Latest Articles

  • Congressional Democrats Seek Alternatives to Raising Corporate Tax Rate

    By:
    Ruth Singleton
    |
    Oct 21, 2021
    Democrats in Congress are working on alternatives to raising the 21 percent corporate tax rate in order to fund their reconciliation budget bill, which has vast new investments in education, health, child care, paid leave and climate programs. The bill, also known as Build Back Better, originally envisioned raising the corporate income tax rate from 21 percent to 28 percent. The reason for the workarounds is that Sen. Kyrsten Sinema (D-Ariz.) has signaled opposition to the corporate tax increase. Nearly all the alternatives are more complicated and politically risky than just increasing the top-line rate. 
  • Report Finds Women Advanced at Accounting Firms Despite Pandemic Disruptions

    By:
    Ruth Singleton
    |
    Oct 20, 2021
    According to a recently published Accounting MOVE Project report, accounting firms that already had women-friendly remote work protocols in place before the 2020 COVID-19 pandemic began experienced a significant advantage when the firms shifted suddenly to work-from-home policies. The report found that firms continued to promote women to senior leadership during the pandemic. This year, women represent 32 percent of partners and principals at the firms that participate in the Accounting MOVE Project, up from 29 percent in 2020.  
  • Now You Can Join Mentor Match Through myNYSSCPA

    By:
    Feilin Gao
    |
    Oct 19, 2021
    Mentor Match links experienced professionals with members who have newly started their careers or are in a career transition. The program is a win-win for mentees, mentors and the profession. Whether you are looking forward to deepening your knowledge in the profession or recruiting and retaining top talent, Mentor Match acts as ongoing support throughout your career and continually improves your skills
  • PCAOB Preview Report Finds Some Improvements in Audits but Also Persistent Deficiencies

    By:
    Ruth Singleton
    |
    Oct 19, 2021
    The Public Company Accounting Oversight Board has issued a preview of its inspection report for 2020. The preview report made three key observations: The PCAOB continues to identify a number of deficiencies that recur from year to year; for most annually inspected audit firms, the PCAOB identified fewer findings in 2020 compared to its 2019 inspections (for triennially inspected audit firms, some improvements were noted, although deficiencies continue to remain high); and there was evidence of good practices that could be effective in enhancing audit quality.
  • Regulatory Roundup - Oct. 12-18

    By:
    Ruth Singleton
    |
    Oct 18, 2021
    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 Announces Revamped Process for Updating FAQs for New Tax Legislation

    By:
    Ruth Singleton
    |
    Oct 18, 2021
    The IRS  announced on Friday that it will update its process for posting frequently asked questions (FAQs) about new tax legislation in order to address concerns about transparency and how taxpayers are affected during this process.  The agency will also provide more clarity about the ability of taxpayers to rely on its FAQs to avoid penalties. 
  • Survey: Majority of Corporate Directors See ESG Reporting as Essential; Many Take Steps Toward Board Diversity

    By:
    Ruth Singleton
    |
    Oct 15, 2021
    Almost two thirds of corporate board members endorse environmental, governance and social (ESG) reporting for their companies, according to PwC’s 2021 Annual Corporate Director’s Survey. Fully 64 percent say that ESG is linked to their company’s strategy, compared to only 49 percent last year. Yet only 25 percent say that their board understands ESG risks very well. In addition, an increasing number of directors say that diversity and inclusion (D&I) efforts are good for both their companies and boardrooms, and they recognize the need to build a culture of belonging. 
  • Unemployment Claims Fall to Lowest Level Since Start of Pandemic Lockdowns

    By:
    Ruth Singleton
    |
    Oct 14, 2021
    The U.S. Department of Labor reported that there were 293,000 initial claims for unemployment benefits during the week ending Oct. 9. That is the lowest number since the week ending March 14, 2020—the start of nationwide lockdowns resulting from the COVID-19 pandemic—when it was 256,000.
  • Social Security Cost of Living Adjustment Will Be 5.9%, Highest in Four Decades

    By:
    Ruth Singleton
    |
    Oct 13, 2021
    The Social Security Administration announced that the 2022 cost of living adjustment (COLA) will increase to 5.9 percent, the highest in four decades. The COLA for this year was 1.3 percent. 
  • Workers Return to Offices at Highest Rate Since Start of Pandemic

    By:
    Ruth Singleton
    |
    Oct 12, 2021
    Although a sharp upturn in COVID-19 cases during the summer forced many businesses to cancel their plans to reopen their offices around Labor Day, now that the number of cases has gone down again, the rate of reopening has risen steadily.