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The Trusted Professional | NYSSCPA

 
 
Gov. Hochul Signs Non-CPA Ownership Bill into Law
Read the Jan/Feb 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

  • AICPA Urges IRS to Reduce Foreign Filing Burden for Tax-Exempt Organizations

    By:
    Emma Slack-Jorgensen
    |
    Feb 3, 2025
    The AICPA has requested that the IRS and the Treasury Department ease foreign filing requirements for tax-exempt organizations, highlighting the undue administrative burden placed on these entities. In a letter submitted on Jan. 27, the AICPA called for exemptions or streamlined reporting for three key forms.

  • GAO: IRS Continues to Have Timeliness Issues With Its Live Service Despite Improvements

    By:
    Karen Sibayan
    |
    Jan 31, 2025
    Although the IRS has implemented improvements to its customer service and systems,  a U.S. Government Accountability Office report said that the agency is still facing challenges processing tax returns in a timely manner.

  • Political Uncertainty Looms Over PCAOB as SEC Leadership Shifts

    By:
    Emma Slack-Jorgensen
    |
    Jan 30, 2025

    The oversight of public company accounting is split between the two key agencies. However, one is subject to significantly more political influence than the other. The Financial Accounting Standards Board and the Public Company Accounting Oversight Board are both under the supervision of the Securities and Exchange Commission, yet the PCAOB is far more vulnerable to political change.

  • Global Standards Set to Transform Sustainability Assurance and Ethics Practices

    By:
    Emma Slack-Jorgensen
    |
    Jan 29, 2025
    The International Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants recently launched their sustainability assurance, designed to elevate sustainability reporting and assurance practices. 

  • Scott Bessent Confirmed as Treasury Secretary Amid Expiring Tax Cut Challenges

    By:
    Emma Slack-Jorgensen
    |
    Jan 28, 2025
    Scott Bessent has been confirmed as Treasury Secretary by a 68-29 Senate vote. A seasoned hedge fund manager, Bessent faces immediate challenges, including overseeing the fate of over $4 trillion in expiring tax cuts set to lapse by the end of the year.

  • IRS Faces Hiring Freeze and Revoked Job Offers as Tax Season Begins

    By:
    Emma Slack-Jorgensen
    |
    Jan 27, 2025

    The IRS is navigating tax season under a federal hiring freeze imposed in an executive order by President Donald Trump on Jan. 20. The freeze comes alongside rescinded job offers for positions with start dates after Feb. 8.

  • Regulatory Roundup: January 21 - 27

    By:
    Karen Sibayan
    |
    Jan 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. 

  • Supreme Court Lifts CTA Injunction, but Enforcement Remains on Hold

    By:
    Emma Slack-Jorgensen
    |
    Jan 24, 2025

    The U.S. Supreme Court has lifted a nationwide injunction on the Corporate Transparency Act (CTA), which mandates business to disclose beneficial ownership information to the Financial Crimes Enforcement Network. Despite this decision, enforcement of the CTA remains halted due to a separate injunction from a different Texas court. 

  • Global Confidence Declines Among Accountants and Finance Professionals

    By:
    Emma Slack-Jorgensen
    |
    Jan 23, 2025
    The Q4 2024 Global Economic Conditions Survey, conducted by the Association of Chartered Certified Accountants and Institute of Management Accountants, reports a significant drop in global confidence among accountants and finance professionals, reaching its lowest level since mid-2020.

  • GOP Bill Targets Global Tax Deal and Foreign Tax Policies

    By:
    Emma Slack-Jorgensen
    |
    Jan 23, 2025
    House Republicans have introduced the Defending American Jobs and Investment Act (H.R. 591), aiming to formalize the U.S.’s withdrawal from the Organization for Economic Cooperation and Development (OECD) global tax deal. This move follows President Trump’s executive order declaring that the agreement holds “no force or effect” in the U.S. 
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