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.

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.

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.