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Latest Articles

  • PCAOB Permanently Bars Audit Firm and Owner for Multiple Violations

    By:
    S.J. Steinhardt
    |
    Aug 21, 2023

    The Public Company Accounting Oversight Board (PCAOB) has levied severe penalties against Denver-based accounting form AJ Robbins CPA LLC, permanently revoking its registration, permanently barring owner Allan Jeffrie Robbins from association with any registered firm, and fining the firm a total of $150,000.

  • Billionaire Disputes IRS Position on Self-Employment Tax on Limited Partnership Income

    By:
    S.J. Steinhardt
    |
    Aug 21, 2023
    Billionaire Steve Cohen is challenging an IRS self-employment tax assessment on $344 million of earnings from 2015 and 2016 from his asset management firm, Point72 Capital Holdings.  The source of the dispute is a campaign begun by the IRS in 2018 to determine whether people who own their businesses through traditional state limited partnerships continue to qualify for a longstanding exemption as "limited partners" if they provide services to the businesses in which they have invested.
  • Regulatory Roundup: August 15-21

    By:
    S.J. Steinhardt
    |
    Aug 21, 2023

    With so many regulators out here, 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.

  • U.S. Credit Card Debt Reaches New High of $1 Trillion, New York Fed Reports

    By:
    S.J. Steinhardt
    |
    Aug 18, 2023
    Total household debt in the United States increased to more than $17 trillion in the second quarter of 2023, the Federal Reserve Bank of New York recently reported. Credit card debt reached a new high of more than $1 trillion.
  • PCAOB Chair Working to Ramp Up Enforcement, Update Standards

    By:
    S.J. Steinhardt
    |
    Aug 17, 2023
    Public Company Accounting Oversight Board Chair Erica Williams has implemented many changes since she took over in January 2022.
  • A Guide to Becoming an IRS Whistleblower

    By:
    S.J. Steinhardt
    |
    Aug 17, 2023
    Reporting tax evasion or other forms of noncompliance can be an arduous, and ultimately unsuccessful, endeavor, so The Wall Street Journal offered a guide for those who seek to step forward as whistleblowers.
  • While a Recession Is No Longer Forecast, a 'Richcession' May Be Emerging

    By:
    S.j. Steinhardt
    |
    Aug 16, 2023
    The staff of the Federal Reserve Board no longer forecasts a recession, but some economists call the current economic environment a “richcession.”
  • IRS Commissioner Lauds Inflation Reduction Act's Funding for Agency's Improvements

    By:
    S.J. Steinhardt
    |
    Aug 16, 2023
    Funding from the Inflation Reduction Act has enabled additional staffing and improved customer service at the IRS, Commissioner Daniel Werfel said at a media briefing on Tuesday.
  • Conference Speaker: Cannabis Business in New York Continues to Evolve

    By:
    S.J. Steinhardt
    |
    Aug 15, 2023
    The adult recreational cannabis business in New York continues to evolve since it was first legalized more than two years ago, Renata Serban said at the Cannabis Conference Webcast on Aug. 2. The event was presented by the New Jersey Society of CPAs and co-sponsored by the Foundation for Accounting Education.
  • PCAOB Sanctions Seven Firms for Violations

    By:
    S.J. Steinhardt
    |
    Aug 15, 2023
    The Public Companies Accounting Oversight Board (PCAOB) announced last week that it sanctioned seven firms imposing fines totaling more than half a million dollars.