Latest Articles

  • GAO Reports Stimulus Payments to Dead People Total $1.4 Billion

    By:
    Chris Gaetano
    |
    Jun 25, 2020
    The Government Accountability Office (GAO) said that the stimulus payments accidentally sent to dead people numbered 1.1 million, which amounts to $1.4 billion sent out to those who cannot possibly spend it.
  • Large Accounting Firms in U.K. Running Low on Equity, May Not Be Able to Afford Fines

    By:
    Chris Gaetano
    |
    Jun 25, 2020
    Major accounting firms in the United Kingdom, which have been under increased scrutiny over the years in the wake of the Carillion accounting scandal, are low on equity and may not be able to pay the fines the government may impose on them.
  • 1.48 Million More Apply for Unemployment

    By:
    Chris Gaetano
    |
    Jun 25, 2020
    The U.S. Department of Labor reported that 1.48 million more people applied for initial unemployment benefits last week.
  • GASB Releases Guidance on Who's Responsible for Pensions When There's No Board

    By:
    Chris Gaetano
    |
    Jun 24, 2020
    The Governmental Accounting Standards Board (GASB) released new guidance that outlines what should be done regarding pensions in the case when a legally separate government entity has no governing board.
  • SEC Reminds Issuers to Include COVID-19 Measures in Disclosures

    By:
    Chris Gaetano
    |
    Jun 24, 2020
    The Securities and Exchange Commission (SEC) released supplemental staff guidance reminding companies to include COVID-19-related activities and impacts in their financial disclosures.
  • Nominating Committee Seeks Members for 2021

    By:
    Thomas S. Pirro, NYSSCPA Secretary/Treasurer
    |
    Jun 24, 2020

    Are you interested in helping to select who will serve on next year’s NYSSCPA Board of Directors? If so, consider serving on the Society’s Nominating Committee. This year’s 11-person Nominating Committee will be recommending a president-elect; four vice presidents; a secretary/treasurer; five at-large directors; and directors from the Buffalo, Manhattan/Bronx, Southern Tier, Syracuse and Westchester chapters. These nominees are then presented to the membership in a proxy ballot that is sent out in April.

  • Deutsche Bank Estimates 18 Percent of U.S. Companies Are 'Zombies'

    By:
    Chris Gaetano
    |
    Jun 24, 2020
    Analysts from Deutsche Bank estimate that roughly 18 percent of U.S. companies can be classified as "zombies," that is, businesses that do not make enough to service their debt interest and so can survive only through constant injections of new credit.
  • Stocks Take a Nosedive as COVID-19 Cases Rise

    By:
    Chris Gaetano
    |
    Jun 24, 2020
    Rising number of COVID-19 cases at a time when many states had begun reopening their economies has rattled Wall Street, with all major stock indicies experiencing major losses today.
  • Treasury Secretary Mulling Another Tax Deadline Extensions On Top of First

    By:
    Chris Gaetano
    |
    Jun 24, 2020
    As CPA firms push to finish their work before the new July 15 tax deadline, which had been extended from April due to the pandemic, Treasury Secretary Steve Mnuchin said he is pondering possibly pushing the deadline back even further.
  • German Authorities Arrest Former Wirecard CEO Over Missing $2 Billion

    By:
    Chris Gaetano
    |
    Jun 23, 2020
    Markus Braun, who until resigning last week was the CEO of embattled German fintech firm Wirecard, turned himself in to authorities last night as part of the widening probe into a missing $2 billion that it is now believed likely never to have existed in the first place.