Latest Articles

  • IRS Reforms on the Horizon: New Bills Aim to Streamline Filing and Enhance Transparency

    By:
    Emma Slack-Jorgensen
    |
    Feb 25, 2025
    The IRS is set to undergo significant changes this tax season, with proposed legislation and policy shifts poised to impact taxpayers and tax professionals alike. Two bills advancing through Congress—the Electronic Filing and Payment Fairness Act and the IRS Math and Taxpayer Help Act—aim to improve tax filing processes and taxpayer transparency. 
  • AICPA Urges IRS to Clarify Disaster Tax Relief in Draft Publication 547

    By:
    Emma Slack-Jorgensen
    |
    Feb 24, 2025
    AICPA is calling on the IRS and the Treasury Department to revise Draft Publication 547 to ensure taxpayers clearly understand their eligibility for disaster tax relief under the Federal Disaster Tax Relief Act of 2023 (FDTRA). In a letter to the IRS, the AICPA emphasized that the current draft lacks clarity and could lead to misinterpretation of qualified disaster loss provisions. 
  • Big Four Firms Split on Diversity Initiatives Amid Political Pressure

    By:
    Emma Slack-Jorgensen
    |
    Feb 24, 2025

    The Big Four accounting firms are facing a deep divide over diversity, equity and inclusion (DEI) initiatives as political and legal pressures mount. While Deloitte and KPMG are scaling back their DEI programs due to executive orders and scrutiny over federal contracts, EY and PwC continue to maintain their diversity commitments for now. 

  • Regulatory Roundup: February 18-24

    By:
    Karen Sibayan
    |
    Feb 24, 2025
    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.
  • IRS Begins Mass Layoffs, Cutting 7,000 Jobs Amid Tax Season

    By:
    Emma Slack-Jorgensen
    |
    Feb 21, 2025
    The IRS has begun laying off thousands of probationary employees, a move that is expected to significantly impact the agency’s operations during tax season. Approximately 7,000 workers—about 7% of the IRS workforce—are losing their jobs, with 5,000 of the cuts coming from enforcement and collections. 
  • Report: Accounting Industry Sees Major Hiring and Salary Growth in 2024

    By:
    Emma Slack-Jorgensen
    |
    Feb 20, 2025

    A new report from global HR and payroll firm Deel released Feb. 20 reveals that accountants experienced the highest hiring and salary growth of any profession in 2024. Hiring for accountants surged by 74%, while salaries increased by 15%, outpacing even software engineers—traditionally on elf the most in-demand professions. 

  • FinCEN Sets March 21 Deadline for BOI Reporting After Court Lifts CTA Injunction

    By:
    Karen Sibayan
    |
    Feb 19, 2025
    Given the Feb. 18 ruling of the U.S. District Court for the Eastern District of Texas in Smith v. U.S. Department of Treasury, beneficial ownership information reporting requirements under the Corporate Transparency Act are back in effect, the Financial Crimes Enforcement Network said.
  • IRS Faces Potential Layoffs Amid Tax Season, Raising Concerns

    By:
    Emma Slack-Jorgensen
    |
    Feb 19, 2025

    Despite previous assurances that buyouts and layoffs would not take effect until after tax season, the IRS is reportedly preparing to lay off thousands of first-year probationary employees. These cuts come as part of the Trump administration’s broader federal workforce reduction efforts.

  • Regulatory Roundup: February 11-17

    By:
    Karen Sibayan
    |
    Feb 18, 2025
    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.
  • AICPA, NASBA Propose UAA Changes Amid Various States Exploring New Pathways to CPA Licensure

    By:
    Emma Slack-Jorgensen
    |
    Feb 14, 2025

    The AICPA and NASBA are advancing proposed changes to Uniform Accountancy Act (UAA), introducing another alternative path to CPA licensure that allows candidates to qualify with a bachelor’s degree plus two years of experience. This proposal aims to address workforce shortages while maintaining professional integrity and public protection. The associations are soliciting feedback on the proposed UAA language with a comment period lasting 60 days.