In Brief The worldwide COVID-19 pandemic has affected businesses of every size in every country, and the United States has been hit particularly hard. Many…
Financial Reporting and Auditing Implications of the COVID-19 Pandemic
Some Practical Guidance
In Brief The COVID-19 pandemic has disrupted life around the world, but business, in altered fashion, goes on. Companies will have to report on their…
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 Brief: Nonprofit organizations may not have to maximize profits in order to satisfy the expectations of shareholders, but they still must remain financially healthy…
The Coronavirus Aid, Relief, and Economic Security (CARES) Act (H.R. 748), signed into law on March 27, 2020, is a $2.2 trillion package enacted to…
The coronavirus (COVID-19) pandemic has not only upended the economy; it has also been the catalyst for several tax changes. The Families First Coronavirus Response…
The coronavirus (COVID-19) pandemic has caused companies across the world to temporarily close their doors in an effort to halt or slow down the spread…
“Those who cannot remember the past are condemned to repeat it.” —George Santayana Public criticism of the accounting profession is intense. Users of financial statements…
ICYMI | Disclosure of Noncompliance with Laws and Regulations
What Whistleblower Protections Exist for CPAs?
In Brief CPAs are charged with protecting the public from financial and corporate fraud; sometimes, that means blowing the whistle on clients or employers who…
In Brief The risk of fraud or noncompliance with rules and regulations is ever present in the current business and legal environment. Managing this risk…
Since 1973, GAAP (APB Opinion 28) has recognized the acceptability of presenting condensed interim information by public companies as provided for in Article 10 of…
The Lawyer's duty is first of all to his client, and that duty frequently compels him to avail himself of technicalities and other means of…
In Brief The Tax Cuts and Jobs Act of 2017 (TCJA) is generally considered the most significant tax legislation since the Tax Reform Act of…
ICYMI | The Status of the ‘Marriage Penalty’
An Update from the Tax Cuts and Jobs Act
One of the objectives behind a progressive income tax structure is to achieve a redistribution of wealth by imposing higher taxes on those who earn…
ICYMI | The Taxation of Cryptocurrency
Virtual Transactions Bring Real-Life Tax Implications
Bitcoin and several rival forms of cryptocurrency experienced record-breaking growth in recent years, leaving many investors and their CPAs grappling with uncertainty and surprise during…
In Brief One of the most discussed changes in the Tax Cuts and Jobs Act of 2017 is the pass-through entity deduction created by the…
What made me want to become a CPA? Well, I have to acknowledge that the 18-year-old me was neither wise nor worldly. When I matriculated…
Technology Touchstones for 2020
Increase Security and Monitor Activity
When hackers attack a CPA firm, it can impact the firm's data, but more importantly, it can expose clients' sensitive financial data. A business's ability…
One of the most challenging issues facing leaders in the public accounting profession is the high rate of employee turnover. A recent survey finds that…
Do you think about opening your own CPA practice and working for yourself instead of working for others? If so, you're not alone. While women…
ICYMI | Improving the Advancement and Retention of Women CPAs
Fostering Gender Equality at One Accounting Firm
According to the 2017 CPA Firm Gender Study performed by the AICPA's Women's Initiatives Executive Committee (WIEC), women make up only 22% of partners in…
In 2015, the Department of Labor issued an audit quality study, “Assessing the Quality of Employee Benefit Plan Audits,” which concluded that 39% of audits…
Many articles have been written about how the changes made by the Tax Cuts and Jobs Act of 2017 (TCJA) will affect estate planning. These…
Under Internal Revenue Code (IRC) section 7216 and its concomitant regulations, a tax preparer must obtain the consent of a taxpayer before disclosing or using…
In Brief Deciding whether a traditional individual retirement account (IRA) or a Roth IRA is the better investment vehicle can be a more complex choice…
As of October 21, 33 states and the District of Columbia have allowed the use of medical marijuana. In addition, recreational marijuana is legalized in…
Every year on October 15, clients send this author's firm information late into the afternoon, expecting the CPAs to finish their individual tax returns by…
ICYMI | Student Perceptions of What It Means to Be a Professional
A Survey of Domestic and International Accounting Majors
In Brief CPAs are often called “the trusted professionals,” but what this means is often open to interpretation. Do international and domestic accounting students share…
The Tax Cuts and Jobs Act of 2017 (TCJA) made dramatic changes to the rules for individuals that affect tax planning at all stages of…
I particularly enjoyed Mark Nickerson's article on fraud possibilities in your annual technology issue (“Fraud in a World of Advanced Technologies,” June 2019, http://bit.ly/2LJedBZ). I wager…