The New York State Society of CPAs

The staff of the Public Company Accounting Oversight Board (PCAOB)’s Division of Registration and Inspections staff has issued a document that provides additional insights into its remediation process for audit firms whose quality control has been found to be deficient.

The U.S. imposes an Expatriation Tax on U.S. citizens who abandon citizenship and on or long-term U.S. residents (non-citizens) who surrender their green card. The expatriation tax consists of the Exit Tax and the Inheritance Tax.  This article explains the Exit Tax.

People come to the United States seeking the American Dream. To go from rags to riches. To own your own business and excel in this open market economy. But at the same time, what is more American than taxes?

In response to the COVID-19 pandemic, both federal and state legislatures passed a series of legislation to inject funding into the economy and sought specifically to tailor programs to support small businesses within the United States. With the enactment of the COVID-19 Capital Costs Tax Credit Program, New York seeks to “provide financial assistance to economically harmed businesses to offer relief and reduce the duration and severity of the current economic difficulties” stemming from the pandemic.