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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

  • Nominations for Society's Board of Directors Due Dec. 31

    By:
    Trusted Professional Staff
    |
    Nov 20, 2024
    Are you interested in serving on the NYCPA’s Board of Directors? The Society’s Nominating Committee is accepting submissions of interest by members to fill key leadership positions on the NYCPA’s Board of Directors. Terms begin on June 1, 2025. The deadline to submit a nomination is Tuesday, Dec. 31, 2024.  

  • Annual CAQ Survey Shows a Shift in Audit Labor Strategies

    By:
    Karen Sibayan
    |
    Nov 19, 2024
    Public companies are shifting their strategic priorities for the upcoming year due to the uncertain economic environment. This is one of the significant findings of the Center for Audit Quality’s (CAQ) Audit Partner Pulse Survey.  A specific area where this shift is happening is in staffing as shortages are no longer in the audit partners’ list of key economic risks. Instead, they are more focused on cost management, financial performance and growth.  

  • Tax Interest Rates Set to Dip in the First Quarter of 2025

    By:
    Karen Sibayan
    |
    Nov 18, 2024
    On Nov. 18, the IRS announced that interest rates will decrease for the calendar quarter starting Jan. 1, 2025. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily. 

  • After Trump's Win, Accounting Professionals Are in a 'Wait-and-See' Mode on IRS' Future

    By:
    Karen Sibayan
    |
    Nov 18, 2024

    IRS funding has long been a point of contention for the Republican party, proven by the clawback of $20 billion from the $80 billion provided to it by the Inflation Reduction Act of 2022. And so, under the incoming Trump administration, IRS funding is at significant risk. In particular, tax practitioners are wondering whether any portion of the funding will remain available for taxpayer service-related improvements at the IRS.

  • Regulatory Roundup: November 12-18

    By:
    Karen Sibayan
    |
    Nov 18, 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.

  • PCAOB Amends Rule on Registration of Inactive or Non-Existent Audit Firms

    By:
    Karen Sibayan
    |
    Nov 15, 2024

    The Public Company Accounting Oversight Board (PCAOB), on Nov. 14, adopted a rule amendment enabling it to respond to situations where a registered firm no longer exists or is operational. It also addresses circumstances where the firm fails to file annual reports and pay annual fees for at least two straight reporting years.

  • FASB Solicits Comments on Financial Key Performance Indicators

    By:
    Karen Sibayan
    |
    Nov 15, 2024
    On Nov. 14. The Financial Accounting Standards Board (FASB) released an Invitation to Comment (ITC) to solicit feedback on key financial performance indicators (Financial KPIs). Comments on the ITC are due by April 30, 2025.

  • PCAOB Releases the First Edition of Its ‘Audit Focus’ Series Focusing on CAMs

    By:
    Karen Sibayan
    |
    Nov 14, 2024
    On Nov. 13, the Public Company Accounting Oversight Board (PCAOB) introduced its new series of staff guidance titled, “Audit Focus.” The PCAOB explained that "Audit Focus" is a series of its staff publications offering easily digestible information to auditors, particularly those who work with smaller public companies.

  • AICPA Writes to Congress About Delaying BOI Reporting for at Least a Year

    By:
    Karen Sibayan
    |
    Nov 14, 2024
    As the filing deadline draws closer, the AICPA has grave concerns about the current Financial Crimes Enforcement Network (FinCEN) Beneficial Ownership Information (BOI) deadline of Jan.1, 2025. In a letter to the congressional leadership of the Senate Banking Committee and the House Financial Services Committee, the AICPA voiced its concerns with this BOI reporting requirement that went into effect on Jan. 1, 2024.

  • FASB Solicits Input on Proposal to Improve Interim Reporting Guidance

    By:
    Karen Sibayan
    |
    Nov 13, 2024

    The Financial Accounting Standards Board (FASB) on Nov. 13 released a proposed Accounting Standards Update (ASU) that would make it easier to navigate the disclosures that are required in interim reporting periods, clarify when that guidance is applicable and what disclosures are required during these reporting periods. Responses to the proposed ASU are due Mar. 31, 2025.
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