Latest Articles

  • CPAs See Proposed W-4 as ‘Invasive’ and a Burden on Employers

    By:
    Chris Gaetano
    |
    Aug 22, 2018

    A new Form W-4, Employee’s Withholding Allowance Certificate, proposed by the IRS in June, asks for potentially sensitive personal financial information, leading some preparers to view it as a needlessly complicated violation of taxpayer privacy.

  • Proposed 1040 Is Postcard-Sized, but Attached Schedules Retain Complexity

    By:
    Chris Gaetano
    |
    Aug 22, 2018

    A proposed change to the Form 1040, designed to make filing taxes easier, might paradoxically complicate the process for certain taxpayers. Released in late June, the new form is physically smaller than the current one, as the Treasury Department said it is meant to be the size of a postcard. But in order to fit onto the postcard-sized space, more than half of the 78 line items on the current Form 1040 would be moved to six separate schedules that would need to be attached to the new form.

  • CPA Exam Results Show NYS With Second Highest Number of Exam Sections Taken

    By:
    Chris Gaetano
    |
    Aug 22, 2018
    New York state, in 2017, had the second highest number of CPA exam sections taken at 30,123, just a little bit behind the number one state, California, which had 31,695. 
  • When It Comes to Stolen Information, Social Security Numbers Chump Change Compared to Medical Records and Passports

    By:
    Chris Gaetano
    |
    Aug 22, 2018
    While a great deal of discourse on identity theft is focused on Social Security numbers, going prices for stolen personal information indicates that potential fraudsters are not terribly interested in them compared to medical records and passports. 
  • PCAOB Finds Fewer Independence Violations in Broker-Dealer Audits, But High Deficiencies Overall

    By:
    Chris Gaetano
    |
    Aug 21, 2018
    The Public Company Accounting Oversight Board (PCAOB) has issued a report based on its inspections of broker-dealer auditors in 2017, finding that the number of independence violations has gone down, but overall there are still a high number of deficiencies. 
  • Study: Companies Raise Hiring Standards When Economy is Bad

    By:
    Chris Gaetano
    |
    Aug 21, 2018
    One of the questions that has puzzled economists is why, following the 2008 financial crisis, it took so long to get employment rates back to pre-crisis levels despite large numbers of job openings. A recent study has found that one possible factor was a marked increased in educational and experience requirements taking place at the same time. 
  • Regulatory Roundup: Aug. 15-21

    By:
    Chris Gaetano
    |
    Aug 21, 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.

  • Appeals Court Backs IRS over AICPA in Preparer Registration Case

    By:
    Chris Gaetano
    |
    Aug 20, 2018
    The U.S. Court of Appeals for the D.C. Circuit has sided with the IRS over the AICPA, allowing the agency to keep its voluntary return preparer program. 
  • SEC Eliminates 'Duplicative' 'Overlapping' or 'Outdated' Disclosure Requirements

    By:
    Chris Gaetano
    |
    Aug 20, 2018
    The SEC, arguing that the current disclosure requirements have become bloated with redundant and obsolete information, voted to introduce a new set of standards that it hopes will reduce compliance costs and simplify procedures. 
  • Elon Musk Admits No One Reviewed Tweet on Taking Tesla Private

    By:
    Chris Gaetano
    |
    Aug 17, 2018
    Tesla CEO Elon Musk, in an interview with the New York Times, said that no one had seen or reviewed his bombshell tweet about taking the company private, which blindsided both regulators and his own board members.