Latest Articles

  • Regulatory Roundup - June 30 - July 6

    By:
    Chris Gaetano
    |
    Jul 6, 2020
    With so many regulators out there, it can be tough to keep track of all the decisions being made. This is the NYSSCPA'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.
  • CBO Predicts Long-Term Damage to GDP Growth

    By:
    Chris Gaetano
    |
    Jul 6, 2020
    The Congressional Budget Office, in its latest set of economic projections, said that the effects of the global pandemic mean that annual U.S. GDP growth will be 3.4 percent slower than the CBO first projected in January, and that annual unemployment will be about 2 percent higher.
  • Fed Economists Warn That 'Belief Scarring' Will Hamper Post-Pandemic Growth

    By:
    Chris Gaetano
    |
    Jul 6, 2020
    Federal Reserve economists have released a paper warning that the global pandemic's economic damage could cause long-term changes in what we believe and how we behave, which could hamper growth even after the virus is under control.
  • PPP Extension to Aug. 8 Enacted, SBA Releases Loan Data

    By:
    Chris Gaetano
    |
    Jul 6, 2020
    A bill extending the life of the Paycheck Protection Program until Aug. 8, which passed Congress last week, has now been officially signed into law. In addition, the Small Business Administration has released data on nearly 700,000 loans issued through the program.
  • DOL Reports 1.4 Million More Unemployment Filings Last Week, But 4.8 Million More Jobs in June

    By:
    Chris Gaetano
    |
    Jul 2, 2020
    The U.S. Department of Labor reported that 1.427 million more people filed for initial unemployment claims last week.
  • House Passes PPP Extension to Aug. 8, Bill Now Goes to White House for Approval

    By:
    Chris Gaetano
    |
    Jul 2, 2020
    The House of Representatives has approved a bill, which recently passed the Senate, extending the life of the Paycheck Protection Program until Aug. 8.
  • NYSSCPA Sees Advocacy Wins on State and Federal Level; Member Guidance Vital

    By:
    Ruth Singleton
    |
    Jul 2, 2020
    When the COVID-19 crisis began in New York in mid-March, and CPAs across the state began working remotely, the NYSSCPA was quick to respond through aggressive advocacy efforts and with timely resources and guidance.
  • At Annual Meeting, Society Installs Edward L. Arcara as President

    By:
    Ruth Singleton
    |
    Jul 2, 2020
    At the 2020 annual meeting of the NYSSCPA, held via videoconference on the afternoon of May 27, Edward L. Arcara was installed as the Society’s 101st president. Arcara outlined goals for the year, including further partnering with the New York State Department of Taxation and Finance, business groups, chambers of commerce and other professional organizations; showcasing the talents of the Society’s 15 chapters; and growing membership through more outreach to colleges and universities
  • Senate Passes Bill to Extend PPP to Aug. 8

    By:
    Chris Gaetano
    |
    Jul 1, 2020
    The Paycheck Protection Program, which was set to formally expire at midnight last night, was given a last-minute reprieve when the U.S. Senate passed a bill that would extend its life to Aug. 8.
  • New IRS Data Shows 771,095 Return Audits, $17.3 Billion Additional Tax Assessed

    By:
    Chris Gaetano
    |
    Jul 1, 2020
    The IRS released its latest data book outlining statistics relating to the previous tax year in a new format which, among other things, puts new emphasis on compliance and enforcement.