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Latest Articles

  • Goldman Sachs Becomes First Major U.S. Bank to Trade Crypto Over the Counter

    By:
    Ruth Singleton
    |
    Mar 21, 2022
    Goldman Sachs has begun trading derivatives tied to digital assets, becoming the first major U.S. bank to trade crypto over the counter. The firm has teamed up with crypto merchant bank Galaxy Digital to trade a bitcoin-linked instrument known as a nondeliverable option. 
  • IRS Commissioner Says 2022 Filing Season Had Strong Start, Despite Backlogs from Last Year

    By:
    Ruth Singleton
    |
    Mar 18, 2022
    In testimony before the House Ways and Means Committee Thursday, IRS Commissioner Charles P. Rettig, while acknowledging continuing backlogs of paper returns from last year, said that the 2022 filing season has gotten off to a strong start with regard to tax return processing and the operation of its information technology (IT) systems. “Through March 11, the IRS received more than 63 million individual federal tax returns and issued more than 45 million refunds totaling more than $151 billion,” he said. “Refund returns continue to be processed on a priority basis ahead of returns with a balance due or full payment of the underlying liabilities.” 
  • Two Surveys Find Corporate Tax Departments Concerned About Legislative Changes Ahead

    By:
    Ruth Singleton
    |
    Mar 17, 2022
    Two recent surveys of corporate tax executives found that their departments are significantly concerned about potential legislative tax changes on the federal level. Many are also planning on automating their processes to promote efficiency, as well as to make up for a shortfall in talent.
  • Report: Backlogs Likely to Continue, As IRS Attained Under 67 Percent of Its Hiring Goal Last Year

    By:
    Ruth Singleton
    |
    Mar 16, 2022
    The Treasury Inspector General for Tax Administration (TIGTA) has released a report projecting that IRS backlogs will continue into the 2022 filing season. It found that backlogs from the 2020 filing season slowed down the agency during the 2021 filing season, as the IRS achieved just under 67 percent of its hiring goal for submission processing last year. 
  • New York State Legislators Consider Suspending Gas Tax

    By:
    Ruth Singleton
    |
    Mar 15, 2022
    Members of the New York State Legislature are in negotiations to temporarily suspend the state’s gas tax. Republicans originally pushed for the suspension, and it is now garnering support among Democrats.
  • Sen. Wyden Seeks to End Tax Breaks for Companies Doing Business in Russia, Belarus

    By:
    Ruth Singleton
    |
    Mar 14, 2022
    Sen. Ron Wyden (D-Ore.), the chair of the Senate Finance Committee, announced on Friday that he is working on policies that would eliminate tax breaks for U.S.-based companies doing business in Russia and Belarus, as well as for Russian and Belarusian individuals and entities that earn income in the United States, 
  • Regulatory Roundup - March 8-14

    By:
    Ruth Singleton
    |
    Mar 14, 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.
  • IRS Begins Using Voice and Chat Bots to Answer Basic Taxpayer Questions

    By:
    Ruth Singleton
    |
    Mar 11, 2022
    The IRS announced that it has begun using voice bots on two toll-free numbers and chat bots on IRS.gov to answer taxpayers’ simple questions about payments or collections notices. Through these bot services, taxpayers can get the information they need quickly and avoid waiting. They  still have the option to speak with IRS telephone representatives if they need to. 
  • Two Years After Unplanned Experiment in Remote Work Began, Many Employees Want It to Continue

    By:
    Ruth Singleton
    |
    Mar 11, 2022
    In March 2020, offices across America shut down and employees started working from home in response to the COVID-19 pandemic. The resulting two-year period has been an unplanned experiment with a different way of working. While for many Americans, working from home has meant missing out on socializing in the office, for others, it has offered a reprieve from what they view as oppressive office culture.

  • Latest Spending Bill Reduces IRS Budget Increase from 14 to 6 Percent

    By:
    Ruth Singleton
    |
    Mar 10, 2022
    The House of Representatives passed an omnibus spending bill on Wednesday that reduces an IRS budget increase from 14 to 6 percent,. Much of that increased funding will be directed at improving taxpayer service. The bill allocates up to $75 million to address the IRS’s backlog, including its paper inventory of amended returns, correspondence and adjustments to return filings.