Latest Articles

  • Speaker: Fewer CPA Firms Auditing Employee Benefit Plans, But That's Not Necessarily a Problem

    By:
    Chris Gaetano
    |
    Jun 6, 2019
    Michael Auerbach, the chief accountant of the U.S. Department of Labor's Employee Benefits Security Administration, speaking at the Foundation for Accounting Education's Employee Benefits Conference on June 6, noted that, since 2011, there have been about 2,000 fewer CPA firms taking on such engagements, but much of the drop came from practices that were found to have had serious issues in their work.
  • Speaker: When Filing Form 5500, Don't Forget Welfare Plans

    By:
    Chris Gaetano
    |
    Jun 6, 2019
    While practitioners typically associate IRS Form 5500 with retirement plans and profit-sharing agreements, far too often basic welfare plans such as health or dental insurance get lost in the shuffle, much to the detriment of companies that are putting themselves at risk of significant penalties, according to Avery Neumark, a Marks Paneth partner who spoke at the Foundation for Accounting Education's Employee Benefits Conference.
  • IRS to End Faxing of Tax Transcripts

    By:
    Chris Gaetano
    |
    Jun 5, 2019
    The IRS has announced that, in the interests of protecting taxpayer information, it will no longer fax tax transcripts. 
  • Study: Work Is Boring By Design

    By:
    Chris Gaetano
    |
    Jun 5, 2019
    A pair of studies featured in the Harvard Business Review found that many managers deliberately make jobs less engaging and more repetitive, and they are loathe to think the job itself is the problem versus the worker occupying it. 
  • Study: Diversity Training Has Mixed Results

    By:
    Chris Gaetano
    |
    Jun 4, 2019
    A recent study has found that diversity training works the most on those who already believe in the general principles that the sessions are trying to impart, while those who are less supportive experience some changes in attitude but not in behavior.
  • SEC Files Charges in Frat House Ponzi Scheme

    By:
    Chris Gaetano
    |
    Jun 4, 2019
    The Securities and Exchange Commission (SEC) has charged a 22-year-old recent college graduate with running a Ponzi scheme out of a fraternity house in Georgia. 
  • Regulatory Roundup: May 29 - June 3

    By:
    Chris Gaetano
    |
    Jun 3, 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. 
  • Congressional Research Service Report Says TCJA Did Little to Boost Economy

    By:
    Chris Gaetano
    |
    Jun 3, 2019
    A report from the Congressional Research Service said that, more than a year after its enactment, the Tax Cuts and Jobs Act (TCJA) has had little effect on the economy, and, despite predictions otherwise, it is far from paying for itself through increased revenues. 
  • IRS Unveils Proposed New W-4 for 2020

    By:
    Chris Gaetano
    |
    Jun 3, 2019
    The IRS is proposing design changes for the Form W-4 that incorporate the changes made by the 2017 Tax Cuts and Jobs Act. 
  • FASB Extends Two Private Company GAAP Alternatives to Nonprofits

    By:
    Chris Gaetano
    |
    May 31, 2019
    The Financial Accounting Standards Board (FASB) announced that it will be expanding the scope of two of its private company accounting alternatives—one for goodwill and one for measuring certain identifiable intangible assets—to include nonprofit organizations as well, allowing these organizations to reduce costs.