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Latest Articles

  • House GOP Attempts to Repeal Funding to IRS

    By:
    S.J. Steinhardt
    |
    Jan 10, 2023

    In one of its first actions, the new Republican majority in the U.S. House of Representatives is moving to rescind most of the $80 billion funding allocated to the IRS by the Inflation Reduction Act.

  • DOJ Investigating Binance for Possible Money Laundering Violations

    By:
    S.J. Steinhardt
    |
    Jan 9, 2023
    The U.S. Attorney’s Office for the Western District of Washington in Seattle has issued subpoenas to some investment firms, directing them to hand over records of their communications with cryptocurrency exchange Binance, the Washington Post reported, attributing the information to two anonymous sources who each received one of the subpoenas.
  • IRS Issues Nearly $15B in Refunds After Correcting for 2020 Unemployment Compensation Tax Overpayments

    By:
    S.J. Steinhardt
    |
    Jan 9, 2023

    The IRS has made corrections to the tax year 2020 accounts for taxpayers who overpaid their taxes on unemployment compensation that year, and has issued almost $15 billion in refunds.

  • Regulatory Roundup: January 4-9

    By:
    S.J. Steinhardt
    |
    Jan 9, 2023

    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.

  • FTC Moves to Ban Noncompete Clauses

    By:
    S.J. Steinhardt
    |
    Jan 6, 2023

    The Federal Trade Commission (FTC) has proposed a rule to ban employers from imposing noncompete clauses on employees, calling their use “a widespread and often exploitative practice that suppresses wages, hampers innovation, and blocks entrepreneurs from starting new businesses.”

  • GAO Report Considers Ways to Maintain Local News

    By:
    S.J. Steinhardt
    |
    Jan 6, 2023

    Noting the decline in local news media, the Government Accountability Office (GAO) released a report that suggested policies to help news outlets adapt to digitization and to preserve public interest journalism.

  • Syracuse University Report Finds Disparities in IRS Audits

    By:
    S.J. Steinhardt
    |
    Jan 5, 2023

    The chances of a millionaire being audited by the IRS last year stood at about one in 100, while lower-income wage earners were targeted at an unusually high rate, the Transactional Records Access Clearinghouse (TRAC) at Syracuse University found.

  • Coinbase Settles with New York State for $100 Million Over Compliance Violations

    By:
    S.J. Steinhardt
    |
    Jan 5, 2023

    Coinbase, the largest U.S.-based cryptocurrency trading exchange, will pay a $50 million penalty to New York state for “significant failures” in its compliance program and must invest an additional $50 million to improve it.  

  • Blue-State Republican Reps Aim to Repeal SALT Deduction Cap

    By:
    S.J. Steinhardt
    |
    Jan 4, 2023
    Republicans who flipped or held congressional districts in high-tax states, such as New York, New Jersey and California, are going to Washington intending to repeal the $10,000 cap on state and local tax (SALT) deductions  instituted by the 2017 Tax Cuts and Jobs Act (TCJA).
  • Married Taxpayers Filing Jointly Should be Aware of Glitch With CP-14 Notices

    By:
    S.J. Steinhardt
    |
    Jan 4, 2023
    Married taxpayers filing jointly who make a balance-due payment online may find the payment not being credited to their account because they may not understand that the payment must be made by the primary taxpayer.