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Gov. Hochul Signs Non-CPA Ownership Bill into Law
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IRS to Waive $1B in Some Late Payment Penalties
2024 to Be a Demanding Year for Internal Auditors
SEC OKs Audit Confirmation Standards

Latest Articles

  • Supreme Court to Decide Fate of Corporate Transparency Act and BOI Reporting

    By:
    Emma Slack-Jorgensen
    |
    Jan 15, 2025
    The U.S. Supreme Court is preparing to weigh in on the Corporate Transparency Act (CTA) and its beneficial ownership information (BOI) reporting requirements. This decision follows a contentious legal battle, with federal courts temporarily halting enforcement of the act, leaving small business across the country in limbo. 

  • IRS Targets Tax Loopholes in Partnership Transactions with New Rules

    By:
    Emma Slack-Jorgensen
    |
    Jan 14, 2025

    On Jan. 10, the IRS and Treasury Department released final regulations that bring certain partnership-related transactions under closer scrutiny by identifying them as “transactions of interest." These transactions are now subject to disclosure requirements for reportable transactions

  • Regulatory Roundup: January 7-13

    By:
    Karen Sibayan
    |
    Jan 13, 2025
    With so many regulators out there, it can be tough to keep track of all the decisions being made. This is the NYCPA'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.

  • Driving Sustainability: New IRS, Treasury Proposed Rules Propel Clean Vehicles and Fuels Forward

    By:
    Emma Slack-Jorgensen
    |
    Jan 13, 2025
    On Jan. 10, the U.S. Treasury Department and IRS published a Notice of Proposed Rulemaking on the credit for Qualified Commercial Clean Vehicles (45W) established by the Inflation Reduction Act.

  • Another Texas Court Issues a Preliminary Injunction on the Corporate Transparency Act

    By:
    Emma Slack-Jorgensen
    |
    Jan 10, 2025
    Another federal court in Texas has once again blocked the Corporate Transparency Act and its beneficial ownership information reporting requirements, marking another chapter in the contentious legal battle over the act’s implementation.

  • IRS Proposes New Rules for Roth Catch-Up Contributions Under SECURE 2.0 Act

    By:
    Emma Slack-Jorgensen
    |
    Jan 10, 2025
    The IRS and Treasury Department have issued proposed regulations to implement key provisions of the SECURE 2.0 Act concerning catch-up contributions for workplace retirement plans like 401(k)s.

  • Taxpayer Advocate Gives IRS a Mixed Review in 2024 Annual Report

    By:
    Emma Slack-Jorgensen
    |
    Jan 9, 2025
    The 2024 Annual Report to Congress by National Taxpayer Advocate Erin Collins is a mixed evaluation of the IRS. It praises the agency's significant progress in taxpayer services but spotlights ongoing issues such as delays in processing Employer Retention Credit claims and identity theft resolution cases.

  • Blackstone's Investment in Citrin Cooperman Shows PE's Growing Role in Accounting Profession

    By:
    Emma Slack-Jorgensen
    |
    Jan 8, 2025
    Blackstone has acquired a significant stake in top 20 tax firm Citrin Cooperman. The deal, announced Jan. 7, involved New Mountain Capital selling its majority stake in Citrin Cooperman to an investor group led by Blackstone. This transaction is the latest example of private equity's closer involvement in the accounting profession. 

  • Audit Firms Push Back and Ask SEC to Reject PCAOB Metrics

    By:
    Emma Slack-Jorgensen
    |
    Jan 7, 2025
    Audit firms are calling on the Securities and Exchange Commission to reject new metrics proposed by the Public Company Accounting Oversight Board.

  • Justice Department Urges Supreme Court to Stop CTA Injunction

    By:
    Karen Sibayan
    |
    Jan 6, 2025
    On Dec. 31, the Department of Justice asked the U.S. Supreme Court to issue a stay of the preliminary injunction that has halted the Corporate Transparency Act’s enforcement nationwide under which the reporting of beneficial ownership information is required. 
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