect a $2 billion fraud scheme that led to the bank failing during the height of the global financial crisis. 
  • State Governments Working Overtime to Ameliorate SALT Impacts

    By:
    Chris Gaetano
    |
    Jan 2, 2018
    With the landmark tax reform bill effectively capping deductions on state-level taxes at $10,000, governments in high-tax, high-cost-of-living states are working on a number of options to blunt the impact on their taxpayers. 
  • Grant Thornton Settled with PCAOB for $1.5 Million Over Audit Failures and QC Violations

    By:
    Chris Gaetano
    |
    Dec 21, 2017
    Grant Thornton LLP settled with the PCOAB for $1.5 million over an audit of a Philadelphia-based financial services provider. 
  • SEC Charges Group With Running $1.2 Billion Ponzi Scheme

    By:
    Chris Gaetano
    |
    Dec 21, 2017

    The Securities and Exchange Commission charged the owner of a group of unregistered funds with looping thousands of retail investors, many of them seniors, in a $1.2 billion Ponzi scheme. 

  • Speaker at Tax Update Session Highlights Changes in New Tax Overhaul

    By:
    Chris Gaetano
    |
    Dec 20, 2017
    The House of Representatives and the Senate have now  passed the Republicans' new tax reform bill, the largest and most dramatic shift in the country's tax system in decades. While the changes are voluminous and their implications still being analyzed, John J. Connors, president of the Tax Educators Network and a speaker at the Foundation for Accounting Education's 2017 Federal Individual Income Tax Update, highlighted some of the changes in the vote's immediate aftermath, as they apply to individuals.

  • NYSSCPA Board Approves Legislative and Regulatory Agenda

    By:
    NYSSCPA Staff
    |
    Dec 19, 2017

    At its Dec. 7 meeting, the Board of Directors of the NYSSCPA approved the legislative and regulatory agenda presented by the Society’s staff and leadership, which appears below. The Society has embraced these initiatives in order to elevate the professional practice and further promote the CPA brand and expertise to legislators, the business community, the media and the general public in New York state.

  • GAO: State and Local Governments Could Gain $8 Billion to $13 Billion from Internet Sales Tax

    By:
    Chris Gaetano
    |
    Dec 19, 2017
    The Government Accountability Office released a study saying that if all remote sellers were required to collect sales tax in 2017, state and local governments would have gained $8 billion to $13 billion, though there would also be increased compliance costs for certain businesses.  
  • House Republicans Pass Tax Plan, But Second Vote Will Be Needed

    By:
    Chris Gaetano
    |
    Dec 19, 2017
    House Republicans have approved their landmark tax reform bill, 227-203. Senate Republicans are expected to vote on the measure later today. 
  • Regulatory Roundup - Dec. 13-19

    By:
    Chris Gaetano
    |
    Dec 19, 2017
    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.
  • Tax Bill to Introduce New Complexities for Companies, With Little Time to Process Them

    By:
    Chris Gaetano
    |
    Dec 18, 2017
    With House and Senate Republicans having developed a compromise bill for tax reform, the Wall Street Journal reports that many of the same companies the plan is meant to benefit are scrambling to figure out how it will affect them with little time to do so.