On April 13, 2016, Governor Andrew M. Cuomo signed into law Chapter 60 of the Laws of 2016 (the 2016 Budget Act). CPAs should be…
What’s over the Federal Tax Horizon?
The Potential Impact of Reforms on IRS Enforcement
With less than a month until Inauguration Day, tax advisors find themselves on the uncertain precipice of what might well be an historic overhaul of…
Despite recent reports to the contrary, the sky is not falling. The increasing anticipation—or concern—over fundamental tax reform will certainly be with us in 2017,…
The final panel from the 2016 IRS Representation Conference covered in this issue concerned preparer penalties and the criminal prosecution of tax professionals. How Criminal…
Bankruptcy versus OIC
A Comparison of Resolution Options
This panel discussed the pros and cons of declaring bankruptcy versus entering into an offer in compromise (OIC) when confronted with a large tax debt.…
At this panel, the group discussed how to deal with a lack of sufficient information from a client, including how to obtain or deduce that…
Preparer Penalties
Everything You Need to Know
Another panel at the 2016 IRS Representation Conference discussed the penalties levied against preparers who violate the ethics rules and fraud statutes. Topics included civil…
Gift Tax Returns & IRS Examination
Challenges and Pitfalls for Practitioners
At the 2016 IRS Representation Conference, one panel covered gift tax returns and the dangers they pose to unwary CPAs and taxpayers. Using a sample…
One of the panels conducted at the 2016 IRS Representation Conference concerned the myriad issues confronting CPAs whose clients have simply not filed their tax…
Federal Tax Preparation Issues and Insights
Highlights of the IRS Representation Conference
On November 17 and 18, the NYSSCPA co-sponsored the Third Annual IRS Representation Conference. The event covered a wide range of issues—from the routine to…
I enjoyed Joanne Barry's column, “New York's Seven-Year Itch” (September 2016). She wrote that the staff and leadership of the NYSSCPA are considering other initiatives…
Everyone has seen the ubiquitous advertisements sponsored by New York State to promote doing business in the state, using the slogan, “In New York State,…
CPA firm leadership is being stretched on all sides to attract and serve clients, recruit and retain team members, increase firm value and size, and…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Abraham Akresh Jeffrey Allen Robert Barnett Stewart Berger Warren Bergstein Quinton Booker Alexander Buchholz Jacqueline Burke Gary Carpenter Anthony Cassella Scott Cheslowitz Michael Chiasson Ayanna…
For 85 years, The CPA Journal has earned the respect of CPAs and other financial professionals for its in-depth analysis of current issues. We do…
In 2016, the Journal continued our coverage of some of the unresolved accounting, auditing, and financial reporting issues that have plagued the profession since the…
Some people love him. Some people hate him. Regardless of what anyone feels about him, New York City real estate mogul and TV reality show…
How to Get Paid in a Fee Dispute
Playing Offense in a World of Defenses
Changing times and business practices are making it harder for professional advisors to get paid. The stack of past due accounts gathering dust in many…
When CPAs have individual clients who are business owners, it is important to remember that they have worked very hard to build both their business…
EBP | 401(k) Plan Investment Selection
Passive Fund Management versus Active Fund Management
Retirement plan committees are increasingly selecting passively managed funds for their 401(k) plan investment menus, in many instances to replace actively managed funds. Recent excessive…
Disasters result from natural causes, such as storms, floods, fires, and earthquakes, and from human activity, such as riots and terrorist attacks. Unfortunately, disasters have…
Many CPAs are knowledgeable about financial planning, and they do an excellent job advising their clients. When planning for themselves, however, problems arise because many…
CPAs need to be aware of current developments in key states in order to properly advise taxpayers doing business in multiple jurisdictions. This article provides…
The last thing on most people's minds during a messy divorce is the tax treatment of the support payments that will eventually be made. Unfortunately,…
AUD | Searching for Buried Treasure
The Elusive Completeness Assertion for Revenue, Part 2
Last month, this column discussed identifying and addressing risks of material revenue understatements in general, and those specific risks presented by outsiders who control and…
Editors' Note: Published this past June, Baruch Lev and Fang Gu's The End of Accounting and the Path Forward for Investors and Managers (Wiley) has…
High School Confidential
Future Accountants Speak About the Profession
In October, Jason Ackerman's first practice management column discussed his firm's practice of hiring high school interns at his firm to give them early exposure…
With an ever-increasing choice of marketing tools, it is important for CPAs to focus promotional efforts on the areas of greatest benefit to the firm.…
Profiles in Community-Oriented, Socially Engaged Professionals
It’s Amazing What CPAs Can Do
Accounting as a profession carries a public interest responsibility that also contributes significant value to society. Accounting can also lead one to some amazing careers,…