As the baby boomers enter their sunset years, many of them will use traditional Individual Retirement Accounts (IRA) to support themselves in retirement. For a…
Moving to Another State
Financial, Legal, and Tax Issues
Americans average 11.7 moves over their lifetime, according to the U.S. Census Bureau (“Calculating Migration Data Using ACS Data,” http://bit.ly/2pRvXxn). People move because of a job,…
My Journey as a Forensic Accountant
It’s Amazing What CPAs Can Do
Life has many unexpected turns; one such turn was the direction my career took when I was 29 years old. A single phone call from…
Over the next 20 to 30 years, the United States is expected to experience one of the largest transfers of wealth in modern world history…
Using a Qualified Retirement Plan to Take Advantage of TCJA Provisions
A ‘Triple Play’ of Tax Benefits
It is way too early to understand the full impact of the Tax Cuts and Jobs Act (TCJA) recently passed by Congress and signed into…
Reporting Virtual Currency Transactions to the IRS
Time May Be Running Out for Affected Taxpayers
IRS Notice 2014-21, issued on March 25, 2014, made it clear that the IRS would treat virtual currencies that can be converted into traditional currency…
First Look at the Tax Cuts and Jobs Act
Questions and Answers about International Taxation
Taxation of international activities has always been complex and rife with traps for the unwary. The Tax Cuts and Jobs Act of 2017 (TCJA) has…
Urgent Need for Governmental Accounting Education
New Generation Needed to Fill Retirements at Federal, State, and Local Agencies
The need for governmental accounting education has never been greater in the United States, as governments at the federal, state, and local levels face a…
Illegal Immigration and Tax Issues
Recent Changes Affect Available Deductions and Credits for Dependents
Taxpayers may be surprised to know that, prior to the enactment of the Tax Cut and Jobs Act of 2017 (TCJA), under certain conditions illegal…
In Brief The sweeping changes of the Tax Cuts and Jobs Act (TCJA) have prompted reconsideration of many financial plans. The realm of estate planning…
The Impact of the Tax Cuts and Jobs Act on Life Insurance
Increased Exclusions, Reduced Rates, and Rule Changes
In Brief The Tax Cuts and Jobs Act of 2017 will have far-reaching effects on many areas of financial planning, and life insurance is no…
First Look at the Tax Cuts and Jobs Act
The Impact on Individuals at Different Stages of Life
The Tax Cuts and Jobs Act of 2017 (TCJA) made dramatic changes to the rules for individuals that affect tax planning at all stages of…
Defined benefit pension plans offer politicians a convenient way to satisfy public employee demands while providing the means to defer budgeted cash payments and hide…
First Look at the Tax Cuts and Jobs Act
Impact of ‘GILTI’ on International Taxpayers
One of the central features of the Tax Cuts and Jobs Act of 2017 (TCJA) is its reformation of the U.S. system for taxation of…
Top Challenges Facing Not-For-Profit CFOs Today
Revisiting the Toughest Challenges
In April 2017, the authors wrote “Top Challenges Facing Not-For-Profit CFOs Today.” The intent of the article was to affirm how complex and diverse the…
Most CPAs practicing in the not-for-profit sector understand what a donor advised fund (DAF) is and how it is used to benefit both donors, as…
Understanding the Community-Supported Business Model
A Primer for Tax Professionals
In Brief The community-supported business (CSB) model has enabled many people to preserve the economic vitality of their small business or start new business ventures.…
First Look at the Tax Cuts and Jobs Act
Impact on Individual Charitable Giving
On December 22, 2017, the Tax Cuts and Jobs Act (TCJA) was signed into law by President Trump. Numerous revisions to the tax code, most…
ICYMI | Internal Control Deficiencies in Local Government
Evidence from School Districts
Internal controls are a vital component of any financially healthy organization, and public school districts are no exception. In New York, the Office of the…
Tax Abatements Under GASB Statement 77
Exploring the Effects of the New Disclosure Rules
Many state and local governmental units have entered into agreements with business entities that offer tax incentives and tax breaks encouraging the companies to establish…
Control Issues in Charter Schools
An Examination of New York State Comptroller’s Audits
In Brief Charter schools are a controversial topic in education and politics because the public funding they receive makes them quasi-public organizations; thus, political groups,…
“Investment” can mean cultivating capital of many kinds—money, time, effort, energy—with the expectation of a positive result. As we approach the third annual Moynihan Scholarship…
Identifying Deficiencies in Single Audits
Preparing for the Audit Quality Study
In Brief Under its Single Audit Quality Study, the Office of Management and Budget will soon be reviewing single audit engagements. To help auditors enhance…
Why have so many state and local governments accumulated massive debts, even as they claimed to balance their budgets every year? Political math. Wait, how…
First Look at the Tax Cuts and Jobs Act
Impact on Exempt Organization Employers and Employees
Since President Donald Trump signed the Tax Cuts and Job Act (TCJA) on December 22, 2017, not-for-profit and tax-exempt organizations have been analyzing the impact…
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…