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)
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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

  • Williams Sworn in for Second Term as PCAOB Chair

    By:
    Karen Sibayan
    |
    Oct 25, 2024
    Public Company Accounting Oversight Board (PCAOB) Chair Erica Y. Williams was sworn in at the Securities and Exchange Commission (SEC) on Oct. 24. Williams' second term runs from Oct. 25, 2025 to Oct. 24, 2029. The SEC reappointed Williams to serve her new term in June.

  • AICPA Calls for Guidance for Cannabis Businesses Before Rescheduling by DOJ

    By:
    Karen Sibayan
    |
    Oct 25, 2024
    On Oct. 21, the AICPA submitted a letter to the Treasury and IRS asking for guidance for cannabis businesses in anticipation of a possible rescheduling.

  • PCAOB Releases Three Key Resources to Facilitate QC 1000 Implementation

    By:
    Karen Sibayan
    |
    Oct 24, 2024
    The Public Company Accounting Oversight Board (PCAOB) on Oct. 23 released three new resources to help implement QC 1000, A Firm's System of Quality Control.

  • FASB Grants Private Companies Credit Loss Accounting Reprieve

    By:
    Karen Sibayan
    |
    Oct 24, 2024
    The Financial Accounting Standards Board (FASB) took up the Private Company Council’s (PCC) project applying Topic 326, Financial Instruments—Credit Losses, which requires organizations to measure all expected credit losses for financial instruments held at the reporting date.  

  • Agencies Are Not Requiring Tax-Exempt Groups to File a Corporate AMT Form for 2023

    By:
    Karen Sibayan
    |
    Oct 23, 2024
    The Treasury Department and the IRS on Oct. 23 granted tax-exempt organizations a filing exception. The agencies said these organizations are not required to file Form 4626, Alternative Minimum Tax-Corporations, for tax year 2023. 

  • IRS Announces Tax Inflation Adjustments for 2025

    By:
    Karen Sibayan
    |
    Oct 23, 2024
    The IRS announced on Oct. 22  the yearly inflation adjustments for tax year 2025. Revenue Procedure 2024-40 offers detailed information on adjustments and changes to over 60 tax provisions that will affect taxpayers when they file their returns in 2026. 

  • Treasury, IRS Publish Sustainable Aviation Fuel Credit Guidance

    By:
    Karen Sibayan
    |
    Oct 22, 2024
    The Treasury Department and the IRS published Notice 2024-74 for the Sustainable Aviation Fuel (SAF) credit established under the Inflation Reduction Act on Oct. 21. The guidance in this notice is effective Oct. 18.

  • AICPA and NATP Express Disapproval Over Intuit's Ad Campaign

    By:
    Karen Sibayan
    |
    Oct 21, 2024
    The AICPA and National Association of Tax Professionals (NATP) recently expressed disapproval of Intuit's ad promoting its self preparation product TurboTax's full-service option. The ad told taxpayers to leave or have a "tax break up" with their tax preparer and to use TurboTax instead. Intuit has since halted the ad.  

  • Regulatory Roundup: October 15-21

    By:
    Karen Sibayan
    |
    Oct 21, 2024
    With so many regulators out there, it can be tough to keep track of all the decisions being made. This is the NYCPA'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.

  • Accountants Prepare Clients for the 'Seismic Shift' of Universal Wallet Reporting’s End

    By:
    Karen Sibayan
    |
    Oct 21, 2024
    Cryptocurrency accountants have been helping their clients prepare for what they see as a "seismic shift in digital asset reporting" just in time for the safe harbor provision ending in January. 
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