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The Trusted Professional | NYSSCPA

 
 
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CPA Evolution Aims for Radical Rethinking of Profession
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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 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."

  • IRS Highlights Key Milestones, Such As Expanding Taxpayer Services and Online Tools

    By:
    NYSSCPA Staff
    |
    Jul 25, 2024
    The Treasury Department and the IRS announced that the IRS has used funding provided by the Inflation Reduction Act to expand and enhance taxpayer services and online tools.

  • Report: Number of Going Concern Opinions Decreased by 31% Since 2004

    By:
    NYSSCPA Staff
    |
    Jul 24, 2024
    The number of going concern opinions have decreased by 31 percent over the past two decades, a new report found.

  • FinCEN Estimates Entities Will Spend Millions of Hours Seeking Access to Beneficial Ownership Information

    By:
    Ruth Singleton
    |
    Jul 23, 2024
    The Financial Crimes Enforcement Network (FinCEN) estimates that entities seeking the beneficial ownership information (BOI) of companies required to report that information by the Corporate Transparency Act will spend over 8.7 million hours filling out paperwork in the first year of the requirement.

  • Kamala Harris' Tax Policies Could Be Factor in Presidential Election

    By:
    Ruth Singleton
    |
    Jul 23, 2024

    The tax policies espoused by Vice President Kamala Harris, the presumptive Democratic nominee for president,  while similar to those of President Joe Biden, differ in some respects, and they could be a factor in this year’s presidential election campaign.

  • Former IRS Commissioner Urges Agency to Resume Processing Employee Retention Credit Claims Immediately

    By:
    Ruth Singleton
    |
    Jul 22, 2024

    Former IRS Commissioner Chuck Rettig has urged the agency to immediately resume processing legitimate Employee Retention Credit (ERC) claims. In an opinion piece, Rettig wrote that while he agreed with the IRS’s moratorium on processing new ERC claims when it was announced last September, he believes that the agency should no longer wait in processing claims deemed legitimate.
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