Latest Articles

  • Speaker: Cannabis Industry Ramping Up, with Major Opportunities for CPA Firms

    By:
    Ruth Singleton
    |
    Dec 12, 2018

    The cannabis industry could reach sales of $35 billion by 2022, creating significant opportunities for CPA firms to expand their practices in bookkeeping, auditing and tax. That was the message of Matthew Karnes, founder and managing partner of GreenWave Advisors, LLC, who presented an overview of the industry at the Foundation for Accounting Education’s Cannabis Conference on Dec. 11.

  • Assembly Member Gottfried: Debate on Legal Cannabis in NYS No Longer About 'Whether' But 'How'

    By:
    Chris Gaetano
    |
    Dec 11, 2018
    New York State Assembly Member Richard N. Gottfried, the chair of the Assembly Committee on Health and the author of the state's medical marijuana bill, said the debate around the cannabis industry has moved on from whether to allow it to how the industry should be structured and regulated. 
  • Speaker: Understanding IRS Sec. 280E Vital for Thriving in Cannabis Industry

    By:
    Chris Gaetano
    |
    Dec 11, 2018
    With cannabis businesses unable to take the kinds of deductions that any other company would take for granted, Peter Metz, a principal at Grassi & Co., speaking at the Foundation for Accounting Education Cannabis Industry Conference on Dec. 11, said that firms must understand IRS Code Section 280E in order to avoid a massive tax bill. 
  • Speakers: Cannabis and Blockchain Can Work Together

    By:
    Chris Gaetano
    |
    Dec 11, 2018
    The cannabis industry is subject to many more regulations than others, all of which require monitoring and disclosures. Compliance can be a difficult and time-consuming task, but a pair of speakers at the Foundation for Accounting Education's Cannabis Industry Conference on Dec. 11 said that blockchain—the technology undergirding digital currencies such as bitcoin—can make the process much easier for these businesses. 
  • Regulatory Roundup: Dec. 4-10

    By:
    Chris Gaetano
    |
    Dec 10, 2018

    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.

        
  • SEC Seeking More Holistic Approach to Regulation, Greater Emphasis on Financial Reporting Quality

    By:
    Chris Gaetano
    |
    Dec 10, 2018
    Securities and Exchange Commission Chair Jay Clayton and Chief Accountant Wesley Bricker, during an AICPA conference on current SEC and PCAOB developments today, outlined their approach to financial regulation, which emphasizes greater reporting quality as well as a more holistic approach—one in which regulators and the entities they oversee understand themselves as part of an integrated system working together to produce high-quality financial data. 
  • New PCAOB Taking 'Clean Sheet' Approach to Inspections

    By:
    Chris Gaetano
    |
    Dec 10, 2018
    The Public Company Accounting Oversight Board (PCAOB), following 100 percent turnover from its previous members last year, is taking what Chair William D. Duhnke III said was a "clean sheet" approach that re-evaluates every aspect of the inspection process.
  • Congrats to NYSSCPA members with 40-year anniversaries!

    By:
    NYSSCPA Staff
    |
    Dec 7, 2018
    The following list includes NYSSCPA members with 40th anniversaries. A list of members with 70th, 60th and 50th anniversaries will be published on page 19 of the December 2018 issue of The Trusted Professional.


     

  • Speaker: Appeals Process Adapting to Growing Budget Constraints

    By:
    Chris Gaetano
    |
    Dec 7, 2018
    The IRS appeals process, like the agency as a whole, has had to become creative in doing more with less in the face of growing budget constraints, which have limited the scope of what agents can do. 
  • Taxpayer Advocate: IRS Has 81 Percent False Positive Rate for Refund Fraud

    By:
    Chris Gaetano
    |
    Dec 7, 2018
    National Taxpayer Advocate Nina Olson, speaking at the Foundation for Accounting Education's IRS Practice and Procedures Conference on Dec. 7, said that the IRS is in dire need of a new fraud filtering system, as the current one has a false positive rate—the proportion of returns the IRS marked as potentially fraudulent that in fact came from legitimate taxpayers—of 81 percent.