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Latest Articles

  • Report: Number of Going Concern Opinions Decreased by 31% Since 2004

    By:
    NYSSCPA Staff
    |
    Jul 24, 2024
    The number of going concern opinions have decreased by 31 percent over the past two decades, a new report found.
  • FinCEN Estimates Entities Will Spend Millions of Hours Seeking Access to Beneficial Ownership Information

    By:
    Ruth Singleton
    |
    Jul 23, 2024
    The Financial Crimes Enforcement Network (FinCEN) estimates that entities seeking the beneficial ownership information (BOI) of companies required to report that information by the Corporate Transparency Act will spend over 8.7 million hours filling out paperwork in the first year of the requirement.
  • Kamala Harris' Tax Policies Could Be Factor in Presidential Election

    By:
    Ruth Singleton
    |
    Jul 23, 2024

    The tax policies espoused by Vice President Kamala Harris, the presumptive Democratic nominee for president,  while similar to those of President Joe Biden, differ in some respects, and they could be a factor in this year’s presidential election campaign.

  • Former IRS Commissioner Urges Agency to Resume Processing Employee Retention Credit Claims Immediately

    By:
    Ruth Singleton
    |
    Jul 22, 2024

    Former IRS Commissioner Chuck Rettig has urged the agency to immediately resume processing legitimate Employee Retention Credit (ERC) claims. In an opinion piece, Rettig wrote that while he agreed with the IRS’s moratorium on processing new ERC claims when it was announced last September, he believes that the agency should no longer wait in processing claims deemed legitimate.

  • NASBA CEO-Elect Names Four to Leadership Team

    By:
    Ruth Singleton
    |
    Jul 22, 2024
    Daniel J. Dustin, the president- and CEO-elect of the National Association of State Boards of Accountancy (NASBA) has chosen four people to serve on his leadership team. They are Kent A. Absec, Brenner Allen, William A. Emmer and Sedrik Newber. These changes will take effect on Aug. 1, following the retirement of current NASBA President and CEO Ken L. Bishop.
  • Regulatory Roundup: July 16-22

    By:
    Ruth Singleton
    |
    Jul 22, 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.
  • IRS Issues Final and Proposed Regulations on RMDs

    By:
    Ruth Singleotn
    |
    Jul 22, 2024
    The IRS announced its release of final regulations updating the rules for required minimum distributions (RMDs) from individual retirement accounts and annuities and other retirement plans. At the same time, the IRS issued proposed regulations, addressing additional RMD issues under the SECURE 2.0 Act.
  • Major Tech Outage Affects Financial Firms, Along with Other Businesses

    By:
    Ruth Singleton
    |
    Jul 19, 2024
    The global technology outage that began early Friday has affected banks and other financial firms, along with airlines, airports and media companies. The outage appeared to be caused by CrowdStrike, a cybersecurity firm whose software is used by many companies worldwide to protect against security breaches. A faulty software update issued by CrowdStrike apparently resulting in the crashing of many computers running the Microsoft Windows operating system.
  • Survey: CFOs Report Highest Level of Optimism About Economy Since 2021

    By:
    Ruth Singleton
    |
    Jul 18, 2024
    A recent survey by Grant Thornton, the Q2 2024 CFO survey, revealed that 58 percent of chief financial officers are optimistic about the U.S. economy, representing the highest level of optimism since the third quarter of 2021.
  • Firms Report on Who Their ‘Humans in the Loop’ Are When Using Generative AI

    By:
    Ruth Singleton
    |
    Jul 17, 2024
    The phrase “humans in the loop” refers to “the need for human interaction, intervention, and judgment to control or change the outcome of a process, and it is a practice that is being increasingly emphasized in machine learning, generative AI, and the like." Within accounting firms, the phrase has come to mean that, all levels, there are individuals who supervise and are held accountable for AI processes.