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Latest Articles

  • IRS Alerts Tax Pros: Be Aware of Signs of Identity Theft

    By:
    Ruth Singleton
    |
    Aug 2, 2022

    The IRS has issued a warning to tax professionals to be on the lookout for several tell-tale signs of identity theft. 

  • Regulatory Roundup - July 26-August 1

    By:
    Ruth Singleton
    |
    Aug 1, 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.
  • A Deeper Look at the Major Tax Provisions of the 2022 Inflation Reduction Act

    By:
    Ruth Singleton
    |
    Aug 1, 2022
    Late last week, Sen. Joe Manchin (D-W.Va.) announced that he would support a climate and tax bill known as the Inflation Reduction Act of 2022, which includes several provisions of the Build Back Better legislation that failed to pass the Senate last year. The new bill includes significant tax changes, although a more stringent international tax regime and a controversial “millionaire’s tax” are not included in the final version. 
  • IRS Acknowledges Sending Erroneous Balance Due Notices to Some Married Couples

    By:
    Ruth Singleton
    |
    Jul 29, 2022
    The IRS has issued a statement acknowledging that some payments made for 2021 tax returns were not correctly applied to taxpayers’ accounts and that, as a result, the taxpayers who made these payments are receiving erroneous balance due notices. The IRS said that these are largely payments that were made by the second taxpayer listed on a married filing jointly return submitted through an online account. But it noted that some other taxpayers may also be affected outside of this group. 
  • Reversing His Recent Position, Manchin Now Says He Agrees to Climate and Tax Bill

    By:
    Ruth Singleton
    |
    Jul 28, 2022
    Sen. Joe Manchin (D-W.Va.) yesterday agreed to a bill that would provide hundreds of billions of dollars for climate and energy programs and also include tax increases, reversing a position he took less than two weeks ago,. The package would also subsidize health care and lower the cost of prescription drugs. The bill, now called the Inflation Reduction Act of 2022, includes several provisions of the Build Back Better package supported by President Joe Biden and congressional Democrats. 
  • SEC Brings Insider Trading Charges Against Former Indiana Congressman

    By:
    Ruth Singleton
    |
    Jul 26, 2022

    The Securities and Exchange Commission (SEC) filed insider trading charges yesterday against Stephen Buyer, a former U.S. Representative for Indiana's 4th Congressional District.  According to the SEC’s complaint, filed in federal district court in Manhattan, Buyer formed a consulting company after leaving Congress in 2011, and used nonpublic information that he gained from clients to buy $1.5 million in stocks and  make a profit of more than $300,000. 

  • Regulatory Roundup - July 19-25

    By:
    Ruth Singleton
    |
    Jul 25, 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.
  • Member of Congress Asks IRS for Information About Its Approval of Fake Charities

    By:
    Ruth Singleton
    |
    Jul 25, 2022
    A member of Congress is seeking answers about why the IRS approved multiple fake charities that sought tax-exempt status.. House Ways and Means Oversight Subcommittee chairman Bill Pascrell (D-N.J.) sent a letter to IRS Commissioner Chuck Rettig last week, requesting answers to three questions about the controversy. 
  • Study: Accounting Profession Has Third-Lowest Turnover Rate in U.S.

    By:
    Ruth Singleton
    |
    Jul 22, 2022
    A study by LinkedIn has determined that the accounting profession has the third-lowest average turnover rate: 9.4 percent. LinkedIn’s analysis was based on the period between July 2021 and June 2022. Only administration (7.8 percent) and operations (8.8 percent had lower rates. 
  • IRS Encourages Tax Pros to Convince Clients to Use Identity Protection Program

    By:
    Ruth Singleton
    |
    Jul 20, 2022
    The IRS—along with state tax agencies and representatives of the tax industry—announced an effort to encourage tax professionals to step up their efforts to let clients know about the IRS Identity Protection PIN Opt-In Program as a safeguard against identity theft. Working together as the Security Summit, these partners said they need the help of tax professionals to get the message out that IP PINs are now available to taxpayers who can verify their identity.