Latest Articles

  • SEC Formally Charges Elon Musk with Securities Fraud

    By:
    Chris Gaetano
    |
    Sep 28, 2018
    The Securities and Exchange Commission has charged Tesla CEO Elon Musk with securities fraud related to social media comments he made regarding taking the company private, despite the move being far from certain. 
  • House Passes Tax Reform 2.0

    By:
    Chris Gaetano
    |
    Sep 28, 2018
    The House of Representatives approved three bills that make up the package colloquially known as "Tax Reform 2.0," which is intended to make technical corrections and lock in most of the provisions in the Tax Cuts and Jobs Act that had been previously set to eventually expire. 
  • House Subcommittee Seeks Answers About IRS Security Breaches

    By:
    Ruth Singleton
    |
    Sep 27, 2018
    In response to recent breaches of the IRS’s taxpayer verification efforts, including the identity protection PIN, the House Ways and Means Oversight Subcommittee held a hearing yesterday on improving the agency’s authentication technology.
  • Petrobras Agrees to Settle Bribery Charges with SEC, DOJ, Brazilian Authorities

    By:
    Ruth Singleton
    |
    Sep 27, 2018

    Brazilian oil and gas company Petrobras has reached a settlement agreement with U.S. and Brazilian law-enforcement authorities over a massive bribery scheme.

  • For First Time, SEC Charges Firm for Violating Identity Theft Red Flags Rule

    By:
    Chris Gaetano
    |
    Sep 26, 2018
    The Securities and Exchange Commission has charged a Des Moines, Iowa-based broker-dealer with violating the Identity Theft Red Flag Rule—the first time such a charge has been brought by the SEC—in connection with a cyberintrusion that compromised the personal information of thousands of customers. 
  • Tax Court Rules Student Loan Payments to Ex-Spouse Count as Alimony, Can Be Deducted

    By:
    Chris Gaetano
    |
    Sep 26, 2018
    The U.S. Tax Court recently ruled that paying for a former spouse's student loan debts qualifies as alimony and can therefore be deducted. 
  • TIGTA: IRS System Outage Caused by Obsolete Software

    By:
    Chris Gaetano
    |
    Sep 25, 2018
    The April 17 system outage at the IRS has been linked to obsolete software that contained a bug, which later versions had since patched. 
  • Household Net Worth Reaches Record High of Nearly $107 Trillion

    By:
    Chris Gaetano
    |
    Sep 25, 2018
    Recently released figures indicate that the total household net worth for the United States is higher than it ever has been before, $106.929 trillion, with the growth carried largely by rising stock market returns. 
  • Regulatory Roundup: Sept. 19-25

    By:
    Chris Gaetano
    |
    Sep 25, 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.

  • Speaker: Professionals Can Glean Lessons From Hospital's Response to Cyberattack

    By:
    Chris Gaetano
    |
    Sep 24, 2018
    A cyberattack last year became a literal matter of life and death as hackers locked Erie County Medical Center personnel out of their network until they could pay a ransom. Reg Harnish, CEO of Grey Castle Security and a speaker at the Foundation for Accounting Education's Sept. 20 Health Care Conference, said businesses everywhere can learn from the hospital's rapid response to the incident, which it resolved without having to pay any ransom money.