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Latest Articles

  • IRS Updates Form 1099-K FAQs

    By:
    S.J. Steinhardt
    |
    Mar 23, 2023
    The IRS has updated its frequently asked questions (FAQs) about Form 1099-K, the information return used for reporting transactions involving payment cards and third-party networks.
  • Inflation Causing Some Companies to Shift Away from Last-in, First-out Accounting

    By:
    S.J. Steinhardt
    |
    Mar 23, 2023
    Squeezed by inflationary pressure on their earnings, companies are moving away from “last-in, first-out” (LIFO) accounting, and toward “first-in, first-out” (FIFO) accounting for their inventory.
  • IRS Issues Guidance and Requests Comments on NFTs’ Tax Treatment

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

    The Treasury Department and the IRS have issued preliminary guidance regarding the tax treatment of nonfungible tokens (NFTs) as collectibles under the tax law.

  • Analysts Question Fed's Oversight After Bank Failures

    By:
    S.J. Steinhardt
    |
    Mar 22, 2023
    After the recent failures of Silicon Valley, Signature and Silvergate Banks, some analysts have called the Federal Reserve Board’s ability to supervise the banking system into question.
  • Bank Collapse Prompts Another Look at Fair-Value Accounting for Securities

    By:
    S.J. Steinhardt
    |
    Mar 21, 2023
    The collapse of Silicon Valley Bank has prompted members of the banking and investment communities to reconsider accounting rules first considered after the 2008-09 financial crisis but subsequently abandoned after industry objections.
  • OECD Continues Transition to Global Minimum Tax Compliance

    By:
    S.J. Steinhardt
    |
    Mar 21, 2023
    The Organization for Economic Cooperation and Development (OECD) continues to move ahead with its plans to implement the global corporate minimum tax to which it agreed in October 2021.
  • Represent New York State on the AICPA Council: A Call for Statements of Interest

    By:
    Timothy J. Hammond
    |
    Mar 21, 2023
    In October 2023, the NYSSCPA Board of Directors will submit the names of four individuals to the AICPA’s Nominations Committee, which nominates members for election to the AICPA Council. Those nominees, once duly elected, will each serve three-year terms, beginning May 2024, on the approximately 265-person governing council. In addition, one person will be designated by the Society to serve a one-year term as its representative to the council, also beginning May 2024. 
  • IRS Posts FAQs About Medical Expenses

    By:
    S.J. Steinhardt
    |
    Mar 20, 2023
    The IRS has posted frequently asked questions (FAQs) related to certain medical expenses under Section 213 of the Internal Revenue Code.
  • Regulatory Roundup: March 14-20

    By:
    S.J. Steinhardt
    |
    Mar 20, 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.

  • 'Crypto' Attempts an Image Makeover—Again

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

    The recent bad news affecting digital assets has prompted the industry to try to rebrand itself, The New York Times reported.