Failing to report foreign bank accounts on a Report of Foreign Bank and Financial Accounts (FBAR) form can carry severe financial consequences. The civil penalty…
How the Next Generation of CPAs Can Restore the Public Trust
A Panel Discussion on Fraud, Technology, and Audit Quality
In Brief Corporate fraud has resurfaced in the headlines, troubling those who might have believed the profession had moved past its audit failures of the…
Paycheck, Culture, Work-Life Balance
How to Attract and Retain Millennial Accountants
Millennials are the future of the accounting profession. Much has already been written about their generation's preferences and the implications for employers. To attract and…
FASB News Level at Which Goodwill is Tested for Impairment Won’t Change On January 26, the FASB voted 4–3 against changing the unit level at…
The Value of Incorporating Values into Recruiting and Mentoring Programs
Reducing Employee Turnover in Public Accounting
Many CPA firms are losing more than 25% of their staff each year, which is more than double the national average (Carolyn Kmet, “CPAs: Why…
To Confirm or Not to Confirm—Risk Assessment is the Answer
The Wise and Proper Use of Bank Confirmations
Bank confirmations have been a valuable source of audit evidence since the dawn of the profession. Like all confirmations, they can be both effective and…
The State of the Profession
Predictions for 2022
In Brief To complement the data-driven analysis presented in the Rosenberg Survey (see page 20), the authors assembled a virtual roundtable of observers from around…
Smoke and Mirrors
Race and the Black CPA
Change is in the air for accounting. Many promises have been made about increasing diversity, particularly for Black accountants. But have all the projects, initiatives,…
IASB News Implementation Group to Discuss Whether Crypto Rules Needed for Small-to-Midsized Entities An IASB implementation group that monitors private company reporting rules will discuss…
State of the Profession
Analyzing the Results of the 2021 Practice Management Survey
In Brief The seventh annual 2021 NYSSCPA–Rosenberg Survey identifies trends from the national 23rd Annual Practice Management Survey and provides profitability and growth data of…
I read with interest the article “Using the Guideline Company Method in Valuing Closely Held Companies,” by Nicholas Mastracchio (CPAJ July/August 2020), and I applaud the…
Proposed European Value Chain Legislation Will Affect Companies Around the World
Getting Ready for EUMDD
U.S. business owners and their accounting professionals may be surprised to learn about a proposed European legal regime that will have a major impact on…
PCAOB News Erica Williams Sworn in as Chair Erica Williams was sworn in as chair of the PCAOB on January 10, 2022. The board now…
Accounting for Operating Leases
Initial Observations
This article examines the initial impact of the adoption of ASU 2016-02 (ASC Topic 842, Leases), which requires lessees to record assets and liabilities for…
A New Approach to Finally Stop the Hackers
Increased Risks Require New Solutions
Everyone knows that hacking is a huge problem that typically results in the theft of large amounts of confidential information. But they don't know a…
In October 2016, FASB issued Accounting Standards Update (ASU) 2016-16, Intra-Entity Transfers of Assets Other Than Inventory, amending Accounting Standards Codification (ASC) Topic 740. The new…
Book Review | Corporate Law and the Theory of the Firm
Reconstructing Corporations, Shareholders, Directors, Owners, and Investors (The Economics of Legal Relationships)
By Wm. Dennis Huber In Corporate Law and the Theory of the Firm, author Wm. Dennis Huber, an attorney and CPA with graduate degrees in economics and…
FASB News Advisers Taking ‘Wait and See’ Posture on Joint Venture Project FASB’s private company advisers will wait until the board completes its proposal on…
In addition to the human health, remote work environment, and technology challenges presented by the coronavirus (COVID-19) environment, tax practitioners have had to absorb and…
Since January 1, 2019, the tax rules for divorce instruments fall under dramatically new rules included in the Tax Cuts and Jobs Act (TCJA) of…
An Introduction to Structured Installment Sales
Avoiding Capital Gains Taxes on Real Estate Transactions or Business Buyouts
When the right set of circumstances presents itself, there may be no simpler way to defer, reduce, or completely eliminate long-term capital gains taxes when…
FASB News Advisers Want Balanced Financial Performance Reporting Project A FASB project to require more details about a company’s financial performance in the income statement…
Material Participation as Significant Participation Activity
Tax Court Ruling Highlights Importance of Grouping Election
A recent case serves as a convenient reminder for 2020 tax return elections. In Gurpreet S. Padda, et al. v. Comm'r (TCM 2020-154), a physician met…
The increasing complexity of business, whether it be from technology or globalization, has placed more responsibilities on an entity's CFO and financial organization. In addition,…
Did the Tax Cuts and Jobs Act Really Lower Corporate Taxes?
Preliminary Evidence from the S&P 500 and Apple Inc.
In Brief The Tax Cuts and Jobs Act (TCJA) of 2017 modified several aspects of corporate income tax rules, including a key change to the…
There is still time in the final quarter of 2021 for tax professionals to advise taxpayers to take actions that can favorably impact tax liability…
FASB News ESG, Crypto, Intangibles, Government Assistance Added to Research Agenda Companies got a hint at what could make it to the FASB’s technical agenda…
The rules for required minimum distributions (RMD) can be challenging to navigate. New regulations that update the life expectancy tables to be used add another…
CPAs need to be aware of current developments in key states in order to properly advise companies doing business in multiple jurisdictions. This article will…
In Brief Tax departments are always looking for ways to streamline their processes and procedures, and provide greater value-added services to management. Tax analytics and…