Latest Articles

  • IRS Data Reveals Refund Distribution Changed by TCJA

    By:
    Chris Gaetano
    |
    Jul 2, 2019
    Recent IRS data has revealed that, while the total amount of refunds issued last filing season was mostly the same as in the previous year, the Tax Cuts and Jobs Act significantly changed the distribution of those refunds. 
  • GASB Proposes Including IRC 457 Plans In Pension Standards

    By:
    Chris Gaetano
    |
    Jul 1, 2019
    A proposal from the Governmental Accounting Standards Board (GASB), if implemented, would allow IRC Section 457 plans to be included in the pension standards where, for now, they are explicitly excluded. 
  • Regulatory Roundup - June 25 - July 1

    By:
    Chris Gaetano
    |
    Jul 1, 2019
    With so many regulators out there, 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 Proposes Guidance on 1.4 Percent Excise Tax on Private Colleges and Universities

    By:
    Chris Gaetano
    |
    Jul 1, 2019
    The IRS has proposed guidance on a provision of the Tax Cuts and Jobs Act that imposes a 1.4 percent excise tax on the net investment income of certain private colleges and universities. 
  • House Bill Would Boost IRS Funding, Raise Employee Pay

    By:
    Ruth Singleton
    |
    Jun 28, 2019

    The general appropriations bill approved by the House of Representatives on June 26would increase IRS funding by nearly $700 million in fiscal year 2020, to $12 billion. Funding for enforcement would go up by $297 million; there would also be a $67 million increase for taxpayer services and a $140 million increase for business systems modernization.

  • When Asked Whether They Have Credit Card Debt, 21 Percent of Americans Said They Don't Know

    By:
    Chris Gaetano
    |
    Jun 27, 2019
    A survey of 1,000 U.S. adults found that 21 percent said they didn't know whether or not they had any credit card debt. 
  • GAO Warns Federal Finances on Unsustainable Path

    By:
    Chris Gaetano
    |
    Jun 27, 2019
    The Government Accountability Office (GAO) said in a recent report that, due to the historically high debt levels of the federal government, it is on a path that will prove to be unsustainable in the long run unless action is taken to improve the situation. 
  • Authorities Tracking International Network of Inside Traders

    By:
    Chris Gaetano
    |
    Jun 26, 2019
    Prosecutors from the United States, United Kingdom and France are cooperating in an investigation of what is believed to be an international network of stock pickers who use bribery and selective media leaks to bolster their profits. 
  • Overall Market Health Increasingly Determined by Five Companies

    By:
    Chris Gaetano
    |
    Jun 26, 2019
    Five companies—Facebook, Amazon, Disney, Microsoft and Apple⁠—have become so large that their own well-being increasingly is determining the well-being of the market as a whole. 
  • Bill Would Allow Same-Sex Couples to Claim Tax Refunds They Were Previously Denied

    By:
    Chris Gaetano
    |
    Jun 25, 2019
    A proposed House bill would, if implemented, allow same-sex couples to claim tax refunds from before the Defense of Marriage Act was deemed unconstitutional.