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Latest Articles

  • FASB to Focus on Standards for Digital Assets and Financial Instruments with ESG-Linked Features

    By:
    Ruth Singleton
    |
    Jun 3, 2022
    The Financial Accounting Foundation (FAF) has issued its 2021 annual report, detailing the past and projected standard-setting activities of the Financial Accounting Standards Board (FASB) and the Government Accounting Standards Board (GASB). In his message, FASB Chair Richard R. Jones said that FASB’s research agenda includes “projects on digital assets, intangibles, government grants, and accounting for financial instruments with environmental, social, and governance (ESG)-linked features and regulatory credits.” These projects were added as a result of a consultation process with more than 200 stakeholders, more than 70 of them investors or other financial statement users.  
  • Recent Drop in Value of Digital Assets Spurs Tax Concerns

    By:
    Ruth Singleton
    |
    Jun 2, 2022
    The recent tumble in value of many digital assets such as cryptocurrencies and nonfungible tokens (NFTs) has led to tax worries among investors and companies.
  • Treasury Secretary Yellen Outlines Latest Efforts to Reduce Inflation

    By:
    Ruth Singleton
    |
    Jun 1, 2022
    Speaking yesterday, after meeting at the White House with President Joe Biden and Federal Reserve Chairman Jerome Powell, Treasury Secretary Janet Yellen said that the administration was working on several strategies for reducing inflation. She specifically spoke about plans for dealing with high prescription drug and gasoline prices, as well as the budget deficit. 
  • Regulatory Roundup - May 24-31

    By:
    Ruth Singleton
    |
    May 31, 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.
  • IRS Data Book for FY 2021 Reveals Collection of $4.1 Trillion in Taxes

    By:
    Ruth Singleton
    |
    May 31, 2022
    The IRS has issued its Data Book for fiscal year 2021 (Oct. 1, 2020-Sept. 30, 2021), revealing that the agency collected $4.1 trillion in taxes, compared to $3.5 trillion in FY 2020.
  • IRS Updates ‘Where’s My Refund?’ Tool to Include Two Previous Years

    By:
    Ruth Singleton
    |
    May 26, 2022
    The IRS has announced that its “Where’s My Refund?” tool now allows taxpayers to check the status of their two previous years' refunds, in addition to their refunds from the current tax year. Taxpayers can choose any of the three most recent tax years to check their refund status. They'll need their Social Security number or individual taxpayer identification number (ITIN), their filing status and their expected refund amount from the original filed tax return for the tax year they're checking. 
  • Sen. Wyden Asks Mazars for More Information About Trump Tax Returns

    By:
    Ruth Singleton
    |
    May 25, 2022
    Sen. Ron Wyden (D-Ore.), the chairman of the Senate Finance Committee, has sent a letter to Mazars USA LLP, asking for more information about the financial and tax documents that the firm prepared for Donald Trump and the Trump Organization. 
  • 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.