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Latest Articles

  • Firms Report on Who Their ‘Humans in the Loop’ Are When Using Generative AI

    By:
    Ruth Singleton
    |
    Jul 17, 2024
    The phrase “humans in the loop” refers to “the need for human interaction, intervention, and judgment to control or change the outcome of a process, and it is a practice that is being increasingly emphasized in machine learning, generative AI, and the like." Within accounting firms, the phrase has come to mean that, all levels, there are individuals who supervise and are held accountable for AI processes.
  • IRS Warns of Scam Promoting Non-Existent ‘Self-Employment Tax Credit’

    By:
    Ruth Singleton
    |
    Jul 17, 2024
    The IRS has issued an alert about bad advice circulating on social media about a non-existent “Self Employment Tax Credit.” This scam has led some taxpayers to file false claims.  “In reality, the underlying credit being referred to ... is a much more limited and technical credit called Credits for Sick Leave and Family Leave,” the IRS stated.
  • TIGTA: IRS Needs to Strengthen Its Digital Asset Enforcement Efforts

    By:
    Ruth Singleton
    |
    Jul 16, 2024

    In a recent report, the Treasury Inspector General for Tax Administration (TIGTA) found that the agency’s “civil examination enforcement efforts focused on digital assets are mostly indirect and negligible.” One of TIGTA recommendations was that the IRS deputy commissioner "ensure that pertinent divisions and functions … develop a compliance plan that includes the use of Form 1099-DA (Digital Assets) data, case identification, and case selection of digital asset cases.”

  • FASB Issues Final Chapter of Its Conceptual Framework, Focusing on Measurement

    By:
    Ruth Singleton
    |
    Jul 15, 2024

    The Financial Accounting Standards Board announced last week that it issued a new chapter of its Conceptual Framework related to the measurement of items recognized in financial statements. This latest chapter becomes Chapter 6 of FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting, and it represents the completion of the FASB’s Conceptual Framework.

  • IRS Warns of New and Evolving Scams Targeting Tax Professionals

    By:
    Ruth Singleton
    |
    Jul 15, 2024

    The IRS has renewed a warning to tax professionals about new and continuing schemes through which scammers seek to steal business and taxpayer information. In particular, the IRS warned about scammers posing as new clients and using phishing emails to obtain sensitive information. It also warned about schemes involving phone calls and texting.

  • Regulatory Roundup: July 8-15

    By:
    Ruth Singleton
    |
    Jul 15, 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.
  • Alert to Taxpayers: New Scam Targets Clean Energy Tax Credits

    By:
    Ruth Singleton
    |
    Jul 8, 2024

    The IRS is alerting taxpayers about a new scam involving buying clean energy tax credits. This scam entails unscrupulous tax return preparers who misrepresent the rules for claiming clean energy credits under the Inflation Reduction Act .

  • IRS Warns 280E Still Governs Cannabis; Some Companies Say It Doesn’t Apply to Them

    By:
    Ruth Singleton
    |
    Jul 5, 2024
    The IRS recently issued a reminder to taxpayers that cannabis remains a Schedule I controlled substance, and under Internal Revenue Code Section 280E, cannabis businesses may not receive “deductions or credits for any amount paid or incurred” in carrying out their business. News sources have suggested that the warning is aimed at some large cannabis companies that have challenged whether they are limited by Section 280E.
  • Regulatory Roundup: July 2-5

    By:
    Ruth Singleton
    |
    Jul 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.
  • CAQ Analysis: More Companies Are Seeking Assurance From Audit Firms Over ESG Data

    By:
    Ruth Singleton
    |
    Jul 3, 2024
    The Center for Audit Quality (CAQ) has released its 2024 analysis on environmental, social and governance (ESG) reporting and assurance, finding that 98 percent of S&P 500 companies reported ESG information in 2022. In addition, 70 percent of the companies that reported ESG information in 2022 obtained assurance over certain of that information (up from 65 percent in 2021). And  21 percent of companies that obtained assurance, obtained assurance from public company auditors, an increase from 18 percent in 2021.