Latest Articles

  • Regulatory Roundup: March 28-April 3

    By:
    Chris Gaetano
    |
    Apr 3, 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.
  • Saks Fifth Avenue, Lord & Taylor Report Data Breach, More Than 5M Affected

    By:
    Chris Gaetano
    |
    Apr 2, 2018
    Did you use a credit or debit card at either Saks Fifth Avenue or Lord & Taylor between May 2017 and now? You may be one of 5 million people affected by a massive data breach. 
  • As Lease Standard Deadline Looms, Only 20 Percent of Companies Say They Are Ready

    By:
    Chris Gaetano
    |
    Apr 2, 2018
    Companies are still struggling to get ready for the new lease standards from the Financial Accounting Standards Board (FASB), even as the effective date is now less than a year away. 
  • IRS Individual Audits Drop to Lowest Rate Since 2002

    By:
    Ruth Singleton
    |
    Mar 30, 2018
    In the fiscal year ending Sept. 30, 2017, the IRS audited roughly 1 in 160 individual tax returns. As reported in the Wall Street Journal, that represents the lowest rate--0.62 percent--since 2002, and it follows the sixth consecutive year of a decline in the percentage of individual audits.
  • Prominent Pastor Charged in Scheme to Defraud Elderly Investors

    By:
    Ruth Singleton
    |
    Mar 30, 2018
    A federal grand jury has indicted a well-known pastor, as well as a financial planner, on charges of wire fraud, money laundering and conspiracy arising out of an alleged scheme to defraud elderly investors. Kirbyjon Caldwell, senior pastor at Windsor Village United Methodist Church in Houston, one of the largest Protestant churches in the country, and Gregory Alan Smith, the operator and manager of Smith Financial Group LLC in Shreveport, La., were charged with luring mostly elderly investors to invest in pre-revolutionary Chinese bonds.
  • Grant Thornton Bows Out of UK Audit Market for Large Companies, Citing Competition from Big Four

    By:
    Chris Gaetano
    |
    Mar 29, 2018
    Grant Thornton, the UK's fifth biggest accounting firm, has said it will bow out of auditing large companies entirely due to the Big Four's dominance of the market. 
  • IASB Releases New Conceptual Framework

    By:
    Chris Gaetano
    |
    Mar 29, 2018
    The International Accounting Standards Board (IASB) has released its new conceptual framework that will underpin all of its standards-setting activities in the near future. 
  • Federal Court Rules You Have a Right to an Accounting Expert When Interviewed by PCAOB

    By:
    Chris Gaetano
    |
    Mar 28, 2018
    A federal court sided with a former Ernst and Young partner who'd been suspended for violating auditing standards, agreeing with the ex-partner's argument that the PCAOB should not have denied his request to also have an accounting expert accompany him to assist his counsel.
  • Google Loses Court Appeal to Oracle, May Need to Pay Largest Copyright Loss in HIstory

    By:
    Chris Gaetano
    |
    Mar 28, 2018
    One of the largest software companies in the world has prevailed in federal appeals court over Google, which it had accused of violating its patents when using Java to build the Android platform, which could result in damages so large it would set a world record. 
  • Bipartisan Bill Proposes First Major IRS Overhaul Since 1998

    By:
    Chris Gaetano
    |
    Mar 27, 2018
    House Ways and Means Oversight Subcommittee Chairman Lynn Jenkins (R-Kan.) and ranking member John Lewis (D-Ga.) have released draft legislation that, if implement, would be the first major overhaul of the IRS since 1998.