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…
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…
In an interesting recent report, “The Practice of Now,” accounting and business software provider Sage summarized the results of an international survey of accountants on…
IRS Offers in Compromise
A Case Study
In situations where a taxpayer has a greater tax liability than funds, there are several options available. The taxpayer can, of course, borrow the money…
Gift Horse or Trojan Horse?
Helping Beneficiaries Avoid Hidden Tax Liens
It is the worst-case scenario for many individual taxpayers: a lien on their property. While a lien is not the same as seizure, as the…
Hidden Tax Savings when Raising Employee Compensation
Options for Shareholder-Employees and Domestic Production
When raise and bonus discussions arise, managers often fail to fully consider the tax implications of such decisions. While an increase in the company's compensation…
First Look at the Tax Cuts and Jobs Act of 2017
Impact on Individuals
On December 20, 2017, Congress passed the Tax Cuts and Jobs Act (H.R. 1) designed to cut taxes on individuals and businesses, stimulate the economy,…
Congress and the SALT Deduction
Past, Present, and Future
The Tax Cuts and Jobs Act (P.L. 115-97) (TCJA) represents the most significant overhaul of the tax system in decades. One of the most contested…
A Tax Reform Law for Our New Normal
Publisher’s Column
In The CPA Journal's December 1986 issue, authors Stanley Rier and Leonard Goodman summed up their analysis of how that year's major tax reform bill would…
Why Are African American Students Still Not Majoring in Accounting?
The Importance of Early Impressions
In 1969, the AICPA formed the Minority Initiatives Committee, whose mission was to encourage, provide educational opportunities for, and promote the hiring of high-potential minority…
The Millennial Internship Experience
Balancing Technical Training with Soft Skills
The internship is a time-honored tradition among accounting students, an opportunity to put their hours in the classroom to the first real test. Internships provide…
Employee Engagement in Public Accounting Firms
Getting Millennial Staff Excited about the Work Environment
Employee engagement is an important issue for leaders of organizations looking to foster a healthy and positive work environment. Engaged employees are excited and enthusiastic…
Mergers and Acquisitions of Accounting Firms
When, How, and Why to Merge
It seems that every week, there is news of another merger within the accounting profession. Legally speaking, however, very few combinations of accounting firms are…
The State of the Profession
Analyzing the Results of the 2017 Practice Management Survey
The results of the 19th Annual Rosenberg Practice Management Survey are in. For the third year in a row, the NYSSCPA has partnered with the…
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…
On February 25, 2016, FASB, in collaboration with the International Accounting Standards Board (IASB), released Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), in order to…