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Latest Articles

  • S&P: Russia Has Defaulted on Foreign Debt

    By:
    Ruth Singleton
    |
    Apr 11, 2022
    Credit ratings service S&P issued a note on Friday stating that Russia has defaulted on foreign debt. S&P said that Russia attempted to pay in rubles for two dollar-denominated bonds that matured on April, and that this attempt  amounted to a "selective default" because investors are unlikely to be able to convert the rubles into "dollars equivalent to the originally due amounts." 
  • New York’s 2023 Budget to Include Tax Breaks for Middle Class and Small Businesses

    By:
    Ruth Singleton
    |
    Apr 8, 2022
    On Thursday, New York Gov. Kathy Hochul announced an agreement with state legislators on a 2023 budget, which will include tax breaks for middle class New Yorkers and small businesses. 
  • New AICPA Trends Report Reveals Diverse Hiring Increased in 2020, While Overall Graduation and Hiring Levels Decreased

    By:
    Ruth Singleton
    |
    Apr 7, 2022
    The AICPA has released its 2021 Trends report, covering accounting education, the CPA exam and public accounting firms’ hiring of recent graduates. Among its findings is that “in 2020, diverse hiring of new bachelor’s and master’s of accounting graduates into accounting/finance functions of U.S. CPA firms increased by almost five percentage points (includes multiethnic hires).”  
  • A Solution for Taxpayers Whose E-File Attempts Are Rejected

    By:
    Ruth Singleton
    |
    Apr 6, 2022
    Many taxpayers who filed paper returns last year for 2020 are receiving rejections notices from the IRS when they try to file electronically this year for 2021, but there is a way to fix that problem.
  • Biden Proposes Fix to ‘Family Glitch' in ACA by Extending Premium Tax Credits to Family Coverage

    By:
    Ruth Singleton
    |
    Apr 5, 2022
    President Joe Biden has proposed a rule that would strengthen the Affordable Care Act (ACA) by allowing family members of workers who are offered affordable self-only coverage to qualify for premium tax credits to buy ACA coverage.
  • Regulatory Roundup - March 29-April 4

    By:
    Ruth Singleton
    |
    Apr 4, 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.
  • Higher Percentage of Americans Must Pay Taxes on 2021 Unemployment Benefits than Did on 2020 Benefits

    By:
    Ruth Singleton
    |
    Apr 4, 2022
    A higher percentage of Americans will need to pay taxes on the unemployment benefits that they received in 2021 than the Americans who received such benefits in 2020. While the percentage of Americans who withheld taxes on their unemployment benefits was similar in both years—about 40 percent—Congress exempted up to $10,200 of benefits from taxation in 2020 in its American Rescue Plan, but there was no similar tax break for 2021 unemployment benefits
  • PCAOB Issues Spotlight Report on Auditing Considerations Related to Ukraine Invasion

    By:
    Ruth Singleton
    |
    Apr 1, 2022
    The Public Company Accounting Oversight Board (PCAOB) has issued a spotlight report on auditing considerations related to the invasion of Ukraine. The report addresses matters such as assessing risks, planning and performing audit procedures, possible illegal acts, reviews of interim financial information, and acceptance and continuance of clients and engagements. It also discusses considerations for audits nearing completion.
  • Represent New York State on the AICPA Council: A Call for Statements of Interest

    By:
    Thomas S. Pirro, NYSSCPA Secretary/Treasurer
    |
    Mar 31, 2022
    In October 2022, the NYSSCPA Board of Directors will submit the names of three individuals to the AICPA’s Nominations Committee, which nominates members for election to the AICPA Council. Those nominees, once duly elected, will each serve three-year terms, beginning May 2023, on the approximately 265-person governing council. In addition, one person will be designated by the Society to serve a one-year term as its representative to the council, also beginning May 2023. 
  • House Passes Bill That Would Boost Tax Benefits of Retirement Accounts

    By:
    Ruth Singleton
    |
    Mar 31, 2022

    The House of Representatives overwhelmingly passed a bill on Tuesday that would improve the tax benefits of retirement accounts in order to help more Americans save for the future. The House approved the Securing a Strong Retirement Act, H.R. 2954, also called the Secure Act 2.0, with a bipartisan vote of 414-5. Now, the legislation heads to the Senate.