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Latest Articles

  • Allen Fetterman Honored for His Ever-Popular Lectures on Nonprofit Organizations

    By:
    S.J. Steinhardt
    |
    Jul 3, 2024
    Allen L. Fetterman lectures extensively throughout the country about not-for-profit accounting and auditing, federal single audits, tax compliance and governance. He conducts seminars and webcasts, and speaks at conferences for the AICPA, the NYSSCPA, CPA firms, associations and societies. When the Foundation for Accounting Education (FAE) inaugurated its Nonprofit Conference in 1979, Fetterman was an obvious choice to be a speaker. He has spoken at almost every one since, and intends to speak at the 50th conference in 2028, when he will be 80. For his many years of lecturing at FAE events about nonprofits, he is one of the honorees for the 2024 Distinguished Service Award.
  • Orumé Hays Honored for Promoting and Elevating the CPA Profession ‘For All People’

    By:
    S.J. Steinhardt
    |
    Jul 3, 2024
    A prominent voice for the NYSSCPA and the accounting profession at large, Orumé  A. Hays has been active on numerous levels for several years. Currently a Society director-at-large, she has also served as a vice president and as president of the Society’s Manhattan/Bronx Chapter. She is currently the chair of the Relations with the Internal Revenue Service Committee, and she previously chaired the Small Firms Practice Management Committee. She also serves on the editorial board of The CPA Journal. In early June, the AICPA and the CPA Practice Advisor named her as one of the 2024 25 Most Powerful Women in Accounting. For her many contributions to the profession, Hays is the 2024 recipient of the Outstanding CPA in Public Practice Award.
  • Valerie Imondi Honored for Bringing in New Members to Mid Hudson Chapter and for Her Community Service

    By:
    S.J. Steinhardt
    |
    Jul 3, 2024
    Valerie Imondi recently served as president of the NYSSCPA’s Mid Hudson Chapter, where she has been very active for several years, especially in the chapter’s NextGen Committee. While serving on that committee, she recruited several new members to join and participate in committee activities. Imondi also became involved in community service. In tribute to her service to the committee, and the community, she was honored with the 2024 Outstanding CPA in Chapter Service Award.
  • Karen Tenenbaum Remembered as ‘an Indefatigable Force of Nature for All Who Knew Her’

    By:
    S.J. Steinhardt
    |
    Jul 3, 2024
    Karen J. Tenenbaum, who passed away on Dec. 23 at age 64, was an active member of several NYSSCPA tax committees and the Society’s Nassau Chapter. An attorney as well as a CPA, she founded her own law firm to focus on the resolution of tax problems. Tenenbaum was a frequently sought-after expert among media outlets including Bloomberg Business NewsMoney MagazineLong Island Business News, the New York Daily News, and News 12 Long Island. She also spoke about federal and New York state tax issues for numerous professional groups. In tribute to her outstanding service to the Society, she was honored posthumously with a 2024 Distinguished Service Award. 
  • F. Michael Zovistoski Praised for His Community Service and as an Inspiration to the Next Generation of CPAs

    By:
    S.J. Steinhardt
    |
    Jul 3, 2024
    In addition to serving as president of the NYSSCPA in 2016–2017, F. Michael Zovistoski has also held multiple positions at the Society, including secretary/treasurer and director-at-large, as well as president of the Northeast Chapter. In addition to his service to the Society, he remains actively involved in fostering community by dedicating his time and efforts to various civic and philanthropic organizations. For all of his achievements and contributions, Zovistoski is the 2024 recipient of the Arthur J. Dixon Public Service Award. 
  • IRS Issues Regulations for New Excise Tax on Stock Repurchases

    By:
    Ruth Singleton
    |
    Jul 2, 2024

    The IRS and the Treasury Department have issued final regulations for the reporting and payment of the 1 percent excise tax on corporate stock repurchases under the 2022 Inflation Reduction Act. The law requires certain corporations to pay the excise tax on the aggregate fair market value of repurchased stock during the taxable year, subject to adjustments. The tax applies to repurchases after Dec. 31, 2022.

  • Two Supreme Court Rulings Limit Power of Regulatory Agencies, Including SEC

    By:
    Ruth Singleton
    |
    Jul 1, 2024
    Two rulings issued last week by the U.S. Supreme Court will limit the power of regulatory agencies to enforce and interpret financial and other statutes. In one case, involving the Securities and Exchange Commission (SEC), the high court ruled that administrative tribunals can no longer hear enforcement actions. In the other, it held that federal courts will no longer be obligated defer to reasonable interpretations of law by federal agencies under what has come to be known as the Chevron doctrine.
  • Regulatory Roundup: June 25-July 1

    By:
    Ruth Singleton
    |
    Jul 1, 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.

  • IRS Makes Limited Settlement Offers to Syndicated Conservation Easements Participants

    By:
    S.J. Steinhardt
    |
    Jun 28, 2024
    The IRS has offered a time-limited settlement deal to certain taxpayers who participated in Syndicated Conservation Easements (SCE) and substantially similar transactions that are being audited by its Large Business & International and Small Business and Self-Employed divisions.
  • FASB Approves Rule Requiring Disclosure of Employee Compensation, and More, in Financial Statements

    By:
    S.J. Steinhardt
    |
    Jun 27, 2024
    The Financial Accounting Standards Board (FASB) voted unanimously to mandate quarterly disclosure of more details in the footnotes of public company financial statements, with the intention of giving investors more insight into companies’ operations. Those details would include breaking out employee compensation, depreciation of property and equipment, amortization of intangible assets such as trademarks, and inventory purchases in the footnotes of income statements.