The Tax Cuts and Jobs Act of 2017 (TCJA) did not make any major changes to the taxation of gains and losses from securities transactions.…
CPAJ News Briefs
FASB/IASB News
FASB News Private Companies Rush to Meet Revenue Recognition Effective Date With the 2019 effective date of FASB’s revenue recognition standard rapidly approaching, private companies…
ICYMI | First Look at the Tax Cuts and Jobs Act of 2017
Impact on Individuals
On December 20, 2017, Congress passed the Tax Cuts and Jobs Act (H.R. 1) designed to cut taxes on individuals and businesses, stimulate the economy,…
Unexpected Inequities in an Environment of Declining Tax Rates
Considerations in Using the IRC Section 1341 Credit
In Brief Declining tax rates—such as those ushered in by the Tax Cuts and Jobs Act—can come with hidden consequences. Taxpayers who are required to…
Auditors serving smaller businesses know that those clients often need help navigating the highly technical and overwhelming body of accounting standards. They also know that…
In Brief For elderly individuals entering into nursing care, financial assistance through Medicaid can defray the often significant costs. But Medicaid has stringent needs based…
Quarterly U.S. GDP Growth Providing a counterpoint to the ISM data, second-quarter U.S. GDP was revised up from 4.1% to 4.2%, which was slightly better…
Deep Dive on the Tax Cuts and Jobs Act
QBI Deduction Issues for Professionals
Most attorneys, accountants, and other professionals operate as unincorporated sole practitioners, or through partnerships and limited liability partnerships (LLP), making them owners of pass-through entities.…
I read the May 2018 CPA Journal article, “Untangling the Inherited IRA Rules” by Richard L. Russell Jr., Richard L. Russell, and Kristina Kesselring (http://bit.ly/2NeUw1F). One…
Getting Married
A Tax Perspective Under the Tax Cuts and Jobs Act
More than 2.1 million couples get married in the United States each year (http://www.cdc.gov/nchs/nvss/marriage_divorce_tables.htm). Few probably give any thought to the tax implications of their…
Getting Divorced
A Tax Perspective under the Tax Cuts and Jobs Act
Despite the best of intentions when couples say, “I do,” more than a few will find themselves eventually saying, “I don't.” Aside from the emotional…
Buying or selling a home is one of the most significant financial transactions many individuals engage in. The authors examine the various ways in which…
CPAJ News Briefs
IASB/AICPA News
IASB News Insurance Standard May Face Two-Year Delay The IASB is ready to debate delaying the effective date of its insurance accounting standard when it…
This episode of our Voices of the Profession video series features an interview with Jeffrey Hales, a professor at Georgia Tech and the current chair…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
SEC Chief Accountant Wesley Bricker addressed the importance of objective financial reporting and the role of accountants and auditors in his speech before the Baruch…
With so many baby boomer CPA firm owners looking to retire without a proper succession plan in place, the market for CPA firms has become…
The winners of the 2017 Max Block Distinguished Article Awards were honored during The CPA Journal Editorial Review Board meeting on August 14, 2017. This award recognizes…
In Brief How much practical experience an accounting professor needs to be an effective educator has been a longstanding question within the accounting academy. Research…
Considerations for Using Buy-Sell Agreements
The Advantages for Owners, Accountants, and Financial Advisors
The Small Business Administration reports that there are nearly 30 million privately held businesses in the United States, of which nearly 6 million have multiple…
New Jersey’s 2019 State Budget
Significant Tax Changes and an Amnesty Program
On July 1, New Jersey Governor Phil Murphy (D) signed the state's fiscal year 2019 budget after long negotiations with the legislature. Below is a…
Because of the Tax Cuts and Jobs Act (TCJA), more individuals—90% of taxpayers, by some estimates—will decide to prepare their own tax returns. With the…
If someone had asked me straight out of college if I ever expected to have my own practice, I would have said, “No way.” I…
CPAJ News Briefs
FASB/PCAOB/SEC News
FASB News Banking Regulators to Finalize Rule Offering Capital Relief On September 18, federal banking regulators said they plan to finalize a rule to ease…
ICYMI | How Online Learning Compares to the Traditional Classroom
Measuring Accounting Course Outcomes
In Brief As the popularity of online instruction spreads, many have questioned whether the method produces similar outcomes to the traditional classroom. The authors surveyed…
In January 2017, FASB issued Accounting Standards Update (ASU) 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which eliminated the calculation of implied…
On May 31, 2018, Connecticut Governor Dan Malloy signed Public Act 18-49, which established a new tax on pass-through entities (PE) doing business in Connecticut…
The Value of Certification and Professional Experience
Perceptions of Accounting Faculty and Business School Deans
In Brief Undergraduate accounting programs have a mandate to prepare students to successfully sit for the CPA exam, yet relatively few faculty members within those…
My initiation to the accounting profession came in 1951, when I was first old enough to get working papers. In my time off from school,…
CPAJ News Briefs
FASB/PCAOB News
FASB News National Standards Setters Decry European Plan for Local Changes to IFRS National accounting standards setters, accounting organizations, and professional groups oppose a European…