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Revised AICPA Code of Professional Conduct: Analyzing the Ethical Responsibilities for Members in Public Practice and Members in Business

On June 1, 2014, the AICPA issued a codification of the principles, rules, interpretations, and rulings in the AICPA Code of Professional Conduct that specify which ethics provisions apply to members in public practice, members in business, and other members. A major improvement of the revised code is the creation of three sections for members in different areas of practice, to assist accounting professionals in each group to determine whether they are in violation of any of the rules of conduct.

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Publisher's Column

Tax Scams Deja vu—The IRS's Annual 'Dirty Dozen'

he IRS has issued its annual compilation of those tax scams that the taxpayer and tax professional should be most cognizant of in 2014. This list, often labeled as the “dirty dozen” of tax scams, includes some familiar schemes as well as a few practices that were not cited last year. [The source for the list is IRS Release IR-2014-16 (Feb. 19, 2014); see Mark Lee Levine, “The IRS’s ‘Dirty Dozen’ Tax Scams: A Guide for Tax Professionals and Taxpayers,” The CPA Journal, June
2013, for a discussion of last year’s items.] Full Story

When Playing It Safe Is Risky Business

The auditing firms of some of the largest
financial institutions came out of the 2008 financial crisis relatively unscathed. However, the crisis raised a primary question about the role of the independent audit: If each of the banks that failed— or would have failed if the government had not bolstered them with taxpayer dollars—could hold up an audit report that was not in any way materially misleading, and these audits were performed according to generally accepted auditing standards, then, what is the value of a third-party audit?
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2014 Individual Tax Landscape

As the year comes to an end, it is time to take a look at the individual tax landscape. No major federal tax legislation was signed into law during 2014; however, myriad changes that occurred this past year will significantly affect individual tax liability. These changes range from the usual inflationary adjustments to tax brackets, deductions, and exemptions, to proposed last-minute legislative action that will extend, for one year, 55 cherished deductions and credits that are worth $45 billion in tax savings.
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The CPA Journal is broadly recognized as an outstanding, technical-refereed publication aimed at practitioners, educators, regulators, and other financial professionals. Our goal is to provide the Journal’s readers with insight and analysis on developments in the areas of accounting, auditing, taxation, finance, management, technology, and professional ethics.

©2014 The New York State Society of CPAs. Legal Notices