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Latest Articles

  • SBA to Reverse Course and Resume Collection of Some Past-Due COVID-Related Loans

    By:
    S.J. Steinhardt
    |
    Jan 2, 2024
    The Biden Administration has reversed its previously announced policy of not collecting some past-due COVID-19-era loans.
  • Regulatory Roundup: December 19-January 2

    By:
    S.J. Steinhardt
    |
    Jan 2, 2024

    With so many regulators out there, 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.

  • CFOs Prepare for Uncertainty as They Outline Their Priorities for 2024

    By:
    S.J. Steinhardt
    |
    Jan 2, 2024
    The past year ended with good news about the stock market and the economy in general, as well as enthusiasm for new technologies and lessened fears of a recession, but many chief financial officers remain cautious about the year ahead. 
  • FASB to Move Ahead on Projects in 2024

    By:
    S.J. Steinhardt
    |
    Dec 28, 2023
    The Financial Accounting Standards Board (FASB) will move ahead with a number of projects in 2024, including accounting for software costs and environmental credits, and greater disclosure of income-statement expenses, Chair Richard Jones said in an interview.
  • Conference Speaker Discusses Tax Implications of Working from Home

    By:
    S.J. Steinhardt
    |
    Dec 27, 2023
    Mark S. Klein, chair of law firm Hodgson Russ LLP, led a discussion on the tax implications of a global workforce, including employer withholding and new local case law, at the Foundation for Accounting Education's New York and Tri-State Taxation Conference on Nov. 29. The session was titled “Taxation of the Mobile Workforce—An Employer’s Perspective,” 
  • FASB Rules Out Changes to HTM Securities Standards

    By:
    S.J. Steinhardt
    |
    Dec 26, 2023
    Despite a string of bank failures in 2023, the Financial Accounting Standards Board (FASB) has decided not to make changes to how companies account for held-to-maturity (HTM) securities.
  • IRS Announces Voluntary Disclosure Program for Businesses that Received Refunds for Erroneous ERC Claims

    By:
    S.J. Steinhardt
    |
    Dec 22, 2023

    The IRS is fulfilling its pledge to help businesses that received and deposited refunds after filing erroneous Employee Retention Credit (ERC) claims. It now has a voluntary disclosure program for such ERC claims.

  • IRS Commissioner Warns Taxpayers Not to Fall Prey to Tax Debt Settlement 'Mills'

    By:
    S.J. Steinhardt
    |
    Dec 22, 2023
    The IRS recently announced that it is waiving nearly $1 billion in late-payment penalties for many taxpayers who were not sent automated collection reminder notices for 2020 and 2021. But because the notices will resume in January, IRS Commissioner Danny Werfel, during a press call, warned those receiving them not to let their fear compel them to engage tax settlement companies that promise to reduce their outstanding debts, including penalties.
  • SEC to File Brief in Major Case About Materiality of Audit Reports

    By:
    S.J. Steinhardt
    |
    Dec 21, 2023
    Do audit reports by outside accounting firms really matter? That’s the discomfiting question implied by a recent federal appeals court decision. After three former Securities and Exchange Commission (SEC) officials asked the appeals court to reconsider its decision, that court invited the SEC to file a brief addressing their arguments.
  • PCAOB's Priorities for 2024 Include Increased, Broader Inspections

    By:
    S.J. Steinhardt
    |
    Dec 21, 2023

    The Public Company Accounting Oversight Board (PCAOB) released a staff report that outlines its priorities for 2024. Among them are plans to review more audit engagements, expand inspection procedures, increase focus on a firm’s culture of integrity, perform quality inspections, and improve the timeliness of inspection reports.