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The Trusted Professional | NYSSCPA

 
 
Gov. Hochul Signs Non-CPA Ownership Bill into Law
Read the Jan/Feb 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

  • IIA Urges Federal AI plan to Include Internal Auditors in Oversight Role

    By:
    Emma Slack-Jorgensen
    |
    Mar 21, 2025
    The Institute of Internal Auditors (IIA) is calling on the federal government to include internal auditors in its national strategy for artificial intelligence. In response to a request for information from the U.S. Office of Science and Technology Policy, the IIA urged that internal audit functions be recognized as key players in evaluating AI risk management and governance.

  • Fed Holds Rates Steady, Signals Two Cuts Ahead Amid Economic Uncertainty

    By:
    Emma Slack-Jorgensen
    |
    Mar 20, 2025
    The Federal Reserve left interest rates unchanged on Wednesday, keeping its benchmark rate 4.25% to 4.5%. Despite holding steady, the Fed signaled it still anticipates two rate cuts later this year, citing economic uncertainty and inflation concerns. 

  • States Opposing SALT Cap Argue Their Case in Federal Court

    By:
    Karen Sibayan
    |
    Mar 20, 2025
    New York, New Jersey, and Connecticut are fighting against a Treasury Department rule that limits their programs to avoid the $10,000 cap on state and local tax (SALT) deductions are set to challenge in federal appeals court on Mar. 20.

  • IRS Reinstates 7,000 Laid-Off Workers on Paid Leave Amid Ongoing Legal Battle

    By:
    Emma Slack-Jorgensen
    |
    Mar 19, 2025
    Roughly 7,000 IRS probationary employees who were laid off in February have now been reinstated but won’t immediately return to work. According to an email from Acting IRS Commissioner Melanie Krause, these workers are on paid administrative leave while court cases over the legality of their termination play out.

  • FASB Finalizes 2025 Taxonomies

    By:
    Karen Sibayan
    |
    Mar 19, 2025
    The Financial Accounting Standards Board on Mar. 18 said that the Securities and Exchange Commission has accepted the 2025 GAAP Financial Reporting Taxonomy, the 2025 SEC Reporting Taxonomy and the 2025 GAAP Employee Benefit Plan Taxonomy. The Board also finalized the 2025 DQC Rules Taxonomy and the 2025 GAAP Meta Model Relationships Taxonomy.

  • AICPA Writes Letter to Lawmakers on Its 2025 Tax Priorities

    By:
    Karen Sibayan
    |
    Mar 18, 2025
    AICPA sent a letter to Congressional leadership in the Senate Finance and House Ways & Means Committees. In the letter, the AICPA put a spotlight on several legislative proposals that are directly related to potential changes to the tax rules. 

  • IRS to Stay Open Amid Shutdown Threat, but Deeper Cuts Loom

    By:
    Emma Slack-Jorgensen
    |
    Mar 18, 2025
    The IRS will continue operating during tax season, even if a government shutdown occurs, due to existing appropriations from the Inflation Reduction Act, according to a Treasury Department contingency plan. Acting IRS commissioner Melanie Krause informed staff they would be exempt from furloughs.

  • ASB Unveils Strategic Plan to Guide Auditing Standards Through 2030

    By:
    Emma Slack-Jorgensen
    |
    Mar 17, 2025
    The AICPA’s ASB has released a consultation paper outlining its proposed 2026-2030 strategic plan and is seeking public feedback by June 13. The plan centers around five key initiatives aimed at ensuring auditing standards remain high-quality, adaptable and aligned with evolving stakeholder needs. 

  • With Heavy Workforce Reduction, IRS Tech Upgrades Become More Imperative

    By:
    Karen Sibayan
    |
    Mar 17, 2025
    President Donald Trump's push to slash thousands of IRS enforcement jobs raises the pressure on the tax agency’s long-term initiatives to upgrade its systems that have been in need of updates for decades. A Treasury Department official said that the IRS may initiate a strategic pause on its modernization efforts.

  • Regulatory Roundup: March 11-17

    By:
    Karen Sibayan
    |
    Mar 17, 2025
    With so many regulators out there, it can be tough to keep track of all the decisions being made. This is the NYCPA'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.
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