Latest Articles

  • PCAOB Names First Chief Data Officer, Chief Risk Officer

    By:
    Chris Gaetano
    |
    Feb 27, 2019
    The Public Company Accounting Oversight Board has announced the creation of new chief data officer and chief risk officer positions, reflecting the changing nature of the audit profession. 
  • FASB Will Train CPE Providers in Online Forum

    By:
    Chris Gaetano
    |
    Feb 27, 2019
    The Financial Accounting Standards Board (FASB) will be providing online training for continuing professional education instructors on March 15 to update them on the latest projects and standards so that they, in turn, can update others on the latest projects and standards. 
  • SEC Accuses Elon Musk of Violating Settlement, Seeks Contempt Ruling

    By:
    Chris Gaetano
    |
    Feb 26, 2019
    Eccentric billionaire Elon Musk is in trouble again with the Securities and Exchange Commission, which asked a judge to hold him in contempt, charging that he violated a previously negotiated settlement agreement. The SEC said that Musk violated the agreement by announcing over Twitter that his company Tesla would make about half a million cars this year; he quickly correcting himself hours later saying it would be more like 400,000. Under the agreement, Musk must get Tesla's approval before communicating material information to investors.
  • Speakers: TCJA Puts New Wrinkles in Transportation Expenses for Exempt Organizations

    By:
    Chris Gaetano
    |
    Feb 26, 2019
    Tax-exempt organizations could be a little less tax exempt than they used to be, due to a provision of the Tax Cuts and Jobs Act that changes how the IRS treats transportation benefits. Speaking during the Foundation for Accounting Education's Exempt Organizations Conference today, Ethan Kahn, a partner at Mazars USA, said that the new tax law involved changes to what is and is not considered a benefit. During a later session, two other speakers addressed the issue.
  • Lawmakers Propose Bill That Would Make Earnings Over $400K Subject to Payroll Tax, to Keep Social Security Solvent

    By:
    Chris Gaetano
    |
    Feb 25, 2019
    House Democrats have proposed a bill that, if passed, would extend the payroll tax to earnings above $400,000 as a way to keep the Social Security fund solvent for at least 75 additional years. 
  • Stats Show Worker Pay Has Not Responded to Relatively Low Unemployment, As Models Suggest They Should

    By:
    Chris Gaetano
    |
    Feb 25, 2019
    While traditional economic models predict that low unemployment means higher wages as businesses compete for staff, worker compensation as a share of the economy has actually decreased over the past four quarters. 
  • Regulatory Roundup: Feb. 20-25

    By:
    Chris Gaetano
    |
    Feb 25, 2019
    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 announcements from the past week, and puts them in one place to help you stay on top of the issues. 
  • IRS Analyst Charged With Leaking Confidential Material About Former Trump Lawyer

    By:
    Chris Gaetano
    |
    Feb 22, 2019
    Federal prosecutors have charged an IRS employee with leaking confidential material about former Trump lawyer Michael Cohen, alleging that the employee deliberately accessed and downloaded suspicious activity reports from law enforcement databases. 
  • Kraft Heinz Adjusts Cost of Goods Sold by Additional $25 Million After SEC Probe

    By:
    Chris Gaetano
    |
    Feb 22, 2019
    Kraft Heinz Co. has taken a drubbing in the markets, partially due to news that the Securities and Exchange Commission subpoenaed the company over its accounting practices, eventually leading it to conduct its own internal investigation and add $25 million to the cost of goods sold during its fourth quarter
  • Study: Small Teams Better at Innovating, Large Teams Better at Building Upon Innovations

    By:
    Chris Gaetano
    |
    Feb 21, 2019
    A study outlined in the Harvard Business Review, looking at 65 million papers, patents, and software products that came out between 1954 and 2014, has concluded that innovative ideas that disrupt current paradigms almost always come from small teams of 1-3, while large teams are better at developing and building upon already existing ones.