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The Trusted Professional | NYSSCPA

 
 
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Firms Adapt to Changed Landscape for Clients, Revenue

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Dynamic Audit Solution: Transforming Audits
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NYS Enacts Recreational Cannabis Legalization

Latest Articles

  • Regulators Meet to Consider Extending 'Systemically Important' Designation Beyond Banks

    By:
    S.J. Steinhardt
    |
    Sep 25, 2023
    Top American regulators, led by U.S. Treasury Secretary Janet Yellen, held a closed-door meeting on Sept. 22 to discuss a plan to make it easier to designate firms other than banks as systematically important financial institutions (Sifi).

  • IRS Suggests Businesses Use Pause on Processing ERC Claims as Opportunity to Consult Qualified Tax Pros

    By:
    S.J. Steinhardt
    |
    Sep 22, 2023
    The IRS's recently announced moratorium on processing Employee Retention Credit (ERC) claims has also prompted the agency to encourage businesses to work with qualified tax professionals to determine their eligibility for what it calls “an incredibly complex credit’ with very specific eligibility requirements.” The IRS has received a spate of dubious claims for ERC credits promoted by so-called ERC mills.

  • Regulatory Roundup: September 19-22

    By:
    S.J. Steinhardt
    |
    Sep 22, 2023

    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 Establishes New Unit to Focus on Pass-Throughs

    By:
    S.J. Steinhardt
    |
    Sep 21, 2023
    The IRS has established a special unit to focus on large or complex pass-through entities, as part of its overall effort to devote more attention to high-income compliance issues.

  • FTC Warns Five Tax Prep Companies Against Unauthorized Personal Data Usage

    By:
    S.J. Steinhardt
    |
    Sep 21, 2023
    The Federal Trade Commission (FTC) told five tax preparation companies that they could face civil penalties for the use of their customers’ confidential data for unrelated purposes, such as advertising, without first obtaining their consent.

  • Companies Face Pending Emissions Disclosure Rules from E.U. and California

    By:
    S.J. Steinhardt
    |
    Sep 20, 2023
    While many large American companies try to fight pending rules and regulations governing disclosure of their greenhouse gas emissions, they may have no choice, as two large economies are moving ahead with their own plans.

  • PCAOB Proposes Amending Rule on Auditors’ Liability for Contributing to Violations

    By:
    S.J. Steinhardt
    |
    Sep 20, 2023

    The Public Company Accounting Oversight Board (PCAOB) has proposed amendments to its rule on an auditor’s responsibility for not knowingly or recklessly contributing to violations. The proposed rule would change the liability standard from recklessness to negligence for associated persons’ contributory conduct.

  • IRS to Shift General Focus of Audits from Low- to High-Income Taxpayers

    By:
    Ruth Singleton
    |
    Sep 19, 2023
    Using funding from the Inflation Reduction Act, the IRS will begin to increase the audit rate of high-income taxpayers and large corporations and decrease the audit rate of low-income taxpayers, who often rely on refundable credits. In a Sept. 18 letter to Sen. Ron Wyden (D-Ore.), IRS Commissioner Daniel Werfel said that the agency will be "rebalancing effort[s] ... around high-income and high-wealth individuals, complex partnerships, and large corporation," while "substantially reducing the number of correspondence audits focused specifically on certain refundable credits, including the Earned Income Tax Credit (EITC), American Opportunity Tax Credit, Health Insurance Premium Tax Credit, and Additional Child Tax Credit."

  • Woes Beset the Global Consulting Industry

    By:
    S.J. Steinhardt
    |
    Sep 18, 2023
    The expansion of the global consulting industry, propelled by increased demand during the COVID-19 pandemic, has come to an "abrupt end, The Financial Times reported.

  • IRS Previews Proposed Changes to Research Credit

    By:
    S.J. Steinhardt
    |
    Sep 18, 2023

    The IRS previewed proposed changes to certain sections of Form 6765, Credit for Increasing Research Activities. The Credit for Increasing Research Activities is also known as the Research Credit.
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