Latest Articles

  • Report: Fewer Individuals Donating to Charity in Wake of Tax Law Changes

    By:
    Chris Gaetano
    |
    Jun 18, 2019
    Individual donations to charitable organizations dropped last year for the first time since the recession 10 years ago. 
  • SEC Probe Finds KPMG Auditors Cheating on Training Exams

    By:
    Chris Gaetano
    |
    Jun 18, 2019
    While the primary headline concerned KPMG paying a $50 million penalty to settle Securities and Exchange Commission (SEC) charges that the firm used inside information to cheat on firm inspections, the agency also found that auditors were using inside information to cheat on internal training exams meant to reinforce professional work standards. 
  • GAO Says Market Shifts Are Diminishing Tobacco Tax Revenue

    By:
    Chris Gaetano
    |
    Jun 17, 2019
    The Government Accountability Office said that a 2009 law creating separate excise tax treatments for various tobacco products has had the effect of encouraging tax avoidance and lowering overall revenues. 
  • Regulatory Roundup - June 11-17

    By:
    Chris Gaetano
    |
    Jun 17, 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. 
  • Cost of Cyberattacks in 2018 Estimated to be $654 Billion

    By:
    Chris Gaetano
    |
    Jun 17, 2019
    A recent report from digital strategy consulting firm ForgeRock calculates that, last year alone, cyberattacks cost U.S. companies a collective $654 billion. 
  • Congress Passes IRS Reform Bill

    By:
    Chris Gaetano
    |
    Jun 14, 2019
    The Senate has approved a wide-ranging IRS reform bill without a controversial provision regarding free filing, and it now awaits the president's signature.
  • SEC Could Level $50M Fine on KPMG Over PCAOB Cheating Scandal

    By:
    Chris Gaetano
    |
    Jun 14, 2019
    The Securities and Exchange Commission is considering a record-setting $50 million fine against KPMG, one of the largest it has ever leveled, for a scandal in which audit partners colluded with staffers from the Public Company Accounting Oversight Board (PCAOB), who passed on inside information about the agency's inspection plans for the firm.
  • FASB Chair Expresses Concern That Tech Could Increasingly Delay Standards Implementation

    By:
    Chris Gaetano
    |
    Jun 13, 2019
    Financial Accounting Standards Board (FASB) Chair Russell Golden, in a discussion with the Wall Street Journal alongside Public Company Accounting Oversight Board (PCAOB) Chair William Dunkhe, said he was concerned that while technology can improve the accounting process, it could also delay the implementation of new standards. 
  • TIGTA Finds Great Improvements in 1099-MISC Processing Accuracy

    By:
    Chris Gaetano
    |
    Jun 13, 2019
    The Treasury Inspector General for Tax Administration (TIGTA) has offered a bit of good news, reporting that federal agencies have greatly improved their accuracy on 1099-MISC submissions. 
  • IRS Puts Final Nail in Coffin of State Charity-Based SALT Cap Workarounds

    By:
    Chris Gaetano
    |
    Jun 12, 2019
    The IRS, never very fond of the idea to begin with, issued final regulations effectively killing attempts by state governments to circumvent the $10,000 cap on state-and-local-tax (SALT) deductions through the use of charitable organizations.