The Trusted Professional | NYSSCPA

 
 
Gov. Hochul Signs Non-CPA Ownership Bill into Law
Read the Jan/Feb Issue
IRS to Waive $1B in Some Late Payment Penalties
2024 to Be a Demanding Year for Internal Auditors
SEC OKs Audit Confirmation Standards

Latest Articles

  • PCAOB Issues Guidance on Auditor Responsibilities to Detect and Report Illegal Acts

    By:
    Karen Sibayan
    |
    Nov 13, 2024

    The Public Company Accounting Oversight Board (PCAOB ) issued a new publication on Nov. 12 offering guidance from its staff on the auditor's responsibilities regarding detecting, evaluating and making communications on illegal acts as a "controversial" new standard that would make these requirements stricter are still awaiting approval.

  • IASB Solicits Comments on Proposals for Targeted Improvements to Requirements for Provisions

    By:
    Karen Sibayan
    |
    Nov 12, 2024
    The International Accounting Standards Board (IASB) published a consultation on Nov. 12 to improve the requirements for recognizing and measuring provisions on company balance sheets. Provisions are liabilities of uncertain timing or amount. 

  • ISSB Report Lays Out Global Progress in Corporate Climate Disclosures

    By:
    Karen Sibayan
    |
    Nov 12, 2024
    More than 1,000 firms have referenced the International Sustainability Standards Board (ISSB) in their reports, and 30 jurisdictions are making progress in introducing ISSB Standards to their legal or regulatory frameworks, the ISSB stated in a release.

  • NTUF: Inadequate Accounting Methods Mask Real Cost of Federal Programs

    By:
    Karen Sibayan
    |
    Nov 11, 2024
    According to a report by the National Taxpayers Union Foundation (NTUF), taxpayers are responsible for billions in unseen costs due to federal credit programs that mask the risks of inadequate accounting methods. 

  • Regulatory Roundup: November 5-11

    By:
    Karen Sibayan
    |
    Nov 11, 2024
    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.

  • FinCEN Official Provides BOI Update in AICPA Town Hall

    By:
    Karen Sibayan
    |
    Nov 11, 2024
    The Financial Crimes Enforcement Network (FinCEN) has received only a tiny portion of the anticipated 32 million beneficial ownership information (BOI) reports, with less than a couple of months for most small businesses to file these reports. FinCEN's beneficial ownership operations and innovation chief Phil Lam stated this in a Nov. 7 AICPA Town Hall.

  • PCAOB Updates Standard-Setting and Rulemaking Agendas After 2024's Modernization Progress

    By:
    Karen Sibayan
    |
    Nov 8, 2024

    On Nov. 4, the Public Company Accounting Oversight Board (PCAOB) published updated standard-setting and rulemaking agendas, reflecting its progress in 2024. The updates further the PCAOB’s strategic goal of modernizing standards and rules to better protect investors.  

  • Report: Most Accounting Firms Plan to Hike Up Fees in 2025 

    By:
    Karen Sibayan
    |
    Nov 8, 2024
    Ignition’s 2024 US Accounting and Tax Pricing Benchmark report tackled the issue of accounting firm pricing and fee increases, which are needed for these firms to maximize revenue and profitability. Based on a survey Ignition conducted, over half of accounting firms plan to raise pricing across all services in 2025. 

  • IRS Issues Final Regulations on the Sale of Property the Agency Seizes by Levy

    By:
    Karen Sibayan
    |
    Nov 7, 2024
    The IRS released final regulations on Nov. 4 on the sale of a taxpayer’s property that the agency seizes by levy. The final regulations amend existing regulations to better allow the agency to maximize sale proceeds for the taxpayer's benefit whose property the IRS has seized. These regulations affect all sales of property that the IRS has seized by levy.  

  • IRS Budget Could Be on Chopping Block Under Republican Administration

    By:
    Karen Sibayan
    |
    Nov 7, 2024
    The IRS might face deep cuts in its budget given President-elect Donald Trump's win on Nov. 5. Funding for the IRS has become a political issue. Republicans successfully called to cut the extra $80 billion funding from 2022's Inflation Reduction Act.
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