The high costs of long-term care affect an increasing number of individuals and their families. According to Genworth's 2016 Cost of Care Survey (http://bit.ly/2ngymTT), the…
Paid Family Leave Expands in New York
Common Questions about the New Law
Big changes arrived for New Yorkers on January 1, 2018, when the New York Paid Family Leave (NYPFL) benefit went into effect. Called one of…
ICYMI | Advising Individuals with Chronic Illnesses
Practical Planning and Practice Development for CPAs
In Brief Chronic illness is more prevalent than many believe. Cognitive decline can occur suddenly as a result of an accident, or subtly over time;…
Tax-Exempt Leases of Tangible Personal Property
Sales and Use Tax Implications
The lease of tangible personal property with an operator, or a “fractional ownership” arrangement where the use of a tangible asset is collectively shared by…
Medicaid Qualifying Strategies When There Is No Time to Plan
How a Financial Planner Can Intervene in a Crisis
In Brief As people age, disability can strike with little to no warning, leaving scant time for individuals and families to craft a financial plan.…
In Brief Illness and injury can happen to anyone at any time, though they are more common for older persons. In the worst case they…
What to Do When One Spouse Doesn’t Sign the Return
Understanding the Intricacies of Joint Filing
In Brief Filing a joint return is generally seen as the default option for married couples. When one spouse neglects to actually sign the return,…
In Brief Being diagnosed with a terminal illness is a profoundly emotional event that also raises many important financial questions. Financial planners can help provide…
ICYMI | Questioning the Effectiveness of Independent Audit Committees
Does the Current Regulatory Regime Improve Reporting Quality?
In Brief At the root of over a decade of regulation and best practices is the premise that the structure and independence of a company’s…
As noted by the PCAOB in its Release 2017-001: “there are situations in which an auditor may be required by law or regulation, or voluntarily…
Much has been written over the past several years, and especially in the last few months, about the evolving role of the CFO in the…
ICYMI | Preparing the Statement of Cash Flows Using the Direct Method
Illustrating a Simpler Approach
FASB's Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, removes the requirement that not-for-profit (NFP) entities that choose to prepare the…
The Employee Retirement Income Security Act (ERISA) provides general standards of conduct for plan fiduciaries. A breach of fiduciary duty can result in personal liability…
Written Supervisory Approval of IRS Penalties
When Must It Be Given, and Who May Give It?
The Internal Revenue Code (IRC) imposes penalties on understatements of tax as a way to encourage voluntary compliance and deter noncompliant behavior. Generally, the revenue…
ICYMI | Implementing ASU 2016-14 on the Presentation of Not-for-Profit Financial Statements
Changes Aim to Provide More Relevant Information and Perspective
FASB's Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, contains changes in reporting requirements that will significantly affect how nonprofits communicate…
Treasury Yield Curve Markets are looking to new Federal Reserve Chairman Jerome Powell for signals about the direction of interest rates. Expectations for three more…
ICYMI | Ethical Dilemmas Facing CPAs: Three Case Studies
Managing Risk and Resolving Conflicts
People are generally optimistic, and no one wants to think about a good situation falling apart. CPAs like the idea of doing clients a favor,…
Every CPA has probably dealt with this scenario: an initial meeting with a potential client who, while explaining their business or tax situation, asks a…
ICYMI | Opinion: AICPA Proposal Raises the Ethical Bar
Incorporating International Standards into the Code of Professional Conduct
In February 2017, the AICPA's Professional Ethics Executive Committee (PEEC) agreed to propose modifications to the Code of Professional Conduct that would require certain actions…
Update on Hedge Accounting Rules
FASB Addresses Effectiveness Concerns
In 1996, FASB underwent a major overhaul of its accounting rules pertaining to derivative instruments and hedging transactions; except for some minor tinkering, those rules…
The idea that CPA firms would allow non-CPAs to own a minority stake in a CPA firm and then refer to these non-licensees as “partners”…
ICYMI | Applying the AICPA’s Professional Standards to Tax Practice
Best Practices for Minimizing Risk and Penalties
The AICPA's Statements on Standards for Tax Services (SSTS) are now an authoritative part of the Code of Professional Conduct. As such, they are now…
In Brief The audit world is changing. Technology has transformed business processes and created a wealth of data that can be leveraged by accountants and…
Collectibles, such as art, wine, jewelry, and coins and stamps, have long been important assets to individuals, particularly high-net-worth individuals. Art collectors say that the…
In Brief For many companies, an audit is a necessary part of business operations. For others, however, it is not, and such businesses are increasingly…
Estimating the fair value of a nonmarketable financial instrument, or one that is restricted from sale, is conceptually challenging. Even though it could take significant…
Connecticut Legislative Update
Personal, Corporate, and Estate and Gift Tax Changes
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…
Auditors’ Increased Responsibilities Under the PCAOB’s New Audit Reporting Standards
Communicating Critical Audit Matters
In Brief For more than 70 years, the auditor's report has remained virtually the same, following a simple pass/fail template. Recent changes issued by the…
ICYMI | The Future of Auditing
A Roundtable Discussion
In Brief Technology has transformed the way that businesses operate. The auditing profession is no exception. The SEC's recently released statistics for fiscal year 2016…
Accounting for Credit Losses Under ASU 2016-13
Anticipating the Impact on Reporting and Disclosure
The method used in determining the appropriateness of an allowance for credit losses (ACL) has been a challenging financial reporting issue for decades. The 2008…