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Latest Articles

  • Regulatory Roundup - July 9-18

    By:
    Ruth Singleton
    |
    Jul 18, 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.
  • Represent New York State on the AICPA Council: Deadline Extended to Aug. 5!

    By:
    Timothy J. Hammond, NYSSCPA Secretary/Treasurer
    |
    Jul 18, 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. If you or a colleague is interested in serving on the AICPA Council, please express your interest by the extended due date of Aug. 5.
  • Manchin Announcement Makes Passage of Tax Increases This Year Much Less Likely

    By:
    Ruth Singleton
    |
    Jul 18, 2022
    Late last week, Sen. Joe Manchin (D-W.Va.) said that he would not agree to President Joe Biden’s proposed economic agenda—including tax increases on high earners—until he saw another month of inflation data. Since his vote is needed for Democrats to achieve a majority, there is now only a small window of time in which Congress can act on that agenda because the special rules allowing Democrats to bypass a GOP filibuster will expire at the end of September. 
  • TIGTA to Investigate Intensive Audits of Comey and McCabe

    By:
    Ruth Singleton
    |
    Jul 8, 2022
    The IRS has asked the Treasury Inspector General for Tax Administration (TIGTA) to look into how former FBI Director James B. Comey and his deputy, Andrew G. McCabe, were both subjected to intensive audits that are meant to be random and rare.
  • Companies Increasingly Move Manufacturing Back to U.S. Factories from China

    By:
    Ruth Singleton
    |
    Jul 8, 2022
    More than two years after the start of the pandemic, companies are continuing to relocate manufacturing back to the United States from China. According to a review of earnings call and conference presentations, CEOs have been highlighting plans to relocate production at a faster rate this year than the did in the first six months of the pandemic. This development defies an initial belief within financial circles that plans to bring production back home in order to shorten supply lines would prove short-lived. 
  • Regulatory Roundup - July 6-8

    By:
    Ruth Singleton
    |
    Jul 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.
  • Recipients of Digital Assets Must Report Senders' Identity to IRS Starting in 2024, or Face Penalties or Criminal Charges

    By:
    Ruth Singleton
    |
    Jul 7, 2022
    A little-known provision of the infrastructure law passed last November will, starting in 2024, require certain taxpayers who receive more than $10,000 in digital assets a year to reveal to the IRS the senders’ identity. Civil penalties for those who accidentally overlook the requirement can reach as high as $3 million. And recipients  who intentionally disregard it can be charged with a felony and face up to five years in prison and higher civil penalties. Some wealth advisers appear to be unaware of the requirement and its potential impact on clients.
  • Lax Gatekeeping Has Led IRS to Approve Host of Fake Charities as Tax-Exempt

    By:
    Ruth Singleton
    |
    Jul 6, 2022
    A fast-track application system introduced in 2014 has led the IRS to approve a large number of fake charities as tax-exempt. The denial rate for new charities—which had been as high as one in 53 applicants under the previous system—fell to one in 2,400 under this one. 
  • Employers, Including Large Firms, Hand out Midyear Raises in Response to Inflation

    By:
    Ruth Singleton
    |
    Jul 5, 2022
    In an effort to retain workers during this time of high inflation, many large employers, including accounting firms, are offering midyear raises. PwC, which raised salaries by 5 percent in January, announced that it will provide additional raises this month to reflect its performance in its fiscal year, which just ended.  
  • Regulatory Roundup - June 28 - July 5

    By:
    Ruth Singleton
    |
    Jul 5, 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.