July 2012
Superstitious Robot Makes Market Bets
Complex quantitative analysis on prevailing business trends just not good enough for your investment strategy? Why not try numerology? That’s what one, admittedly experimental, fund is going to try for a year as it pursues an avowedly superstitious investment strategy that utilizes an automated robot that will made trades on the open market purely on the principles of numerology―for instance, being highly averse to any instance of the number 13―and the phases of the moon.
FAF Seeks Post-Implementation Insights
The Financial Accounting Foundation, the parent body of the FASB, is seeking stakeholders who would be interested in a post-implementation review (PIR) survey of FASB Statement No. 141R, Business Combinations, according to a FAF statement. The PIR process will help the FAF evaluate the effectiveness of the standard-setting process.
DiNapoli: MTA Gave Apple GCT Advantage
The Metropolitan Transportation Authority gave Apple a competitive edge in landing prime real estate in New York City's Grand Central Terminal, according to a statement issued by New York State Comptroller Thomas P. DiNapoli.
Olympians Win a 'Gold' in Tax Breaks
The United Kingdom is granting a limited tax exemption to Olympic athletes, which is good news for them, as the usual arrangement would've taken a big bite out of their worldwide income, according to a Forbes blog.
Big NYS Tax Deadline Coming Up
Ask about tax deadlines and everyone knows April 15. But July 31 is a red-letter date for multiple New York state taxes.
NYS Rules on Yoga, Exercise, Sports
What is sport? What is exercise? Is yoga one or the other or neither? Is it taught in a gymnasium, health club or athletic club? In parsing the various legal definitions—which vary between New York City and the rest of the state—the New York State Department of Taxation and Finance clearly had to work up a sweat.
Worthless (maybe) Art Sparks Tax Row
An art world paradox is the source of a bitter legal battle between the IRS and the inheritors of an art work of questionable value, the result of which could have wide-ranging impacts on how assets are valued and taxed, according to the New York Times. The objet d’art in question?
Same-Sex Marriages Boost Economy
In a July 24 announcement, New York City Mayor Michael R. Bloomberg and City Council President Christine C. Quinn released the results of a study showing how much money same-sex marriages have poured into the city's economy.
Rules on Indian Tax-Exempt Cigarettes
The NYSDTF has published a Notice Regarding Indian Tax-Exempt Cigarette Annual Amounts, which contains the department's determination of the annual amount of stamped tax-exempt packs of cigarettes for each of the Indian nations or tribes for the year beginning Sept. 1, 2012, and ending Aug. 31, 2013.
Fake Threat Not Coming from AICPA
An email notice purportedly coming from the AICPA, threatening CPAs with imminent loss of license, has been finding its way into inboxes. At least one version of this notice states that the recipient has possibly been involved in an incorrect and fraudulent tax return and unless the recipient responds quickly, license cancellation will follow. However, the AICPA has not sent this.