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Latest Articles

  • PCAOB Releases Staff Report on 2025 Inspection Priorities

    By:
    Karen Sibayan
    |
    Dec 9, 2024
    On Dec. 9, the Public Company Accounting Oversight Board (PCAOB) inspectors released a staff report listing their priorities for 2025 inspections. The report outlines the key risks and considerations for auditors and questions for audit committees, among other items. 
  • Regulatory Roundup: December 3 - 9

    By:
    Karen Sibayan
    |
    Dec 9, 2024
    With so many regulators out there, it can be tough to keep track of all the decisions being made. This is the NYCPA'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.
  • Texas Federal Court Blocks Enforcement of Corporate Transparency Act Nationwide

    By:
    Karen Sibayan
    |
    Dec 4, 2024
    The Corporate Transparency Act and its implementing regulations, which mandate U.S. business entities report to the Treasury Department stakeholder information, were preliminarily blocked nationwide by a Texas federal court on Dec. 3. In a statement on the injunction, the AICPA reminded CPAs assisting clients with BOI reporting to remain prepared in the event that the injunction is lifted.
  • FAE Board of Trustees Nominations Due by Jan. 10

    By:
    By Trusted Professional Staff
    |
    Dec 4, 2024

    If you are interested in serving on the Foundation for Accounting Education (FAE) Board of Trustees, now is the time to submit your nomination. FAE, a 501(c)(3) organization and an affiliated entity of the NYSSCPA, is very important to the members of the Society and its mission because it administers the lifelong learning program for New York state CPAs.

  • Once Again, IRS Delays Implementation of Form 1099-K Reporting Threshold

    By:
    Karen Sibayan
    |
    Dec 2, 2024
    The IRS postponed for a third time the effective date of Form 1099-K for reporting the $600 threshold for third-party settlement organizations (TPSOs). The IRS will also treat both 2024 and 2025 as transition years, the agency stated on Nov. 26 in Notice 2024-85. 
  • Regulatory Roundup: November 19-December 2

    By:
    Karen Sibayan
    |
    Dec 2, 2024
    With so many regulators out there, it can be tough to keep track of all the decisions being made. This is the NYCPA'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.
  • GASB Releases Two Exposure Drafts for Comment

    By:
    Karen Sibayan
    |
    Nov 26, 2024
    The Governmental Accounting Standards Board (GASB) said on Nov. 25 that it has released a couple of Exposure Drafts: an Exposure Draft of a proposed Statement, Subsequent Events, and an Exposure Draft of a proposed Implementation Guide, Implementation Guidance Update2—2025. 
  • IRS Extends Transition Period for Valid Research Credit Claim for Refund

    By:
    Karen Sibayan
    |
    Nov 26, 2024
    The IRS extended the research credit claim transition period through Jan. 10, 2026, on Nov. 25. This gives taxpayers 45 days to perfect a research credit claim for refund before the IRS makes its final determination. 
  • IRS Attempts to Stop Refund Delays by Accepting Duplicate Dependent Returns

    By:
    Karen Sibayan
    |
    Nov 22, 2024
    The IRS is making it easier for taxpayers to protect their information and avoid refund delays by accepting certain e-filed tax returns claiming dependents who have already been claimed on another taxpayer’s return, according to the IRS. This change will benefit filers claiming key tax credits like the Earned Income Tax Credit and Child Tax Credit. 
  • SEC Announces Chair Gary Gensler to Step Down on Jan. 20

    By:
    Karen Sibayan
    |
    Nov 21, 2024
    The Securities and Exchange Commission (SEC) announced on Nov. 21 that its 33rd Chair, Gary Gensler, will step down from the SEC on Jan. 20, 2025. Gensler started his tenure on April 17, 2021,