Latest Articles

  • SEC Charges KPMG, Deloitte, BDO Affiliates With Circumventing PCAOB Regs

    By:
    Chris Gaetano
    |
    Mar 13, 2018
    The Securities and Exchange Commission announced that it has charged African affiliate firms of KPMG, Deloitte and BDO with circumventing the full oversight of the Public Company Accounting Oversight Board (PCAOB).
  • Regulatory Roundup: March 7-13

    By:
    Chris Gaetano
    |
    Mar 13, 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 ‚Äč‚Äčannouncements from the past week, and puts them in one place to help you stay on top of the issues.
  • IRS Gives Extra Time to Many Businesses Affected by Recent Storms

    By:
    Chris Gaetano
    |
    Mar 13, 2018
    The IRS said that it is providing relief to businesses and tax professionals affected by last week’s storm--known as Winter Storm Quinn—and this week’s storm –known as Winter Storm Skylar--that primarily hit portions of the Northeast and Mid-Atlantic.
     
  • IFIAR: 40 Percent of Audits Flawed

    By:
    Chris Gaetano
    |
    Mar 12, 2018
    The International Forum of Independent Audit Regulators, a body of audit industry regulators such as the U.S.'s Public Company Accounting Oversight Board, released a survey of inspection findings from its members saying that, worldwide, about 40 percent of audits contained at least one problematic finding. 
  • Cryptocurrency Investors Bilked Out of $2M as Company Takes Money and Runs

    By:
    Chris Gaetano
    |
    Mar 12, 2018
    Over 1,000 investors funding an initial coin offering (ICO) for a company called Giza found themselves bilked out of $2 million after the company they put money into simply vanished with all their funds.
  • Guest Blog Post: Individual Tax Extenders Included in the Bipartisan Budget Act of 2018

    By:
    Mark H. Levin, CPA, M.S. (Taxation)
    |
    Mar 9, 2018
    On Feb. 9, 2018, President Trump signed the Bipartisan Budget Act of 2018 as P.L. 115-123 (the Budget Act). Division D, Title 1, of the Budget Act enacts many of the long-awaited extenders of provisions that expired at the end of 2016. Some of these provisions are extended only for the tax year 2017, while others are extended for multiple years.

    This article discusses those extenders that, in the author’s opinion, will have the greatest impact for CPAs.

  • Two Economists, One Republican and One Democrat, Conclude Tax Bill Won't Pay For Itself

    By:
    Chris Gaetano
    |
    Mar 9, 2018
    Harvard economists Robert Barro, a conservative, and Jason Furman, a Democrat, said in a recent study that the Tax Cuts and Jobs Act passed by the Republicans in December will not, contrary to claims otherwise, pay for itself through economic growth. They estimate that the bill will grow the economy by 0.04 percent annually over the next decade, at the cost of $1.2 trillion. 
  • Study Finds Smaller Companies Spend More on Routine Expenses Than Large Ones

    By:
    Chris Gaetano
    |
    Mar 9, 2018
    A recent analysis finds that companies with less than $100 million in annual revenue actually spend much more in routine expenses like meals and flights than those with over $10 billion. 
  • SEC Announces It's Prepared to Enforce Securities Law on Cryptocurrency Platforms

    By:
    Chris Gaetano
    |
    Mar 8, 2018
    The Securities and Exchange Commission (SEC) said in a recent statement that services that facilitate the buying and selling of cryptocurrencies are acting as an exchange for a product that is functionally a security, and are therefore within the agency's regulatory purview. 
  • Subject of a Closed IRS Investigation? Now You Can Find Out Why.

    By:
    Chris Gaetano
    |
    Mar 8, 2018
    Previously if the IRS investigated a tax preparer for possible Circular 230 violations, then closed the case, the preparer in question could not be told what the investigation was about. This has now changed due to a policy change at the Office of Professional Responsibility.