In the past decade, sustainability has moved from the periphery to become central in the global efforts to promote economic development, foster trade, and lift…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
CPAJ News Briefs
FASB, IASB News
FASB News Golden Outlines Process for Setting Rulemaking Agenda FASB’s process for putting a topic on its standards-setting agenda is one that entails making tough…
ICYMI | Employee Versus Independent Contractor
The IRS and Department of Labor’s Focus on Worker Classification
In Brief Classifying a worker as an employee or an independent contractor has a significant effect on the cost of employing that individual. For this…
In a recent article “Who’s to Blame for Ransomware Attacks—Beyond the Attackers?” (SearchSecurity, July 2019, http://bit.ly/38txRda), Kevin McDonald of Avalka Networks discussed the issue of responsibility…
The Next Generation of Internal Audit
Harnessing Value from Innovation and Transformation
The forces of innovation and technological advancement continue to transform business. CPAs and finance professionals, as the scorekeepers of commerce, are looking for ways to…
Lost Life Insurance and Annuities
Accounting for Missing Assets for Probate and Estates
Identifying undisclosed assets and unknown accounts for probate administration can be a challenging task under the best of circumstances. Decedents often leave behind a confusing…
During my sophomore year in high school, I made the conscious decision that I would never depend on anyone for anything, and I took ownership…
CPAJ News Briefs
FASB, GASB News
FASB News FASB Updates Codification to Incorporate SEC Staff Views on Credit Loss Rules, Leases Deferral FASB has issued a new accounting standard that updates…
ICYMI | The Status of the ‘Marriage Penalty’
An Update from the Tax Cuts and Jobs Act
One of the objectives behind a progressive income tax structure is to achieve a redistribution of wealth by imposing higher taxes on those who earn…
In Brief Auditors bear many responsibilities to their clients, but they also have a duty to uphold the public trust. The negative actions of clients…
Investing In Qualified Opportunity Funds with Irrevocable Grantor Trusts
A Powerful Combination to Reduce Taxes
For many families, estate planning is driven by a desire for reassurance that the assets they have built will be in place for future generations.…
In Brief The Tax Cuts and Jobs Act of 2017 lowered the corporate tax rate, but not all of its provisions reduced the effective corporate…
ASU 2016-15 and GAAP Treatment of Securitization-Related Cash Flows
Catching Up to the Fast-Moving Financial Sector
The securitization of trade receivables is a multibillion-dollar sector, and it is growing. It is vitally important that U.S. GAAP correctly reflect the economics of…
CPAJ News Briefs
FASB, PCAOB, IASB News
FASB News Firms Ask FASB to Clarify Accounting Rules for Sale and Leaseback Transactions Six accounting firms, including the Big Four, have asked FASB to…
ICYMI | The Taxation of Cryptocurrency
Virtual Transactions Bring Real-Life Tax Implications
Bitcoin and several rival forms of cryptocurrency experienced record-breaking growth in recent years, leaving many investors and their CPAs grappling with uncertainty and surprise during…
Among the tax benefits available to homeowners, one of the most useful is the “principal residence exclusion” provided by Internal Revenue Code (IRC) section 121,…
Cryptocurrency is here to stay. As of November 17, 2019, the top five cryptocurrencies by market capitalization had a combined value of approximately $196 billion,…
There will be no shortage of activity in the tax landscape in 2020, and with the upcoming presidential and congressional elections, tax-related issues may dominate…
To fund the government through the end of its 2020 fiscal year and provide funding for various projects and purposes, Congress passed a massive spending…
CPAJ News Briefs
FASB, IASB, AICPA News
FASB News FASB to Propose Conceptual Framework Amendments in June The U.S. accounting standards setter plans to issue a proposal early June that revises the…
In Brief One of the most discussed changes in the Tax Cuts and Jobs Act of 2017 is the pass-through entity deduction created by the…
The Daily Deal Sales Tax Trap
What CPAs Need to Know
In Brief Companies that provide daily deal vouchers on discounted goods and services, such as Groupon, have grown in popularity with consumers. Ensuring that the…
Leading the Way on Sustainable Development
An Exclusive Interview with the UN’s Chantal Line Carpentier
In Brief In the past decade, sustainability has moved from the periphery to become central in the global efforts to promote economic development, foster trade,…
Perspective on Revenue Growth and Profitability: Lee Frederiksen
State of the Profession 2019
According to the Rosenberg Survey, revenue growth, at 7.7%, is up from last year's 7.0%. Larger firms lead this trend, with higher growth rates than…
Perspective on the M&A Market: Wade Holmes
State of the Profession 2019
Who is buying firms right now? Currently, the buyer's market consists of both individuals and existing practice owners. Individuals could be accountants working for another…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
ISM Manufacturing Index The latest ISM data point confirms a slowdown in the manufacturing sector. While GDP grew by 2.1% in the third quarter, manufacturing…
CPAJ News Briefs
FASB, GASB, IASB News
FASB News New Rules Issued to Clarify Interaction of Equity Investment Accounting Rules FASB has issued narrow provisions to help accountants understand the interaction of…
Modifying the Pathway to Becoming a Licensed CPA
Considering Practitioners’ Perspectives
The current pathway to becoming a licensed CPA requires candidates to achieve a passing score across four separate competencies: audit (AUD), regulation (REG), financial accounting…