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Latest Articles

  • IRS Commissioner: Taxpayers Have Withdrawn Claims for $400M in Employee Retention Credits Deemed Ineligible

    By:
    S.J. Steinhardt
    |
    May 8, 2024
    Claims for almost $400 million in unpaid employee retention credits (ERCs) deemed ineligible have been withdrawn by taxpayers since the agency placed a moratorium on processing new claims last year, IRS Commissioner Danny Werfel told a congressional subcommittee.
  • PCAOB Exploring Option of Naming Companies with Deficient Financial Audits

    By:
    S.J. Steinhardt
    |
    May 7, 2024
    The Public Company Accounting Oversight Board (PCAOB) is considering whether to reveal, as part of its inspection reports,  the names of companies that received deficient audits of their financial information—a step for which investors have argued.
  • Six Accounting Firms Report on How They're Using AI

    By:
    S.J. Steinhardt
    |
    May 7, 2024
    While many accountants eschew artificial intelligence, others are using the technology in several different ways. Six accounting firms offer their experiences with the technology.
  • Government Reports Warn of Social Security and Medicare Shortfalls Within a Decade

    By:
    S.J. Steinhardt
    |
    May 6, 2024
    Two government reports issued on May 6 warn that Social Security and Medicare face insolvency within a decade.
  • Represent New York State on the AICPA Council: A Call for Statements of Interest

    By:
    Timothy J. Hammond, NYSSCPA Secretary/Treasurer
    |
    May 6, 2024
    In October 2024, 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 2025, 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 2025. 
  • IRS Commissioner Details Plans for Audits of Corporations and the Rich

    By:
    S.J. Steinhardt
    |
    May 6, 2024
    IRS Commissioner Danny Werfel offered some specifics about the agency's plans for audits of wealthy individuals and corporations at a press conference last week. These figures can be found in the IRS's recently published strategic operating plan update and update supplement.
  • Regulatory Roundup: April 30-May 6

    By:
    S.J. Steinhardt
    |
    May 6, 2024

    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.

  • Citing 'Massive Fraud' Affecting More Than 1,500 Filings, SEC Suspends and Fines Audit Firm

    By:
    S.J. Steinhardt
    |
    May 3, 2024
    The Securities and Exchange Commission (SEC) has charged, audit firm BF Borgers CPA PC  with “massive fraud, fining it $12 million and permanently  suspending it from appearing and practicing before the the SEC as accountants, effective immediately The company had served as the accounting firm for Trump Media & Technology, which owns Truth Social, before it went public this past March. But given the timing of the audits that the SEC focused on, the filings for Trump Media probably were not among those investigated as part of the review,
  • IRS Cites Improvements As It Releases Updated Strategic Operating Plan

    By:
    S.J. Steinhardt
    |
    May 3, 2024
    The IRS released an update of its Strategic Operating Plan (SOP), which outlined the agency’s future plans and highlighted improvements made with the help of funding from the Inflation Reduction Act.
  • Webinar Speaker Examines Challenges of Burnout Among Women CPAs

    By:
    S.J. Steinhardt
    |
    May 2, 2024
    Finding solutions to burnout among women CPAs was the topic of discussion at the second session of a Women's Leadership series presented by the Virginia Society of CPAs (VSCPA) on April 26, in conjunction with the NYSSCPA.