On Friday, New York Attorney General Letitia James proposed state legislation to tighten regulation of the cryptocurrency industry. She said that “the multi-billion-dollar industry lacks robust regulations, making it prone to dramatic market fluctuations, and has been used to hide and facilitate criminal conduct and fraud.”

Almost one million New York businesses are still owed an employee retention credit (ERC) for keeping workers on staff during the first two years the pandemic, and Sen. Kirsten Gillibrand (D-N.Y.) has asked IRS Commissioner Daniel Werfel to work more quickly through the agency's backlog.

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 bipartisan group of senators has asked IRS Commissioner Daniel Werfel to take steps to foil tax scams generated by AI tools such as deepfakes and chatbots.