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The Trusted Professional | NYSSCPA

 
 
Gov. Hochul Signs Non-CPA Ownership Bill into Law
Read the March/April 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

  • 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.

  • IRS Issues Regulations for New Excise Tax on Stock Repurchases

    By:
    Ruth Singleton
    |
    Jul 2, 2024

  • Two Supreme Court Rulings Limit Power of Regulatory Agencies, Including SEC

    By:
    Ruth Singleton
    |
    Jul 1, 2024
    Two rulings issued last week by the U.S. Supreme Court will limit the power of regulatory agencies to enforce and interpret financial and other statutes. In one case, involving the Securities and Exchange Commission (SEC), the high court ruled that administrative tribunals can no longer hear enforcement actions. In the other, it held that federal courts will no longer be obligated defer to reasonable interpretations of law by federal agencies under what has come to be known as the Chevron doctrine.

  • Regulatory Roundup: June 25-July 1

    By:
    Ruth Singleton
    |
    Jul 1, 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.

  • IRS Makes Limited Settlement Offers to Syndicated Conservation Easements Participants

    By:
    S.J. Steinhardt
    |
    Jun 28, 2024
    The IRS has offered a time-limited settlement deal to certain taxpayers who participated in Syndicated Conservation Easements (SCE) and substantially similar transactions that are being audited by its Large Business & International and Small Business and Self-Employed divisions.

  • FASB Approves Rule Requiring Disclosure of Employee Compensation, and More, in Financial Statements

    By:
    S.J. Steinhardt
    |
    Jun 27, 2024
    The Financial Accounting Standards Board (FASB) voted unanimously to mandate quarterly disclosure of more details in the footnotes of public company financial statements, with the intention of giving investors more insight into companies’ operations. Those details would include breaking out employee compensation, depreciation of property and equipment, amortization of intangible assets such as trademarks, and inventory purchases in the footnotes of income statements.

  • IRS Advisory Panel Recommends Regulating Noncredentialed Tax Preparers

    By:
    S.J. Steinhardt
    |
    Jun 27, 2024
    The IRS’s Electronic Tax Administration Advisory Committee (ETAAC) released its annual report, making three recommendations to Congress and nine others to the IRS.

  • In New Report, National Taxpayer Advocate Highlights Both Improvements at IRS and Continuing Delays

    By:
    S.J. Steinhardt
    |
    Jun 26, 2024
    National Taxpayer Advocate Erin Collins’s mid-year report to Congress states that the recent filing season generally ran smoothly this year, but it also identifies continuing delays and urges the IRS to make better service a priority.
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