May 2010
Goldman Sachs May Seek Settlement with SEC
Goldman Sachs, facing a lawsuit from the SEC over the firm’s conduct during the financial crisis, may seek to settle with the government in order to avoid the fraud charge that would come with entering a court battle, said an article in the Wall Street Journal.
New Chocolate Bonds Offer Sweet Payout
A British confectioner is seeking approval to issue £5 million worth of bonds that would yield not bland, crumply money but sweet, delicious chocolate. The company, Hotel Chocolat, is currently seeking approval from British financial regulators to go through with this plan, helped along with the aid of firm BDO.
IRS Set to Roll Out New 1099 Mandates
Love the 1099 form? No? Well too bad, because CPAs will be seeing a whole lot more of them next year, according to an article in CNN Money. This expansion has been brewing for a number of years, built piece by piece within a number of different bills, such as the Housing Assistance Tax Act in 2008 and the health care reform legislation, signed this year.
Newest Investment: Whistleblowers?
CBO Report Gauges Stimulus Impact
A recently released report from the Congressional Budget Office has concluded that the 2009 stimulus package has, so far, had an overall positive impact on the nation’s economy, being directly responsible for increases to both the gross domestic product and job growth. The CBO came to its conclusions by looking at total spending to date as well as “estimates of the other effects of [the stimulus] on spending and revenues.” The report’s data pertains specifically to the first quarter in 2010.
NYSSCPA's Twitter Feed Gets 500th Follower
The NYSSCPA's Twitter feed, initiated just over a year ago, has hit a milestone: it now has more than 500 followers.
AG Cuomo Joins Race for Governor
New York Attorney General Andrew Cuomo (D – NY) announced on Saturday that he is running to be the state’s next governor. The Attorney General kicked off his campaign by assailing what he said was a state government saddled with “corruption” that could “make Boss Tweed blush.”
Study: State Governments May Need Federal Bailout
A new study from a Northwestern University finance professor predicts that the country will need to enact a new federal bailout within the next decade in order to prevent the collapse not of Wall Street but of Trenton, Sacramento, Springfield and
State, NYC Comptrollers to Audit MTA
New York State Comptroller Thomas P. DiNapoli and New York City Comptroller John C. Liu announced their offices would conduct a joint audit of the Metropolitan Transportation Authority (MTA). The comptrollers said the audit would review the fiscal and community impact of subway and commuter rail service disruptions, as well as how effectively and efficiently the MTA managed the planned service changes.
Relief Coming for Small Charities that Missed May 17 Filing Deadline
The IRS is going to be providing additional guidance "in the near future" for small charities after the May 17 deadline for filing a required information form passed and many failed to file, its commissioner said.