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The Trusted Professional | NYSSCPA

 
 
Gov. Hochul Signs Non-CPA Ownership Bill into Law
Read the July/August 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

  • Alert to Taxpayers: New Scam Targets Clean Energy Tax Credits

    By:
    Ruth Singleton
    |
    Jul 8, 2024

    The IRS is alerting taxpayers about a new scam involving buying clean energy tax credits. This scam entails unscrupulous tax return preparers who misrepresent the rules for claiming clean energy credits under the Inflation Reduction Act .

  • IRS Warns 280E Still Governs Cannabis; Some Companies Say It Doesn’t Apply to Them

    By:
    Ruth Singleton
    |
    Jul 5, 2024
    The IRS recently issued a reminder to taxpayers that cannabis remains a Schedule I controlled substance, and under Internal Revenue Code Section 280E, cannabis businesses may not receive “deductions or credits for any amount paid or incurred” in carrying out their business. News sources have suggested that the warning is aimed at some large cannabis companies that have challenged whether they are limited by Section 280E.

  • Regulatory Roundup: July 2-5

    By:
    Ruth Singleton
    |
    Jul 5, 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.

  • CAQ Analysis: More Companies Are Seeking Assurance From Audit Firms Over ESG Data

    By:
    Ruth Singleton
    |
    Jul 3, 2024
    The Center for Audit Quality (CAQ) has released its 2024 analysis on environmental, social and governance (ESG) reporting and assurance, finding that 98 percent of S&P 500 companies reported ESG information in 2022. In addition, 70 percent of the companies that reported ESG information in 2022 obtained assurance over certain of that information (up from 65 percent in 2021). And  21 percent of companies that obtained assurance, obtained assurance from public company auditors, an increase from 18 percent in 2021.

  • William Aiken Sr. Hailed for His Many Years of Promoting the Profession as a Great One for All

    By:
    S.J. Steinhardt
    |
    Jul 3, 2024
    William Aiken Sr.’s career would seem remarkable from any perspective. His list of achievements is even more notable, considering the environment in which he grew up and came of age, as both a man and as a professional. In a lifetime of firsts, Aiken has been a barrier breaker and an influential member of the accounting profession. For all of his efforts in making the profession a more inclusive one, Aiken is the 2024 recipient of the Diversity, Equity and Inclusion Champion Award.

  • Frank Aquilino Honored for His ‘Profound Commitment to the Professional Growth and Career Readiness of Aspiring CPAs’

    By:
    S.J. Steinhardt
    |
    Jul 3, 2024
    In his nearly half-century career, Frank J. Aquilino has seamlessly intertwined his roles as an academic, practitioner and NYSSCPA member. Currently professor of accounting at Montclair State University’s Feliciano School of Business, his academic home since 1978, he served as chair of MSU’s accounting department for 22 years (1992–2014), before stepping up to a four-year term as associate dean. During his tenure, Aquilino upgraded the accounting program to an academic major and led the establishment of the M.S. degree in accounting. For his many achievements and contributions to accounting education, Aquilino was honored with the 2024 Dr. Emanuel Saxe Outstanding CPA in Education Award.

  • Allen Fetterman Honored for His Ever-Popular Lectures on Nonprofit Organizations

    By:
    S.J. Steinhardt
    |
    Jul 3, 2024
    Allen L. Fetterman lectures extensively throughout the country about not-for-profit accounting and auditing, federal single audits, tax compliance and governance. He conducts seminars and webcasts, and speaks at conferences for the AICPA, the NYSSCPA, CPA firms, associations and societies. When the Foundation for Accounting Education (FAE) inaugurated its Nonprofit Conference in 1979, Fetterman was an obvious choice to be a speaker. He has spoken at almost every one since, and intends to speak at the 50th conference in 2028, when he will be 80. For his many years of lecturing at FAE events about nonprofits, he is one of the honorees for the 2024 Distinguished Service Award.

  • Orumé Hays Honored for Promoting and Elevating the CPA Profession ‘For All People’

    By:
    S.J. Steinhardt
    |
    Jul 3, 2024
    A prominent voice for the NYSSCPA and the accounting profession at large, Orumé  A. Hays has been active on numerous levels for several years. Currently a Society director-at-large, she has also served as a vice president and as president of the Society’s Manhattan/Bronx Chapter. She is currently the chair of the Relations with the Internal Revenue Service Committee, and she previously chaired the Small Firms Practice Management Committee. She also serves on the editorial board of The CPA Journal. In early June, the AICPA and the CPA Practice Advisor named her as one of the 2024 25 Most Powerful Women in Accounting. For her many contributions to the profession, Hays is the 2024 recipient of the Outstanding CPA in Public Practice Award.

  • Valerie Imondi Honored for Bringing in New Members to Mid Hudson Chapter and for Her Community Service

    By:
    S.J. Steinhardt
    |
    Jul 3, 2024
    Valerie Imondi recently served as president of the NYSSCPA’s Mid Hudson Chapter, where she has been very active for several years, especially in the chapter’s NextGen Committee. While serving on that committee, she recruited several new members to join and participate in committee activities. Imondi also became involved in community service. In tribute to her service to the committee, and the community, she was honored with the 2024 Outstanding CPA in Chapter Service Award.

  • Karen Tenenbaum Remembered as ‘an Indefatigable Force of Nature for All Who Knew Her’

    By:
    S.J. Steinhardt
    |
    Jul 3, 2024
    Karen J. Tenenbaum, who passed away on Dec. 23 at age 64, was an active member of several NYSSCPA tax committees and the Society’s Nassau Chapter. An attorney as well as a CPA, she founded her own law firm to focus on the resolution of tax problems. Tenenbaum was a frequently sought-after expert among media outlets including Bloomberg Business News, Money Magazine, Long Island Business News, the New York Daily News, and News 12 Long Island. She also spoke about federal and New York state tax issues for numerous professional groups. In tribute to her outstanding service to the Society, she was honored posthumously with a 2024 Distinguished Service Award. 
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