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Latest Articles

  • Senate Finance Committee: FATCA Loophole Costing U.S. Billions

    By:
    S.J. Steinhardt
    |
    Aug 24, 2022

    The 2010 law intended to capture revenue from wealthy Americans who stash their cash overseas and out of the reach of U.S. tax authorities still has some loopholes, a U.S. Senate Finance Committee report states. 

  • Companies Seek Guidance on Alternative Minimum Tax

    By:
    S.J. Steinhardt
    |
    Aug 23, 2022

    The new corporate alternative minimum tax that will take effect in January 2023 is causing headaches for tax executives, who are seeking guidance from the U.S. Department of the Treasury.

  • Twitter’s Former Security Chief Files Whistleblower Complaint

    By:
    S.J. Steinhardt
    |
    Aug 23, 2022
    Twitter's former head of security, Peiter Zatko, filed a complaint last month with the Securities and Exchange Commission, the Federal Trade Commission and the U.S. Department of Justice that alleges “extreme, egregious deficiencies” in the company's defenses against hackers.
  • IPO Market on Track for Worst Year in Decades

    By:
    S.J. Steinhardt
    |
    Aug 22, 2022

    The recovery from the 2008-09 financial crisis seems like a distant memory, at least when it comes to the IPO market, which is on track to experience its worst year in decades.  According to Dealogic, which tracks IPOs, traditional IPOs have raised only $5.1 billion so far this year. In a more typical year, traditional IPOs have raised around $33 billion by this point.

  • PCAOB Report: 'Unacceptably High' Deficiency Rates in Broker-Dealer Audits

    By:
    S.J. Steinhardt
    |
    Aug 22, 2022
    A report by the Public Company Accounting Oversight Board found an “unacceptably high” audit/attestation engagement deficiency rate of 78 percent among firms that perform audits of broker-dealers in 2021, which was consistent with the 2020 rate, but there is some good news, too: The PCAOB identified deficiencies in quality control systems only in about half of the firms inspected, down from two thirds in 2020.
  • Regulatory Roundup August 16-22

    By:
    Ruth Singleton
    |
    Aug 22, 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.
  • Congress Member Seeks Details of IRS Plans with Funding from Inflation Reduction Act

    By:
    Ruth Singleton
    |
    Aug 19, 2022
    Rep. Bill Pascrell (D-N.J.), chairman of the House Ways and Means Oversight Subcommittee, sent a letter to IRS Commissioner Charles Rettig, asking him to provide specifics about what the IRS plans to do with the funding provided by the Inflation Reduction Act to enforce national tax laws.
  • Society Partners with AICPA, Persuading Members of NY Congressional Delegation to Sign Letter to IRS Over Backlog

    By:
    Ruth Singleton
    |
    Aug 18, 2022
    The NYSSCPA recently partnered with the AICPA to ensure that members of the New York congressional delegation understood the issues the IRS is having with its backlog. The NYSSCPA requested that congressional members sign on to a letter produced by Reps. Abigail Spanberger (D-Va.) and Brian Fitzpatrick (R-Pa.) urging the IRS to extend the suspension of automated collections, continue the pause on automated notices, and keep its surge teams in place until hiring challenges and processing backlogs are adequately addressed. Within the New York delegation, the letter was signed by Sen. Kirsten Gillibrand (D-N.Y.) and Reps. Adriano Espaillat (D-N.Y.) and Jerrold Nadler (D-N.Y.).
  • PCAOB’s Five-Year Strategic Plan Proposal Sets Out Four Goals

    By:
    Ruth Singleton
    |
    Aug 17, 2022
    The Public Company Accounting Oversight Board (PCAOB) released a proposed five-year strategic plan on Tuesday, centered around four goals: modernizing standards, enhancing inspections, strengthening enforcement and improving organizational effectiveness. The PCAOB is inviting the public to comment on how it will pursue its mission of protecting investors from 2022 to 2026. 
  • Regulatory Roundup - August 9-15

    By:
    Ruth Singleton
    |
    Aug 16, 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.