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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)
Read our latest issue!
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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’s Free Direct Filing Service Pilot to Start in January in 13 States

    By:
    S.J. Steinhardt
    |
    Oct 18, 2023
    The IRS will roll out its free tax preparation software as a pilot project in 13 states in January, the agency announced.

  • Yellen: U.S. Can't Sign Global Tax Treaty in Time to Prevent Levies from Other Countries

    By:
    S.J. Steinhardt
    |
    Oct 17, 2023
    The United States will be unable to sign a treaty on a global minimum corporate tax—one that it had a large role in bringing to fruition—in time to uphold a deal that prevents other countries from imposing new levies on some of the largest U.S technology companies. Treasury Secretary Janet Yellen made that announcement after a meeting with E.U. finance ministers.

  • NAEA Urges IRS to Resume Sending Balance Due Notices

    By:
    S.J. Steinhardt
    |
    Oct 17, 2023

    The National Association of Enrolled Agents (NAEA) has asked the IRS to resume sending reminder notices immediately to non-filers and those with balances due of more than $10,000.

  • IRS Extends Deadlines for Taxpayers Affected by Terrorists Attacks in Israel to Oct. 7, 2024

    By:
    Ruth Singleton
    |
    Oct 16, 2023
    The IRS has announced that individuals and business affected by the recent terrorist attacks in Israel will have until Oct. 7, 2024, to "to file various federal returns, make tax payments and perform other time-sensitive tax-related actions."

  • Regulatory Roundup: October 10-16

    By:
    Ruth Singleton
    |
    Oct 16, 2023
    With so many regulators out here, 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.

  • IRS Projects Annual Tax Gap for 2021 to Rise to $688B

    By:
    Ruth Singleton
    |
    Oct 13, 2023
    The IRS has released a new tax gap projection, indicating that the projected gross tax gap increased to $688 billion in tax year 2021, a significant jump from previous estimates.

  • PCAOB Staff Report Finds Widespread Flaws in Engagement Quality Reviews

    By:
    Ruth Singleton
    |
    Oct 12, 2023
    A new Public Company Accounting Oversight Board (PCAOB) staff report discloses that 42 percent of the firms that the PCAOB inspected in 2022 had a quality control criticism related to engagement quality reviews (EQRs), up from 37 percent in 2020. The report "focuses on the PCAOB-mandated EQR process, in which a reviewer who is not part of the engagement team evaluates significant judgments made by the audit engagement team."

  • TIGTA: Most of IRS’s Initial Inflation Reduction Act Spending Went to Taxpayer Services

    By:
    Ruth Singleton
    |
    Oct 12, 2023
    The Treasury Inspector General for Tax Administration (TIGTA) has issued a report finding that the majority of the IRS's expenditures from Inflation Reduction Act funding—from the passage of that legislation in August 2022 through June 30, 2023—related to "IRS employees’ pay and benefits and contractors’ support for advisory and assistance services." The IRS expended approximately $1.95 billion or 2.5 percent of its $78 billion in IRA funding during that period, and roughly $561 million of that expenditure went to taxpayer services.

  • Survey: Auditors Worry Most About Cybersecurity Risks, But AI Is Growing Concern

    By:
    Ruth Singleton
    |
    Oct 11, 2023
    A recent survey has found that 75 percent of technology audit leaders and professionals consider cybersecurity to be a high-risk area. While only 28 percent of them believe that artificial intelligence (AI)—including generative AI and machine learning—pose significant threats to their organizations in the next 12 months, 54 percent believe they will present substantial risks in the coming two to three years. The Institute of Internal Auditors, in partnership with Protiviti, conducted the 11th annual Global Technology Audit Risks Survey in the second and third quarters of 2023.

  • SEC Adopts Beneficial Ownership Rule, Shortening 13D-G Filing Period from 10 to 5 Days

    By:
    Ruth Singleton
    |
    Oct 11, 2023
    The Securities and Exchange Commission (SEC) has adopted rule amendments governing beneficial ownership reporting under Sections 13(d) and 13(g) of the Securities Exchange Act of 1934. These sections, along with  Regulation 13D-G, require an investor who beneficially owns more than 5 percent of a covered class of equity securities to publicly file either a Schedule 13D or a Schedule 13G, as applicable. Among other changes, the amendments shorten the deadline for initial Schedule 13D filings from 10 days to five business days and require that Schedule 13D amendments be filed within two business days.
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