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Latest Articles

  • Bipartisan Bill Introduced in Senate Would Bar Tax Breaks for Companies Paying Taxes to Russia, Belarus

    By:
    Ruth Singleton
    |
    May 13, 2022
    A bipartisan bill introduced in the Senate on Thursday would bar companies that pay taxes to Russia or Belarus from receiving foreign tax credits or other benefits.  Senate Finance Committee Chair Ron Wyden (D-Ore.) and Sen. Rob Portman (R-Ohio) sponsored the legislation, which would add those two countries to a list of countries already ineligible for foreign tax credits, including North Korea, Iran, Syria and Sudan.  

  • Increasing Number of States to Require Stand-Alone Financial Literacy Classes in High School

    By:
    Ruth Singleton
    |
    May 12, 2022
    Georgia recently joined seven other states in passing legislation that requires a stand-alone financial literacy course as a high school graduation prerequisite. On April 28, Gov. Brian Kemp signed into law a financial literacy provision that will call for all students in either 11th or 12th grade to take a half-credit course in financial topics such as budgeting and credit management. 

  • While Rate of Inflation Moderated in April, Prices Still Climbed Quickly

    By:
    Ruth Singleton
    |
    May 11, 2022
    A Consumer Price Index report released Wednesday by the U.S. Bureau of Labor Statistics  indicates that annual inflation  in April moderated for the first time in months, but there are some troubling indicators. Prices increased by 8.3 percent for the 12 months ending April, a smaller increase than the 8.5-percent figure for the period ending in March. 

  • Congress Confronts Approaching Expiration of Several TCJA Provisions

    By:
    Ruth Singleton
    |
    May 10, 2022
    As provisions of the Tax Cuts and Jobs Act (TCJA) of 2017 approach their expiration dates, Congress has to make decisions about which ones to extend. Congressional Republicans passed the TCJA, using familiar budget strategies, including setting many provisions to expire in a few years and scheduling some taxes to increase. Their expectation was that future members of Congress would extend the popular provisions and repeal the unpopular ones. 

  • Regulatory Roundup - May 3-9

    By:
    Ruth Singleton
    |
    May 9, 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.

  • Study: IRS Has Ability to Accurately Autofill Over 40 Percent of Individual Tax Returns

    By:
    Ruth Singleton
    |
    May 9, 2022
     A study by the National Bureau of Economic Research has found that the IRS has the capability to accurately autofill between 62 and 73 million individual returns (41 to 48 percent of them) using only current-year information returns and the prior-year return. The study’s authors used a random sample of 344,400 individual income tax returns for 2019 constructed by the Statistics of Income Division of the IRS.  

  • IRS to Transfer Services for Tax Professionals to ID.me, Despite Concerns About Company

    By:
    Ruth Singleton
    |
    May 6, 2022
    The IRS plans to transfer its online services for tax professionals to ID.me, a third-party authentication service provider, this summer, in spite of objections to the company raised by members of Congress.

  • NYS Bill Would Impose Two-Year Ban on Certain Cryptocurrency Mining Operations

    By:
    Ruth Singleton
    |
    May 5, 2022
    A bill pending in the New York State Legislature would impose a two-year moratorium on certain cryptocurrency mining operations in order to reduce the state’s carbon footprint. The bill would specifically address operations that use proof-of-work authentication methods to validate blockchain transaction. This method is used primarily by Bitcoin, although Ethereum is also using it, at least for another few months. 

  • Federal Reserve Raises Interest Rates Half a Point in Effort to Cool Inflation

    By:
    Ruth Singleton
    |
    May 4, 2022
    The Federal Reserve Bank announced on Wednesday that it has increased interest rates by a half a percentage point—the largest increase since 2000—with the goal of cooling inflation, which has been increasing at the fastest rate in 40 years. The Fed also announced a plan to shrink its massive bond holdings. 

  • SEC Expands Crypto Assets Unit to Protect Investors Who Increasingly Use Crypto Markets

    By:
    Ruth Singleton
    |
    May 3, 2022
    The Securities and Exchange Commission (SEC) has announced that it is increasing the size of its newly renamed Crypto Assets and Cyber Unit (formerly known as the Cyber Unit) by adding 20 positions. The unit, within the Division of Enforcement, will expand to 50 positions. The additional positions will include supervisors, investigative staff attorneys, trial counsels and fraud analysts. They will work in the agency’s headquarters in Washington, D.C., as well as in several regional offices. 
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