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Latest Articles

  • FASB Proposes Two-Year Extension of Date to Transition Benchmark Interest Rate from LIBOR to SOFR

    By:
    Ruth Singleton
    |
    Apr 21, 2022
    The Financial Accounting Standards Board (FASB) has issued a proposed accounting standards update (ASU) recommending that the date to transition from the London Interbank Offered Rate (LIBOR) to the Secured Overnight Financing Rate (SOFR) be moved back, from Dec. 31 of this year to Dec. 31, 2024. The proposed ASU would also amend the definition of the SOFR.  
  • Another Federal Court Strikes Down Ban on Using ARPA Funds for Tax Cuts

    By:
    Ruth Singleton
    |
    Apr 20, 2022
    A federal district court in Texas has struck down a provision in the American Rescue Plan Act (ARPA) that prohibits states from using funds received under that legislation to reduce state taxes.
  • 2021 Tax Returns of Biden and Harris Similar to Returns Filed Last Year

    By:
    Ruth Singleton
    |
    Apr 19, 2022
    The White House has released the 2021 tax federal income tax returns for President Joe and Dr. Jill Biden, as well as Vice President Kamala Harris and her husband, Doug Emhoff. Both were similar to the returns they filed last year for 2020. 
  • Regulatory Roundup - April 12-18

    By:
    Ruth Singleton
    |
    Apr 18, 2022
    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.
  • First April Tax Day Since 2019 Arrives With Fewer Hitches Than Feared

    By:
    Ruth Singleton
    |
    Apr 18, 2022

    Despite warnings by Treasury Department officials in January that the tax season would be extraordinarily challenging, it has progressed more smoothly for taxpayers and preparers than expected. The April 18 Tax Day was the first deadline to return to that month since 2019, before the COVID-19 pandemic. In 2020, the IRS extended the filing and payment deadlines to July 15, and last year, it extended those deadlines to May 17. On the other hand. Treasury officials still found the tax season to be quite challenging because of staff shortages and the complexity associated with distributing pandemic relief money.

  • PCAOB Issues Annual Report, Documenting Year in Transition

    By:
    Ruth Singleton
    |
    Apr 15, 2022
    The Public Company Accounting Oversight Board (PCAOB) has issued its 2021 annual report, documenting its inspection outcomes during a year of leadership transition and continued adaptations to the COVID-19 pandemic. In her opening message, Chair Erica Y. Williams wrote, “In 2021, the PCAOB faced changes and transition, including the continuing challenges of the COVID-19 pandemic, high-profile developments in the capital markets, and ongoing technological evolution in auditing. The leadership of our organization also changed with the appointment of four new Board members in November.” 
  • House Members Begin Probe of Facial Recognition Government Contractor ID.me

    By:
    Ruth Singleton
    |
    Apr 14, 2022
    In a letter to the CEO of facial recognition technology government contractor ID.me, two members of the House of Representatives outlined a host of problems with the company and requested documents and information. Carolyn B. Maloney (D-N.Y.), chairwoman of the Committee on Oversight and Reform, and James E. Clyburn (D-S.C.) chairman of the Select Subcommittee on the Coronavirus Crisis, wrote to CEO Blake Hall, saying, “Numerous reports have raised concerns about ID.me’s performance on government contracts and the effectiveness of its products and services," Among the government agencies using its services has been the IRS.
  • Why ESG Investing Can Actually Be Lucrative: Rebutting 5 Misconceptions

    By:
    Ruth Singleton
    |
    Apr 13, 2022
    Two sustainability experts, writing in the Harvard Business Review, offer five reasons why business leaders are reluctant to make investments in environmental, social and governance (ESG) business practices and why each of those reasons is wrong. Paul Polman, a former CEO of Unilever, and Andrew Winston, an author of best-selling books on business strategy, write that “many leaders still see an inherent trade-off between choosing a more sustainable future and achieving business growth and profit.” They see ESG-related spending—a capital expense to reduce energy use, opting for renewable energy, paying living wages, and so on—as purely cost, not investment. … They shouldn’t.” 
  • GAO Report Details Workload Problems at IRS in 2021, As Agency Makes Some Progress on Catching Up

    By:
    Ruth Singleton
    |
    Apr 12, 2022
    The Government Accountability Office (GAO) issued a report to Congress this week,  based on the 2021 tax filing season, saying the IRS needs to address persistent challenges that led to a backlog of millions of unprocessed returns. IRS Commissioner Chuck Rettig recently testified l that the IRS plans to get caught up by the end of the year.
  • Regulatory Roundup April 5-11

    By:
    Ruth Singleton
    |
    Apr 11, 2022
    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.