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The Trusted Professional | NYSSCPA

 
 
Gov. Hochul Signs Non-CPA Ownership Bill into Law
Read the Sept/Oct 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

  • Mark Koziel to Replace Barry Melancon as AICPA & CIMA  CEO

    By:
    Karen Sibayan
    |
    Oct 16, 2024
    The AICPA Board of Directors announced that it has appointed Mark Koziel as AICPA & CIMA's next CEO after a thorough global search.

  • Talent Shortage in Tax and Finance Causes a Shift to Skill-Driven Hiring, Survey Says

    By:
    Karen Sibayan
    |
    Oct 16, 2024
    A survey highlighted the ongoing trend of talent shortages in tax and finance, saying they are "approaching crisis levels" as fewer people enter accounting while many accountants retire.  

  • AICPA Suggests Changes to Agencies' Guidance on Basis-Shifting Transactions Related to Partnerships

    By:
    Karen Sibayan
    |
    Oct 15, 2024
    The AICPA submitted on Oct. 3 a comment letter to the Treasury Department and the IRS about their guidance package that addressed certain basis-shifting transactions involving partnerships and related parties.  

  • IRS Warns About Hurricane-Related Charity Scams

    By:
    Karen Sibayan
    |
    Oct 15, 2024

    The IRS warned taxpayers on Oct. 15—after Hurricanes Milton and Helene—about scammers who use fake charities to obtain sensitive personal and financial data from unsuspecting donors. Scammers usually establish fake charities to take advantage of others’ generosity during natural disasters and other tragic events.

  • Maximum Earnings Subject to Social Security Tax Set to Increase in 2025

    By:
    Karen Sibayan
    |
    Oct 14, 2024

    The maximum amount of earnings subject to Social Security tax for individuals is set to rise to $176,100 from $168,600 in 2025, the Social Security Administration (SSA) said on Oct. 10.

  • After Hurricane Milton Devastates Florida, IRS Offers Tax Relief to the Entire State

    By:
    Karen Sibayan
    |
    Oct 14, 2024

    In the aftermath of Hurricane Milton, the IRS announced on Oct. 11 tax relief for individuals and businesses in 51 counties in Florida. The announcement means that taxpayers impacted by Milton and Hurricanes Helene and Debby, which came in August, in all of Florida have until May 1, 2025 to file various federal individual and business tax returns and make tax payments.

  • Regulatory Roundup: October 8-14

    By:
    Karen Sibayan
    |
    Oct 14, 2024
    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.

  • IRS 2022 Tax Gap Projections Increase From Previous Years

    By:
    Karen Sibayan
    |
    Oct 11, 2024
    The IRS published the tax gap projections for 2022 on Oct. 10. They show the country’s projected gross tax gap at $696 billion. The new projections represent an increase of $200 billion over the 2014-2016 tax year estimates and a rise from 2017-2019 projections.  

  • GASB Requests Input on Infrastructure Asset Proposals

    By:
    Karen Sibayan
    |
    Oct 11, 2024
    The Governmental Accounting Standards Board (GASB) is soliciting comments on proposals about accounting and financial reporting on infrastructure assets. 

  • AI Is Both a Blessing and a Risk in Audit, Surveys Say

    By:
    Karen Sibayan
    |
    Oct 10, 2024
    Two recent survey reports examined the relationship between artificial intelligence and the audit function. The inaugural 2024 BDO Audit Innovation Survey showed that while companies expect their audit firms to use AI to better the audit process, these companies still think that working with experienced and effective audit professionals is just as important. Another report from Protiviti showed that while IT audit leaders and professionals do not think AI presents a high level of risk in the next 12 months, what comes further ahead is a different story. 
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