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Latest Articles

  • TIGTA Says IRS Still Needs to Review $42 Billion in ERC Claims Despite Its Best Efforts

    By:
    Karen Sibayan
    |
    Oct 9, 2024
    The IRS changed its policy for pre-refund examinations to expedite the processing of employee retention credit (ERC) claims. According to the Journal of Accountancy, the Treasury Inspector General for Tax Administration (TIGTA) stated in a report released Sept 30 that the IRS must consider reviewing roughly 185,000 claims totaling approximately $42 billion. 
  • Final Regulations Identify Abusive Syndicated Conservation Easement Transactions

    By:
    Karen Sibayan
    |
    Oct 8, 2024
    The Treasury Department and the IRS released final regulations on Sept. 7 identifying certain syndicated conservation easement (SCE) transactions as "listed transactions" or abusive tax transactions that should be reported to the agency. 
  • Healthcare Panel Gives Update on Specialty Areas, Including Important Deadlines

    By:
    Karen Sibayan
    |
    Oct 8, 2024
    Members from the NYCPA Health Care Committee spoke at the Foundation for Accounting Education's Healthcare Conference on Sept. 19 about the activities and updates in their specialty areas, such as acute care and nursing facilities.
  • IRS Sends 500 Workers to Help FEMA with Helene Disaster Relief and Postpones Filing Deadlines in More Affected Areas

    By:
    Karen
    |
    Oct 7, 2024
    To assist victims of Hurricane Helene, the IRS announced that it provided over 500 employees to help with the Federal Emergency Management Agency’s disaster relief call lines and also sent IRS Criminal Investigation (IRS-CI) agents into the devastated areas to help with search-and-rescue initiatives, together with other relief work.
  • 2024 Election Will Have Significant Tax Consequences

    By:
    Karen Sibayan
    |
    Oct 7, 2024
    This year’s presidential election may become one of the most significant in recent memory for the U.S. tax system. This is primarily because of the sunsetting provisions of the 2017 Tax Cuts and Jobs Act’s (TCJA).
  • Regulatory Roundup: October 1-7

    By:
    Karen Sibayan
    |
    Oct 7, 2024
    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.
  • Conference Speakers Discuss the Benefits and Risks of Technology in Healthcare

    By:
    Karen Sibayan
    |
    Oct 4, 2024
    Two speakers at the Foundation for Accounting Education's Healthcare Conference on Sept. 19 discussed the challenges and applications of technology in the healthcare industry. Joseph Horowitz, the director of compliance and audit at Stetson Cybergroup, spoke about cybersecurity risks, and Jim Wiggins, the founder and principal of Securible, discussed artificial intelligence (AI) applications. 
  • IRS to Offer Direct File Access in 24 States, Doubling Last Year's Number

    By:
    Karen Sibayan
    |
    Oct 4, 2024
    The IRS announced on Oct. 3 that its Direct File program for the 2025 tax filing season will be available in 24 states, double the number participating in last year's pilot program. 
  • PCAOB Staff Report Offers Perspectives of Target Team Inspectors on Risk Areas in Public Audits

    By:
    Karen Sibayan
    |
    Oct 3, 2024

    A recent Public Company Accounting Oversight Board (PCAOB) staff report offers the perspective of inspectors who examine emerging risk areas in public company audits. These inspectors, in several instances, take note of the value of audit firms using experts.

  • SEC Adopts Changes to Access Procedures for EDGAR, Notably Transitioning from Shared to Individual Accounts

    By:
    Karen Sibayan
    |
    Oct 3, 2024
    The SEC is adopting changes to the login, password and other account access procedures for those using its Electronic Data Gathering, Analysis, and Retrieval System (EDGAR). Most notably, it will transition from one login account per company to one account for every individual filing documents into EDGAR. Filers will have 12 months from Sept. 27, the issuance of the SEC release, to transition to EDGAR Next, which is the new iteration of the filing system.