The Trusted Professional | NYSSCPA

 
 
Gov. Hochul Signs Non-CPA Ownership Bill into Law
Read the March/April Issue
IRS to Waive $1B in Some Late Payment Penalties
2024 to Be a Demanding Year for Internal Auditors
SEC OKs Audit Confirmation Standards

Latest Articles

  • With Heavy Workforce Reduction, IRS Tech Upgrades Become More Imperative

    By:
    Karen Sibayan
    |
    Mar 17, 2025
    President Donald Trump's push to slash thousands of IRS enforcement jobs raises the pressure on the tax agency’s long-term initiatives to upgrade its systems that have been in need of updates for decades. A Treasury Department official said that the IRS may initiate a strategic pause on its modernization efforts.

  • Regulatory Roundup: March 11-17

    By:
    Karen Sibayan
    |
    Mar 17, 2025
    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.

  • IFAC Updates Education Standards to Enhance Sustainability-Related Disclosures

    By:
    Emma Slack-Jorgensen
    |
    Mar 14, 2025

    IFAC has revised its International Education Standards (IES) to incorporate sustainability competence, ensuring accountants are prepared to handle sustainability-related disclosure and assurance standards. These updates affect IES 2, 3 and 4, eating a global foundation for sustainability expertise within the profession.

  • PCAOB Issues Guidance on Form AP to Address Common Deficiencies

    By:
    Emma Slack-Jorgensen
    |
    Mar 14, 2025
    The Public Company Accounting Oversight Board (PCAOB) has released a new publication called “Audit Focus: Form AP" that serves as a guide to audit firms on how to properly complete Form AP. The Audit Focus reported that PCAOB staff are still finding a large number of deficiencies related to auditors' Form AP filings. 

  • House Moves to Overturn DeFi Broker Rule

    By:
    Emma Slack-Jorgensen
    |
    Mar 13, 2025
    The House of Representatives has voted to repeal the DeFi Broker Rule, a Biden-era regulation requiring decentralized finance (DeFi) platforms to report digital asset transactions to the IRS. The bill, which passed with a 292-132 vote, reverses Treasury regulations issues in December 2024, sending it back to the Senate for final approval before reaching President Trump’s desk. 

  • SEC Scales Back Accounting and Auditing Enforcement in 2024

    By:
    Emma Slack-Jorgensen
    |
    Mar 13, 2025
    A recent report by Cornerstone Research reveals that the Securities and Exchange Commission (SEC) significantly reduced its enforcement actions related to accounting and auditing in 2024. 

  • IRS Staff Reduction Raises Concerns Over Taxpayer Services and Guidance

    By:
    Emma Slack-Jorgensen
    |
    Mar 12, 2025
    IRS staffing reductions is a shift that could have major consequences for tax administration. These reductions are already impacting practitioners and taxpayers, particularly during tax season when timely IRS support is crucial. 

  • New Bill Aims to Regulate Tax Preparers and Enhance Service Standards

    By:
    Emma Slack-Jorgensen
    |
    Mar 12, 2025
    Rep. Steve Cohen (D-TN) has reintroduced the Tax Return Preparer Accountability Act (H.R. 1983), seeking to give the IRS the authority to regulated tax preparers more effectively. This bill would establish minimum standards for competency, accuracy and fairness, aiming to protect taxpayers from unscrupulous preparers.

  • SEC’s Uyeda Signal Slowdown in Rulemaking Amid Policy Shifts

    By:
    Emma Slack-Jorgensen
    |
    Mar 11, 2025
    Acting SEC Chair Mark Uyeda anticipates a slowdown in the agency’s rule making after what he described as an “overly ambitious” regulatory agenda under former Chair Gary Gensler.

  • AICPA Stresses Need for a Modernized IRS Amid Workforce Reductions

    By:
    Emma Slack-Jorgensen
    |
    Mar 11, 2025
    The AICPA is actively engaging with IRS officials to assess the impact of recent layoffs and ensure continued service for taxpayers and tax professionals. In a statement on Friday, AICPA President and CEO Mark Koziel emphasized the critical need for a modern, well-functioning IRS. 
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