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Gov. Hochul Signs Non-CPA Ownership Bill into Law
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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

  • GASB Releases Study on GAAP Utilization in U.S. State and Local Governments

    By:
    Karen Sibayan
    |
    Mar 25, 2025
    On Mar. 24, the Governmental Accounting Standards Board's released a study of the usage of Generally Accepted Accounting Principles (GAAP) by U.S. state and local governments. It revealed that all U.S. states utilized GAAP, but only about three quarters of counties did the same.

  • AICPA Auditioning Standards Board Seeks Feedback on 2026-2030 Strategic Plan

    By:
    Emma Slack-Jorgensen
    |
    Mar 24, 2025
    The AICPA’s Auditing Standards Board is inviting public feedback on its proposed 2026-2030 strategic plan, which outlines key initiatives aimed at advancing audit and assurance standards for private companies.

  • Big Four Now Using Agentic AI to Boost Staff Productivity

    By:
    Karen Sibayan
    |
    Mar 24, 2025
    The Big Four firms are now integrating  a new category of artificial intelligence (AI) into their businesses. Deloitte and Ernst & Young stated on March 18 that they are using new autonomous AI tools that are capable of assisting clients in routine tasks. PwC has also developed such capabilities, which are known as agents, to accelerate software development and KPMG is developing “digital teammates” to support groups throughout its global business.

  • Regulatory Roundup: March 18-24

    By:
    Karen Sibayan
    |
    Mar 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.

  • IIA Urges Federal AI plan to Include Internal Auditors in Oversight Role

    By:
    Emma Slack-Jorgensen
    |
    Mar 21, 2025
    The Institute of Internal Auditors (IIA) is calling on the federal government to include internal auditors in its national strategy for artificial intelligence. In response to a request for information from the U.S. Office of Science and Technology Policy, the IIA urged that internal audit functions be recognized as key players in evaluating AI risk management and governance.

  • FinCEN Adopts Rule Exempting U.S. Firms from BOI Requirements Under CTA

    By:
    Karen Sibayan
    |
    Mar 21, 2025

    On Mar. 21, the Financial Crimes Enforcement Network (FinCEN) adopted the interim final rule narrowing the existing beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act.  Under this rule, only entities that were previously defined as “foreign reporting companies” are required to report BOI. This rule is effective immediately. 

  • Fed Holds Rates Steady, Signals Two Cuts Ahead Amid Economic Uncertainty

    By:
    Emma Slack-Jorgensen
    |
    Mar 20, 2025
    The Federal Reserve left interest rates unchanged on Wednesday, keeping its benchmark rate 4.25% to 4.5%. Despite holding steady, the Fed signaled it still anticipates two rate cuts later this year, citing economic uncertainty and inflation concerns. 

  • States Opposing SALT Cap Argue Their Case in Federal Court

    By:
    Karen Sibayan
    |
    Mar 20, 2025
    New York, New Jersey, and Connecticut are fighting against a Treasury Department rule that limits their programs to avoid the $10,000 cap on state and local tax (SALT) deductions are set to challenge in federal appeals court on Mar. 20.

  • IRS Reinstates 7,000 Laid-Off Workers on Paid Leave Amid Ongoing Legal Battle

    By:
    Emma Slack-Jorgensen
    |
    Mar 19, 2025
    Roughly 7,000 IRS probationary employees who were laid off in February have now been reinstated but won’t immediately return to work. According to an email from Acting IRS Commissioner Melanie Krause, these workers are on paid administrative leave while court cases over the legality of their termination play out.

  • FASB Finalizes 2025 Taxonomies

    By:
    Karen Sibayan
    |
    Mar 19, 2025
    The Financial Accounting Standards Board on Mar. 18 said that the Securities and Exchange Commission has accepted the 2025 GAAP Financial Reporting Taxonomy, the 2025 SEC Reporting Taxonomy and the 2025 GAAP Employee Benefit Plan Taxonomy. The Board also finalized the 2025 DQC Rules Taxonomy and the 2025 GAAP Meta Model Relationships Taxonomy.
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