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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

  • New York Lawmakers Finally Pass $254 Billion State Budget

    By:
    Karen Sibayan
    |
    May 12, 2025

    On the evening of May 8, lawmakers from the New York State Assembly and Senate finally passed the state's fiscal year 2026 budget worth $254 billion, according to The New York Times.  Gov. Kathy Hochul noted that the budget's child tax credit expansions, increased school funding as well as other programs would make New York a more affordable place to live.

  • PCAOB Releases More Staff Videos to Guide Firms on QC 1000's Implementation

    By:
    Karen Sibayan
    |
    May 12, 2025

    On May 9, the PCAOB posted a new set of staff presentation videos created to assist firms in implementing four areas of their quality control (QC) system under QC 1000, A Firm’s System of Quality Control.  

  • Regulatory Roundup: May 6-12

    By:
    Karen Sibayan
    |
    May 12, 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.

  • IRS and Federal Government to End Paper Check Payments by Sept. 30

    By:
    Emma Slack-Jorgensen
    |
    May 8, 2025
    According to a new executive order signed by President Donald Trump, the IRS and all federal agencies will stop issuing and accepting paper checks for payments by Sept. 30.

  • Revenue Agents Lead Wave of IRS Job Losses Amid Ongoing Workforce Cuts

    By:
    Emma Slack-Jorgensen
    |
    May 8, 2025
    The IRS is undergoing significant workforce reductions, with revenue agents making up the largest share of recent job losses, according to a new report from the TIGTA. Between January and March 2025, the IRS lost roughly 11% of its workforce, totaling over 11,000 employees through voluntary separations and terminations of probationary workers. 

  • TIGTA: IRS Should Increase Sweeps to Clampdown on Rich Nonfilers

    By:
    Karen Sibayan
    |
    May 7, 2025
    In a April 28 report, the Treasury Inspector General for Tax Administration (TIGTA) told the IRS to continue its sweeps that help the tax agency identify individuals in the high-income category who are not paying taxes. TIGTA said that IRS management was agreeable to all of its recommendations.

  • AICPA Calls for Clearer Instructions on Estate Tax Form 8971

    By:
    Emma Slack-Jorgensen
    |
    May 7, 2025
    The AICPA as submitted a letter to the IRS recommending updates to the instructions for Form 8971—an essential form used by estate executors to report the value of inherited property to both the IRS and beneficiaries.

  • Enron Is Nothing Compared to What's at Stake Now, PCAOB Chair Says

    By:
    Karen Sibayan
    |
    May 6, 2025
    In a May 1 speech at Baruch College, PCAOB Chair Erica Williams said that the stakes are much higher now with the 10 largest firms together having a market cap of $17.4 trillion and employing millions of people, making Enron look small by comparison.

  • Layoffs at IRS and PwC Underscore a Shifting Accounting Labor Market

    By:
    Emma Slack-Jorgensen
    |
    May 6, 2025

    The IRS and PwC are both scaling back their workforces this spring, moves that reflect how the accounting world is quietly adjusting to shifting priorities and budget realities. 

  • Accounting Jobs Dip as Broader Labor Market Holds Steady

    By:
    Emma Slack-Jorgensen
    |
    May 5, 2025
    April’s job report showed unexpected strength: U.S. employers added 177,000 jobs and the employment rate held at 4.2%. But not every sector benefited. Accounting, tax prep, bookkeeping and payroll services saw a net loss of 9,000 jobs, with 900 jobs cut in the accounting sector. 
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