On September 2, 2019, the New York City Department of Finance released Finance Memorandum 18-9, New York City Tax Treatment of Foreign-Derived Intangible Income Deduction, Global…
The Unsustainability of the Current U.S. Fiscal Path
Making the Case for Pragmatic Reforms
In Brief The U.S. federal government's own financial reporting paints a picture of an “unsustainable fiscal path.” The projections from the Treasury Department and Government…
Sales Allocation Methods
Cost of Performance vs. Market-Based Sourcing
Companies that need to allocate their income or loss among the various states they do business in, whether they perform services or sell or license…
CPAJ News Briefs
IASB, FASB News
IASB News Development of International Accounting Rules for Cryptoassets Stifled by Lack of Stability, Readiness IASB has said that because of insufficient use, stability, and…
ICYMI | 15 Questions Answered about Flood Damage
Using Insurance and Tax Deductions to Mitigate Losses
In Brief The 2018 hurricane season has already brought two devastating storms, with Hurricane Florence causing major flooding in the Carolinas and Hurricane Michael causing…
In Brief As CPAs continue to expand into providing financial and other advisory services, one area of interest is business valuation services. The author explains…
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…
IASB News Investors Advise Insurers to Quicken Adoption of New Insurance Accounting Rules Insurance companies need to get on with implementing the IASB’s new accounting…
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…
The Challenge of Accounting for Goodwill
Impact of a Possible Return to Amortization
Determining how to account for the goodwill found in business combinations has been a hotly debated topic for decades. Standards setters have promulgated numerous different…
The Best Tax Software 2019
Annual Survey of New York State Practitioners
In Brief New York tax practitioners encountered several challenges during the 2019 tax season, most notably with obtaining assistance from IRS and Department of Tax…
I read with interest the article in the June 2019 CPA Journal by Andre Sterley (“Cryptoassets: Accounting for an Emerging Asset Class,” http://bit.ly/2l7CYf9). It's an excellent article about…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Non-farm Payroll The U.S. labor market has remained tight. There are more jobs available than applicants; in particular, skilled labor positions remain unfilled in some…
A call comes in from the helpdesk: A user reports that she has a red screen on her desktop asking for a cryptocurrency payment and…
CPAJ News Briefs
FASB, IAASB News
FASB News Golden: Profession’s Leaders Need to Embrace Change, Think Differently Leaders in the accounting profession need to remain proactive in thinking about potential future…
Reducing Federal Income Tax with Qualified Charitable Distributions
How to Preserve a Tax Write-Off
The Tax Cuts and Jobs Act of 2017 (TCJA) overhauled federal taxation for individuals and businesses. There were numerous changes made to the tax law,…
Tax professionals will be pleased to discover that the IRS is slowly but surely adding Tax Cuts and Jobs Act of 2017 (TCJA) resources to…
Qualifying Expenses for the Expanded Research and Development Credit
A Closer Look at the TCJA Impact
In Brief Research and development (R&D) produce innovations that drive growth and prosperity. Recent legislation, including the Tax Cuts and Jobs Act and the Protecting…
All in all, it is a good time to be in the tax profession. While schools across the country are graduating record numbers of finance…
CPAJ News Briefs
FASB, PCAOB News
FASB News Golden Says Next Wave of Questions on Revenue Recognition Is Coming FASB Chairman Russell Golden has said the board is bracing for another…
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…
The New Qualified Business Income Deduction
Concerns and Strategies for Real Estate Professionals
One of the most significant consequences of the Tax Cuts and Jobs Act of 2017 (TCJA) for taxpayers is the new Internal Revenue Code (IRC)…
Several northeastern states are finally in agreement with regard to the imposition of state and local taxes (SALT). To this end, Connecticut, New Jersey, and…
In Brief The proliferation of home-sharing platforms has allowed many property owners to make some extra money by renting out their homes, or portions thereof,…
Five years ago, I was working on an audit near Sacramento, Calif., having lunch with my manager and another auditor from the CPA firm where…
FASB News FASB Begins Deliberations on Gifts in Kind FASB began discussions on November 6 to develop presentation and disclosure rules for gifts in kind,…
The Tax Cuts and Jobs Act of 2017 (TCJA) was enacted on December 22, 2017. Among other things, the TCJA amended Internal Revenue Code (IRC)…