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The Trusted Professional | NYSSCPA

 
 
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CPA Evolution Aims for Radical Rethinking of Profession
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Read the Summer/Fall 2020 Issue (pdf)
Read our latest issue!
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No Change to Ethics CPE in January 2020
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SEC Seeks to Change Auditor Independence Rules
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First Mazars Female Partner Speaks on Diversity

Latest Articles

  • IRS Extends Some Tax Deadlines to Feb. 3 for  Victims of Storms in New York and Connecticut

    By:
    Karen Sibayan
    |
    Sep 11, 2024

    Because of the heavy storms that landed in some areas of New York and Connecticut starting on Aug. 18, the IRS announced on Sept. 10 that it will offer tax relief to individuals and businesses affected by these storms, which included flooding. According to the IRS announcement, these individuals will have until Feb. 3, 2025, to file various federal individual and business tax returns and make tax payments.

  • SEC Approves PCAOB's New Quality Control Standard

    By:
    Karen Sibayan
    |
    Sep 11, 2024
    On Sept. 9, the Securities and Exchange Commission (SEC) approved the Public Company Accounting Oversight Board (PCAOB)’s new quality control standard and related changes to its standards, rules, and forms. This standard mandates that all registered public accounting firms identify the specific risks to their practice while designing a quality control system with appropriate responses to avoid those risks. 

  • IRS, Treasury Request Comments on Saver’s Match Contributions Under SECURE 2.0 Act

    By:
    Karen Sibayan
    |
    Sep 10, 2024
    On Sept. 5, the IRS and the Treasury Department published a notice requesting f comments on Saver’s Match contributions paid out by the Treasury Department under the SECURE 2.0 Act of 2022.

  • Regulatory Roundup: September 4-9

    By:
    Ruth Singleton
    |
    Sep 9, 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 Has Recovered Over $1.1B from Rich Individuals, Including $172M from 21K Who Had Not Filed Returns Since 2017

    By:
    Ruth Singleton
    |
    Sep 6, 2024
    On Sept. 6, U.S. Secretary of the Treasury Janet L. Yellen and IRS Commissioner Danny Werfel announced  the IRS's recent achievements under Inflation Reduction Act initiatives to make sure that wealthy individuals pay the taxes they owe. Nearly 80 percent of 1,600 millionaires with delinquent tax debt have now made a payment, leading to over $1.1 billion recovered. In addition, nearly 21,000 of wealthy taxpayers who had not filed taxes for years have now filed, leading to $172 million recovered.

  • Three State CPA Societies Issue Report Focusing on Skills Needed to Become CFOs

    By:
    Ruth Singleton
    |
    Sep 5, 2024
    Three CPA societies—the Massachusetts Society of CPAs, the Indiana Society of CPAs and the Tennessee Society of CPAs—in partnership with CPA Crossings, a continuing education services provider, have published a report, "CPAs in the C-Suite: Most Wanted Competencies for Finance Leaders, providing “a roadmap for aspiring CFOs to excel in today’s dynamic financial landscape.”

  • TIGTA: IRS Needs to Develop Methodology So As Not to Increase Audit Rate for Taxpayers Earning Below $400K

    By:
    Ruth Singleton
    |
    Sep 5, 2024

    In a recent report, the Treasury Inspector General for Tax Administration (TIGTA) offered its findings on how the IRS is complying with a 2022 directive from the secretary of the Treasury not to use any additional resources to increase audits on small business or households earning below $400,000 per year. TIGTA reported that the IRS has not finalized its methodology for the audit coverage calculation.

  • With Some ESG Reporting Set to Become Mandatory in 2025, CPAs Could Have More Audit Opportunities

    By:
    Ruth Singleton
    |
    Sep 4, 2024
    Participants at a recent symposium on environmental, social and governance (ESG) reporting, hosted by the AICPA and its subsidiary, CPA.com, discussed how mandatory reporting requirements for Scope 3 greenhouse emissions—set to go into effect in two jurisdictions in 2025—could create audit opportunities for firms of all sizes. 

  • Full Application Period Now Open for Qualifying Advanced Energy Project Tax Credit; Due Date Is Oct. 18

    By:
    Ruth Singleton
    |
    Sep 3, 2024
    On Aug. 29, the Treasury Department, IRS and Department of Energy (DOE) announced that they had received more than 800 project proposals seeking, in total, almost $40 billion in tax credits for Round 2 of the Qualifying Advanced Energy Project Tax Credit (48C) Program. Those proposals represent $200 billion in total project investments.

  • Regulatory Roundup: August 27-September 3

    By:
    Ruth Singleton
    |
    Sep 3, 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.
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