Latest Articles

  • Speaker Says New K-1 Requirements Delayed, But Best to Prepare Anyway

    By:
    Chris Gaetano
    |
    Dec 10, 2019
    Gettry Marcus Tax Director Robert Thee, speaking at the Foundation for Accounting Education's Partnerships and LLCs Taxation Conference on Dec. 10, said that the new Schedule K-1 for Form 1065 from the IRS will introduce dramatic changes in how partnerships will file their taxes, and while concerns from the public led the government to delay some new requirements by a year, it's best to adapt now anyway. 
  • Newsmaker: New Tax Commissioner Reveals His Priorities

    By:
    Chris Gaetano
    |
    Dec 10, 2019

    Michael R. Schmidt was nominated by Gov. Andrew Cuomo in January to be commissioner of the New York State Department of Taxation and Finance, and was confirmed by the state Senate in June. Prior to his current position, Schmidt served as deputy secretary for economic development, where he oversaw policy and operations for 12 state agencies and authorities.  He took the time to talk to The Trusted Professional and go over his policies and priorities. The Q&A has been edited for length and clarity.

  • As Sustainability Factors Become Mainstream Investment Strategies, Companies Take Notice

    By:
    Chris Gaetano
    |
    Dec 10, 2019
    Environmental, social and governance (ESG) factors related to corporate social responsibility are increasingly moving beyond specialized sustainability portfolios and into more general investment strategies, leading to growing investor action on issues that had once been considered ancillary to their interests, such as climate change and gender diversity.
  • In the Face of Possible Recession, CPAs Tell Clients: ‘Don’t Panic’

    By:
    Chris Gaetano
    |
    Dec 10, 2019

    Between market events such as the inversion of the yield curve on U.S. Treasury bonds and geopolitical risks such as the trade war with China, concerns that the country is headed for a recession have been growing steadily over the past few months. For instance, in March, a survey of 53 professional economic forecasters, conducted by the National Association for Business Economics, placed the odds of a recession sometime before the end of 2020 at 35 percent; by June, the same survey found that the estimated chances had risen to 60 percent. These signals have led some CPAs to begin preparing for a downturn, while others remain confident that they won’t be overly affected, given the differing levels of exposure to macroeconomic risk factors.

  • Chapter Leaders Spotlight the Benefits of Member Participation

    By:
    Ruth Singleton
    |
    Dec 10, 2019

    NYSSCPA members are missing out on a lot if they don’t participate in their chapters. That’s the message of several current and former chapter presidents from across the state, who say that participation offers chapter members the opportunity to network, advance in their careers, enhance their technical and leadership skills, and give back to the profession.

  • Conference Speaker: GILTI Tax a Little Less of a Headache Thanks to IRS Guidance

    By:
    Chris Gaetano
    |
    Dec 10, 2019
    While CPAs initially greeted the tax on global intangible low-taxed income (GILTI), a key provision of the Tax Cuts and Jobs Act, with some skepticism, Chaya Siegfried, a WithumSmith and Brown partner, speaking at the Foundation for Accounting Education's Partnerships and LLCs Taxation Conference on Dec. 10, said that a slew of IRS guidance released this year has provided relief for both taxpayers and the professionals who serve them. 
  • SEC Charges Man for Talking Up Cannabis Stock, But Not Disclosing He Was Being Paid to Do So

    By:
    Chris Gaetano
    |
    Dec 9, 2019
    The Securities and Exchange Commission (SEC) has charged a Colorado stock promoter with talking up a new cannabis business while failing to disclose that he was being paid to do so, letting investors believe his advice was more objective than it actually was. 
  • Regulatory Roundup - Dec. 3-9

    By:
    Chris Gaetano
    |
    Dec 9, 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.
  • Study Finds 'Schmoozing' Opportunities Major Factor in Formation of 'Old Boys' Clubs'

    By:
    Chris Gaetano
    |
    Dec 9, 2019
    A study published by the National Bureau of Economic Research says that part of men's power advantage over women in the workplace comes from having more opportunities to socialize and "schmooze" with their male managers, leading to men routinely being promoted by their male managers more than their female colleagues. 
  • Conference Speaker: Taxpayer Advocate Office Working to Make System Comprehensible

    By:
    Chris Gaetano
    |
    Dec 6, 2019
    That the tax system is vast and complex is a truism, to the point where a speaker from a local National Taxpayer Advocate's office says that even its efforts to simplify matters for the taxpayer are, themselves, vast and complex.