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Gov. Hochul Signs Non-CPA Ownership Bill into Law
Read the May/June 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 Retreats on Basis-Shifting Rule, but Questions Remain

    By:
    Emma Slack-Jorgensen
    |
    May 29, 2025

    The IRS’s proposal to withdraw a Biden-era rule targeting partnership basis-shifting transactions is being met with cautious approval from tax professional, but the door isn’t fully closed. 

  • IRS Hotline Sees Improvement, But CPAs Remain Wary of the Road Ahead

    By:
    Emma Slack-Jorgensen
    |
    May 28, 2025
    This year’s tax season saw measurable improvements in IRS hotline service, according to an AICPA survey. However, members are still uneasy about the agency’s long-term direction. 

  • More States Pass Legislation to Add Pathways to CPA Licensure

    By:
    Karen Sibayan
    |
    May 28, 2025
    Illinois and Minnesota have adopted legislation to advance additional pathways to CPA licensure. New Jersey's assembly has also approved a similar bill that has now been sent to the Senate. Currently, there are at least 27 states that have either adopted or have pending legislation creating additional pathways to licensure. 

  • SALT Cap Relief in House Tax Bill Comes With Limits for Certain Pass-Throughs

    By:
    Emma Slack-Jorgensen
    |
    May 27, 2025
    The House’s recently passed $4 trillion tax package includes a significant change to the state and local tax (SALT) deduction cap, raising it from $10,000 to $40,000 for individuals and joint filers making under $500,000. 

  • Regulatory Roundup: May 20-26

    By:
    Karen Sibayan
    |
    May 27, 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

  • House Tax Bill Proposes Dismantling of PCAOB, Shifting Oversight to SEC

    By:
    Emma Slack-Jorgensen
    |
    May 23, 2025
    A clause in the House tax bill passed last week carries significant implications for audit oversight: the dissolution of the Public Company Accounting Oversight Board (PCAOB) and the transfer of its duties to the SEC. 

  • AICPA Comments on the IRS/Treasury's Proposed PTEP Regulations

    By:
    Karen Sibayan
    |
    May 22, 2025

    The AICPA offered comments to the Treasury and IRS in a letter dated May 14 regarding REG-105479-18, which contain rules that address the treatment of previously taxed earnings and profits or PTEP under section 959 and basis adjustments under section 961. The agencies released these proposed regulations on Nov. 29, 2024.

  • Trump's Tax Legislation Passes House, Albeit Narrowly

    By:
    Karen Sibayan
    |
    May 22, 2025
    President Donald Trump’s tax bill passed the House of Representatives on May 22 with a very narrow margin, advancing the package that would avoid a year-end tax increase.

  • Despite Misleading Subplots, The Accountant 2 is a Satisfying and Enjoyable Ride

    By:
    David Zweighaft
    |
    May 21, 2025
    After waiting a mere nine years, Christian Wolff (Ben Affleck) returns with his signature bland affect, mental super-powers, devastating martial arts ability, and lots of weaponry. There are also enough subtle puns and inside jokes to make you feel like the film’s director Gavin O’Connor may be toying with the audience.

  • SEC Faces Staffing Crossroads Amid Agency Retrenchment

    By:
    Emma Slack-Jorgensen
    |
    May 21, 2025
    At a hearing before the House Appropriations Subcommittee this week, Chair Paul Atkins acknowledged the scope of attrition at the agency. Headcount has dropped 15% since the start of the fiscal year. At its peak, the SEC employed around 5,000 people. 
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