Latest Articles

  • Two PCAOB Members Indicate 'Cultural Change' Is Goal

    By:
    Chris Gaetano
    |
    Nov 12, 2019
    Two members of the Public Company Accounting Oversight Board (PCAOB) remained mum on reports of infighting, politicization and a remarkable dropoff in inspection activities, but they did say that what observers are witnessing is a long-term effort to change the organization's broader culture. 
  • Crisis-Era Troubled Asset Relief Program (TARP) Has Made Back Everything Put Into It, Plus 3 Percent Gain

    By:
    Chris Gaetano
    |
    Nov 11, 2019
    Eleven years ago, the government created the Troubled Asset Relief Program (TARP) as part of a broad response to the international financial crisis. A recent report from the Government Accountability Office says that the program has since made back all $412.1 billion in program funds, and even made a 3 percent gain due to investments. 
  • Regulatory Roundup - Nov. 5-11

    By:
    Chris Gaetano
    |
    Nov 11, 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.
  • Federal Reserve Finds Top 1 Percent of Americans Hold Nearly As Much Wealth as Entire Middle Class

    By:
    Chris Gaetano
    |
    Nov 11, 2019
    The Federal Reserve Bank has revealed data indicating that recent economic gains have largely benefited the wealthiest Americans, as today the total amount of assets controlled by the richest 1 percent is nearly as much as the entire middle and upper-middle classes combined. 
  • Japanese Businesswomen Railing Against Bans on Wearing Glasses

    By:
    Chris Gaetano
    |
    Nov 8, 2019
    Japanese women are pushing back against corporate rules mandating strict adherence to certain beauty standards, such as not wearing glasses because, apparently, that makes them less appealing to customers. 
  • Square, After Warning From SEC, Drops 'Adjusted Revenue' Metric

    By:
    Chris Gaetano
    |
    Nov 8, 2019
    Payment processor Square announced it will no longer use 'adjusted revenue' in its financial reports after being told by the Securities and Exchange Commission that the agency did not take kindly to the way the firm was using the metric. 
  • Speaker Says Dire Warnings About SALT Cap Have Yet to Come to Pass

    By:
    Chris Gaetano
    |
    Nov 7, 2019
    Douglas Stives, an accounting professor at Monmouth University and a speaker at the Foundation for Accounting Education's Nov. 7 Tax Planning for Individuals Conference, recalled that the $10,000 cap on state and local taxes (SALT) passed as part of the Tax Cuts and Jobs Act (TCJA) was predicted to have a devastating impact on states like New York and New Jersey, but he said that he was skeptical of those claims then, and remains skeptical now.
  • Former National Taxpayer Advocate Concerned No Successor Has Been Appointed

    By:
    Chris Gaetano
    |
    Nov 7, 2019
    Nina E. Olson, who served as national taxpayer advocate from 2001 until she retired this past summer, said she was concerned that the Treasury Department has not yet named a formal successor to her post, observing that the IRS has been moving forward on matters without consulting her former office. 
  • Conference Speaker: Growing Cannabis Market Drawing Serious Investment

    By:
    Chris Gaetano
    |
    Nov 6, 2019
    Vivien Azer, a cannabis industry analyst with Cowen and Company and the industry overview speaker at the Foundation for Accounting Education's Nov. 6 Cannabis Conference, said that the burgeoning cannabis market represents a major opportunity, as evidenced by major investors entering the sector for their own piece of what could potentially become an $80 billion sector.
  • State Senator Liz Krueger Says Cannabis Will Be Boring Once Legal, and That's a Good Thing

    By:
    Chris Gaetano
    |
    Nov 6, 2019
    New York State Senator Liz Krueger, chair of the New York State Senate Finance Committee and the lead sponsor of the Marijuana Regulation and Taxation Act, said that when (not if) cannabis is legalized in the Empire State, there will be an explosion of new legal businesses and jobs, and ultimately marijuana will become just another agricultural product like tomatoes or corn. Presenting the keynote address at the Foundation for Accounting Education's Nov. 6 Cannabis Conference, she said that legalization will happen sooner rather than later.