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,…
On December 20, 2017, Congress passed a major tax package (H.R. 1) designed to cut taxes on businesses and individuals, as well as to stimulate…
ICYMI | Finding the Right Tax Software
2018 Annual Survey of New York State Practitioners
In Brief New York tax practitioners encountered old and new challenges during the 2018 tax season, most notably with planning ahead for changes enacted by…
Quarterly Real U.S. GDP Growth The U.S. economy is coming off of its tax cut–induced bump. Estimates of 2019 GDP are coming down, as indicated…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
When an individual receives a settlement or litigation award payment, the likely first question is whether the payment is taxable. While CPAs may know that…
From the Vine to the Bottle
Opportunities for CPAs within the Wine Industry
In Brief The wine industry in the United States is growing, and with it the need for trusted professionals to help vintners of all kinds…
Finding the Right Tax Software
2018 Annual Survey of New York State Practitioners
In Brief New York tax practitioners encountered old and new challenges during the 2018 tax season, most notably with planning ahead for changes enacted by…
Sustainability is an increasingly important topic for the accounting profession. Recently, the editors interviewed Jeffrey Hales, the Catherine W. and Edwin A. Wahlen, Jr., Professor…
Reports of Foreign Financial and Bank Accounts (FBAR) have gained prominence since the Department of Justice began investigating the accounts of Swiss banks, starting with…
Unexpected Inequities in an Environment of Declining Tax Rates
Considerations in Using the IRC Section 1341 Credit
In Brief Declining tax rates—such as those ushered in by the Tax Cuts and Jobs Act—can come with hidden consequences. Taxpayers who are required to…
Auditors serving smaller businesses know that those clients often need help navigating the highly technical and overwhelming body of accounting standards. They also know that…
In Brief For elderly individuals entering into nursing care, financial assistance through Medicaid can defray the often significant costs. But Medicaid has stringent needs based…
Deep Dive on the Tax Cuts and Jobs Act
QBI Deduction Issues for Professionals
Most attorneys, accountants, and other professionals operate as unincorporated sole practitioners, or through partnerships and limited liability partnerships (LLP), making them owners of pass-through entities.…
Buying or selling a home is one of the most significant financial transactions many individuals engage in. The authors examine the various ways in which…
In Brief How much practical experience an accounting professor needs to be an effective educator has been a longstanding question within the accounting academy. Research…
New Jersey’s 2019 State Budget
Significant Tax Changes and an Amnesty Program
On July 1, New Jersey Governor Phil Murphy (D) signed the state's fiscal year 2019 budget after long negotiations with the legislature. Below is a…
ICYMI | How Online Learning Compares to the Traditional Classroom
Measuring Accounting Course Outcomes
In Brief As the popularity of online instruction spreads, many have questioned whether the method produces similar outcomes to the traditional classroom. The authors surveyed…
In January 2017, FASB issued Accounting Standards Update (ASU) 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which eliminated the calculation of implied…
In Brief As the demands placed on professionals in all fields continue to change rapidly, particular attention has been paid to accounting education programs. There…
On November 2, 2015, Congress enacted the Bipartisan Budget Act of 2015 (BBA), which contained sweeping changes to the Internal Revenue Code's (IRC) partnership audit,…
One common challenge facing educators is determining how best to involve and actively engage students so they will do the work necessary to be successful…
A fter a nearly 10-year collaboration to develop a converged standard on leasing, on Jan. 13, 2016, the IASB issued IFRS 16, Leases, and on Feb. 25,…
Much has changed since the PCAOB began its inspection program in 2004. In just the last 10 years, the number of auditing firms registered with…
A report on research into the effect of audit committees in the March 2018 CPA Journal (April Klein, “Questioning the Effectiveness of Independent Audit Committees: Does the…
Reporting Undisclosed Foreign Assets
The Clock Is Ticking
On March 13, the IRS announced that it will close the Offshore Voluntary Disclosure Program (OVDP), effective September 28, 2018. In the announcement, the IRS…
The consolidation and reporting of related entities can be a complicated accounting topic, particularly for private companies that use separate legal entities to manage a…
Financial Reporting: Entering Uncharted Waters
Highlights from the 17th Annual Baruch College Financial Reporting Conference
The 17th Annual Financial Reporting Conference, hosted by Baruch College this past May 3, once again brought together regulators, standards setters, preparers, auditors, and users…
Where would I start in talking about sustainability and corporate reporting? First, corporations all over the world identify and understand the key factors behind their…
Few countries can claim that integrated reporting (IR) is common among domestic companies. An exception is South Africa, with many listed and public organizations having…