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Latest Articles

  • AICPA Asks IRS to Fix Problems with Practitioner Priority Service Phone Line

    By:
    Ruth Singleton
    |
    Aug 11, 2022
    In a letter to the IRS, the AICPA focused on the long wait times for calls to the agency’s Practitioner Priority Service (PPS) for tax professionals, asking the agency to make improvements.Taxpayers and tax professionals have both complained for a long time about the difficulty of reaching the IRS over the phone, and those complaints have mounted during the COVID-19 pandemic. 

  • D.C. Appeals Court Rules House Committee Can Get Trump Tax Returns

    By:
    Ruth Singleton
    |
    Aug 10, 2022
    A federal appeals court has ruled that the House Ways and Means Committee is entitled to receive the tax returns of former President Donald Trump that it requested in 2019.The U.S. Court of Appeals for the D.C. Circuit upheld the December ruling of a district court, with the three-judge panel ruling 3-0 in favor of the committee. It ruled that the House committee, which has sought Trump’s tax records for years as part of an inquiry into how the IRS audits presidential income tax returns, had the legal right to obtain them from the U.S. Treasury Department. 

  • Online Prices Drop for First Time in Two Years

    By:
    Ruth Singleton
    |
    Aug 9, 2022

    Online prices dropped by 1 percent in July over the previous July, ending a two-year-long streak of inflation, according to a report issued by Adobe on Tuesday. Electronics, apparel and toys drove down prices, while food costs remained high.  July is the first month in which e-commerce entered deflation, after 25 consecutive months of persistent inflation. The drop in prices follows an 0.3 percent year-over-year increase in June and a 2 percent increase in May. 

  • Regulatory Roundup - August 2-8

    By:
    Ruth Singleton
    |
    Aug 8, 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.

  • Senate Passes Inflation Reduction Act: Here are the Key Tax Provisions

    By:
    Ruth Singleton
    |
    Aug 8, 2022

    The Senate passed the  the climate and tax legislation known as the Inflation Reduction Act of 2022 on Sunday. The bill includes an investment of about $370 billion to combat climate change and several major tax provisions. The passage came after an all-night session on Saturday, during which senators proposed and voted on numerous amendments. The legislation now moves to the House of Representatives, where it is expected to pass this week, and then to President Joe Biden, who is expected to sign it into law.

  • Sinema Now Supports Climate and Tax Bill, But With Removal of Provision Closing Carried Interest Loophole

    By:
    Ruth Singleton
    |
    Aug 5, 2022
    Sen. Kyrsten Sinema (D-Ariz.) announced on Thursday that she will support the climate and tax legislation known as the Inflation Reduction Act of 2022. Last week, Sen. Joe Manchin (D-W.Va.) announced his support of the bill, and she had been the last Democratic holdout in the Senate. Sinema’s support of the bill was based on Senate Democrats agreeing to her demand to drop a provision that would have closed the carried interest loophole, which benefits hedge fund and private equity executives, and to change the structure of a 15 percent minimum tax on corporations. Her agreement to the bill means that it can move forward through the Senate in the next few days. 

  • Mortgage Rates Dip Below 5 Percent for First Time in Four Months

    By:
    Ruth Singleton
    |
    Aug 4, 2022
    The rate for a 30-year fixed mortgage dropped to 4.99 percent, the first time in four months it went below 5 percent, according to the latest data, released Thursday by Freddie Mac. The rate was It was 5.3 percent a week ago and 2.77 percent a year ago.

  • Gas Prices Drop for 50 Straight Days

    By:
    Ruth Singleton
    |
    Aug 3, 2022
    The average price of gasoline has been on a downward trajectory for 50 days in a row. The national average went down by three cents to $4.16 a gallon Wednesday, according to the AAA. The average price has dropped by 86 cents since hitting a record average high of $5.02 on June 14. In the past month alone, it has dropped by 65 cents. 

  • IRS Alerts Tax Pros: Be Aware of Signs of Identity Theft

    By:
    Ruth Singleton
    |
    Aug 2, 2022

    The IRS has issued a warning to tax professionals to be on the lookout for several tell-tale signs of identity theft. 

  • Regulatory Roundup - July 26-August 1

    By:
    Ruth Singleton
    |
    Aug 1, 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.
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