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.…
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…
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…
FASB’s Proposal to Change the Definition of Materiality: The Unexpected Uproar
2016 Max Block Award Winner: Outstanding Article in the Area of Departments/Columns
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…
On November 2, 2015, President Obama signed into law H.R. 1314, the Bipartisan Budget Act of 2015, which made significant changes to Social Security optimization…
Instead of looking at Social Security as a government entitlement that one should start receiving as soon as eligible, one should consider it an investment…
European Audit Reform
How It Could Affect U.S. Companies
In April 2014, European Union (EU) legislation was adopted to reform the European statutory audit market. In this context, a statutory audit is a legally…
There are several points in a business's life cycle that represent increased risk. One prime example is the buying or selling of all or part…
The ‘Reasonable Cause and Good Faith’ Defense to Penalties
Lessons from Hobby Loss Cases
The gold standard for a “reasonable cause and good faith” defense to a tax penalty is reliance on advice from a professional tax advisor who…
Equity Crowdfunding
The Good, the Bad, and the Potentially Ugly
On October 30, 2015, the SEC issued final rules to implement Title III of the Jumpstart Our Business Startup (JOBS) Act, which amended the Securities…
Helping Individuals Determine Their Investment Goals
Drafting an Investment Policy Statement
Many individuals are vague or unrealistic about their goals and how to achieve them. CPAs can use their “database” of knowledge of their clients and…