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Latest Articles

  • GAO: IRS Lags in Planning and Reporting Its Modernization Efforts

    By:
    S.J. Steinhardt
    |
    Mar 20, 2024
    The IRS hasn't fully updated its plans to incorporate the tens of billions of dollars in additional funds provided by the Inflation Reduction Act, a Government Accountability Office report found.
  • Be Aware of the Tax Rules Governing Side Hustles, CPAs Advise

    By:
    S.J. Steinhardt
    |
    Mar 20, 2024
    Determining whether a taxpayer's side hustle qualifies as a business and not just a hobby is an important distinction when it comes to tax rules.
  • Several Tax Cuts and Job Act Provisions May Expire After 2025

    By:
    S.J. Steinhardt
    |
    Mar 19, 2024
    While the Tax Cuts and Jobs Act (TCJA) of 2017 contained many new provisions affecting individuals and business entities, both groups will see changes after 2025, unless Congress acts. With some exceptions, many of the provisions for individuals are scheduled to expire, while most changes for businesses are permanent.
  • Federal Appeals Court Issues Temporary Stay of SEC’s Climate Disclosure Rules

    By:
    S.J. Steinhardt
    |
    Mar 19, 2024
    A federal appeals court has temporarily stayed the Securities and Exchange Commission (SEC)’s new climate-disclosure rules for public companies.
  • IRS Direct File Pilot, Now Open 24/7, May Be Expanded After Tax Season

    By:
    S.J. Steinhardt
    |
    Mar 18, 2024
    The IRS’s free Direct File pilot program, which is now open round the clock to eligible taxpayers in 12 states, has already been used by 20,000 taxpayers, and administration officials hope it will reach 100,000 this year as they consider future expansions.
  • SEC’s New Climate-Disclosure Rules Will Likely Lead to More Business for Accounting Firms

    By:
    S.J. Steinhardt
    |
    Mar 18, 2024
    The U.S. Securities and Exchange Commission (SEC) has estimated that its new climate-disclosure rules will lead to increased spending by public companies on external service providers—by as much as $907 million a year, an 18 percent increase over current levels. Big Four and other large accounting firms could benefit the most.
  • Regulatory Roundup: March 12-18

    By:
    S.J. Steinhardt
    |
    Mar 18, 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.

     

  • Report: Service Providers Plan to Spend More on Generative AI, Despite Many Not Understanding What It Is

    By:
    S.J. Steinhardt
    |
    Mar 15, 2024
    A recent report indicates that a majority of professional service providers across a range of segments plan to spend more on generative artificial intelligence (GenAI) despite many of them not fully understanding what is.
  • Retirees Often Make Six Common Mistakes When Preparing Their Taxes

    By:
    S.J. Steinhardt
    |
    Mar 15, 2024
    There are six common mistakes that retirees make when preparing their taxes as they seek to minimize their lifetime tax burden, according to one certified financial planner. Retirees can should learn about these potential errors before they file.
  • Study: U.S. Far Behind Other Nations in Digital Currency Adoption

    By:
    S.J. Steinhardt
    |
    Mar 14, 2024
    A total of 134 countries representing 98 percent of the global economy are now exploring digital versions of their currencies.  Currently, 68 countries are in the advanced phase of exploration—development, pilot or launch, according to a study by the Washington-based Atlantic Council think tank. The United States is among them, but it is far behind many of them.