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Latest Articles

  • PwC Survey Finds Businesses Are Less Trusted than Executives Believe They Are

    By:
    Ruth Singleton
    |
    Jun 16, 2022
    A survey released by PwC has found that businesses are not as trusted by customers as their executives believe them to be. The 2022 Consumer Intelligence Series Survey on Trust found that almost nine in 10 (87 percent of) business executives think consumers have a high level of trust in their business, when only 30 percent of consumers actually do.
  • GAO Report: In Wake of ‘Wayfair,’ Differing State Requirements for Sales Tax Collection Present Challenges for Businesses

    By:
    Ruth Singleton
    |
    Jun 15, 2022
    A report issued Tuesday by the Government Accountability Office (GAO) found that after the 2018 Supreme Court decision in South Dakota v. Wayfair, enabling states to require out-of-state businesses to collect sales taxes even in the absence of a physical presence in the state, the 45 states that collect sales tax adopted requirements for remote sales tax collection that differ by economic thresholds, registration requirements and other factors. These differing tax collection requirements present challenges and costs for businesses.

  • IRS 2021 Whistleblower Report Reveals Increase in Claim Numbers But Decrease in Collections and Awards

    By:
    Ruth Singleton
    |
    Jun 14, 2022
    The IRS issued the fiscal year 2021 report for its Whistleblower Office last week, revealing mixed results for whistleblower cases. On the one hand, John Hinman, director of the office, wrote in the report’s introduction that “whistleblower claim numbers assigned in FY 2021 grew by 55 percent year over year, the second highest level of new claim numbers in the history of the program and claim closures also increased by 13 percent.”
  • Regulatory Roundup - June 7-13

    By:
    Ruth Singleton
    |
    Jun 13, 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.
  • David Lifson and Sidney Kess Honored with Prestigious AICPA Awards

    By:
    Ruth Singleton
    |
    Jun 13, 2022
    NYSSCPA Past President David Lifson and Sidney Kess, a long-time Society member and prolific author and lecturer, both received awards at the AICPA & CIMA ENGAGE 2022 conference last week.  Lifson received the Sidney Kess Award for Excellence in Continuing Education, which Kess presented to him at the conference, in Las Vegas. Kess was himself the recipient of  the AICPA’s Stanley H. Breitbard Personal Financial Planning Division Lifetime Achievement Award, which recognizes an individual who exemplifies a lifetime of significant contribution to the profession of personal financial planning, the accounting profession, and an ongoing commitment to volunteerism.
  • As Gas Prices Soar, IRS Will Raise Deductible Mileage Rate by 4 Cents on July 1

    By:
    Ruth Singleton
    |
    Jun 10, 2022
    In response to the rising cost of gas, the IRS announced that it will increase the optional standard mileage rates for the deductible costs of business travel by 4 cents, to 62.5 cents per mile. The change will become effective July 1. 
  • Global Corporate Minimum Tax Deal Faces Lone E.U. Holdout and Looming U.S. Midterms

    By:
    Ruth Singleton
    |
    Jun 9, 2022

    It was nearly a year ago that the White House announced that 130 countries expressed support for a 15 percent global minimum corporate tax at a meeting of the Organization for Economic Cooperation and Development (OECD). Now Poland is the lone holdout to the European Union unanimously adopting the agreement, after Sweden, Estonia and Malta withdrew their objections in April. In the United States, the agreement would need to be ratified by Congress, either as legislation or as a treaty.

  • AICPA Survey Finds IRS Challenges to Be Top Issue for Smaller Firms

    By:
    Ruth Singleton
    |
    Jun 8, 2022
    A survey released Tuesday by the AICPA Private Companies Practice Section has found that the top issue for smaller CPA firms is challenges when working with the IRS. According to the CPA Firm Top Issues Survey, firms with 10 or fewer professionals deem IRS challenges to be their top issue, while it is the No. 2 issue for firms of 11-20 professionals and the No. 3 issue for firms with 21 or more professionals.  
  • Senate Bill Would Give CFTC, Not SEC, Authority to Regulate Crypto, in Win for Industry

    By:
    Ruth Singleton
    |
    Jun 7, 2022
    A bill sponsored by Sens. Cynthia M. Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y) would hand regulatory authority over cryptocurrency to the Commodity Futures Trading Commission (CFTC)—the industry’s preference—rather than the Securities and Exchange Commission (SEC).  
  • Regulatory Roundup - June 1-6

    By:
    Ruth Singleton
    |
    Jun 6, 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.