CPAs need to be aware of recent legislative developments at the state level in order to properly advise taxpayers doing business in multiple jurisdictions. After…
The Audit Report Returns to Its Roots
An Historical Perspective on Critical Audit Matters
The evolution of the standard audit report has been slow and cautious over the past century. Most recently, in 2011, the AICPA's Auditing Standards Board…
The role of retirement plan governance has become extremely important as employers face increased scrutiny of the way in which they operate their plans in…
Taxpayers and their advisors alike are focused on the potentially massive tax changes being discussed in Congress. As of this writing, it is uncertain what…
Life insurance is one of the most important tools in modern financial planning, but it is not always the most appreciated. It has a role…
IRS Form 3520, Penalties, and Whether to Make a Protective Filing
Information Reporting on Foreign Trusts and Gifts
Whether a taxpayer is required to file IRS Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts, is…
The world is changing. The CPA profession is not, or at least it's changing far slower than the accounting profession as a whole. Sometimes it…
Individuals who own businesses frequently need to have the business valued. Sometimes it is for a specific purpose, such as for postsale retirement planning; other…
(http://bit.ly/2yMsBi1), individuals gave $281.86 billion in 2016, nearly 4% more than the prior year. How do high-income taxpayers—defined here as income of $200,000 or more—fit…
Sourcing receipts for apportioning business income continues to be a challenge to CPAs, especially for providers of services. Financial service companies in particular have seen…
Under Internal Revenue Code (IRC) section 6672(a), an individual can be held personally liable for a penalty for the willful failure to collect, account for,…
A search for unrecorded liabilities is a fundamental, almost universally applied procedure in all audits. The scope of such a search frequently includes a sampling…
Windfalls can come from good fortune, such as winning the lottery—or bad fortune, such as a legal settlement for medical malpractice. Whatever the cause, the…
Planning and Tax Considerations for Collectibles
Assisting Hobbyists, Dealers, and Investors
Many individuals have substantial investments in collectibles, such as art, stamps, coins, autographs, books, maps, baseball cards, glassware, antiques, gems, jewelry, or wine. The category…
Washington State recently passed legislation extending its Business & Occupation (B&O) tax economic nexus provisions to retailers, expanding its sales/use tax nexus provisions to remote…
Tax advisors of estates are generally aware that the executor or personal representative of the estate is personally liable for the payment of federal estate…
Auditors are required to communicate to audit committees or others charged with governance “significant control deficiencies,” including “material weaknesses” [as these terms are defined in…
Sustainable Leadership
Doing What’s Right for the Profession
On May 17, 2017, this author had the honor of speaking on a panel at the second annual NYSSCPA/Hedge Fund Roundtable Sustainability Investment Leadership Conference…
Most people have risk management needs that go beyond life and health insurance. For familiar coverage, they may be price-conscious, looking for the least expensive…
CPAs should be aware of current developments in various states with regard to sales and use taxes in order to properly advise companies doing business…
For most students, the price of higher education is steep and getting steeper. Annual increases in the cost of higher education have consistently outpaced the…
Digital Currency: Market Value of Bitcoin, Ethereum, and Litecoin
Taxation, Enforcement, and the John Doe Summons
Several years ago, the IRS started its successful takedown of secret Swiss banking with the use of a John Doe summons. Currently, it is trying…
Concerns regarding litigation over excessive 401(k) plan fees and conflicts of interest dominate the current thinking of plan fiduciaries. More plan sponsors are engaged in…
Annual Review Meetings
How to Get Individuals to Act
Annual reviews are crucial to all estate and financial plans; it is important for individuals to keep their trusted advisors abreast of any life event…
Birthdays can be important milestones for legal, financial, and tax purposes. For tax purposes, some rules apply on the date of a birthday, some apply…
Federal and state governments have developed the Unemployment Insurance Program, which provides unemployment benefits to certain workers who are not working through no fault of…
With the recent devastation caused by Hurricane Harvey, the editors of The CPA Journal thought it appropriate to re-present this article from December 2016…
Form 3520 is an information return for a U.S. person to report certain transactions with foreign trusts [as defined in Internal Revenue Code (IRC) section…
How Many Engagement Inspections Is Too Many?
Streamlining the Scope of Quality Control Inspections
The inspection process is a critical part of any audit firm's accounting and auditing quality control (QC) system. The lack of precise guidance in the…
An April 2017 commentary by Jean Rogers, CEO of the Sustainability Accounting Standards Board (SASB), in Investor's Business Daily (“Sustainability Accounting Standards Represent Market—Not Regulatory—Forces…