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Latest Articles

  • Survey: 84% of CFOs in U.S. and U.K. Face Significant Talent Shortage

    By:
    Ruth Singleton
    |
    Oct 10, 2023
    A recent survey has found that 87 percent of chief financial officers in the United States and the United Kingdom "face a significant talent shortage within their accounting and finance teams." The survey, conducted by tax and compliance software provider Avalara, also found that 47 percent of the respondents cited as factors in this shortage employee burnout around hours and drudge work, as well as accounting and financial professionals changing careers. In addition, 89 percent of them said they plained to invest in artificial intelligence (AI) in order to streamline finance functions.
  • IRS Offers Guidance on Transferring Clean Vehicle Credits

    By:
    Ruth Singleton
    |
    Oct 10, 2023
    The IRS recently announced that it has issued proposed regulations, Revenue Procedure 2023-33 and FAQs  for the transfer of new and previously owned clean vehicle credits from the taxpayer to an eligible entity for vehicles placed in service after Dec. 31, 2023.
  • Claudia Goldin Wins Nobel Economics Prize for Research on Women in Labor Force

    By:
    Ruth Singleton
    |
    Oct 9, 2023
    Claudia Goldin was awarded the 2023 Nobel Prize in economics for her work creating “the first comprehensive account of women’s earnings and labor market participation through the centuries.” A 77-year-old professor of economics at Harvard University, she is the third woman to win the award and the first to win it solo.
  • Regulatory Roundup: October 3-9

    By:
    Ruth Singleton
    |
    Oct 9, 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 Warns of Improper Art Donation Deduction Promotions

    By:
    S.J. Steinhardt
    |
    Oct 6, 2023
    The IRS has been seeing a rise in fraudulent schemes involving tax deductions for donated art and has issued a warning to taxpayers, particularly high income filers seeking a way to lessen their tax liabilities.
  • Office of Cannabis Management Opens Window for New License Applications

    By:
    S.J. Steinhardt
    |
    Oct 6, 2023
    New York state’s Office of Cannabis Management opened a 60-day application window for cultivation, processing, distribution, retail and micro licenses.
  • IRS to Reduce PTIN Fees

    By:
    S.J. Steinhardt
    |
    Oct 5, 2023
    In response to a federal court decision, the IRS is reducing the cost of an annual Preparer Tax Identification Number (PTIN).
  • House Republicans Demand Answers on Employee Retention Credit Claim Processing

    By:
    S.J. Steinhardt
    |
    Oct 4, 2023

    Two Republican members of Congress have asked IRS Commissioner Daniel Werfel for more details about how his agency is processing Employee Retention Credit (ERC) claims, three weeks after he  imposed a moratorium on the processing of all ERC claims for the rest of the year in response to a proliferation of fraudulent applications.
  • SEC Ends Fiscal Year 2023 With Five Lawsuits of Note

    By:
    S.J. Steinhardt
    |
    Oct 4, 2023

    As the 2023 federal fiscal year closed out at the end of September, the Securities and Exchange Commission (SEC) announced five noteworthy accounting and disclosure cases against nonfinancial businesses and executives.

  • Corporate DEI Efforts Under Scrutiny After Supreme Court's Affirmative Action Ruling

    By:
    S.J. Steinhardt
    |
    Oct 3, 2023
    In the aftermath of the U.S. Supreme Court’s ruling in the case of Students for Fair Admissions, Inc. v. President and Fellows of Harvard College, which struck down race-based admissions, many litigants aim to extend that ruling to include corporate diversity, equity and inclusion (DEI policies.