The shift to online education in Spring 2020 had both positive and negative aspects (see, e.g., Michael Horn, “COVID-19's Ultimate Impact on Online Learning: The…
Before the coronavirus (COVID-19) pandemic, change was evolving in accounting firms. CPA firms were already seeing a movement away from time-based billing, an increase in…
Proposed Regulations Provide Guidance on Deducting Fines and Penalties Paid to the Government
Important Questions Still Remain
Since 1969, Internal Revenue Code (IRC) section 162(f) has disallowed an ordinary and necessary business deduction in computing taxable income for any civil or criminal…
COVID-19 and the ‘Great Lockdown’
Telework Multistate Tax Considerations
The COVID-19 pandemic has had a profound impact on, well, nearly everything, including businesses, individuals, and CPAs grappling with its effects upon state and local…
The COVID-19 pandemic has raised many questions about charitable giving and on the timing of required filings for many exempt organizations. Many of those questions…
Cybersecurity Risk Considerations for 401(k) Plans
Mitigating Plan Sponsor Liability
Many 401(k) plan sponsors mistakenly believe that when they delegate responsibilities to a record-keeping service provider, they have no liability for cybersecurity breaches. One recent…
It is no secret that CPAs have faced an increasing level of cyber-security threats, even under normal conditions. Audit Analytics reports in its June 2020…
Preparing for Peer Review in a Pandemic
Tailoring Internal Quality Control Inspections for New Risks
In this author's article in the May 2020 CPA Journal (“Financial Reporting and Auditing Implications of the COVID-19 Pandemic: Some Practical Guidance,” pp. 26-33, https://www.cpajournal.com/2020/06/08/financial-reporting-and-auditing-implications-of-the-covid-19-pandemic/), many new…
ICYMI | 401(k) Plan Issues in the Current Environment
Practical and Legal Considerations
This article is intended to address 401(k) plan issues and concerns that develop during periods of economic uncertainty and market volatility, such as the current…
In the early 2000s, as the business world began to return to a more normal mode of operations after the events of September 11, 2001,…
CPAs are uniquely positioned to assess the impact of coronavirus (COVID-19) on client organizations, employers, and society. The profession continues to contribute to recovery and…
When Money Costs Too Much
Section 8300 Filing Requirements and Penalties
The Internal Revenue Code and the Bank Secrecy Act (BSA) require that persons engaged in a trade or business file Form 8300, Report of Cash…
CPAs have spent much of “busy season” assisting individuals and business with questions about coronavirus-related economic relief, such as stimulus payments and paycheck protection loans.…
The COVID-19 pandemic has raised many questions about charitable giving and on the timing of required filings for many exempt organizations. Many of those questions…
COVID-19 and the ‘Great Lockdown’
Telework Multistate Tax Considerations
The COVID-19 pandemic has had a profound impact on, well, nearly everything, including businesses, individuals, and CPAs grappling with its effects upon state and local…
In the early 2000s, as the business world began to return to a more normal mode of operations after the events of September 11, 2001,…
401(k) Plan Issues in the Current Environment
Practical and Legal Considerations
This article is intended to address 401(k) plan issues and concerns that develop during periods of economic uncertainty and market volatility, such as the current…
ON April 3, 2020, Governor Andrew M. Cuomo signed into law the New York State 2020/21 Budget, which contains several key tax measures related to…
Accounting for Sales with Contingent Obligations
Methods and Considerations
Typically, the sale of a capital asset held by an individual is a straightforward affair from a tax accounting perspective. Under the most common scenario,…
Accountants have once again been proving that America does indeed count on CPAs, as they have entered uncharted waters to assist both individuals and small…
Next-Generation Internal Audit Governance
Harnessing the Power of Strategic Vision
As organizations across all industries continue down the current path of accelerated transformation and technological innovation, so too must internal audit departments adapt and rethink…
Recent months have proved challenging, if not exhausting, for professionals in the state and local tax compliance arena, for several reasons that have been well…
The New Exemption from Required Information Reporting
Revenue Procedure 2020-17 Provides Relief for Certain Tax-Favored Foreign Trusts
In March 2020, the IRS announced an exemption to the information reporting requirements applicable to foreign trusts. Under this exemption, qualified individuals no longer need…
Financial accountants and auditors who assist nonprofit organizations have been busy applying and educating nonprofit management about FASB Accounting Standards Update (ASU) 2016-14, Presentation of…
In PricewaterhouseCoopers's 2018 Global Economic Crime and Fraud Survey, fraud is identified as “the biggest competitor you didn't know you had,” which is an interesting way of…
It was a bellwether year for cyber-crime worldwide in 2019. As a patchwork of new regulations began to emerge in the United States and the…
Section 7623 of the Internal Revenue Code (IRC) allows for the payment of financial awards to those who blow the whistle on individuals or corporations…
Last October's column was about the need for change in the way accounting is taught in high school and college (“The Accounting Curriculum Needs a…
Streamlined Disclosure in U.S. v. Brian Nelson Booker
A Former CPA Sets a Dubious Precedent
Brian Nelson Booker has the dubious distinction of being the first person criminally charged by the Department of Justice (DOJ) with allegedly making false statements…
The AICPA's December 2019 exposure draft, “Maintaining the Relevance of the Uniform CPA Examination,” includes a discussion of the growing importance of “SOC 1 reports,”…