Latest Articles

  • Judge Throws Out States' Suit Challenging SALT Deduction Cap

    By:
    Chris Gaetano
    |
    Oct 1, 2019
    A federal judge has dismissed a case brought by the states of New York, New Jersey, Connecticut and Maryland that sought to overturn the $10,000 cap on state and local tax deductions included in the Tax Cuts and Jobs Act. 
  • IRS Releases Proposed 2019 Forms 1065, 1120-S, and Schedules K-1

    By:
    Chris Gaetano
    |
    Oct 1, 2019
    The IRS has released proposed new forms concerning partnership taxation that are meant to be simpler to fill out, and to incorporate changes from the Tax Cuts and Jobs Act. 
  • House Bill Would Require FASB to Follow Federal Regulator Rules

    By:
    Chris Gaetano
    |
    Sep 30, 2019
    A House bill proposed by Rep. Blaine Luetkemeyer (R-Mo.) would require that the Financial Accounting Standards Board (FASB), technically an independent nonprofit separate from the government, follow the same procedural rules as those of federal regulators when assessing the economic impact of its standards. 
  • Cyberattacks Shifting to Resemble Home Invasions

    By:
    Chris Gaetano
    |
    Sep 30, 2019
    Whereas in the past, a cyberattack meant a quick strike that pilfered valuable data, nowadays victims are learning that hackers have started, instead, to set up camp and use their systems as bases for other attacks. 
  • IRS Says 83.6 Percent of Taxes Paid Voluntarily and on Time

    By:
    Chris Gaetano
    |
    Sep 27, 2019
    The IRS said the tax gap, the difference between true tax liability for a given period and the amount of tax that is paid on time, is largely unchanged from previous studies, with the latest figures showing 83.6 percent of taxes paid voluntarily and on time. 
  • Study Asserts That Non-Audit Services in Firms Contribute to Audit Quality

    By:
    Chris Gaetano
    |
    Sep 27, 2019
    A study conducted by three professional accounting bodies asserts that the provision of both audit and non-audit services in firms contributes to audit quality, and warned against the strict separation of the two functions. 
  • Conference Speaker: Big Data Holds Big Potential for Health Care, But Many Obstacles Stymie Full Potential

    By:
    Chris Gaetano
    |
    Sep 26, 2019
    When talking about the use of data in the health care industry, Deborah Viola, vice president, data management and analytics, at Westchester Medical Center Health Network and a speaker at the Foundation for Accounting Education's Health Care Conference on Sept. 26, compared it to the Earth's water: It covers over 70 percent of the planet's surface, but of that, only 3 percent is drinkable. 
  • Conference Speaker: Sorry, But Trust Is Not an Internal Control

    By:
    Chris Gaetano
    |
    Sep 26, 2019
    Eleanor Hume, senior manager, at Your Part-Time Controller and a speaker at the Foundation for Accounting Education's Health Care Conference on Sept. 26, said that, far too often, especially at nonprofits and health care organizations, people are too trusting of those who work there, which leaves the organizations wide open for fraud. 
  • Study Suggests Wealth Tax Gets More Bang for Buck Than Capital Gains Tax

    By:
    Chris Gaetano
    |
    Sep 25, 2019
    A wealth tax, a concept that's been bandied about by both Bernie Sanders and Elizabeth Warren, is a controversial proposition in many business and finance circles, but a recent study published by the National Bureau of Economic Research suggests that it theoretically could be better for the economy than the current tax on capital income. 
  • Shareholders Allege Tesla Knew Solar City Was Bad Investment Before Buying Anyway

    By:
    Chris Gaetano
    |
    Sep 25, 2019
    Tesla shareholders have filed suit against the company, claiming that its eccentric CEO Elon Musk knew that green energy company Solar City was nearly insolvent when he proposed spending billions to buy it, with the plaintiffs saying they were mislead when they ultimately approved the purchase.