Latest Articles

  • Conference Speaker: When Applying SALT Deduction Cap Workarounds, Be Wary of Pitfalls

    By:
    Chris Gaetano
    |
    Nov 11, 2021
    Phil London, a Wiss & Co. partner emeritus who spoke at the Foundation for Accounting Education's Tax and Financial Planning for Individuals Conference Thursday, said that New York's pass-through entity tax (PTET) can do a lot to ease the pain of the $10,000 cap on state and local tax (SALT) deductions, but he warned that taking this route can be complicated and requires awareness of potential pitfalls. 
  • Conference Speaker: On Tax Legislation, Uncertainty is the Only Certainty

    By:
    Chris Gaetano
    |
    Nov 11, 2021
    Anthony J.Nitti, a RubinBrown partner who spoke at the Foundation for Accounting Education's Tax and Financial Planning Conference Thursday, wanted to give everyone an important update on what new tax legislation would be coming out of Washington so that CPAs would be be able to talk to their clients about how they may want to approach the new landscape. But the first slide he showed in his presentation was, literally, just a big question mark. 
  • Fewer Than a Third of Manhattan Office Workers Actually in Office

    By:
    Chris Gaetano
    |
    Nov 10, 2021
    Recent data indicates that only 28 percent of Manhattan office workers have actually returned to the office. 
  • Reconciliation Bill Grows $400B More Expensive, as IRS Enforcement Cannot Be Counted as Revenue Raiser

    By:
    Chris Gaetano
    |
    Nov 10, 2021
    The budgeting rules set by the executive branch and Congress means that the White House probably cannot factor in additional tax revenue from increased IRS enforcement to mitigate the cost of its massive reconciliation bill, meaning that while the estimated $400 billion that IRS enforcement was expected to bring in could still come, it won't be counted as part of the package. 
  • SEC Approves New PCAOB Chair and Members

    By:
    Chris Gaetano
    |
    Nov 9, 2021
    The Securities and Exchange Commission (SEC) has approved new members of the Public Company Accounting Oversight Board (PCAOB), including a new chair, filling the regulator's roster after most of the previous board was dismissed. 
  • Appeals Court Pauses Vaccine Mandate

    By:
    Chris Gaetano
    |
    Nov 9, 2021
    Shortly after the formal announcement of a nationwide vaccine mandate, the Fifth Circuit Court of Appeals halted it pending further review. 
  • Regulatory Roundup - Nov. 2-8

    By:
    Chris Gaetano
    |
    Nov 8, 2021
    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.
  • House Passes Infrastructure Bill, With a Few New Tax Provisions

    By:
    Chris Gaetano
    |
    Nov 8, 2021
    The House of Representatives broke its impasse and voted to approve the massive infrastructure bill funding over $1 trillion in public works projects. It now goes to the White House where President Joe Biden is certain to sign it into law. 
  • SEC Approves PCAOB Framework for Foreign Inspections

    By:
    Chris Gaetano
    |
    Nov 8, 2021
    The Securities and Exchange Commission (SEC) has approved the framework proposed by the Public Company Accounting Oversight Board (PCAOB) on how it would enforce the provisions of the Holding Foreign Companies Accountable Act, which mandates all publicly listed firms in the United states to be audited by a board-regulated firm, or else be barred from exchanges here. 
  • Conference Speaker: For ESG Auditors, Uncertainty Lurks Around Every Corner

    By:
    Chris Gaetano
    |
    Nov 5, 2021
    For those used to the (comparably) clean efficiency and bright lines in a financial audit, engagements on environmental, social and governance (ESG) reports can seem a little more squishy, but a speaker at the Foundation for Accounting Education's Auditing Standards Conference on Thursday said that this is something CPAs will need to account for, as demand for assurance on this information is growing practically by the day.