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Latest Articles

  • What the Republican Win Means for Tax and Accounting Professionals

    By:
    Karen Sibayan
    |
    Nov 6, 2024
    Donald Trump won the Nov. 5 election, and Republicans gained control of the Senate and likely the House of Representatives. With many changes anticipated under the new administration, tax and accounting professionals will need to understand what these changes will mean and adapt to the evolving tax environment.
  • FASB Releases Standard Improving Disclosures on Income Statement Expenses

    By:
    Karen Sibayan
    |
    Nov 5, 2024
    The Financial Accounting Standards Board (FASB) released an Accounting Standards Update (ASU) on Nov. 4 that improves financial reporting and responds to investor input by requiring public firms to disclose additional information regarding certain expenses in the notes to financial statements in interim and annual reporting periods. 
  • 2024 Election Results Will Have Historic Impact for Tax Professionals

    By:
    Karen Sibayan
    |
    Nov 5, 2024

    The 2024 election's impact on taxation is considerable. Nick Gibbons, a partner at Armanino, said it will be historic.  Gibbons said that the Nov. 5 election will be one of the most significant elections for tax professionals, given that the presidential candidates have very different policies in this area. 

  • Lawmakers Ask DOJ to Take Action Against Major Tax Preparers for Illegal Sharing of Data

    By:
    Karen Sibayan
    |
    Nov 4, 2024
    Democrat lawmakers have called for the Department of Justice (DOJ) to look into the data privacy practices of four tax preparation firms. The lawmakers said that these companies—TaxSlayer, H&R Block, TaxAct and Ramsey Solutions—are sharing protected and sensitive taxpayer information before obtaining proper consent. 
  • IRS Direct File Program’s Success Relies on State Participation More Than Election Results

    By:
    Karen Sibayan
    |
    Nov 4, 2024

    The IRS is relying on states to make the Direct File program, its free online tool for filing tax returns, successful and overcome opposition—even a Republican sweep of the general election. 

  • Regulatory Roundup: October 29 - November 4

    By:
    Karen Sibayan
    |
    Nov 4, 2024
    With so many regulators out there, it can be tough to keep track of all the decisions being made. This is the NYCPA'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 Announces Contribution Limits to 401(k) and IRA Plans in 2025

    By:
    Karen Sibayan
    |
    Nov 1, 2024
    The IRS announced on Nov. 1 that the amount individuals can contribute to their 401(k) plans next year has risen to $23,500 from $23,000 in 2024.
  • Regulators Turn Wary as Accounting Firms Look to PE for Funding

    By:
    Karen Sibayan
    |
    Nov 1, 2024
    Accounting firms are turning to private equity, seeking increased funds for technology and talent. While this might be an advantage to U.S. midsized accounting and consulting firms, resulting ownership shake-ups have increased concerns among accountants and regulators.
  • PCAOB Releases New Staff Guidance Supplement About the Remediation Process

    By:
    Karen Sibayan
    |
    Oct 31, 2024

    On Oct. 31, the Public Company Accounting Oversight Board released a supplement to its Staff Guidance Concerning the Remediation Process. The added guidance includes making the most of the remediation period and the possible effects of non-technical factors on persistent quality control criticisms, among other items.

  • FASB Seeks Comments on Proposal to Clarify Business Combination Guidance

    By:
    Karen Sibayan
    |
    Oct 31, 2024
    On Oct. 31, the Financial Accounting Standards Board (FASB) issued a proposed accounting standards update (ASU), a release said.  The proposal is meant to improve requirements for identifying the accounting acquirer in FASB Accounting Standards Codification Topic 805, Business Combinations