The Tax Cuts and Jobs Act of 2017 (TCJA) did not make any major changes to the taxation of gains and losses from securities transactions.…
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…
Getting Married
A Tax Perspective Under the Tax Cuts and Jobs Act
More than 2.1 million couples get married in the United States each year (http://www.cdc.gov/nchs/nvss/marriage_divorce_tables.htm). Few probably give any thought to the tax implications of their…
Getting Divorced
A Tax Perspective under the Tax Cuts and Jobs Act
Despite the best of intentions when couples say, “I do,” more than a few will find themselves eventually saying, “I don't.” Aside from the emotional…
The winners of the 2017 Max Block Distinguished Article Awards were honored during The CPA Journal Editorial Review Board meeting on August 14, 2017. This award recognizes…
Considerations for Using Buy-Sell Agreements
The Advantages for Owners, Accountants, and Financial Advisors
The Small Business Administration reports that there are nearly 30 million privately held businesses in the United States, of which nearly 6 million have multiple…
Because of the Tax Cuts and Jobs Act (TCJA), more individuals—90% of taxpayers, by some estimates—will decide to prepare their own tax returns. With the…
If someone had asked me straight out of college if I ever expected to have my own practice, I would have said, “No way.” I…
On May 31, 2018, Connecticut Governor Dan Malloy signed Public Act 18-49, which established a new tax on pass-through entities (PE) doing business in Connecticut…
The Value of Certification and Professional Experience
Perceptions of Accounting Faculty and Business School Deans
In Brief Undergraduate accounting programs have a mandate to prepare students to successfully sit for the CPA exam, yet relatively few faculty members within those…
My initiation to the accounting profession came in 1951, when I was first old enough to get working papers. In my time off from school,…
In February 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842). Topic 842 will supersede the existing lease guidance (Topic 840), which has been in…
Student Perceptions of What It Means to Be a Professional
A Survey of Domestic and International Accounting Majors
In Brief CPAs are often called “the trusted professionals,” but what this means is often open to interpretation. Do international and domestic accounting students share…
The Impact of Disruptive Technologies on Accounting and Auditing Education
How Should the Profession Adapt?
In Brief The rapid pace of technological change continues to disrupt traditional procedures in all spheres, including the accounting profession. The authors examine the potential…
Nontraditional College Students
Strategies for Minimizing Tax Liabilities and Avoiding Pitfalls
Traditional college students generally matriculate directly after high school, live on campus, attend college full time, and rely on their parents to finance their college…
There are many ways CPAs can make a difference on a college campus, including speaking to a class or student organization, serving as a judge…
Brown began the panel by talking about the PCAOB's current status and objectives following the installment of an entirely new board by the SEC at…
In a decision issued November 29, 2017 (Pearson v. Comm'r, 149 T.C. No. 20, No. 100184-15, Nov. 29, 2017), the Tax Court ruled that a Tax Court…
The gig economy is a sector of the workforce in which people do not have long-term employment. Those in the gig economy are contingent workers—freelancers,…
Young people are not taught enough about financial literacy. Schools do not teach kids the basics about the value of money, how to save, how…
Cosper started the panel by briefly discussing the recent turnover at FASB: by the end of 2018, the board will have replaced four members in…
Is the ABV Credential for Sale?
Lowering Professional Standards Will Erode the Public Trust
Many CPAs may be unaware that the AICPA is now offering its Accredited Business Valuation (ABV) credential to non-CPAs. The decision was made by the…
New York City Commercial Rent Tax
Recent Developments and the Small Business Tax Credit
CPAs need to be aware of certain changes that affect the New York City Department of Finance's (DOF) administration of its commercial rent tax (CRT…
New York State Residency Update
Tax Tribunal Provides Clarity on “Permanent Place of Abode” Definition
The determination of who is taxable as a resident for New York State and City personal income tax purposes has challenged tax practitioners for years,…
Pictured, left to right: Prabhakar Kalavacherla, Mark LaMonte, Marc Siegel, Scott Taub, and Amie Thuener Photos by E. Lee White The panel began with Siegel…
How should contingent consideration, also known as earnouts, be valued? A dozen specialists will likely give a dozen different answers. Ten years after FASB released…
The CPA Journal's annual tax software survey is geared toward tax professionals in New York state because they face a more complicated state tax environment…
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…