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Latest Articles

  • Conference Speakers Address the Pros and Cons of AI in Tax Practice

    By:
    S.J. Steinhardt
    |
    Jan 18, 2024

    "No" was the short answer to the question a session titled, “Will Artificial Intelligence Take Over Tax Practice?” at the Foundation for Accounting Education’s Taxation of Financial Instruments Conference on Jan. 9. 

  • IRS Confronts Possibility of Government Shutdown as Tax Season Gets Underway

    By:
    S.J. Steinhardt
    |
    Jan 18, 2024
    IRS Commissioner Danny Werfel has warned that a failure to continue to fund the government, and the resulting shutdown of nonessential services, could adversely affect taxpayers as the 2024 tax season begins on Jan. 29.
  • Conference Speakers Consider the Tax Implications of Digital Assets

    By:
    S.J. Steinhardt
    |
    Jan 17, 2024

    The staking and mining of digital assets were among the issues discussed by two speakers at the Foundation for Accounting Education’s Taxation of Financial Instruments Conference on Jan. 9. The session was titled  “Taxation in a World of Digital Assets."

  • IRS Delays Reporting Requirements for Digital Assets Until Regs Are Issued

    By:
    S.J. Steinhardt
    |
    Jan 17, 2024
    The U.S. Department of the Treasury and the IRS announced that businesses do not have to report the receipt of digital assets the same way as they must report the receipt of cash until Treasury and the IRS issue regulations.
  • Proposed CFPB Rule Would Curtail 'Excessive' Bank Overdraft Fees

    By:
    S.J. Steinhardt
    |
    Jan 17, 2024

    The Consumer Financial Protection Bureau (CFPB) has proposed a rule that would limit large financial institutions’ ability to charge lending overdraft fees.

  • Regulatory Roundup: January 9-16

    By:
    S.J. Steinhardt
    |
    Jan 17, 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.

  • MSF Board of Trustees Nominations: Deadline Extended Until Feb. 2

    By:
    Trusted Professional Staff
    |
    Jan 17, 2024
    If you are interested in serving on the Moynihan Scholarship Fund (MSF) Board of Trustees, a nomination must be submitted by Feb. 2, 2024, at 12 p.m. (EST).
  • Congressional Tax Committee Chairs Agree to Expand Child Tax Credit

    By:
    S.J. Steinhardt
    |
    Jan 16, 2024
    The chairs of the two congressional tax-writing committees reached an agreement to extend a number of expired tax credits and tax breaks, one of which is the Child Tax Credit. If passed into law, the roughly $80 billion legislative package would make the program more generous, largely for low-income parents, as soon as this year.
  • IRS Provides Initial Guidance for Pension-Linked Emergency Savings Accounts

    By:
    S.J. Steinhardt
    |
    Jan 16, 2024

    The IRS has provided initial guidance to aid employers in establishing pension-linked emergency savings accounts (PLESAs) .These individual accounts in defined contribution plans are designed to allow and encourage employees to save for financial emergencies. They were authorized by the SECURE 2.0 Act of 2022.

  • IRS Credits Its Enforcement and Recovery Successes to Increased Funding

    By:
    S.J. Steinhardt
    |
    Jan 12, 2024
    The IRS, touting its progress toward better enforcement as a result of funding provided by the Inflation Reduction Act, announced that it has recovered millions of dollars in unpaid tax debt.