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The Trusted Professional | NYSSCPA

 
 
Gov. Hochul Signs Non-CPA Ownership Bill into Law
Read the Jan/Feb Issue
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

  • IRS Director Shares New Collections Methods and Innovations

    By:
    Emma Slack Jorgensen
    |
    Feb 28, 2025
    At KPMG’s Meet the IRS conference on Jan. 22, Mary Beth Murphy, director of IRS Collections, provided an in-depth look at the agency’s evolving approach to tax collection, recent improvements and the challenges that lie ahead.

  • IASB Updates IFRS for SMEs Accounting Standard

    By:
    Emma Slack-Jorgensen
    |
    Feb 27, 2025
    The International Accounting Standards Board (IASB) has issued a significant update to the IFRS for SMEs Accounting Standard, which is currently used in 85 jurisdictions. This revision aims to enhance financial reporting for small and medium-sized enterprises (SMEs) while maintaining the Standard’s simplicity. 

  • PCAOB Intensifies Enforcement Activity With the Looming Threat of Its Demise

    By:
    Emma Slack-Jorgensen
    |
    Feb 27, 2025
    The Public Company Accounting Oversight Board (PCAOB) ramped up its enforcement activity in 2024, finalizing 51 enforcement actions—the highest level since 2017. Monetary penalties surged to $35.7 million, nearly doubling the previous year’s record, and accounting for almost 40% of all penalties imposed since the PCAOB’s inception. 

  • House Passes Budget Resolution: Tax Cuts and Spending Reductions Up for Senate Negotiation

    By:
    Emma Slack-Jorgensen
    |
    Feb 26, 2025

    The U.S. House of Representatives has passed a budget resolution proposing $4.5 trillion in tax cuts and $2 trillion in spending reductions over the next decade. The budget resolution does not eliminate taxes on tips or enact specific tax policies. Instead, it sets the stage for lawmakers to craft future legislation, including potential extensions of the 2017 Tax Cuts and Jobs Act.

  • Acting IRS Commissioner O’Donnell to Retire on Feb. 28; Krause to Assume the Role in the Interim

    By:
    Karen Sibayan
    |
    Feb 26, 2025
    The IRS said that Secretary of the Treasury Scott Bessent announced on Feb. 25 that IRS Chief Operating Officer Melanie Krause will become acting IRS Commissioner after the retirement announcement of Doug O’Donnell.

  • IRS Reforms on the Horizon: New Bills Aim to Streamline Filing and Enhance Transparency

    By:
    Emma Slack-Jorgensen
    |
    Feb 25, 2025
    The IRS is set to undergo significant changes this tax season, with proposed legislation and policy shifts poised to impact taxpayers and tax professionals alike. Two bills advancing through Congress—the Electronic Filing and Payment Fairness Act and the IRS Math and Taxpayer Help Act—aim to improve tax filing processes and taxpayer transparency. 

  • AICPA Urges IRS to Clarify Disaster Tax Relief in Draft Publication 547

    By:
    Emma Slack-Jorgensen
    |
    Feb 24, 2025
    AICPA is calling on the IRS and the Treasury Department to revise Draft Publication 547 to ensure taxpayers clearly understand their eligibility for disaster tax relief under the Federal Disaster Tax Relief Act of 2023 (FDTRA). In a letter to the IRS, the AICPA emphasized that the current draft lacks clarity and could lead to misinterpretation of qualified disaster loss provisions. 

  • Big Four Firms Split on Diversity Initiatives Amid Political Pressure

    By:
    Emma Slack-Jorgensen
    |
    Feb 24, 2025

    The Big Four accounting firms are facing a deep divide over diversity, equity and inclusion (DEI) initiatives as political and legal pressures mount. While Deloitte and KPMG are scaling back their DEI programs due to executive orders and scrutiny over federal contracts, EY and PwC continue to maintain their diversity commitments for now. 

  • Regulatory Roundup: February 18-24

    By:
    Karen Sibayan
    |
    Feb 24, 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.

  • IRS Begins Mass Layoffs, Cutting 7,000 Jobs Amid Tax Season

    By:
    Emma Slack-Jorgensen
    |
    Feb 21, 2025
    The IRS has begun laying off thousands of probationary employees, a move that is expected to significantly impact the agency’s operations during tax season. Approximately 7,000 workers—about 7% of the IRS workforce—are losing their jobs, with 5,000 of the cuts coming from enforcement and collections. 
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