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Latest Articles

  • IRS Updates FAQs on Child Tax Credits; Publication 972 Now Obsolete

    By:
    Ruth Singleton
    |
    Mar 9, 2022
    The IRS has revised its FAQs about the 2021 Child Tax Credit and Advance Child Tax Credit payments. These revisions are intended to help taxpayers claim these credits when they prepare and file their 2021 tax returns.. 
  • Biden Issues Executive Order Outlining First-Ever Full-Government Approach to Regulating Digital Assets

    By:
    Ruth Singleton
    |
    Mar 9, 2022
    President Biden issued an executive order on Wednesday outlining the first ever, full-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology.
  • IRS Seeks to Increase Fees for Enrolled Agents

    By:
    Ruth Singleton
    |
    Mar 8, 2022
    The IRS is proposing to raise the enrollment and renewal fees for enrolled agents. The agency seeks to raise the enrollment and renewal user fee for enrolled agents to $140 from $67, and similarly to increase the renewal user fee for enrolled retirement plan agents to $140 from $67.
  • Elon Musk Asks Court to Void 2018 Settlement with SEC Requiring Preclearance of His Tweets

    By:
    Ruth Singleton
    |
    Mar 8, 2022
    Elon Musk, the CEO of Tesla Inc., has asked a federal court to terminate a settlement agreement he reached with the Securities and Exchange Commission (SEC). Musk agreed to settle in 2018, after the SEC charged that he misled investors when he sent Twitter messages claiming that the company had funding to go private. Among the terms of the settlement were that Tesla create controls to oversee his communications, including his tweets. Now Musk is arguing that the Twitter oversight policy has become unworkable.
  • Several States, Including New York, Calling for Tax Cuts This Year

    By:
    Ruth Singleton
    |
    Mar 7, 2022
    At least 13 states, led by both Democrats and Republicans are calling for tax cuts this year. New York Gov. Kathy Hochul has proposed more than $2 billion in tax cuts, including a property tax rebate. 
  • Regulatory Roundup - March 1-7

    By:
    Ruth Singleton
    |
    Mar 7, 2022
    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 Announces First-Ever Taxpayer Experience Office As Part of Its Effort to Improve Service

    By:
    Ruth Singleton
    |
    Mar 4, 2022
    The IRS has announced the creation of its first-ever Taxpayer Experience Office, whose purpose will be to improve taxpayer transactions with the IRS.
  • Practitioners Say Opening a Cannabis Practice Carries Both Opportunity and Risk

    By:
    Chris Gaetano
    |
    Mar 4, 2022
     The legalization of adult-use recreational cannabis in New York state has created a wave of new opportunities for CPA firms looking to enter this growing sector. But the illegality of the industry’s principle product under federal law, as well as its overall history as a black-market good, means that servicing clients in this area carries higher risks that must be accounted for in order to maintain a successful practice
  • IRS Issues Reminder to Report Income from Gigs, Virtual Currency and Foreign Countries

    By:
    Ruth Singleton
    |
    Mar 3, 2022
    The IRS issued a reminder to taxpayers that they have reporting and potential tax obligations from working in the gig economy, making virtual currency transactions, earning foreign-source income or holding certain foreign assets.
  • In State of the Union, Biden Addresses Inflation, Other Economic Issues

    By:
    Ruth Singleton
    |
    Mar 2, 2022
    In his State of the Union address on Tuesday, President Joe Biden said that his “top priority is getting prices under control,” as the country faces a period of rapid inflation, The prices of groceries, gasoline, cars and rents have recently shot up as inflation has risen at the fastest rate in four decades.