I have been following the virtual currency (VC) debate and marketplace for some years now, and would like to share my observations as a person…
The high costs of long-term care affect an increasing number of individuals and their families. According to Genworth's 2016 Cost of Care Survey (http://bit.ly/2ngymTT), the…
CPAJ News Briefs
FASB/PCAOB News
FASB News Disclosure Framework Slated for September Publication FASB’s planned concepts statement aimed at improving how the board writes disclosure requirements for U.S. GAAP is…
Untangling the Inherited IRA Rules
Retiring Baby Boomers and the Impending Transfer of Wealth
As the baby boomers enter their sunset years, many of them will use traditional Individual Retirement Accounts (IRA) to support themselves in retirement. For a…
Moving to Another State
Financial, Legal, and Tax Issues
Americans average 11.7 moves over their lifetime, according to the U.S. Census Bureau (“Calculating Migration Data Using ACS Data,” http://bit.ly/2pRvXxn). People move because of a job,…
My Journey as a Forensic Accountant
It’s Amazing What CPAs Can Do
Life has many unexpected turns; one such turn was the direction my career took when I was 29 years old. A single phone call from…
CPAJ News Briefs
FASB/AICPA/IASB News
FASB News AICPA and CUNA Seek Extension of Credit Loss Standard’s Effective Date Some smaller financial institutions and private companies are worried that the transition…
Paid Family Leave Expands in New York
Common Questions about the New Law
Big changes arrived for New Yorkers on January 1, 2018, when the New York Paid Family Leave (NYPFL) benefit went into effect. Called one of…
ICYMI | Advising Individuals with Chronic Illnesses
Practical Planning and Practice Development for CPAs
In Brief Chronic illness is more prevalent than many believe. Cognitive decline can occur suddenly as a result of an accident, or subtly over time;…
Over the next 20 to 30 years, the United States is expected to experience one of the largest transfers of wealth in modern world history…
Tax-Exempt Leases of Tangible Personal Property
Sales and Use Tax Implications
The lease of tangible personal property with an operator, or a “fractional ownership” arrangement where the use of a tangible asset is collectively shared by…
Medicaid Qualifying Strategies When There Is No Time to Plan
How a Financial Planner Can Intervene in a Crisis
In Brief As people age, disability can strike with little to no warning, leaving scant time for individuals and families to craft a financial plan.…
Using a Qualified Retirement Plan to Take Advantage of TCJA Provisions
A ‘Triple Play’ of Tax Benefits
It is way too early to understand the full impact of the Tax Cuts and Jobs Act (TCJA) recently passed by Congress and signed into…
CPAJ News Briefs
FASB/PCAOB News
FASB News FASB, IASB to Share Information on Performance Reporting Projects On June 18, FASB will meet with the IASB at its London office for…
In Brief Illness and injury can happen to anyone at any time, though they are more common for older persons. In the worst case they…
What to Do When One Spouse Doesn’t Sign the Return
Understanding the Intricacies of Joint Filing
In Brief Filing a joint return is generally seen as the default option for married couples. When one spouse neglects to actually sign the return,…
Reporting Virtual Currency Transactions to the IRS
Time May Be Running Out for Affected Taxpayers
IRS Notice 2014-21, issued on March 25, 2014, made it clear that the IRS would treat virtual currencies that can be converted into traditional currency…
In Brief Being diagnosed with a terminal illness is a profoundly emotional event that also raises many important financial questions. Financial planners can help provide…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
First Look at the Tax Cuts and Jobs Act
Impact on Estate Planning
The Tax Cuts and Jobs Act (TCJA) has doubled the amount that can be exempted from federal estate tax to $11.18 million per individual, effective…
First Look at the Tax Cuts and Jobs Act
Questions and Answers about International Taxation
Taxation of international activities has always been complex and rife with traps for the unwary. The Tax Cuts and Jobs Act of 2017 (TCJA) has…
CPAJ News Briefs
FASB/IASB News
FASB News Details of New Lease Guidance Complicate Implementation Efforts At first blush, FASB’s new lease accounting standard sounds simple enough: companies must tally everything…
ICYMI | State and Local Government Pensions at the Crossroads
Updating Accounting Standards Highlight the Challenges
In Brief Underfunding, questionable investment decisions, imperfect assumptions on future market returns, declining interest rates, and the structure of defined benefit plans have created a…
ICYMI | Questioning the Effectiveness of Independent Audit Committees
Does the Current Regulatory Regime Improve Reporting Quality?
In Brief At the root of over a decade of regulation and best practices is the premise that the structure and independence of a company’s…
Urgent Need for Governmental Accounting Education
New Generation Needed to Fill Retirements at Federal, State, and Local Agencies
The need for governmental accounting education has never been greater in the United States, as governments at the federal, state, and local levels face a…
Illegal Immigration and Tax Issues
Recent Changes Affect Available Deductions and Credits for Dependents
Taxpayers may be surprised to know that, prior to the enactment of the Tax Cut and Jobs Act of 2017 (TCJA), under certain conditions illegal…
As noted by the PCAOB in its Release 2017-001: “there are situations in which an auditor may be required by law or regulation, or voluntarily…
GDP Fourth quarter U.S. GDP was revised up to 2.9%, completing a year that saw GDP grow at 2.3%. While the first quarter of 2018…
In Brief The sweeping changes of the Tax Cuts and Jobs Act (TCJA) have prompted reconsideration of many financial plans. The realm of estate planning…
First Look at the Tax Cuts and Jobs Act
Impact of the New 20% Pass-Through Deduction—Traps and Planning Opportunities
The new IRC section 199A, with its complex terms and limits, will be part of almost every tax preparer's life until at least 2026. The…