Latest Articles

  • Regulatory Roundup: April 9-15

    By:
    Chris Gaetano
    |
    Apr 15, 2019
    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. 
        
  • NYC Proposes Increasing Failure to File Fee

    By:
    Chris Gaetano
    |
    Apr 15, 2019
    The New York City Department of Finance is considering increasing the monetary penalty for failing to file an annual income and expense statement for income-producing property. 
  • GAO Says IRS Not Keeping Up With Changes to Tax-Time Financial Products

    By:
    Chris Gaetano
    |
    Apr 15, 2019
    In a report released Friday, the Government Accountability Office (GAO) said that much has changed in terms of financial products offered by private firms around tax time, and that the IRS has failed to adequately adapt its data to the new landscape. 
  • Senators Introduce Bill Regulating Tax Preparer Qualifications

    By:
    Chris Gaetano
    |
    Apr 12, 2019
    Senator Ron Wyden (D -Ore.) has introduced legislation that would give the IRS the authority to set minimum standards for all tax practitioners, as well as add new competency requirements. 
  • SEC Charges 2 Woodbridge Partners With Helping Run 'Massive' Ponzi Scheme

    By:
    Chris Gaetano
    |
    Apr 12, 2019
    The SEC has charged two former directors of investments at Woodbridge Group of Companies LLC for their involvement in what the agency said was a massive Ponzi scheme, fraudulently raising at least $1.2 billion from more than 8,400 retail investors, many of them seniors, and together receiving more than $3 million in transaction-based and other compensation. 
  • Woman Loses More Than $1 Million to Online Romance Scam

    By:
    Chris Gaetano
    |
    Apr 11, 2019
    New York Magazine's The Cut interviewed a woman who, despite being a former Air Force intelligence officer and senior bank branch manager, was caught up in a years-long romance scam that drained more than $1 million from her and her family. 
  • IRS Releases Guidance on Valuing Contracts for Professional Athletes

    By:
    Chris Gaetano
    |
    Apr 11, 2019
    The IRS has issued a new revenue procedure that provides relief for professional sports teams that, before, were bedeviled by how to value their players' contracts. 
  • IRS Reform Bill Clears House With Controversial Provision Regarding Free Filing

    By:
    Chris Gaetano
    |
    Apr 10, 2019
    The House has passed legislation that introduces major structural changes to how the IRS is run, representing the first major overhaul of the agency in decades, though its passage in the Senate will likely be more fraught due to a provision that some Democrats are saying prevents the IRS from developing its own free tax-filing platform. 
  • Study: Average Pay for NYC-Area Tax Analyst is $71,780

    By:
    Chris Gaetano
    |
    Apr 10, 2019
    Are you a tax analyst in the New York City area making less than $71,780? Then you should probably ask for a raise because that is below the average. 
  • IRS Announces 71 Percent Reduction in Identity Theft

    By:
    Chris Gaetano
    |
    Apr 9, 2019
    The IRS announced significant progress against identity theft, reporting that there has been a 71 percent decrease in the number of people identifying themselves as victims between 2015 and 2018.