Latest Articles

  • Regulatory Roundup - March 23-29

    By:
    Chris Gaetano
    |
    Mar 29, 2021
    With so many regulators out there, 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.
  • NYS Legislature Vote on Recreational Cannabis Could Come as Early as This Week

    By:
    Chris Gaetano
    |
    Mar 29, 2021
    New York is poised to become the 15th state to legalize adult use recreational cannabis as the Legislature intends to hold a vote as soon as this week.
  • IRS: Masks and Other PPE Can Be Deducted

    By:
    Chris Gaetano
    |
    Mar 29, 2021
    The IRS has clarified in recent guidance that the purchase of face masks, hand sanitizer and other personal protective equipment for the purposes of COVID-19 control and prevention counts as a medical expense and can therefore be deducted.
  • Study: Video Conferencing Can Reduce Collective Intelligence

    By:
    Chris Gaetano
    |
    Mar 29, 2021
    A recent study has found that, in certain cases, video conferencing effectively reduces a group's collective IQ as it makes collaboration more difficult for everyone.
  • Stuck Suez Canal Container Ship Costing Roughly $400 Million an Hour

    By:
    Chris Gaetano
    |
    Mar 26, 2021
    The container ship that got stuck in the Suez Canal and blocked all inward and outbound cargo is costing the global economy about $400 million worth of trade revenue an hour.
  • Survey: 21 Percent of CPA Firms Planning to Downsize Office Space

    By:
    Chris Gaetano
    |
    Mar 26, 2021
    A recent survey conducted by the AICPA has found that 21 percent of CPA firms plan to downsize their office footprint, an increase compared to the 18 percent that said last year that they planned do so.
  • Federal Reserve to Lift Restrictions on Buybacks and Dividends

    By:
    Chris Gaetano
    |
    Mar 26, 2021
    The Federal Reserve said that it would lift the restrictions placed on banks at the beginning of the pandemic that severely limited stock buybacks and dividends, allowing banks to resume normal activities soon.
  • NYS on Cusp of Legalizing Recreational Cannabis

    By:
    Chris Gaetano
    |
    Mar 25, 2021
    After many years of false starts, it appears that New York is poised to legalize recreational adult use cannabis after the settlement of several contentious issues over how the program would work.
  • OMB Announces Extention to Single-Audit Deadlines

    By:
    Chris Gaetano
    |
    Mar 25, 2021
    The Office of Management and Budget (OMB), in a recent memo, gave a six-month extension for all recipients of federal financial assistance that have not filed their single audits with the Federal Audit Clearinghouse as of March 19.
  • IRS Allows Taxpayers to Exclude Unemployment From Modified AGI

    By:
    Chris Gaetano
    |
    Mar 25, 2021
    Recent guidance from the IRS on how to calculate the American Rescue Plan Act's $10,200 tax exclusion on unemployment benefits will allow more taxpayers to access this provision by allowing taxpayers to exclude their payments from their modified adjusted gross income (AGI).