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Latest Articles

  • SEC Expands Crypto Assets Unit to Protect Investors Who Increasingly Use Crypto Markets

    By:
    Ruth Singleton
    |
    May 3, 2022
    The Securities and Exchange Commission (SEC) has announced that it is increasing the size of its newly renamed Crypto Assets and Cyber Unit (formerly known as the Cyber Unit) by adding 20 positions. The unit, within the Division of Enforcement, will expand to 50 positions. The additional positions will include supervisors, investigative staff attorneys, trial counsels and fraud analysts. They will work in the agency’s headquarters in Washington, D.C., as well as in several regional offices. 
  • Regulatory Roundup - April 26-May 2

    By:
    Ruth Singleton
    |
    May 2, 2022
    With so many regulators out here, 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.
  • Report: By End of August, U.S. Will Fully Recover All Jobs Lost During Pandemic

    By:
    Ruth Singleton
    |
    May 2, 2022
    A recent report by Fitch Ratings projects that by the end of August, the U.S. labor market will recapture all jobs lost during the pandemic. That would mean that employment numbers would return to pre-pandemic levels in barely two years. In contrast, Fitch said it took six years and five months for the jobs market to fully bounce back after the Great Recession. 
  • As Rental Rates Rise, Office ‘Condos’ Increase in Popularity, Including Among Accounting Firms

    By:
    Ruth Singleton
    |
    Apr 29, 2022
    In some cities with sharply rising rates for commercial leases, smaller businesses—including accounting firms—are opting to buy their offices instead of renting. In cities such as Austin, Houston, Dallas, and Nashville, developers have started selling office “condos” to small companies, believing that  high lease prices and inflation may make the idea of owning small office spaces an attractive proposition. 
  • While GDP Shrank by 1.4% in First Quarter 2022, Other Economic Measures Remained Strong

    By:
    Ruth Singleton
    |
    Apr 28, 2022
    A U.S. Department of Commerce report indicates that gross domestic product (GDP), adjusted for inflation, declined by 0.4 percent in the first quarter of 2022, or 1.4 percent on an annualized basis. That was a significant decline from the 1.7 percent growth (6.9 percent annualized) in the final three months of 2021, and it was the weakest quarter since the early days of the pandemic. On the other hand, measures of underlying demand showed solid growth.
  • Report: 19 Fortune 100 Companies Paid Little or No Taxes for 2021

    By:
    Ruth Singleton
    |
    Apr 27, 2022
    Nineteen of the largest U.S. corporations paid little or no taxes last year, according to an analysis of financial filings prepared by the Center for American Progress (CAP). The CAP report found that while corporate profits are surging to record levels, these corporations within the Fortune 100 paid an effective tax rate in the single digits—or nothing at all. 
  • Tesla Stock Falls by 11 Percent in Wake of Elon Musk’s Twitter Deal

    By:
    Ruth Singleton
    |
    Apr 26, 2022
    The price of Tesla stock dropped by 11 percent on Tuesday, a day after Twitter’s board approved Tesla CEO Elon Musk’s $44 billion offer to acquire that company, Investors were seemingly spooked by the billionaire entrepreneur’s addition of yet another company to his responsibilities. He already leads three companies in addition to Tesla: SpaceX, Neuralink, and the Boring Company. Because Musk has indicated that he wants to heavily influence Twitter’s operations, that could lead to time constraints for him.
  • Regulatory Roundup - April 19-25

    By:
    Ruth Singleton
    |
    Apr 25, 2022
    With so many regulators out here, 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.
  • Despite Fla. Bill Targeting Disney, Big Tax Breaks for the Company Remain Intact

    By:
    Ruth Singleton
    |
    Apr 25, 2022
    Although Florida Gov. Ron DeSantis has signed a bill to strip the Walt Disney Co. of its special tax status, in retaliation for Disney’s opposition to legislation that bans discussion of gender identity in kindergarten through third grade, he has left intact $578 million in tax credits that the company can use to lower its state income taxes through 2040.
  • New Report on DEI in Accounting Profession Lists More than 70 Actionable Practices

    By:
    Ruth Singleton
    |
    Apr 22, 2022
    A report prepared by three accounting organizations has been released, detailing the results of extensive research about diversity, equity and inclusion (DEI) in the accounting profession. Thee report includes more than 70 actionable DEI practices with proposed indicators and metrics to measure progress, classifying them into two categories: attract diverse talent and retain and promote them.