CPAs all share a common background. Each CPA must complete some type of education program that includes a minimum number of accounting credits; unfortunately, practice…
Shaping Financial Reporting Across the Globe
The Journey to Rediscovering a Passion
When I first enrolled for an undergraduate degree in electrical engineering at the University of Nairobi, Kenya, in 1987, I never would have envisioned a…
In a time when houses can turn on their own lights and cars can almost drive themselves, it is no wonder that new technologies are…
The birth or adoption of a child brings joy to parents, grandparents, and other family members and friends. It also means financial challenges for families.…
In Brief The current upward trend of CPA firm merger and acquisition activity shows no signs of slowing down. CPA firms and individual professionals must…
A new series of cyber-related class action claims against at least 15 law firms could have serious implications into how CPA firms, and many of…
Changes to the New York City Commercial Rent Tax
A Victory for Small Business Owners
A new law, passed by the New York City Council on November 30, 2017, made significant changes to the New York City Commercial Rent Tax…
The Importance of Independence
Considerations for Growing Firms
The “urge to merge” has profoundly affected the public accounting profession in recent years, as firms combine, acquire smaller boutique firms, expand service lines, and…
U.S. Tax Residency
Some Black-and-White Rules, Some Gray
When advising taxpayers or preparing returns, bright-line rules are generally the easiest to explain and to handle. In contrast, tax outcomes that depend on facts…
Questioning the Effectiveness of Independent Audit Committees
Does the Current Regulatory Regime Improve Reporting Quality?
In Brief At the root of over a decade of regulation and best practices is the premise that the structure and independence of a company’s…
Although still in the proposal stage, there has been substantial movement by both FASB and the SEC on major issues discussed by this author in…
First Look at the Tax Cuts and Jobs Act
Impact on Employee Compensation and Benefits
On December 22, 2017, H.R. 1, commonly referred to as the Tax Cuts and Jobs Act (TCJA), was enacted into law. The TCJA contains numerous…
First Look at the Tax Cuts and Jobs Act
Questions and Answers on the Qualified Business Income Deduction
The Tax Cuts and Jobs Act of 2017 (TCJA) introduced a new write-off for owners of pass-through entities that runs from 2018 through 2025. This…
Accounting in the Public Interest
An Historical Perspective on Professional Ethics
In Brief The commitment to serve the public interest in accounting has eroded, as personal and business relationships with clients and client management increasingly create…
On October 2, 2017, President Trump signed the Disaster Tax Relief and Airport and Airway Extension Act of 2017 (Relief Act; P.L. 115-63). Title V…
ICYMI | Unsolved Problems in Auditing: A Half Century Retrospective and an Update
2016 Max Block Award Winner: Outstanding Article in the Area of In Focus/Feature
Auditing has been an ever-changing discipline since its birth over 100 years ago, but how much have the challenges auditors face really evolved over the…
FASB's recent work schedule has included proposed improvements to income tax accounting related to the recent tax law changes, the 2018 GAAP financial reporting taxonomy,…
GDP Fourth quarter GDP grew at annualized rate of 2.6%, down from the previous quarter's rate of 3.2% growth. The change resulted from a downturn…
My Life as an Accountant—and More
It’s Amazing What CPAs Can Do
I was born in Uzbekistan during the Soviet era. Growing up, I spoke Russian and Uzbek, and lived a very simple, modest life. But I…
First Look at the Tax Cuts and Jobs Act of 2017
Impact on Estates and Trusts
On December 22, 2017, the Tax Cuts and Jobs Act (TCJA) was signed into law by President Trump. Most of the provisions affecting estates and…
Audit vs. Fraud Examination
What’s the Real Difference?
In Brief Contrary to what many think, the typical audits of financial statements do entail certain responsibility for the detection of fraud. The author examines…
First Look at the Tax Cuts and Jobs Act of 2017
Impact on State Taxation
On December 22, 2017, President Trump signed into law H.R.1, the Tax Cuts and Jobs Act (TCJA). This law represents significant and complex changes to…
First Look at the Tax Cuts and Jobs Act of 2017
Impact on Investors
The year 2017 was a dramatic time for investors. The stock market rose by about 40%, swelling most investor portfolios and retirement savings. The Tax…
CAM versus KAM—A Distinction without a Difference?
Making Judgments in Reporting Critical Audit Matters
In Brief Since the last economic downturn, attention has turned to the auditor's report, which had remained largely unchanged for decades. In response to a…
The Decision Relevance of Financial Reporting
An Exclusive CPA Journal Panel Discussion
In Brief In the past few years, three major accounting standards—revenue recognition, leases, and financial instruments—have been the subject of discussion and preparation for CPAs…
First Look at the Tax Cuts and Jobs Act of 2017
Impact on Businesses
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…
On November 28, 2017, Baruch College held its annual auditing conference at its campus in New York City; this article presents the highlights of a…
The New Jersey estate tax exemption for 2016 stood at $675,000, and it increased to $2 million in 2017. Both exemption amounts are well below…
General Commentary On the whole, the most recent economic data portends a slight lessening of domestic growth. While employment trends are positive, the ISM manufacturing…
Realizing My American Dream
It’s Amazing What CPAs Can Do
I will forever say that accounting is the best profession in the world and I am grateful to be a part of it. Some will…