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Gov. Hochul Signs Non-CPA Ownership Bill into Law
Read the March/April 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

  • Trump Replaces Acting IRS Commissioner

    By:
    Karen Sibayan
    |
    Apr 22, 2025

    President Donald Trump has replaced the acting IRS commissioner amid increasing turmoil within the tax agency. Deputy Treasury Secretary Michael Faulkender is taking over as acting commissioner, the Treasury spokesperson said. Faulkender replaces Gary Shapley, who only got the job recently.

  • Regulatory Roundup: April 15-21

    By:
    Karen Sibayan
    |
    Apr 21, 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.

  • SEC Might Soon Approve a Novel Fund Model That Lowers Tax Bills for Asset Managers' Clients

    By:
    Karen Sibayan
    |
    Apr 21, 2025

    A revolutionary fund structure that will allow asset managers to decrease their clients’ tax payments while growing their ETF businesses will soon be approved by the SEC. In this innovative fund model, a single share class of a mutual fund would be exchange-traded.

  • IRS, Treasury to Withdraw Basis-Shifting Transactions-of-Interest Regulations

    By:
    Karen Sibayan
    |
    Apr 18, 2025

    The Treasury Department and the IRS are set to publish a forthcoming notice of proposed rulemaking that removes basis shifting transactions of interest regulations.

  • IRS' Direct File Program Could Be Axed Soon

    By:
    Karen Sibayan
    |
    Apr 17, 2025
    The Trump administration is set to eliminate the IRS’ Direct File program. The program is a free electronic system for filing tax returns directly to the agency. 

  • Tax Day Comes and Goes Despite Layoffs and Technology Delays at the IRS

    By:
    Emma Slack-Jorgensen
    |
    Apr 17, 2025
    Amidst the sweeping layoffs, resignations and stalled modernization layoffs, the IRS marked the 70th anniversary of the modern Tax Day on April 15.

  • NFIB Urges Treasury to Destroy Millions of BOI Records

    By:
    Emma Slack-Jorgensen
    |
    Apr 16, 2025
    After a complete overhaul in the federal reporting rules regarding beneficial ownership information (BOI), the National Federation of Independent Business is now requesting the Treasury Department erase the BOI filings that have unnecessarily been submitted by domestic entities.

  • Accounting as a STEM Legislation Reintroduced in U.S. Congress

    By:
    Karen Sibayan
    |
    Apr 16, 2025

    This week U.S. Representatives Young Kim (CA-40) and Haley Stevens (MI-11) reintroduced a bill that will allow accounting to be recognized as a STEM field. The legislation is called Accounting STEM Pursuit Act of 2025 (H.R. 2911).

  • Why DEI Is Shifting Into a More Cautious Mode

    By:
    Emma Slack-Jorgensen
    |
    Apr 15, 2025
    Diversity, equity and inclusion (DEI) programs may be disappearing from headlines, but that doesn’t mean the work is disappearing from accounting firms. With political pressure mounting—especially after executive orders from the Trump administration—firms like Deloitte and KPMG are scaling back public-facing DEI initiatives.

  • Many Participating States See Less Taxpayers Using the IRS Direct File Program

    By:
    Karen Sibayan
    |
    Apr 15, 2025
    States that formed partnerships with the IRS to provide its Direct File program are experiencing minimal demand for the program so far in 2025. However, few eligible taxpayers have yet to take advantage of the option ahead of today's April 15 deadline to submit returns, based on data from many state tax departments.
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