Just for Fun
'James Bond' to Open NYSE
The New York Stock Exchange is getting a glamorous visitor: Sean Connery, the Scottish actor who became famous playing James Bond, will be ringing the opening bell on May 17. He'll be joined by Louise Richardson, principal of the University of St Andrews, Scotland.
State Reconsiders Botox Tax Guidance
In March, the New York State Department of Taxation and Finance issued a memorandum clarifying situations under which Botox and related cosmetic products were taxable. But in a May 1 email, the department said: "In response to certain inquiries, the Tax Department is re-examining the language used in the TSB-M." The memorandum has been "withdrawn" and removed from the site.
Top NYS Polls Are Owed Money
Politicians often make headlines when they've taken money that doesn't belong to them. But now, some are being singled out because they have failed to take money that is rightfully theirs.
Supreme Court Turns Down Skilling
It looks like Jeffrey Skilling, the former Enron CEO, is going to have to continue serving his sentence. Skilling, who has been in prison since 2006 for his role in the Enron scandal, had pinned his hopes on getting the Supreme Court to overturn his conviction based on prosecutor's use of the "honest services fraud theory," according to the New York Times.
Survey: Accountants Quite Happy
Data collected by employee happiness consultants CareerBliss.com, drawing from 100,400 employee-generated reviews of their own workplaces, has showed that accountants are among the happiest of professions, ranking number 8 in overall reported job satisfaction, between customer service representatives at 7 and systems engineers and construction managers at 8, according to
New York Tracking Down Tax Fraud
In these tough times for state and municipal governments, the Department of Taxation and Finance wants to make sure it's not losing a single dime. To that end, it's focusing on multiple techniques, including public spiritedness and humiliation.
Tide’s Curious Place in Criminal Economy
Add this to the list of phrases you thought you’d never hear: “black market laundry detergent.” While doing the laundry has usually been good, clean fun for the whole family, a recent wave of thefts has revealed a criminal element operating beneath the surface, like a worked in grass stain on a new pair of jeans.
New app answers common tax questions
A new free iPhone and iPad app aims to help CPAs find quick answers to client questions, and serve as a directory of CPAs for the public.
Greek Crisis: Think You Can Do Better?
The Taxation of Candy and Car Washes
The New York State sales tax rules and regulations may be complicated, but the Department of Taxation and Finance is on top of the situation with a long list of industry- and topic-specific bulletins.
State Tax Dept. Joins the Twitterati
The New York State Department of Taxation and Finance is now tweeting regularly, with reminders of rules, such as e-filing regulations; lists of resources, such as local sales tax rates; and advice for tax professionals, such as how to conduct online tax transactions on behalf of clients.
Syracuse Member Makes the Papers
One NYSSCPA member has made two appearances in local media in the last six months (does this make three?) -- and not just for the expert financial insights for which CPAs are often sought.
Behold: the Dress Made Out of Tax Forms
Nashville singer Britt Savage has found that the Child and Dependent Care 1040A form is useful for more than just reporting the expenses and benefits that come from taking care of children and other dependents during the course of your tax year. It also makes for a mighty fine pink dress.
Society Member Talks Tax on 'The Daily Show'
Random Financial Advice Generator Amuses, Baffles
“In unsecured sectors, plan to leverage defaulted systemic risks.”
“The smart investor this season will be sure to prepay counterparty stocks. “
“In mezzanine markets, never amortize revenue-neutral derivatives. “
NY Firms a Great Place to Work
Accounting Today has released its annual list of the 100 best firms to work for in the country—and nine of them are in New York.
Not a Feel Good Moment for 'Rudy'
Daniel “Rudy” Ruettiger, the former Notre Dame football player who inspired the 1993 movie Rudy, found himself receiving not a pigskin but an SEC complaint earlier this month. Twelve other participants were also charged.
Corzine not an Accountant
Testifying in front of the senate, Jon Corzine of MF Global was asked if "we should reexamine the accounting treatment of repo-to-maturity transactions."
He replied: "To the extent that people believe that the disclosures that we made were not adequate, and they believe that more disclosure is better, that certainly should be considered." He continued: "I'm probably not the one who should speak to this--I'm certainly not an accounting expert.
IRS Says Speakerphones OK
Video Games Occupy Tax Sweet Spot
Video games have come a long way since Pong, growing into a multi-billion dollar industry that rivals, and even at certain points exceeds, other entertainment industries such as music and movies, according to Ars Technica, an online technology magazine. But part of what’s driving that growth, at least in the U.S., is the fact that gaming is among the most heavily subsidized industries in the country, receiving more tax assistance than medical research, urban development or green energy, according to the New York Times.
The Tale of the Ancient Greek Accounting Debacle
And you thought your clients had a temper. Let the NYSSCPA take you to ancient Greece, where records from the famed orator Antiphon relates the tale of 10 individuals who were held responsible for overseeing the finances of the Delian League, a coalition of Greek city-states, led by Athens, who joined together to fight the Persian Empire.
Study: Search Engine Chatter Can Aid Stock Picks
Researchers discovered a strong correlation between a stock’s overall performance and the number of times people search for it on the Internet, according to science publication Physorg.
S&P’s Roots Go Back to the Railroads
Standard & Poor’s (S&P) has been much in the news after its historic move to downgrade long-term U.S. debt from AAA status to AA+ with a negative outlook on Aug. 5. But who was Mr. Poor and how did his agency become the arbiter of creditworthiness?
Bernie Madoff Documentary Opens Tonight
“Chasing Madoff,” a documentary about the rise and eventual fall of Bernard Madoff’s multi-billion Ponzi scheme, opens today in New York, Los Angeles, Boston, Washington, D.C., and Miami, according to the New York Times.
NYSSCPA Launches Flickr Page
Want to check out photos from the Young CPAs Conference in June or the NYSSCPA’s 11th Annual Leadership Conference in July? Now you can via the Society’s new Flickr page on the popular photo-sharing website, featuring more than 130 images and counting from recent statewide and chapter events.
Economics Lessons Abound in Children's Literature
An article in the New York Times notes that, beyond lessons about friendship and bravery, much of children’s literature also contains lessons on various financial and economic principles.
Study: Nice Bosses Finish Last
Niccolo Machiavelli, in his famous book “The Prince,” said that while a leader, on an ideal level, should be both feared and loved, if they have to choose between the two, it is better to be simply feared. This logic, apparently, applies just as much in the corporate world as it did in Renaissance Italy, according to a study explained in the Harvard Business Review.
Survey Sheds Light on Personal Spending Priorities
It is common knowledge that many people are cutting back on luxuries during these harsh economic times. However, what counts as a luxury for some is a necessity for others. A survey conducted by the National Foundation on Credit Counseling (NFCC), which promotes financial education and literacy, reveals where people seem to draw the line between the two.
Happy 90th Birthday, GAO
1921: Shares of Studebaker were up in New York, Congress approved a peace treaty with Germany and the General Accounting Office, now known as the Government Accountability Office (GAO), was born.
Personal Financial Planning: Sex and the City Edition
Yes, yes, we all know how unrealistic shows like Sex and the City are when it comes to portraying what its various characters are capable of actually affording. But just how unrealistic? One writer attempts to tackle this question by looking at how much the show’s main character, Carrie Bradshaw, would probably make as a two-column a month newspaper writer in Manhattan versus what she is seen spending on her various misadventures.