The New York State Society of CPAs

The recent bad news affecting digital assets has prompted the industry to try to rebrand itself, The New York Times reported.

With so many regulators out here, 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.

During October 2021, New York State (NYS) passed legislation that made participation in the NYS Secure Choice Savings Program (the “Program”) mandatory for certain employers. The Program is one of many state-facilitated savings programs that are being adopted in states across the country. These state-facilitated savings programs are designed to solve a simple, but not easily fixed problem: getting more people to save for retirement. 

The OIC program allows a tax debtor to settle his or her tax liability for less than the amount owed. An OIC cannot be used if the taxpayer is in bankruptcy.

In order for the IRS to process any offer in compromise request, a taxpayer seeking an OIC must be in compliance with all of his or her current filing and payment requirements, including tax estimates if required.

Form 7203 places renewed emphasis on the proper calculation and reporting of S corporation open account debt. The Form is designed with a three-part format for calculating a shareholder’s stock and debt basis to properly report available tax losses and the tax effects of distributions and loan repayments. Proper stock and debt basis is essential in order to determine allowable loss utilization and the tax treatment of dividends and distributions.