Latest Articles

  • NYS Announces Tax Deadline Extension for Flooding Victims

    By:
    Chris Gaetano
    |
    Sep 16, 2021
    New York, following the lead of the federal government and New Jersey, has declared tax deadline extensions for those who have been affected by the recent floods. 
  • FASB Proposes Clarifying that Contractual Restrictions on Equity Sales Don't Count in Fair Value Measurements

    By:
    Chris Gaetano
    |
    Sep 16, 2021
    The Financial Accounting Standards Board (FASB) has proposed amending guidance in Topic 820 to clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value.
  • City Begins Enforcing Vaccine Mandates for Public Spaces, But Courts Issue Stays on Mandates for Some Workers

    By:
    Chris Gaetano
    |
    Sep 15, 2021
    The grace period is over: New York City has started enforcing its previously-announced vaccine mandate for public spaces. 
  • Senator Warren Calls on Fed to Break up Wells Fargo

    By:
    Chris Gaetano
    |
    Sep 15, 2021
    Sen. Elizabeth Warren (D-Mass.), in response to the latest of a very long series of scandals from troubled bank Wells Fargo, called on Jerome Powell, the chair of the Federal Reserve, to break up the bank entirely. 
  • Democratic Leaders Confirm Intention to Find 'Meaningful' Relief on SALT Cap

    By:
    Chris Gaetano
    |
    Sep 14, 2021
    Rep. Richard Neal (D-Mass.), chair of the House Ways and Means Committee, released a statement alongside Oversight Subcommittee Chairman Bill Pascrell, Jr. (D-N.J.), and Congressman Tom Suozzi (D-N.Y.) , both strong advocates of lifting or totally removing the $10,000 cap on state and local tax (SALT) deductions, saying the party is committed to finding meaningful relief on the matter. 
  • Bill Would End 'Wash Sale' Loophole for Cryptocurrency

    By:
    Chris Gaetano
    |
    Sep 14, 2021
    A bill recently passed in the House would close a loophole enjoyed by cryptocurrency traders that allows them to significantly reduce their tax burdens from the digital assets. 
  • Vaccine Mandates Remain Rare in CPA Firms, for Now

    By:
    Chris Gaetano
    |
    Sep 13, 2021
    Despite the ongoing COVID-19 pandemic, accounting firms, so far,  have been hesitant to implement vaccine mandates with their staff, and the ones that have are in a definite minority. That may change, in light of President Joe Biden’s recently issued mandate, requiring all employers with 100 or more employees to ensure that their workforces are fully vaccinated or show a negative test at least once a week.  
  • IRS Says COVID-19 Tests Legitimate Medical Expense

    By:
    Chris Gaetano
    |
    Sep 13, 2021
    The IRS announced that take-home COVID-19 tests are legitimate medical expenses for tax purposes. 
  • Regulatory Roundup - Sept. 8-13

    By:
    Chris Gaetano
    |
    Sep 13, 2021
    With so many regulators out there, 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.
  • House Democrats Propose Slightly Less Ambitious Tax Plan Than First Outlined

    By:
    Chris Gaetano
    |
    Sep 13, 2021
    House Democrats have released initial details of their proposed tax plan to fund the White House's $3.5 trillion economic agenda, which calls for significant tax increases, though slightly lower than those first proposed by the Biden Administration.