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Latest Articles

  • CBO: Debt Ceiling Deal Will Reduce Growth of Deficit by $1.4 Trillion Over Next Decade

    By:
    S.J. Steinhardt
    |
    Feb 9, 2024
    The agreement on the debt ceiling that was struck in May by President Joe Biden and then-Speaker Kevin McCarthy of the U.S. House of Representatives will help slow the growth in the federal deficit by roughly $1.4 trillion over the next decade, the Congressional Budget Office reported.
  • IRS Warns Tax Pros of Scams Targeting EFINs

    By:
    S.J. Steinhardt
    |
    Feb 9, 2024

    The IRS and its Security Summit partners have raised an alert about fraudulent mails that impersonate various software companies in an attempt to steal Electronic Filing Identification Numbers (EFINs).

  • Businesses Need to Be Prepared for Filing More 1099s

    By:
    S.J. Steinhardt
    |
    Feb 8, 2024
    Many tax and accounting firms face a busier reporting season due to new Form 1099 reporting rules.
  • FinCEN’s Proposed Rule Targets Money Laundering in Residential Real Estate

    By:
    S.J. Steinhardt
    |
    Feb 8, 2024
    The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a proposed rule aimed at deterring money laundering in the U.S. residential real estate sector.
  • 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.