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Latest Articles

  • Lax Gatekeeping Has Led IRS to Approve Host of Fake Charities as Tax-Exempt

    By:
    Ruth Singleton
    |
    Jul 6, 2022
    A fast-track application system introduced in 2014 has led the IRS to approve a large number of fake charities as tax-exempt. The denial rate for new charities—which had been as high as one in 53 applicants under the previous system—fell to one in 2,400 under this one. 
  • Employers, Including Large Firms, Hand out Midyear Raises in Response to Inflation

    By:
    Ruth Singleton
    |
    Jul 5, 2022
    In an effort to retain workers during this time of high inflation, many large employers, including accounting firms, are offering midyear raises. PwC, which raised salaries by 5 percent in January, announced that it will provide additional raises this month to reflect its performance in its fiscal year, which just ended.  
  • Regulatory Roundup - June 28 - July 5

    By:
    Ruth Singleton
    |
    Jul 5, 2022
    With so many regulators out here, 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 to Require New Electronic Fingerprinting Process for Practitioners’ E-file Applications

    By:
    Ruth Singleton
    |
    Jun 30, 2022
    The IRS has notified tax practitioners that, as of Sept. 25,  it will require a new electronic fingerprinting process for their e-file applications. In an email it sent tax professionals  Wednesday, the IRS announced that individuals would be required to use an IRS-authorized vendor for fingerprinting. Each new principal and responsible official listed on a new e-file application or added to an existing application needing fingerprints will have to schedule an appointment with the IRS authorized vendor.  
  • As Fed Raises Interest Rates to Fight Inflation, Mortgage Costs Slow Housing Market

    By:
    Ruth Singleton
    |
    Jun 29, 2022
    In response to the Federal Reserve’s recent efforts to cool inflation by raising interest rates, the higher cost of obtaining mortgages has slowed down the housing market. The increases have added hundreds of dollars a month to the typical mortgage payment in a market where home prices have already been skyrocketing, meaning that some potential homeowners can no longer afford to buy.
  • NY Federal Reserve President Says Recession Unlikely

    By:
    Ruth Singleton
    |
    Jun 28, 2022
    New York Federal Reserve President John Williams said yesterday that a U.S. recession is not likely. In an interview, he said, “A recession is not my base case right now. I think the economy is strong. Clearly financial conditions have tightened and I’m expecting growth to slow this year quite a bit relative to what we had last year.” 
  • Regulatory Roundup - June 22-27

    By:
    Ruth Singleton
    |
    Jun 27, 2022
    With so many regulators out here, 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.
  • Issuing Her Midyear Report, Taxpayer Advocate Says Backlog 'Is Still Crushing the IRS'

    By:
    Ruth Singleton
    |
    Jun 27, 2022
    Issuing her midyear report to Congress, National Taxpayer Advocate Erin M. Collins expressed dismay over the IRS’s large backlog of paper returns and resulting refund delays. “The IRS has said it is aiming to crush the backlogged inventory this year, and I hope it succeeds," Collins  wrote. "Unfortunately, at this point the backlog is still crushing the IRS, its employees, and most importantly, taxpayers. As such, the agency is continuing to explore additional processing strategies." 

  • Major Banks Work in Tandem with Treasury to Prevent Cyberattacks

    By:
    Ruth Singleton
    |
    Jun 24, 2022
    Major U.S. banks have been cooperating with the Department of Treasury in its efforts to prevent cyberattacks by engaging in a simulation exercise involving role play and shared information. The concern arises from Russia’s invasion of Ukraine; Treasury believes that Russia could engage in a cyberattack against U.S. banks. And even if minor banks or third-party service providers are targeted, such an attack could imperil everyone in a highly connected system. 
  • Report: Bitcoin Yields $30B in Capital Gains Annually, But Collecting Taxes Proves Challenging

    By:
    Ruth Singleton
    |
    Jun 23, 2022
    A recently issued report has found that U.S. holders of Bitcoin realize capital gains from the cryptocurrency amounting to approximately$30 billion per year. But authorities that seek to collect taxes on those capital gains faces several challenges.