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Latest Articles

  • PCAOB Inspection Reports for 2023 Reveal Some Improvement at Large Firms but Continuing Audit Deficiencies Overall

    By:
    Ruth Singleton
    |
    Aug 16, 2024
    The Public Company Accounting Oversight Board (PCAOB) announced that it has posted its inspection reports for all of 2023, including for the six U.S. Global Network Firms, which comprise the global networks of the Big Four, along with those of Grant Thornton and BDO. It also issued reports for eight nonaffiliate firms. PCAOB staff observed that while overall deficiency rates continued to increase in the aggregate, ... “we have begun to see the aggregate deficiency rate at the Big Four firms level off, as well as improvements in the deficiency rates at several of the other annually-inspected firms.”
  • Survey: MBA Credential Valued Slightly More than CPA When Hiring Executives Seek CFOs

    By:
    NYSSCPA Staff
    |
    Aug 15, 2024
    An MBA degree ranks slightly higher than a CPA credential when hiring executives seek CFOs, according to a survey conducted by the Pennsylvania Institute of CPAs (PICPA).
  • Report: Local Sales Taxes Rising Across the Country

    By:
    NYSSCPA Staff
    |
    Aug 15, 2024
    Needing new sources of revenue, local governments across the country are raising sales tax rates or introducing new taxes, according to a new study.
  • IRS Issues New Security Plan Designed to Help Protect Tax Pros

    By:
    NYSSCPA Staff
    |
    Aug 14, 2024
    The IRS and its Security Summit partners released an updated Written Information Security Plan (WISP) designed to help protect tax professionals against continuing threats from identity thieves and data breaches.
  • IRS Issues Draft Form for Digital Assets Sales and Exchanges

    By:
    Ruth Singleton
    |
    Aug 13, 2024
    The IRS has posted an early draft of updated Form 1099-DA, the form for brokers to use to report certain sale and exchange transactions of digital assets that take place beginning in calendar year 2025. Generally, brokers will send these forms to both taxpayers and the IRS in early 2026.
  • IRS Postpones Tax Deadlines Until Feb. 3 for Some Hurricane Debby Victims in Florida, Georgia and the Carolinas

    By:
    NYSSCPA Staff
    |
    Aug 12, 2024
    Responding to the devastation recently wrought by Hurricane Debby, the IRS announced tax relief for some individuals and businesses in four states affected by the storm. Affected taxpayers in specified counties in South Carolina, North Carolina, Florida and Georgia now have until Feb. 3, 2025, to file various federal individual and business tax returns and make tax payments.
  • Harris Proposes Ending Taxes on Tips

    By:
    NYSSCPA Staff
    |
    Aug 12, 2024
    Vice President Kamala Harris has echoed former President Donald Trump’s proposal to end taxes on tipped income for service industry workers in a bid to court young people and working-class voters.
  • Regulatory Roundup: August 6-12

    By:
    Ruth Singleton
    |
    Aug 12, 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.
  • IRS Processing More Employee Retention Credit Claims, Has Moved Moratorium End Date to Jan. 1, 2024

    By:
    Ruth Singleton
    |
    Aug 9, 2024
    The IRS announced that it is accelerating Employee Retention Credit (ERC) payments as well as continuing to work on denials of improper ERC claims. In addition, it announced that it is shifting the end date of its moratorium on processing new claims from Sept. 14, 2023, to Jan. 31, 2024.
  • Failure of Tax Bill Could Hurt Small Business R&D

    By:
    NYSSCPA Staff
    |
    Aug 8, 2024
    The Senate’s failure to pass a $78 billion bill that included tax breaks for businesses and low-income families could have dire effects for small business research and development.