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The Trusted Professional | NYSSCPA

 
 
Gov. Hochul Signs Non-CPA Ownership Bill into Law
Read the July/August 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

  • Three State CPA Societies Issue Report Focusing on Skills Needed to Become CFOs

    By:
    Ruth Singleton
    |
    Sep 5, 2024
    Three CPA societies—the Massachusetts Society of CPAs, the Indiana Society of CPAs and the Tennessee Society of CPAs—in partnership with CPA Crossings, a continuing education services provider, have published a report, "CPAs in the C-Suite: Most Wanted Competencies for Finance Leaders, providing “a roadmap for aspiring CFOs to excel in today’s dynamic financial landscape.”

  • TIGTA: IRS Needs to Develop Methodology So As Not to Increase Audit Rate for Taxpayers Earning Below $400K

    By:
    Ruth Singleton
    |
    Sep 5, 2024

    In a recent report, the Treasury Inspector General for Tax Administration (TIGTA) offered its findings on how the IRS is complying with a 2022 directive from the secretary of the Treasury not to use any additional resources to increase audits on small business or households earning below $400,000 per year. TIGTA reported that the IRS has not finalized its methodology for the audit coverage calculation.

  • With Some ESG Reporting Set to Become Mandatory in 2025, CPAs Could Have More Audit Opportunities

    By:
    Ruth Singleton
    |
    Sep 4, 2024
    Participants at a recent symposium on environmental, social and governance (ESG) reporting, hosted by the AICPA and its subsidiary, CPA.com, discussed how mandatory reporting requirements for Scope 3 greenhouse emissions—set to go into effect in two jurisdictions in 2025—could create audit opportunities for firms of all sizes. 

  • Full Application Period Now Open for Qualifying Advanced Energy Project Tax Credit; Due Date Is Oct. 18

    By:
    Ruth Singleton
    |
    Sep 3, 2024
    On Aug. 29, the Treasury Department, IRS and Department of Energy (DOE) announced that they had received more than 800 project proposals seeking, in total, almost $40 billion in tax credits for Round 2 of the Qualifying Advanced Energy Project Tax Credit (48C) Program. Those proposals represent $200 billion in total project investments.

  • Regulatory Roundup: August 27-September 3

    By:
    Ruth Singleton
    |
    Sep 3, 2024
    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.

  • FinCEN Issues Final Rules Requiring Reporting of Some Cash Real Estate Sales

    By:
    Ruth Singleton
    |
    Sep 3, 2024
    Last week, the Department of the Treasury’s  Financial Crimes Enforcement Network (FinCEN) issued a final rule under the Bank Secrecy Act meant to deter criminals from laundering money by paying cash for residential real estate. The rule, which will become effective on Dec. 1, 2025, will require real estate professionals to submit reports about cash sales of residential real estate sold to legal entities, trusts and shell companies.

  • TIGTA: Number of Federal Tax Lien Notices Continues to Fall

    By:
    NYSSCPA Staff
    |
    Aug 29, 2024
    The number of notices of federal tax lien (NFTLs) filed by the IRS has declined by 67 percent since 2019, the Treasury Inspector General for Tax Administration (TIGTA) disclosed in a report about the IRS's compliance with NFTL collection due process procedures.

  • IRS Reminds Employers: Educational Assistance Programs Can Go Toward Workers’ Student Loans Through 2025

    By:
    NYSSCPA Staff
    |
    Aug 29, 2024
    The IRS reminded employers that their educational assistance programs can also used to help pay for their employees’ student loan obligations through Dec. 31, 2025.

  • IRS Urges Taxpayers to Do an End-of-Summer Tax Checkup

    By:
    NYSSCPA Staff
    |
    Aug 28, 2024
    To help taxpayers avoid a surprise at tax time next year, the IRS encouraged them to make tax withholding or payment updates now.

  • SEC Charges Navy Shipbuilder with Accounting Fraud

    By:
    Ruth Singleton
    |
    Aug 28, 2024
    The Securities and Exchange Commission (SEC) has charged Austal USA, LLC, a Mobile, Ala.-based shipbuilder, and its Australia-based parent company, Austal Limited, with a fraudulent revenue recognition scheme. Both companies have agreed to settle the charges, including paying a $24 million civil penalty. 
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