Latest Articles

  • Polar Vortex Estimated to Cost Retailers and Restaurants $1 Billion

    By:
    Chris Gaetano
    |
    Feb 1, 2019
    With freezing cold temperatures descending on most of the country this week, people have understandably not been very enthusiastic about venturing outside for any reason, let alone to shop or go out to eat, which the Financial Times said is estimated to cost restaurants and retailers about $1 billion in foregone sales. 
  • IRS to Delay Plans to Close Transcript Fax Service

    By:
    Chris Gaetano
    |
    Jan 31, 2019
    The IRS said that it will be delaying previously announced plans to shutter its transcript faxing service after a bipartisan group of senators said that—especially with the recent government shutdown in mind—the move would have a negative impact on the tax preparer community.
  • SEC Cracking Down on Excess Mutual Fund Fees

    By:
    Chris Gaetano
    |
    Jan 31, 2019
    The Securities and Exchange Commission has prepared cases against more than 50 investment advisers who are accused of charging excessive fees that went against regulatory rules. 
  • Republican Senators Propose Bill Eliminating Estate Tax Entirely

    By:
    Chris Gaetano
    |
    Jan 30, 2019
    Three Senate Republicans have proposed legislation that would completely eliminate the estate tax. 
  • SEC Charges Four Companies for Dragging Feet on Fixing Internal Control Deficiencies

    By:
    Chris Gaetano
    |
    Jan 30, 2019
    The Securities and Exchange Commission announced settled charges against four public companies that, year after year, disclosed material internal control weaknesses without making meaningful progress in actually fixing the problem—the commission said that disclosure is not enough. 
  • CBO Says $3B of Lost GDP from Shutdown Will Never Be Recovered

    By:
    Chris Gaetano
    |
    Jan 29, 2019
    A recent report from the Congressional Budget Office said that the record-setting government shutdown will cost the country about $8 billion in foregone gross domestic product (GDP) into February, and while much of that is expected to bounce back in the coming year, about $3 billion will never be recovered. 
  • NYC Dept. of Finance Mulling Waiver that Would Allow Partnerships, LLCs to Receive Residential Tax Abatement

    By:
    Chris Gaetano
    |
    Jan 29, 2019
    The New York City Department of Finance has issued a notice announcing that it is considering a rule change that would allow limited partnerships and LLCs to access a tax abatement on condominiums and cooperative apartments that, right now, is available only to individuals. 
  • Taxpayer Advocate: IRS Will Need at Least a Year to Work Through Shutdown Consequences

    By:
    Chris Gaetano
    |
    Jan 28, 2019
    Nina E. Olson, the National Taxpayer Advocate, said that the IRS will need a year or more to recover from the record-long government shutdown, noting all the work that went undone over those 35 days. 
  • Number of Businesses Reporting Falling Sales Tripled From Last Year

    By:
    Chris Gaetano
    |
    Jan 28, 2019
    A recent survey of businesses has found that fewer are reporting higher sales compared to the same time last year, while the number of those reporting shrinking sales has dramatically increased. 
  • Regulatory Roundup: Jan. 22-28

    By:
    Chris Gaetano
    |
    Jan 28, 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.