Latest Articles

  • Senate Approves PPP Extension Until May 31

    By:
    Chris Gaetano
    |
    Mar 25, 2021
    The Senate, in a bipartisan 92-7 vote, approved a bill that would extend the deadline for applying for loans under the Paycheck Protection Program from March 31 until the end of May.
  • PCAOB to Consider New Standards Advisory Group

    By:
    Chris Gaetano
    |
    Mar 24, 2021
    The Public Company Accounting Oversight Board (PCAOB) announced that, at its next meeting on March 29, it will consider the formal charter of a new Standards Advisory Group.
  • SEC Proposes Amendments to Forms to Comply With Foreign Auditor Law

    By:
    Chris Gaetano
    |
    Mar 24, 2021
    The Securities and Exchange Commission has proposed amendments that would change certain disclosure forms to account for the Holding Foreign Companies Accountable Act, which mandates that public companies be examined by a Public Company Accounting Oversight Board (PCAOB)-approved audit firm, or else face delisting from public exchanges.
  • FTC: Americans Have Lost $382 Million Through Pandemic-Related Fraud

    By:
    Chris Gaetano
    |
    Mar 24, 2021
    The Federal Trade Commission (FTC) announced that more than 217,000 people have filed pandemic-related fraud reports with the agency since January 2020, totaling $382 million in reported losses.
  • American Recovery Plan Act in Depth: Pensions

    By:
    Chris Gaetano
    |
    Mar 23, 2021
    President Joe Biden, earlier this month, signed into law the American Rescue Plan Act of 2021, (ARPA), the much-touted $1.9 trillion stimulus bill meant to address both the pandemic and its attendant economic chaos The Trusted Professional is proving a deep dive into various parts of this bill over the coming days. This article examines some of the pension and health benefit changes contained in the bill.
  • State Governments Distributing Unemployment Caught Between Fraud Detection and Speedy Delivery

    By:
    Chris Gaetano
    |
    Mar 23, 2021
    Unemployment agencies across the country are caught between a rock and a hard place in making sure that enhanced benefits go out promptly while also ensuring that fraudsters aren't taking advantage of the system. Recent reports indicate they are doing poorly on both fronts.
  • Economists Suggest Using Tax Code to Create $15 Minimum Wage

    By:
    Chris Gaetano
    |
    Mar 23, 2021
    While the $15 minimum wage did not make it into the final $1.9 trillion American Rescue Plan Act, a pair of economists have suggested an alternative route that could be passed without even needing a filibuster-proof majority in the Senate: the tax code.
  • IRS Announces Next Round of Stimulus Payments Will Be Physical Cards and Checks

    By:
    Chris Gaetano
    |
    Mar 23, 2021
    The IRS advised taxpayers who have yet to receive their $1,400 stimulus payments that their money will likely come in the form of actual physical checks or debit cards in the mail.
  • Audits of Millionaires Have Dropped 72 Percent Since 2012

    By:
    Chris Gaetano
    |
    Mar 22, 2021
    The downward enforcement trend on high-income taxpayers continued through 2020, as shown by a recent report that found that, overall, audits of millionaires have now decreased by 72 percent since 2012.
  • Regulatory Roundup - March 16-22

    By:
    Chris Gaetano
    |
    Mar 22, 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.