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.

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.

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.

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.”

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.

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, 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.