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Latest Articles

  • Report: SEC Increased Accounting and Auditing Enforcement in FY 2023 but Recovered Less Money

    By:
    S.J. Steinhardt
    |
    Feb 29, 2024
    The Securities and Exchange Commission (SEC) increased its accounting and auditing enforcement activity in fiscal year 2023, but the total amount of the monetary settlements declined, according to a new report.
  • PCAOB Inspection Reports Show Increase in Audit Deficiencies by Big Four Firms

    By:
    S.J. Steinhardt
    |
    Feb 29, 2024
    The U.S. units of three of the Big Four accounting firms had a greater deficiency rate in their audits of public companies’ 2021 financial statements, compared to their audits of 2020 financial statements, according to inspection reports by the Public Company Accounting Oversight Board (PCAOB).  The deficiency rate of the fourth firm has been redacted.
  • IRS Announces Delay in Requiring E-Filing of Form 1042

    By:
    S.J. Steinhardt
    |
    Feb 28, 2024

    The IRS announced that withholding agents (both U.S. and foreign) will be administratively exempt from the requirement to electronically file Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, in 2024 for tax year 2023.

  • PCAOB Proposal Would Bar False or Misleading Statements by Auditors

    By:
    S.J. Steinhardt
    |
    Feb 28, 2024
    The Public Company Accounting Oversight Board (PCAOB) voted unanimously for a proposal to establish new restrictions on statements auditors can make concerning a firm’s PCAOB registration status, including the extent of PCAOB oversight of the firm’s work.
  • SEC Expected to Be Cautious in Considering New Batch of Crypto Exchange Traded Funds

    By:
    S.J. Steinhardt
    |
    Feb 27, 2024
    A court order forced the Securities and Exchange Commission (SEC) to approve the first U.S.-listed exchange traded funds (ETFs) to track bitcoin,  and now, as asset managers aim to list a second wave of more complex crypto products, they may experience pushback from the agency.
  • FTC Accuses H&R Block of Deceptive Practices

    By:
    S.J. Steinhardt
    |
    Feb 27, 2024

    The Federal Trade Commission (FTC) has filed a complaint against tax preparation company H&R Block for deceptive practices that the agency claims “cost consumers time and money.”

  • OECD Releases Report on One Aspect of Global Corporate Tax Changes, in Effort to Ease Confusion

    By:
    S.J. Steinhardt
    |
    Feb 26, 2024
    Authorities in countries that have signed on to the international agreement on setting global taxes are trying to lessen the confusion that it has caused among companies in their jurisdictions.
  • IRS Commissioner Says Wealthy Individuals Evade $150B a Year in Taxes

    By:
    S.J. Steinhardt
    |
    Feb 26, 2024
    As the IRS uses some of its Inflation Reduction Act funding to increase its enforcement efforts, it has launched an initiative to recover more than $150 billion a year in unpaid taxes from wealthy individuals, Commissioner Danny Werfel said in a recent interview. The agency is also targeting partnerships and large companies.
  • Regulatory Roundup: February 21-26

    By:
    S.J. Steinhardt
    |
    Feb 26, 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.

  • Leap Day Presents CFOs with Extra Accounting Considerations

    By:
    S.J. Steinhardt
    |
    Feb 23, 2024
    It’s a quadrennial issue for chief financial officers: accounting for leap day, Feb. 29, as they report their financials for the period.