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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

  • 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.

  • AICPA Writes Letter to Lawmakers on Its 2025 Tax Priorities

    By:
    Karen Sibayan
    |
    Mar 18, 2025
    AICPA sent a letter to Congressional leadership in the Senate Finance and House Ways & Means Committees. In the letter, the AICPA put a spotlight on several legislative proposals that are directly related to potential changes to the tax rules. 

  • IRS to Stay Open Amid Shutdown Threat, but Deeper Cuts Loom

    By:
    Emma Slack-Jorgensen
    |
    Mar 18, 2025
    The IRS will continue operating during tax season, even if a government shutdown occurs, due to existing appropriations from the Inflation Reduction Act, according to a Treasury Department contingency plan. Acting IRS commissioner Melanie Krause informed staff they would be exempt from furloughs.

  • ASB Unveils Strategic Plan to Guide Auditing Standards Through 2030

    By:
    Emma Slack-Jorgensen
    |
    Mar 17, 2025
    The AICPA’s ASB has released a consultation paper outlining its proposed 2026-2030 strategic plan and is seeking public feedback by June 13. The plan centers around five key initiatives aimed at ensuring auditing standards remain high-quality, adaptable and aligned with evolving stakeholder needs. 

  • With Heavy Workforce Reduction, IRS Tech Upgrades Become More Imperative

    By:
    Karen Sibayan
    |
    Mar 17, 2025
    President Donald Trump's push to slash thousands of IRS enforcement jobs raises the pressure on the tax agency’s long-term initiatives to upgrade its systems that have been in need of updates for decades. A Treasury Department official said that the IRS may initiate a strategic pause on its modernization efforts.

  • Regulatory Roundup: March 11-17

    By:
    Karen Sibayan
    |
    Mar 17, 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.

  • IFAC Updates Education Standards to Enhance Sustainability-Related Disclosures

    By:
    Emma Slack-Jorgensen
    |
    Mar 14, 2025

    IFAC has revised its International Education Standards (IES) to incorporate sustainability competence, ensuring accountants are prepared to handle sustainability-related disclosure and assurance standards. These updates affect IES 2, 3 and 4, eating a global foundation for sustainability expertise within the profession.

  • PCAOB Issues Guidance on Form AP to Address Common Deficiencies

    By:
    Emma Slack-Jorgensen
    |
    Mar 14, 2025
    The Public Company Accounting Oversight Board (PCAOB) has released a new publication called “Audit Focus: Form AP" that serves as a guide to audit firms on how to properly complete Form AP. The Audit Focus reported that PCAOB staff are still finding a large number of deficiencies related to auditors' Form AP filings. 

  • House Moves to Overturn DeFi Broker Rule

    By:
    Emma Slack-Jorgensen
    |
    Mar 13, 2025
    The House of Representatives has voted to repeal the DeFi Broker Rule, a Biden-era regulation requiring decentralized finance (DeFi) platforms to report digital asset transactions to the IRS. The bill, which passed with a 292-132 vote, reverses Treasury regulations issues in December 2024, sending it back to the Senate for final approval before reaching President Trump’s desk. 
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