Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
The Association of Government Accountants (AGA) is a nonprofit professional organization for accountants employed in federal, state, local, and international government financial management. Its website…
Turning Tax Refunds into Retirement Savings
The Treasury’s New my RA
CPAs know that tax refunds are the largest sums of money that some people will receive all year, so tax season is a great time…
Changes to Social Security Have Tax Implications for Married Couples
Recent Legislation Eliminates Loopholes
As a bargaining tool used to expedite the passage of the Bipartisan Budget Act of 2015, Congress tightened Social Security loopholes for married couples, which…
On December 4, 2015, President Obama signed the Fixing America's Surface Transportation Act (FAST). Section 32101 of FAST adds section 7345 to the Internal Revenue…
Even if you're not a history buff, it's hard to walk to the NYSSCPA's Wall Street offices and not be wowed by a sense of…
Estate planning continues to evolve in ways that enhance the importance of the CPA's role relative to other advisors and to what it has been…
Many individuals desire to make charitable bequests but are not certain how to do so or how they work. This is an area where a…
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…
The “trust fund recovery penalty” can impose sizeable liabilities on officers and other employees of financially struggling or failed companies that fail to pay withholding…
In August 2015, the SEC, by the narrowest of margins (3 votes for, 2 against), adopted the long-awaited and politically charged rule requiring large U.S.…
Five Tips for School District Audits
Making the Grade
Auditing governmental entities is an important industry niche for many accounting professionals, and school districts are the largest category of state and local entities in…
Whether a large established charity, a small not-for-profit private foundation, a school club, or anything in between, there are many ways for not-for-profit organizations to…
Over the last several years, audit committees have fine-tuned their oversight relative to internal controls and financial reporting, but as this process has matured, many…
The financial sustainability and related going-concern challenges for a not-for-profit (NFP) organization have become increasingly important in today's economic and financial climate. Although the demand…
People today live with more uncertainty than in the past. To some extent, this is because new technology and vehicles of communication, not to mention…
Government-Contracted Contingent Fee Auditors
Do Conflicts of Interest Threaten the Tax System’s Integrity?
In Brief State and local governments' use of auditors paid on a contingent fee basis for taxpayer audits has drawn criticism because of the conflicts…
40 Years of Losses, but Still Motivated to Profit
Applying the Results of a Recent Tax Court Decision
In Brief Many taxpayers have a hobby or sideline that they pursue in the hope of earning additional income. In calculating their profits from this…
Is the Parsonage Allowance Constitutional?
The Courts Question Taxpayer Standing
In Brief In November 2013, the U.S. District Court for the Western District of Wisconsin ruled that the parsonage allowance of IRC section 107(2) was…
The conveyance of real property or an interest therein, whether commercial or residential, is subject to the New York State and City real estate transfer…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Governance, risk management, and compliance (GRC) represents a coordinated approach to achieve efficiencies in an organization's activities of corporate governance, risk management, and compliance with…
As CPAs, our raison d'être is to protect the public, to help instill trust and confidence in our corporate and public institutions. We are the…
One hundred and eighteen years ago, the New York State Society of CPAs held its first annual meeting. Back then, this was a relatively small…
IRS Schedule UTP and the Legal Privileges of Tax Accrual Workpapers
Understanding the Risks for Auditors
The implementation of the Schedule UTP contributes perhaps the most significant increase in tax reporting in recent memory and will greatly affect the Service's audits…
CPAs often seek reliable information about 401(k) plan design, investment options, record keeping, and fees. The “BrightScope/ICI Defined Contribution Plan Profile: A Close Look at…
More than 2.1 million couples get married in the U.S. each year (http://www.cdc.gov/nchs/nvss/marriage_divorce_tables.htm). Few probably give any thought to the tax implications of their union.…
Many tax professionals who consult on transactions involving the sale of a New York business operation often overlook the state's bulk sale notification requirements, which…
FASB’s Proposal to Change the Definition of Materiality
The Unexpected Uproar
In September 2015, FASB issued two proposed documents that, if adopted, could change the way the concept of materiality is assessed and applied regarding information…