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Latest Articles

  • Report: Most Accounting Firms Plan to Hike Up Fees in 2025 

    By:
    Karen Sibayan
    |
    Nov 8, 2024
    Ignition’s 2024 US Accounting and Tax Pricing Benchmark report tackled the issue of accounting firm pricing and fee increases, which are needed for these firms to maximize revenue and profitability. Based on a survey Ignition conducted, over half of accounting firms plan to raise pricing across all services in 2025. 
  • IRS Issues Final Regulations on the Sale of Property the Agency Seizes by Levy

    By:
    Karen Sibayan
    |
    Nov 7, 2024
    The IRS released final regulations on Nov. 4 on the sale of a taxpayer’s property that the agency seizes by levy. The final regulations amend existing regulations to better allow the agency to maximize sale proceeds for the taxpayer's benefit whose property the IRS has seized. These regulations affect all sales of property that the IRS has seized by levy.  
  • IRS Budget Could Be on Chopping Block Under Republican Administration

    By:
    Karen Sibayan
    |
    Nov 7, 2024
    The IRS might face deep cuts in its budget given President-elect Donald Trump's win on Nov. 5. Funding for the IRS has become a political issue. Republicans successfully called to cut the extra $80 billion funding from 2022's Inflation Reduction Act.
  • AICPA Board Votes to Approve Peer Review Standards on Nov. 4

    By:
    Karen Sibayan
    |
    Nov 6, 2024
    The AICPA Peer Review Board approved a standards update on Nov. 4 that improved the alignment of peer review standards with new quality management standards while clarifying and improving existing technical guidance. 
  • What the Republican Win Means for Tax and Accounting Professionals

    By:
    Karen Sibayan
    |
    Nov 6, 2024
    Donald Trump won the Nov. 5 election, and Republicans gained control of the Senate and likely the House of Representatives. With many changes anticipated under the new administration, tax and accounting professionals will need to understand what these changes will mean and adapt to the evolving tax environment.
  • FASB Releases Standard Improving Disclosures on Income Statement Expenses

    By:
    Karen Sibayan
    |
    Nov 5, 2024
    The Financial Accounting Standards Board (FASB) released an Accounting Standards Update (ASU) on Nov. 4 that improves financial reporting and responds to investor input by requiring public firms to disclose additional information regarding certain expenses in the notes to financial statements in interim and annual reporting periods. 
  • 2024 Election Results Will Have Historic Impact for Tax Professionals

    By:
    Karen Sibayan
    |
    Nov 5, 2024

    The 2024 election's impact on taxation is considerable. Nick Gibbons, a partner at Armanino, said it will be historic.  Gibbons said that the Nov. 5 election will be one of the most significant elections for tax professionals, given that the presidential candidates have very different policies in this area. 

  • Lawmakers Ask DOJ to Take Action Against Major Tax Preparers for Illegal Sharing of Data

    By:
    Karen Sibayan
    |
    Nov 4, 2024
    Democrat lawmakers have called for the Department of Justice (DOJ) to look into the data privacy practices of four tax preparation firms. The lawmakers said that these companies—TaxSlayer, H&R Block, TaxAct and Ramsey Solutions—are sharing protected and sensitive taxpayer information before obtaining proper consent. 
  • IRS Direct File Program’s Success Relies on State Participation More Than Election Results

    By:
    Karen Sibayan
    |
    Nov 4, 2024

    The IRS is relying on states to make the Direct File program, its free online tool for filing tax returns, successful and overcome opposition—even a Republican sweep of the general election. 

  • Regulatory Roundup: October 29 - November 4

    By:
    Karen Sibayan
    |
    Nov 4, 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.