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Latest Articles

  • GAO: IRS Expected to Receive 30 Million More 1099-Ks in 2024

    By:
    S.J. Steinhardt
    |
    Nov 17, 2023
    The IRS expects to receive roughly 44 million Form 1099-Ks in 2024—about 30 million more than in 2023—but does not have a plan to analyze the data "to inform enforcement and outreach priorities", the U.S. Government Accountability Office (GAO) found. The forms are used to report income from payment card and third-party settlement organizations—intermediaries between buyers and sellers of goods or services (e.g., Uber, Venmo, and eBay).
  • PCAOB Announces Disciplinary Orders Against Nine Audit Firms

    By:
    S.J. Steinhardt
    |
    Nov 16, 2023
    On Nov. 14 and 15, the Public Company Accounting Oversight Board (PCAOB) announced a number of settled disciplinary orders for a range of violations, imposing penalties totaling approximately $4 million across nine audit firms. 
  • FDIC to Investigate Allegations of a Toxic Workplace

    By:
    S.J. Steinhardt
    |
    Nov 15, 2023
    In response to questioning from members of Congress about allegations of a toxic workplace at his agency, Federal Deposit Insurance Corp. (FDIC) Chairman Martin Gruenberg  said that the agency had hired a law firm to investigate, and he hoped the review would take under 90 days,
  • IRS Commissioner and National Taxpayer Advocate Discuss Recent and Coming Improvements

    By:
    S.J. Steinhardt
    |
    Nov 15, 2023
    IRS Commissioner Danny Werfel and National Taxpayer Advocate Erin Collins updated tax professionals on the enhancements the IRS has been making as a result of the billions of dollars allocated to it by the Inflation Reduction Act during the AICPA & CIMA National Tax and Sophisticated Tax Conference in Washington.
  • Regulators Defend Proposed Banking Rule

    By:
    S.J. Steinhardt
    |
    Nov 14, 2023
    Testifying before a Senate committee, federal banking regulators defended their proposals to raise capital requirements for banks.
  • TIGTA: IRS was 'Reasonable' in Destroying Some Unprocessed Paper Returns

    By:
    S.J. Steinhardt
    |
    Nov 14, 2023
    The IRS's decision to destroy around 30 million unprocessed paper information returns to reduce its backlog during the pandemic was deemed to be reasonable by the Treasury Inspector General for Tax Administration (TIGTA) in a recently-issued audit.
  • Society Awards 2024: Call for Nominations

    By:
    Keith Lazarus, NYSSCPA Manager, Committees and Technical Resources
    |
    Nov 14, 2023
    Certified public accountants throughout New York state give generously of their free time to better their profession and to assist with community causes and projects in the public interest. The NYSSCPA recognizes these volunteer and professional commitments through an awards program designed to highlight outstanding service and to recognize professional development. Eight awards will be presented in 2024 to qualified CPAs who are Society members,
  • IRS Guidance on R&D Deductions Boosts Yelp’s Third-Quarter Profits

    By:
    S.J. Steinhardt
    |
    Nov 13, 2023
    Yelp’s earnings grew sixfold in the third quarter of 2023, partially due to art the effect of a one-time tax adjustment related to deductions for research and development.
  • Moody’s Downgrades U.S. Credit Outlook

    By:
    S.J. Steinhardt
    |
    Nov 13, 2023
    Credit-rating service Moody’s has changed its outlook for U.S. sovereign debt from stable to negative, warning that “continued political polarization” in Congress threatens the country’s fiscal strength.
  • Regulatory Roundup: November 7-13

    By:
    S.J. Steinhardt
    |
    Nov 13, 2023

    With so many regulators out here, 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.