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Latest Articles

  • Study: Worldwide Corporate Tax Rates Reach New Low

    By:
    Ruth Singleton
    |
    May 24, 2022
    A recent study has found that the average corporate tax rate for major economies fell to a new low of 25.1 percent in 2020-21, from 25.2 percent in 2019-20. But the study, issued by the UHY international accounting firm network, predicts that the downward trend in corporate rates would not continue much longer, as countries grapple with the economic fallout from the pandemic.  
  • TIGTA Report: IRS Issued Potentially Improper Recovery Payments Totaling $898M

    By:
    Ruth Singleton
    |
    May 24, 2022
    A report issued by the Treasury Inspector General for Tax Administration (TIGTA) has found that the IRS issued potentially improper Recovery Rebate Credit payments, pursuant to the CARES Act, totaling $898 million.  
  • Regulatory Roundup - May 10-23

    By:
    Ruth Singleton
    |
    May 23, 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.
  • AICPA and Member of Congress Criticize IRS Over Destruction of Information Returns

    By:
    Ruth Singleton
    |
    May 18, 2022
    The AICPA and a member of Congress have sharply criticized IRS over its destruction of roughly 30 million paper information returns in response to with a backlog last year. On May 4, the Treasury Inspector General for Tax Administration (TIGTA) issued a report on the processing of business tax returns, which reported on the destruction. 
  • Bipartisan Bill Introduced in Senate Would Bar Tax Breaks for Companies Paying Taxes to Russia, Belarus

    By:
    Ruth Singleton
    |
    May 13, 2022
    A bipartisan bill introduced in the Senate on Thursday would bar companies that pay taxes to Russia or Belarus from receiving foreign tax credits or other benefits.  Senate Finance Committee Chair Ron Wyden (D-Ore.) and Sen. Rob Portman (R-Ohio) sponsored the legislation, which would add those two countries to a list of countries already ineligible for foreign tax credits, including North Korea, Iran, Syria and Sudan.  
  • Increasing Number of States to Require Stand-Alone Financial Literacy Classes in High School

    By:
    Ruth Singleton
    |
    May 12, 2022
    Georgia recently joined seven other states in passing legislation that requires a stand-alone financial literacy course as a high school graduation prerequisite. On April 28, Gov. Brian Kemp signed into law a financial literacy provision that will call for all students in either 11th or 12th grade to take a half-credit course in financial topics such as budgeting and credit management. 
  • While Rate of Inflation Moderated in April, Prices Still Climbed Quickly

    By:
    Ruth Singleton
    |
    May 11, 2022
    A Consumer Price Index report released Wednesday by the U.S. Bureau of Labor Statistics  indicates that annual inflation  in April moderated for the first time in months, but there are some troubling indicators. Prices increased by 8.3 percent for the 12 months ending April, a smaller increase than the 8.5-percent figure for the period ending in March. 
  • Congress Confronts Approaching Expiration of Several TCJA Provisions

    By:
    Ruth Singleton
    |
    May 10, 2022
    As provisions of the Tax Cuts and Jobs Act (TCJA) of 2017 approach their expiration dates, Congress has to make decisions about which ones to extend. Congressional Republicans passed the TCJA, using familiar budget strategies, including setting many provisions to expire in a few years and scheduling some taxes to increase. Their expectation was that future members of Congress would extend the popular provisions and repeal the unpopular ones. 
  • Regulatory Roundup - May 3-9

    By:
    Ruth Singleton
    |
    May 9, 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.
  • Study: IRS Has Ability to Accurately Autofill Over 40 Percent of Individual Tax Returns

    By:
    Ruth Singleton
    |
    May 9, 2022
     A study by the National Bureau of Economic Research has found that the IRS has the capability to accurately autofill between 62 and 73 million individual returns (41 to 48 percent of them) using only current-year information returns and the prior-year return. The study’s authors used a random sample of 344,400 individual income tax returns for 2019 constructed by the Statistics of Income Division of the IRS.