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Latest Articles

  • IRS Reminder to Tax Pros: Multifactor Authentication Now Required

    By:
    MYSSCPA Staff
    |
    Aug 7, 2024
    The IRS and its Security Summit partners have reminded tax professionals that using multifactor authentication to protect their businesses and their clients is now a federal requirement.
  • TIGTA Finds Fault with Responsiveness of Taxpayer Advocate Services Phone Lines

    By:
    Ruth Singleton
    |
    Aug 6, 2024
    The Treasury Inspector General for Tax Administration (TIGTA) has issued a report finding that the local telephone lines of the Taxpayer Advocate Services (TAS) were not consistent in providing taxpayers the ability to speak with a TAS representative.
  • Report: Undocumented Immigrants Contributed Nearly $100 Billion in Taxes in 2022

    By:
    NYSSCPA Staff
    |
    Aug 5, 2024
    Undocumented immigrants paid taxes amounting to $96.7 billion in 2022, including funding for government programs that they cannot access, according to a report by the Institute on Taxation and Economic Policy (ITEP), a left-leaning think tank. Roughly one-third of their tax payments included $ 25.7 billion to fund Social Security and  $6.4  billion to fund Medicare.
  • Federal Appeals Court Rules Cell Phone Tax Unconstitutional

    By:
    NYSSCPA Staff
    |
    Aug 5, 2024
    In what one expert called "the biggest news in the communications tax world in 20 years,"the Fifth U.S. Circuit Court of Appeals ruled recently that the Universal Service Fund (USF), a fee that appears on cell phone bills, is unconstitutional.
  • Regulatory Roundup: July 30-August 5

    By:
    Ruth Singleton
    |
    Aug 5, 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.
  • Melancon Says Two Recent Supreme Court Rulings Create Uncertainty for Tax Pros

    By:
    Ruth Singleton
    |
    Aug 2, 2024
    AICPA CEO Barry Melancon commented on two recent Supreme Court cases recently, saying that they create uncertainty, which makes tax professionals uncomfortable.
  • Senate Republicans Stymie $78B Tax Package That Would Have Aided Businesses and Low-Income Families

    By:
    Ruth Singleton
    |
    Aug 2, 2024

    On Aug. 1, Senate Republicans blocked a $78 billion bill that included tax breaks for businesses and low-income families. The vote was 48-44. Democrats needed 60 votes in order to overcome a filibuster to keep the Senate from considering the bill. The bill would have revived several tax breaks, including a scaled-back version of the enhanced Child Tax Credit and  the ability to fully deduct research-and-development expenses in the first year.

  • IASB Proposes Illustrative Examples to Guide Climate-Related Reporting

    By:
    NYSSCPA Staff
    |
    Aug 1, 2024
    The International Accounting Standards Board (IASB) has proposed eight examples to illustrate how companies can apply International Financial Reporting Standards (IFRS) when reporting the effects of climate-related and other uncertainties in their financial statements.
  • Senate to Vote on Tax Extender Bill This Week

    By:
    NYSSCPA Staff
    |
    Jul 31, 2024
    Senate Majority Leader Charles Schumer, (D-N,Y.) will put the stalled Tax Relief for American Families and Workers Act up for a vote later this week.
  • Federal Reserve May Be Preparing to Lower Interest Rates

    By:
    NYSSCPA Staff
    |
    Jul 31, 2024
    With inflation cooling, the Federal Reserve Board may start preparing to make its first rate cut in four years.