FASB News Board Backs Staff’s Convertible Instrument Disclosure Improvements FASB has backed a series of improvements to convertible instrument disclosures, including the format in which…
About the Panelists The panel featured Noel Allen, JD, outside legal counsel for the National Association of State Boards of Accountancy; Marc Panucci, CPA, a…
ICYMI | CAM Vs. KAM: A Distinction without a Difference?
Making Judgments in Reporting Critical Audit Matters
In Brief Since the last economic downturn, attention has turned to the auditor's report, which had remained largely unchanged for decades. In response to a…
Improving Audit Quality
Highlights from the 13th Annual Baruch College Audit Conference
The 13th Annual Audit Conference, hosted by Baruch College in New York City on December 4, 2018, once again brought together auditors, regulators, standards setters,…
In Brief The Tax Cuts and Jobs Act of 2017 (TCJA) is generally considered the most significant tax legislation since the Tax Reform Act of…
For the first time since the [PCAOB's] creation in 2003, we have a completely new board. Its new strategic plan, which was approved on November…
Effective Federal Funds Rate, 1954–2018 Much of the anxiety seen in the stock markets in the fourth quarter of 2018 was the result of aggressive…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
A core part of most CPA firms for over 40 years has been the quarterly or monthly preparation of CPA-issued compilations or reviews for clients.…
I have to take issue with Jason Ackerman's column, “It's Time to Fire Bad Clients” on “firing” bad clients (October 2018, http://bit.ly/2LwbKYu), This suggestion is flawed…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Seventy-five years have passed since Mary T. Washington Wylie became the first African-American woman to earn a CPA license, yet African-Americans and other minority groups…
CPAJ News Briefs
FASB, IASB, PCAOB News
FASB News Proposal Would Offer Transition Relief for Credit Losses Standard On February 6, FASB issued a proposal intended to offer transition relief to businesses…
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…
Many industry publications indicate that the Tax Cuts and Jobs Act of 2017 (TCJA) is high on CPAs' concern list, especially now that the new…
Retirement plan sponsors have become the subject of unprecedented scrutiny from plaintiffs' lawyers and Department of Labor (DOL) regulators. Litigators review filed Forms 5500 and…
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…
Helping Individuals Handle Medical Expenses
Working with a Medical Insurance Advocate
A Medical Insurance Advocate (MIA) helps individuals organize medical bills and negotiate coverage for medical services before and after receiving care. MIAs can save patients…
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…
CPAJ News Briefs
FASB, IASB, AICPA News
FASB News Examination of Complex Liabilities, Equity Accounting to Begin At its February 13 board meeting, FASB plans to take action on a significant project…
The term “passive foreign investment company” (PFIC) suggests a sophisticated, highly specialized non-U.S. investment medium that the majority of U.S. persons probably would not select…
Real estate developers and investors need to address estate planning. This need is likely not urgent, as it is unlikely that a Democratic House and…
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…
Many years ago, I graduated with a shiny new degree in accounting and landed a coveted job at a then–Big Eight accounting firm. I was…
CPAJ News Briefs
FASB, AICPA News
FASB News More Work Needed on Income Tax Disclosure Plan FASB expects to issue a brand-new proposal as part of its plan to make companies…
On December 22, 2017, President Trump signed into law H.R.1, the Tax Cuts and Jobs Act (TCJA). This law represents significant and complex changes to…
Redefining Nexus in Wayfair
The Supreme Court Rules on E-Commerce Taxation
On June 21, 2018, the U.S. Supreme Court decided South Dakota v. Wayfair, Inc., 138 S. Ct. 2080 (2018), whereby the longstanding precedent of Quill Corp. v. North…
On November 20, 2018, the IRS published an Interim Guidance Memo concerning voluntary disclosures, captioned “Updated Voluntary Disclosure Practice” (http://bit.ly/2UHHdLm). The memo sets forth 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…
Homeownership After the Tax Cuts and Jobs Act
Making the Most of the Mortgage Interest Deduction
In the aftermath of the Tax Cuts and Jobs Act of 2017 (TCJA), home buyers may be disappointed by the diminishment of tax benefits that…