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Latest Articles

  • IRS Updates 1099-K Guidance

    By:
    S.J. Steinhardt
    |
    Feb 7, 2024
    The IRS has revised and updated its frequently asked questions (FAQs) for Form 1099-K, which reports on payments received from credit, debit and stored value cards, as well as payment apps and online marketplaces. These FAQs supersede earlier FAQs that were posted on March 22, 2023.
  • Treasury Report Shows High Return on Investment of Inflation Reduction Act

    By:
    S.J. Steinhardt
    |
    Feb 7, 2024
    The $80 billion allocated to the IRS by the Inflation Reduction Act (IRA) if fully appropriated, would yield a signficant return on investment, allowing the tax collection agency to recover nearly $561 billion in overdue and unpaid taxes over the next 10 years, higher than earlier estimates, a Treasury Department analysis showed.
  • Appeals Court Hears Challenge to SEC Private Funds Rule

    By:
    S.J. Steinhardt
    |
    Feb 6, 2024
    A three-judge panel of the Fifth U.S. Circuit Court of Appeals in New Orleans heard a case that challenges the limits of the Securities and Exchange Commission (SEC)’s authority over the $26 trillion private-funds industry.
  • Banks Sue Regulators Over Updated Rule for Community Reinvestment Act

    By:
    S.J. Steinhardt
    |
    Feb 6, 2024
    Banking industry trade groups have sued federal regulators over an update to the law meant to reverse the effects of redlining.
  • Bill to Raise SALT Deduction Cap to $20K Advances in House

    By:
    S.J. Steinhardt
    |
    Feb 5, 2024
    Legislation that would increase, for the current tax-filing year, the $10,000 cap on the state and local tax (SALT) deduction—but only for married couples who file taxes jointly and make up to $500,000—has passed the U.S. House of Representatives’ Rules Committee. The bill, sponsored by Rep. Michael Lawler (R-N.Y.), would increase the cap to $20,000.
  • Regulatory Roundup: January 30-February 5

    By:
    S.J. Steinhardt
    |
    Feb 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.

  • Gov. Hochul: New York’s Rollout of Legal Cannabis Sales a 'Disaster'

    By:
    S.J. Steinhardt
    |
    Feb 2, 2024
    Faulting her predecessor and the New York State Legislature, New York Gov. Kathy Hochul called the state’s rollout of cannabis legalization a “disaster.”
  • 13 Republican State AGs Seek to Stop IRS’s Free Direct File Pilot Program

    By:
    S.J. Steinhardt
    |
    Feb 2, 2024
    Thirteen Republican state attorneys general have sent a letter demanding that Treasury Secretary Janet Yellen halt the IRS's free Direct File pilot program, calling it “unnecessary and unconstitutional.” 
  • Conference Speaker Shares Five Lessons for  Nonprofit CFOs

    By:
    S.J. Steinhardt
    |
    Feb 1, 2024
    Luz Liebeskind, the chief financial officer at the UJA-Federation of New York, spoke about her career path and offered five lessons for CFOs at the Foundation for Accounting Education ’s 46th Annual Nonprofit Conference on Jan. 25. Her presentation was titled "How Modern CFOs Lead Nonprofits Through Change."
  • House Passes Bipartisan Tax Bill, Expanding Child Tax Credit and Reviving Breaks for Businesses

    By:
    S.J. Steinhardt
    |
    Feb 1, 2024
    The U.S. House of Representatives voted overwhelmingly in favor of tax legislation that would enhance the child tax credit for millions of lower-income families and extend tax breaks for businesses.