The Trusted Professional | NYSSCPA

 
 
Gov. Hochul Signs Non-CPA Ownership Bill into Law
Read the Jan/Feb Issue
IRS to Waive $1B in Some Late Payment Penalties
2024 to Be a Demanding Year for Internal Auditors
SEC OKs Audit Confirmation Standards

Latest Articles

  • IAASB Solicits Feedback on Proposed Changes to Audit Standards Related to Working With Experts

    By:
    Karen Sibayan
    |
    Apr 25, 2025

    The International Auditing and Assurance Standards Board (IAASB) has started a public consultation on narrow-scope amendments to its standards in order to maintain interoperability between IAASB standards and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants.

  • New York Lawmakers Attempt to Revive State Tax on Stock Sales

    By:
    Karen Sibayan
    |
    Apr 25, 2025
    With the specter of significant slashes in federal for New York state, there is now a renewed push to bring its tax on stock sales. Based on a proposed legislation, the levy would be similar to a sales tax on goods and services, with stock buyers paying, on average, half a penny per dollar of stock.

  • Twelve States Are Suing to Halt Trump-Imposed Tariffs

    By:
    Karen Sibayan
    |
    Apr 24, 2025
    Twelve U.S. states filed a lawsuit on April 23 challenging the legality of the Trump's administration's broad tariff agenda. The suit said that the agenda unlawfully goes against Congress' constitutional authority to regulate foreign commerce.

  • KPMG Further Integrates AI Agents Into Its Audit Platform Clara

    By:
    Karen Sibayan
    |
    Apr 24, 2025
    KPMG has said that it is accelerating its initiatives to integrate AI into KPMG Clara, which is the firm's global smart audit platform. KPMG said that the deployment of AI agents into KPMG Clara aims to empower over 95,000 auditors worldwide

  • Paul Atkins Sworn In as New SEC Chair

    By:
    Karen Sibayan
    |
    Apr 23, 2025

    On April 22,  Paul Atkins was sworn into office as the 34th Chairman of the Securities and Exchange Commission. President Donald Trump nominated Atkins on Jan. 20 and confirmed by the U.S. Senate on April 9.

  • Baker Tilly and Moss Adams Merge

    By:
    Karen Sibayan
    |
    Apr 22, 2025
    Accounting firms Baker Tilly and Moss Adams have agreed to merge in a transaction worth approximately $7 billion. The combination will create the profession's largest firm that is partly private-equity owned.

  • Trump Replaces Acting IRS Commissioner

    By:
    Karen Sibayan
    |
    Apr 22, 2025

    President Donald Trump has replaced the acting IRS commissioner amid increasing turmoil within the tax agency. Deputy Treasury Secretary Michael Faulkender is taking over as acting commissioner, the Treasury spokesperson said. Faulkender replaces Gary Shapley, who only got the job recently.

  • Regulatory Roundup: April 15-21

    By:
    Karen Sibayan
    |
    Apr 21, 2025
    With so many regulators out there, it can be tough to keep track of all the decisions being made. This is the NYCPA'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.

  • SEC Might Soon Approve a Novel Fund Model That Lowers Tax Bills for Asset Managers' Clients

    By:
    Karen Sibayan
    |
    Apr 21, 2025

    A revolutionary fund structure that will allow asset managers to decrease their clients’ tax payments while growing their ETF businesses will soon be approved by the SEC. In this innovative fund model, a single share class of a mutual fund would be exchange-traded.

  • IRS, Treasury to Withdraw Basis-Shifting Transactions-of-Interest Regulations

    By:
    Karen Sibayan
    |
    Apr 18, 2025

    The Treasury Department and the IRS are set to publish a forthcoming notice of proposed rulemaking that removes basis shifting transactions of interest regulations.
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