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Latest Articles

  • Regulatory Roundup: May 31-June 5

    By:
    S.J. Steinhardt
    |
    Jun 5, 2023
    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.
  • Deal Suspending Debt Ceiling—and Cutting Some IRS Funding—Signed into Law

    By:
    S.J. Steinhardt
    |
    Jun 5, 2023
    President Joe Biden signed the Fiscal Responsibility Act of 2023 into law on Saturday, allowing for a two-year suspension of the debt ceiling in exchange for certain spending cuts.
  • Companies' Use of Accounting Maneuvers to Report Higher Earnings Comes Under Scrutiny

    By:
    S.J. Steinhardt
    |
    Jun 2, 2023
    Many companies are managing their earnings—using the flexibility in accounting rules to improve reported earnings per share—in the face of slowing business. And the heightened use of this practice has attracted the attention of regulators.
  • Libor Sunsets in a Month, and Companies Urged to Switch

    By:
    S.J. Steinhardt
    |
    Jun 1, 2023
    The phaseout of the London interbank offered rate (Libor) will be complete at the end of the month, but some companies have not switched to any of the available alternatives.
  • New Corporate Transparency Act Rules Confront Small Business 'Awareness Gap'

    By:
    S.J. Steinhardt
    |
    May 31, 2023
    New beneficial ownership disclosure rules mandated by the Corporate Transparency Act (CTA) will have an immediate impact on new businesses formed after the start of the year, but some companies may be unaware of them.
  • IRS Begins Talks to Roll Out Pilot Free E-File Option

    By:
    S.J. Steinhardt
    |
    May 31, 2023
    The IRS is now taking steps to implement its pilot test of a free e-file system by holding talks with advocacy groups.
  • Deal to Suspend Debt Ceiling Cuts IRS Funding

    By:
    S.J. Steinhardt
    |
    May 30, 2023
    The legislation resulting from the agreement reached by President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) to increase the debt ceiling for two years contains a reduction in the finding allocated to the IRS under the Inflation Reduction Act.
  • IRS Renews Warning of Employee Retention Credit Scams

    By:
    S.J. Steinhardt
    |
    May 30, 2023

    The IRS has renewed an alert to businesses and tax-exempt groups to be wary of companies and individuals promoting their eligibility for the Employee Retention Credit (ERC).

  • New York State Legislature Passes Non-CPA Ownership Bill

    By:
    Ruth Singleton
    |
    May 30, 2023
    After 10 years of lobbying in Albany to allow non-CPAs to become minority partners at CPA firms, the NYSSCPA achieved success on May 30, when the New York State Assembly passed a non-CPA ownership bill by a vote of 144-0. The legislation had passed the Senate on May 22, by a vote of 59-2. It now awaits the signature of Gov. Kathy Hochul to become law.
  • Regulatory Roundup: May 23-30

    By:
    S.J. Steinhardt
    |
    May 30, 2023

    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.