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Latest Articles

  • PCAOB Report: Average Number of Critical Audit Matters Has Declined Over Time

    By:
    S.J. Steinhardt
    |
    Dec 8, 2022
    The average number of critical audit matters (CAMs) per audit report has declined over time, and the proportion of audit reports that communicate a single CAM has increased, a new report by the Public Company Accounting Oversight Board (PCAOB) has revealed.
  • Association for Tax Pros Calls on IRS To Fix Phone Service

    By:
    S.J. Steinhardt
    |
    Dec 7, 2022
    Tax professionals and taxpayers currently find themselves in “a dire situation” regarding the “nearly non-existent phone service at the IRS,” particularly the agency’s Practitioner Priority Service (PPS), Megan Killian, the executive vice president of the National Association of Enrolled Agents (NAEA) wrote in a letter to IRS Acting Commissioner Douglas O’Donnell.
  • Trump Organization Convicted of Tax Fraud

    By:
    S.J. Steinhardt
    |
    Dec 7, 2022

    The Trump Organization was convicted on 17 counts of tax fraud and other crimes yesterday.

  • Conference Speaker Looks Back and Ahead at Federal Tax Issues

    By:
    S.J. Steinhardt
    |
    Dec 6, 2022
    Walter Primoff, a tax consultant at the Dowling Group, offered federal income tax updates and addressed some recent tax court cases and IRS guidance, at the Foundation for Accounting Education's Tax Planning for Business Entities Conference on Dec. 6.
  • Crypto Exchanges Try to Mollify Investors with Limited Attestations

    By:
    S.J. Steinhardt
    |
    Dec 6, 2022
    Prompted by the collapse of FTX, cryptocurrency exchanges have hired outside auditors to provide a proof-of-reserves report to show that these businesses are solvent and have enough assets to cover their liabilities.
  • As Employers Seek to Rein in Wages, Workers Still Have Leverage

    By:
    S.J. Steinhardt
    |
    Dec 5, 2022
    The low unemployment rate (currently 3.7 percent) has given employees the upper hand in negotiating wage increases, but employers are trying to change that.
  • Traders Hope the Fed Will Raise and Hold Interest Rates

    By:
    S.J. Steinhardt
    |
    Dec 5, 2022
    Financial markets traders are wary about whether the Federal Reserve Board can raise interest rates high enough to curtail inflation while not crashing the economy—a strategy known as “raise and hold.”
  • Regulatory Update November 29 - December 5

    By:
    S.J. Steinhardt
    |
    Dec 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.
  • Accounting Firms Once Again Face Tax Season Staffing Issues

    By:
    S.J. Steinhardt
    |
    Dec 2, 2022
    As accountants gear up for tax season, they also gird themselves for working without enough experienced staffers.
  • TIGTA Report: Comey and McCabe Not Specifically Targeted for Audits

    By:
    S.J. Steinhardt
    |
    Dec 2, 2022
    Former Federal Bureau of Investigation Director James Comey and former FBI Deputy Director Andrew McCabe were not specifically targeted for a rare and intrusive audit by the IRS, the Treasury Inspector for Tax Administration (TIGTA) has determined.