The New York State Society of CPAs

The “AI for Real” session at FAE’s 47th Annual Nonprofit Conference, hosted by Your Part-Time Controller (YPTC), offered a deep dive into how artificial intelligence (AI) is transforming the nonprofit financial management landscape.

New York Governor Kathy Hochul’s 2025 State of the State address outlined her policy priorities, many of which have direct implications for accounting professionals and taxpayers in New York. With a focus on affordability, Hochul's proposals include middle-class tax cuts, direct rebate payments and housing initiatives that could influence New Yorkers' tax planning and financial strategies.

On Jan. 10, the IRS and Treasury Department released final regulations that bring certain partnership-related transactions under closer scrutiny by identifying them as “transactions of interest." These transactions are now subject to disclosure requirements for reportable transactions

Certified public accountants and other financial professionals excel at deciphering complex financial matters, especially when it comes to asset management. However, it’s not unheard of for both financial experts and lawyers to get caught off guard during the asset division process in a high-net-worth divorce. 

In Loper Bright Enterprises et al. v. Raimundo, 544 F. Supp. 3d 82, 103-04 (2021), the U.S. Supreme Court overturned the Chevron doctrine, a policy of deferring court discretion to federal agency regulations. Chief Justice Roberts authored the majority (6-3) opinion. 

This article is the third in a three-part series on succession planning. In Part I of the series, we discussed the legal considerations in creating an exit or succession plan, including estate planning and estate and gift tax planning. In Part II, we discussed the business considerations, including how to avoid the mistakes business owners and executives often make in preparing for exit or succession.

In Moore v. U.S. (36 F. 4th 930), the U.S. Supreme Court ruled on a constitutional challenge of IRC section 965, the mandatory repatriation tax (MRT). The MRT is a one-time repatriation tax (or “deemed dividend”) that passes through undistributed accumulated income of U.S.-controlled foreign corporations (CFCs). Section 965 is part of the 2017 Tax Cuts and Jobs Act (P.L. 115-97), which addresses foreign business earnings, including CFCs, inversions and the GILTI tax. The Act generally taxes U.S. shareholders owning 10% or more of a foreign corporation on otherwise tax-deferred foreign earnings.