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Latest Articles

  • Society Partners with AICPA, Persuading Members of NY Congressional Delegation to Sign Letter to IRS Over Backlog

    By:
    Ruth Singleton
    |
    Aug 18, 2022
    The NYSSCPA recently partnered with the AICPA to ensure that members of the New York congressional delegation understood the issues the IRS is having with its backlog. The NYSSCPA requested that congressional members sign on to a letter produced by Reps. Abigail Spanberger (D-Va.) and Brian Fitzpatrick (R-Pa.) urging the IRS to extend the suspension of automated collections, continue the pause on automated notices, and keep its surge teams in place until hiring challenges and processing backlogs are adequately addressed. Within the New York delegation, the letter was sign by Sen. Kirsten Gillibrand (D-N.Y.) and Reps. Adriano Espaillat (D-N.Y.) and Jerrold Nadler (D-N.Y.).
  • PCAOB’s Five-Year Strategic Plan Proposal Sets Out Four Goals

    By:
    Ruth Singleton
    |
    Aug 17, 2022
    The Public Company Accounting Oversight Board (PCAOB) released a proposed five-year strategic plan on Tuesday, centered around four goals: modernizing standards, enhancing inspections, strengthening enforcement and improving organizational effectiveness. The PCAOB is inviting the public to comment on how it will pursue its mission of protecting investors from 2022 to 2026. 
  • Regulatory Roundup - August 9-15

    By:
    Ruth Singleton
    |
    Aug 16, 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.
  • As Biden Signs Inflation Reduction Act, Analysts Weigh in on Corporate Tax Provisions

    By:
    Ruth Singleton
    |
    Aug 16, 2022
    Following the Senate’s passage of the landmark climate and tax bill, known as the Inflation Reduction Act of 2022, a week ago, the House of Representatives passed the legislation on Friday, and President Joe Biden is scheduled to sign it into law Tuesday. Analysts such as the Tax Foundation have now weighed in on the two main corporate tax provisions. One imposes a 15 percent minimum tax on corporate book income for corporations with profits over $1 billion, effective for tax years beginning after Dec. 31, 2022. The other creates a 1 percent excise tax on the value of stock repurchases during the taxable year, net of new issuances of stock, effective for repurchases after Dec. 31, 2022.
  • Five Chinese State-Owned Businesses Plan to Delist from U.S. Exchanges in Dispute over PCAOB Inspections

    By:
    Ruth Singleton
    |
    Aug 12, 2022
    Five of the largest state-owned businesses in China announced on Friday that they will delist from U.S. stock exchanges because they don’t want to comply with inspections of their audits by the Public Company Accounting Oversight Board (PCAOB). The companies are China Life Insurance Co., PetroChina Co., China Petroleum & Chemical Corp, Aluminum Corp. of China and Sinopec Shanghai Petrochemical Co.
  • AICPA Asks IRS to Fix Problems with Practitioner Priority Service Phone Line

    By:
    Ruth Singleton
    |
    Aug 11, 2022
    In a letter to the IRS, the AICPA focused on the long wait times for calls to the agency’s Practitioner Priority Service (PPS) for tax professionals, asking the agency to make improvements.Taxpayers and tax professionals have both complained for a long time about the difficulty of reaching the IRS over the phone, and those complaints have mounted during the COVID-19 pandemic. 
  • D.C. Appeals Court Rules House Committee Can Get Trump Tax Returns

    By:
    Ruth Singleton
    |
    Aug 10, 2022
    A federal appeals court has ruled that the House Ways and Means Committee is entitled to receive the tax returns of former President Donald Trump that it requested in 2019.The U.S. Court of Appeals for the D.C. Circuit upheld the December ruling of a district court, with the three-judge panel ruling 3-0 in favor of the committee. It ruled that the House committee, which has sought Trump’s tax records for years as part of an inquiry into how the IRS audits presidential income tax returns, had the legal right to obtain them from the U.S. Treasury Department. 
  • Online Prices Drop for First Time in Two Years

    By:
    Ruth Singleton
    |
    Aug 9, 2022

    Online prices dropped by 1 percent in July over the previous July, ending a two-year-long streak of inflation, according to a report issued by Adobe on Tuesday. Electronics, apparel and toys drove down prices, while food costs remained high.  July is the first month in which e-commerce entered deflation, after 25 consecutive months of persistent inflation. The drop in prices follows an 0.3 percent year-over-year increase in June and a 2 percent increase in May. 

  • Regulatory Roundup - August 2-8

    By:
    Ruth Singleton
    |
    Aug 8, 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.
  • Senate Passes Inflation Reduction Act: Here are the Key Tax Provisions

    By:
    Ruth Singleton
    |
    Aug 8, 2022

    The Senate passed the  the climate and tax legislation known as the Inflation Reduction Act of 2022 on Sunday. The bill includes an investment of about $370 billion to combat climate change and several major tax provisions. The passage came after an all-night session on Saturday, during which senators proposed and voted on numerous amendments. The legislation now moves to the House of Representatives, where it is expected to pass this week, and then to President Joe Biden, who is expected to sign it into law.