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Latest Articles

  • 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.
  • TIGTA: 95% of IRS Employees and Contractors Were Tax Compliant; Others Had Conduct and Performance Issues

    By:
    NYSSCPA Staff
    |
    Jul 30, 2024
    While the overwhelming majority of IRS and contractor employees were tax compliant, tax delinquencies or prior conduct and performance issues remained, the Treasury Inspector General for Tax Administration (TIGTA) found in an audit.
  • IRS Issues Five New Warning Signs of Incorrect Employee Retention Credit Claims

    By:
    NYSSCPA Staff
    |
    Jul 29, 2024
    The IRS has added five new items to its list of warning signs of incorrect employment retention credit (ERC) claims. The new list stems from common issues that the IRS compliance teams have seen while analyzing and processing ERC claims, the agency said. The new items are in addition to seven problem areas the IRS previously highlighted.
  • PCAOB Annual Report Finds High Deficiency Rates in Audits of Brokers and Dealers

    By:
    NYSSCPA Staff
    |
    Jul 29, 2024
    In its recently released Annual Report on the Interim Inspection Program Related to Audits of Brokers and Dealers, the  Public Company Accounting Oversight Board (PCAOB) said that it observed “high deficiency rates in examination, review, and audit engagements” when conducting inspecctions in 2023. “These high deficiency rates across engagement types are a cause for significant concern,” the report stated.
  • Regulatory Roundup: July 23-29

    By:
    Ruth Singleton
    |
    Jul 29, 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.
  • Survey: Tax Professionals Mostly Optimistic About Generative AI But in No Rush to Adopt It

    By:
    Ruth Singleton
    |
    Jul 26, 2024
    A new survey conducted by Thomson Reuters found that tax and accounting firm professionals generally believe that generative artificial intelligence (GenAI) will be a part of their future, but most are still in the early stages of determining the business implications of the technology, as well as how it can be adapted into their policies and training programs.
  • FASB Proposes Derivatives Scope Refinements and Scope Clarification to Share-Based Payment

    By:
    NYSSCPA Staff
    |
    Jul 25, 2024
    The Financial Accounting Standards Board (FASB) has proposed an accounting standards update (ASU) focusing on two matters. One is "the application of derivative accounting to contracts with features based on the operations or activities of one of the parties to the contract," and the other on "diversity in accounting for a share-based payment from a customer that is consideration for the transfer of goods or services."