Our latest issue is all about sustainability, often defined as long-term value creation. For New York State CPAs, that sustainability can show up in various…
The Relevance and Reliability of ESG Reporting
What Are the Roles of the ISSB, the SEC, and the Accounting Profession?
In Brief Investors, creditors, and other users of financial information are increasingly looking beyond audited financial statements when making investment decisions. The culture in the…
Key Personal Income Tax Decision
New York Appeals Court Holds Taxpayer’s Vacation Home Did Not Qualify as ‘Permanent Place of Abode’
In a significant development, a New York appeals court recently held that a taxpayer's vacation home did not, in fact, qualify as a “permanent place…
ESG Integration and Small Business
Deployment, Reporting, Assurance, and B Corp Certification
In Brief Growing numbers of small and medium-sized enterprises (SME), spanning a range of sectors and geographies, are signaling their commitment to an ESG-rooted integrated…
In Brief With new technologies come new forms of assets and, eventually, new rules for the regulation and taxation of such assets. Beyond the current…
FASB News More Changes May be in the Pipeline for Lease Accounting While FASB said earlier this year that it would hold off on making…
ICYMI | Department of Labor Position on Cryptocurrency Investment in 401(k) Plans
Practical and Legal Considerations
Many 401(k) plan sponsors mistakenly believe that they have no liability for investment fund options made available to participants in core investment menus and self-directed…
ICYMI | Examining the Recognition and Measurement of Financial Assets and Financial Liabilities under ASU 2016-01
Added Volatility or Improved Information Value?
In Brief Accounting Standards Update (ASU) 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, became effective for financial statements beginning after December 15, 2017. One…
ICYMI | Recent California State and Local Tax Developments
New Provisions and Requirements May Impact Out-of-State Taxpayers
CPAs need to be aware of current tax developments in key states to properly advise entities doing business in multiple jurisdictions. Below is an overview…
FASB News Staff Propose Data Quality Committee Rules, Other Updates to GAAP Taxonomy FASB’s taxonomy staff has issued a proposal that would incorporate seven additional…
ICYMI | Using Data Visualization To Help Uncover Fraud
An Investigation of Data Revealed by the Wirecard Scandal
In Brief Wirecard, one of Germany's largest financial services companies, had long been suspected of employing questionable accounting methods before its auditor publicly announced in…
ICYMI | Employee Turnover Is Impacting Not-for-Profits Too
Competing for Talent in the COVID-19 Environment
Over the past two years, Americans have quit their jobs in record numbers. According to the U.S. Labor Department, 47.4 million people have left their…
FASB News Multinationals May Get Converged Standards on Rate Regulation, Government Grants Multinational companies, many of which have routinely asked for converged solutions for U.S.…
The Inflation Reduction Act of 2022
A First Look at New Tax Provisions
On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (IRA) into law as PL 1217-169. The IRA will make a historic…
FASB News Inflation Reduction Act Could Impact Future Accounting Standards FASB Chair Richard Jones on August 23 hinted that legislation in the Inflation Reduction Act…
ICYMI | Working from Home
State Income Tax Complications
The coronavirus (COVID-19) pandemic triggered an exodus of workers from their comfortable offices to the safety of their homes and other remote locations. For some,…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
I read with interest “Article on the New Working World of the COVID-19 Pandemic” (Hila Fogel-Yaari and Kelly Gebhart, March/April 2022) of The CPA Journal.…
FASB News SEC Accepts 2022 Q3 Supplemental GAAP Taxonomy FASB said the SEC accepted the 2022 Q3 Supplemental GAAP Taxonomy, which includes improvements to the…
Here is a familiar story: An entrepreneur works for decades to build a successful business and has reached the point of successfully exiting from the…
Supplier Finance Programs
Audit Concerns and Adjustments
In Brief Both FASB and the IASB recently issued exposure drafts related to supplier finance programs (SFP). The exposure drafts were issued in response to…
ESG: The Latest in Sustainability Reporting
Panel Discussion from the Baruch College Financial Reporting Conference
About the Panelists The final panel session of the morning was focused on environmental, social, and governance (ESG) issues and sustainability reporting. The panel was…
My daughter is learning about volume and liquid capacity in her math class. She frequently asks me questions like, “How many quarts are in a…
FASB News Trustees Seeking Members for Key Advisory Body FASB’s trustees announced on August 2 that the application period is now open for new members…
Rental Activity and Self-Employment Tax
Recent Cases with Online Rental Marketplaces
Tax planning for real estate activities often involves a myriad of tax considerations. For example, if the real estate produces a loss, a determination must…
Individual taxpayers have probably noticed that they have been required to answer questions on Form 1040 about virtual currency transactions in recent years. The U.S.…
Hot Topics at FASB
Panel Discussion from the Baruch College Financial Reporting Conference
About the Panelists The second day of the conference continued with a panel on major FASB standards, proposals, projects, and Emerging Issues Task Force (EITF)…
Working with CPAs in the Wealth Management Business
A Reflection
When Brian Mackey, Jesse Mackey, and I decided 10 years ago to start 4Thought Financial Group (4TFG), it was a process to feel comfortable with…
FASB News Improvement to Supplier Finance Program Disclosure Rule is Credit Positive, Moody’s Says FASB’s recent decision to make changes to the disclosure of supplier…
Tax-Advantaged Strategies for Inflation-Protected Investing
Utilizing U.S. I Savings Bonds
As inflationary pressures continue to mount (e.g., 8.3% for the 12-month period ending April 2022), individuals may look to their financial advisors for practical and,…