Latest Articles

  • Regulatory Roundup - May 11-17

    By:
    Chris Gaetano
    |
    May 17, 2021
    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.
  • IRS Announces Extended Child Tax Credit Payments to Start July 15

    By:
    Chris Gaetano
    |
    May 17, 2021
    The IRS announced that the extended child tax credit payments, enacted as part of the American Rescue Plan Act, will begin July 15.
  • PCAOB Annual Report Shows Slight Drop in Enforcement Activity in 2020

    By:
    Chris Gaetano
    |
    May 17, 2021
    The Public Company Accounting Oversight Board (PCAOB) released its 2020 Annual Report, which shows that the organization engaged in slightly less enforcement activity last year than in the previous year.
  • Poll FInds 38 Percent of Professionals Say Pandemic Set Back Career Goals

    By:
    Chris Gaetano
    |
    May 17, 2021
    A recent poll outlined in CPA Practice Advisor found that 38 percent of professionals say the pandemic, with its attendant economic chaos and strife, has set back their career progress.
  • Swiss Life Agrees to Pay $77.3 Million to Settle Criminal Tax-Avoidance Charges

    By:
    Ruth Singleton
    |
    May 14, 2021

    Swiss Life Holding AG and several subsidiaries have admitted to conspiring with U.S. taxpayers to conceal more than $1.452 billion in offshore insurance policies from the IRS. The company has agreed to enter into a deferred prosecution agreement and to pay approximately $77.3 million to the U.S. Treasury, which includes restitution, forfeiture of all gross fees and a penalty.

  • Grant Requests for Restaurant Revitalization Fund Exceed Amounts Allocated in 10 Days

    By:
    Chris Gaetano
    |
    May 13, 2021
    The American Rescue Plan Act established a $28 billion Restaurant Revitalization Fund, from which eateries could request grants to keep their businesses afloat, but only 10 days into the program, the well has been nearly tapped dry, as requests now exceed the amount allocated.
  • Federal Reserve Sanguine in Face of Inflation Fears

    By:
    Chris Gaetano
    |
    May 13, 2021
    While inflation has reached record highs, the Federal Reserve views it as more a bump in the road than a dire sign of things to come.
  • PCOAB Proposes Rule to Create Framework for Audit Mandate on Foreign Companies

    By:
    Chris Gaetano
    |
    May 13, 2021
    The Public Company Accounting Oversight Board (PCAOB) today proposed a rule to create a framework governing the specifics of how the Holding Foreign Companies Accountable Act (HFCAA), which mandates that foreign companies receive board-compliant audits or else face delisting, will be applied to these companies.
  • Consumer Price Index Spikes to 13-Year High

    By:
    Chris Gaetano
    |
    May 12, 2021
    The Bureau of Labor Statistics has reported that the Consumer Price Index rose by 0.8 percent in April, combining with other increases to create a 12-month growth of 4.2 percent before seasonal adjustment, the biggest year-over-year jump since a 4.9-percent increase in 2008. 
  • Amount Americans Believe One Needs to Be Considered Wealthy Drops to $1.9 Million

    By:
    Chris Gaetano
    |
    May 12, 2021
    While many costs are going up, one has actually gone down from last year: the amount of money one needs for people to consider you wealthy.