FASB News Trustees Seeking Members for Key Advisory Body FASB’s trustees announced on August 2 that the application period is now open for new members…
Rental Activity and Self-Employment Tax
Recent Cases with Online Rental Marketplaces
Tax planning for real estate activities often involves a myriad of tax considerations. For example, if the real estate produces a loss, a determination must…
Individual taxpayers have probably noticed that they have been required to answer questions on Form 1040 about virtual currency transactions in recent years. The U.S.…
Hot Topics at FASB
Panel Discussion from the Baruch College Financial Reporting Conference
About the Panelists The second day of the conference continued with a panel on major FASB standards, proposals, projects, and Emerging Issues Task Force (EITF)…
Working with CPAs in the Wealth Management Business
A Reflection
When Brian Mackey, Jesse Mackey, and I decided 10 years ago to start 4Thought Financial Group (4TFG), it was a process to feel comfortable with…
FASB News Improvement to Supplier Finance Program Disclosure Rule is Credit Positive, Moody’s Says FASB’s recent decision to make changes to the disclosure of supplier…
Tax-Advantaged Strategies for Inflation-Protected Investing
Utilizing U.S. I Savings Bonds
As inflationary pressures continue to mount (e.g., 8.3% for the 12-month period ending April 2022), individuals may look to their financial advisors for practical and,…
Gift Tax Returns on Extension
What to Consider Before Filing
Gift tax returns that have been extended can provide a breather for tax preparers. That time should be used to plan the return, obtain relevant…
Digital Assets
Panel Discussion from the Baruch College Financial Reporting Conference
About the Panelists The second day of the conference kicked off with a panel on digital assets. Beth Paul, Deputy Chief Accountant, PricewaterhouseCoopers Accounting Services Group, moderated…
Qualified Business Income Deduction and the Self-Employed
Utilizing the Deduction Before It Sunsets
The Tax Cuts and Job Act of 2017 (TCJA) included a new 20% deduction, known as the Qualified Business Income (QBI) deduction under IRC Section…
FASB News Two SEC Commissioners Urge FASB, GASB Trustees Not to Govern Over ESG Reporting. Two conservative SEC commissioners—Hester Peirce and Mark Uyeda—urged the Financial…
On March 31, 2021, former New York Governor Andrew Cuomo signed the Marijuana Regulation and Taxation Act (MRTA), creating a new Tax Law Article 20-C…
The Taxability of Third-Party Food Delivery Services
Understanding Complex Local Rules to Determine the Responsible Party
Two years into an unprecedented global pandemic, the impact of coronavirus (COVID-19) is still felt in many industries. The hospitality industry continues to be one…
Current Developments at the SEC
Panel Discussion from the Baruch College Financial Reporting Conference
About the Panelists The final session of the first day of the conference was focused on current developments at the SEC. Lindsay McCord, chief accountant, SEC Division…
Calvin Harris, , CPA I want to take a moment to introduce myself to you. I am Calvin Henry Harris Jr., CPA, your new NYSSCPA…
FASB News Taxonomy Update for Long-Term Insurance Rules Proposed FASB staff have proposed an update to the U.S. GAAP Taxonomy with respect to a recently-proposed…
In Brief With new technologies come new forms of assets and, eventually, new rules for the regulation and taxation of such assets. Beyond the current…
Opening Remarks from the SEC and FASB
Richard Jones and Paul Munter
About the Speakers Richard Jones is the Chair of the Financial Accounting Standards Board (FASB). He began his term as the eighth chair of FASB in…
Keynote–Fireside Chat
A Conversation with PCAOB Chair Erica Y. Williams
About the Speaker The conference concluded with a “fireside chat” with newly installed PCAOB chair Erica Y. Williams. Williams was sworn in as the chair of the…
Introduction—Financial Reporting Today
Highlights from the 20th Annual Baruch College Financial Reporting Conference
The 20th Annual Financial Reporting Conference was hosted virtually by Baruch College on May 4 and 5, 2022. The longstanding conference brought together—via videoconference—representatives from…
Whether or not a business owner plans to sell or transfer their business in the next few years, obtaining a proper business valuation is critical.…
FASB News Pay Attention to Inventory Rules When Reporting Freight Costs Private Company Council (PCC) Chair Candace Wright said she wants to raise awareness about…
ICYMI | Expanding Options for Providing Attestation Services
A Review of AT-C Sections 205 and 206
In September 2020, the Auditing Standards Board issued Statement on Standards for Attestation Engagements (SSAE) 21, Direct Examination Engagements. Its provisions are effective for assertion-based and direct…
ICYMI | Seeking Truly Global Financial Reporting Standards
Should U.S. Standards Setters Re-Engage with IFRS (and the IASB and ISSB)?
In Brief For decades, leading standards setters have advocated a single set of global financial reporting standards. After large strides were made in converging U.S.…
ICYMI | FASB Streamlines Income Tax Accounting
Some Simplification for Franchise Taxes
Recently, FASB issued a new Accounting Standards Update (ASU 2019-12), Simplifying the Accounting for Income Taxes. The new standard amends section 740 of the Accounting Standards…
ICYMI | Finding Financial Experts for Audit Committees
What Compensation Can CPAs Expect?
In Brief Regulatory and market pressures have led to increased responsibilities for corporate audit committees, as well as greater demand for such members to possess…
FASB News Report Explains Process to Establish New Rulemaking Priorities FASB has published a report about its process for establishing new technical and research agendas,…
ICYMI | Working from Home
State Income Tax Complications
The coronavirus (COVID-19) pandemic triggered an exodus of workers from their comfortable offices to the safety of their homes and other remote locations. For some,…
This article is an updated and expanded version of one written by this author seven years ago (“Can Professionalism and Commercialism Coexist in CPA Firms?…
ICYMI | Implementing CECL During the Pandemic
Unexpected Consequences Revealed
In Brief The much-anticipated and -deliberated changes to the accounting for financial instruments ushered in by ASU-2016-13, Financial Instruments–Credit Losses, happened to take effect during an…