Latest Articles

  • Excellence in Accounting Scholarship Recipients Announced

    By:
    Ruth Singleton
    |
    Aug 28, 2018

    The NYSSCPA, through its Moynihan Scholarship Fund and its Foundation for Accounting Education (FAE), has awarded Excellence in Accounting Scholarships to 64 New York college students for the 2018–2019 academic year.

  • COAP 2018: Another Successful Year Introducing High School Students to Accounting

    By:
    Ruth Singleton
    |
    Aug 28, 2018

    This year, at five college campuses throughout New York state during the last week in June, high school students of color attended multiday immersion programs introducing them to accounting, courtesy of the NYSSCPA’s Career Opportunities in the Accounting Profession (COAP) program. Established more than 30 years ago, COAP teaches students that an accounting background can lead to a host of business careers.

  • Tesla Drama Reaches Denouement as Musk Shelves Plans to Take Company Private

    By:
    Chris Gaetano
    |
    Aug 27, 2018
    Tesla CEO Elon Musk has now said never mind to his previous plans to take the company private, saying that he didn't realize how hard a process it would be. 
  • Pulitzer Prize­-Winning Journalist Argues for Renewed Prosecution of Individuals Responsible for Financial Crimes

    By:
    Chris Gaetano
    |
    Aug 27, 2018
    Jesse Eisinger, in his most recent book, The Chickenshit Club: Why the Justice Department Fails to Prosecute Executives, laments the current state of the Department of Justice’s fight against white-collar crime, particularly in the wake of the 2008 financial crisis—a far cry from the DOJ’s rapid response to financial fraud scandals like Enron and WorldCom in the early 2000s. Eisinger took the time to talk to The Trusted Professional about what’s changed since the early 2000s and how authorities can once more pick up the fight against high-level financial crimes. The following Q&A has been edited for length and clarity.
  • TIGTA Says IRS Business Identity Theft Protection Has Hole: Employment Taxes

    By:
    Chris Gaetano
    |
    Aug 27, 2018
    Since business identity theft was first identified as an issue in 2015, the IRS has implemented a number of filters to detect and prevent it, but the Treasury inspector general for tax administration says that there is a gaping hole in the process, as forms for employment tax returns do not get the same level of scrutiny. 
  • Proposed IRS Guidance Nixes Charitable Deductions as SALT Cap Workaround

    By:
    Chris Gaetano
    |
    Aug 24, 2018
    The IRS has released proposed guidance that, if implemented, would effectively nullify the use of charitable contributions to get around the $10,000 cap on state and local tax deductions in the Tax Cuts and Jobs Act.
  • SEC Enforcement Against Auditors Drops, But PCAOB Action Has Surged

    By:
    Chris Gaetano
    |
    Aug 24, 2018
    Enforcement actions by the Securities and Exchange Commission against auditors have declined to a three-year low, but at the same time, enforcement by the Public Company Accounting Oversight Board, which the SEC oversees, has reached historic highs. 
  • SEC Declares Mulligan for Dozens of Cases After SCOTUS Ruling

    By:
    Chris Gaetano
    |
    Aug 23, 2018
    The Securities and Exchange Commission plans to retry dozens of cases that had been heard before administrative law judges in the wake of a Supreme Court decision that found that the way the judges had been appointed was unconstitutional. 
  • IRS Announces Newer, More Secure Tax Transcripts

    By:
    Chris Gaetano
    |
    Aug 23, 2018
    The IRS announced that it is introducing a new format for individual tax transcripts that, it says, will be less vulnerable to identity theft. 
  • Supreme Court’s Internet Sales Tax Ruling Creates Compliance Hurdles for Many Retailers

    By:
    Chris Gaetano
    |
    Aug 22, 2018

    The U.S. Supreme Court’s recent ruling that a state government can require retailers to collect sales tax even if they have no physical presence in the state overturns decades of precedent and exposes online merchants to a complex web of compliance decisions.