Just as the number of young students entering the profession has been shrinking, increasing numbers of older CPAs have been leaving due to forced retirement.…
FASB News Questions on Applicability of U.S. Deferred Tax Accounting to OECD Pillar Two Rules FASB staff have been fielding questions about the applicability of…
Enhancing Employee Resilience
How to Bounce Back from Job Stress and Burnout
It is widely understood that job stress can lower job satisfaction and performance while increasing feelings of stress and burnout. This is especially true in…
Many respondents to The CPA Journal's 2022 Practice Management and Tax Practice Survey (see p. 28 of this issue) reported that they have adopted new practice…
In Brief Fueled by competition, technological changes, and the impact of COVID-19, the landscape for certified public accounting firms is more competitive and dynamic than…
First Look at the Secure Act 2.0
Practical and Legal Considerations
On December 23, 2022, Congress passed the Securing a Strong Retirement Act of 2022 (Secure 2.0) as part of the Consolidated Appropriations Act of 2023,…
FASB News Part of Proposal on Lease Accounting Draws Skepticism FASB’s November 2022 proposal on lease agreements between commonly controlled entities received mixed reviews with…
Toward Resolving IRS Staffing Shortages
Insights from the Federal Employee Viewpoint Survey
In Brief An examination of the Federal Employee Viewpoint Survey suggests that a career at the IRS is a strong match with Millennials' and Zoomers'…
Professionals' workload seems to get more grueling each year with endless deadlines, changing laws, additional pressures in a COVID environment, and less staff to do…
Practice Management and Tax Practice in the Current Environment
2022 Annual Survey of New York State Practitioners
In Brief Professional accountants continued to deal with practice-related, economic, social, and tax law changes resulting from the global pandemic during the 2022 busy season,…
The Inflation Reduction Act of 2022 (IRA; PL 117-169) was signed into law on August 16, 2022. This massive measure, which is intended to tamp…
Greetings Fellow Members and CPAs. Welcome to an ever-changing world! I have written this phrase in December 2022, but it could also apply to 2020,…
FASB News Board Will Issue Rule for Tax Credit Investments FASB has unanimously agreed with its Emerging Issues Task Force (EITF) that a proposal related…
In Brief There are two paradigm shifts affecting businesses today. These two shifts are diversity, equity, and inclusion (DEI) issues and environmental, social, and governance…
State of the Profession
Analyzing the Results of the 2022 Practice Management Survey
In Brief The eighth annual 2022 NYSSCPA-Rosenberg Survey identifies trends from the national 24th Annual Practice Management Survey and provides profitability and growth data of…
PCAOB News Analysis Finds Decline in Number of Critical Audit Matters The PCAOB published post-implementation review (PIR) reports on its recent pronouncements on critical audit…
ICYMI | Evaluating the CPA Evolution Initiative
If You Build It, Will They Come?
In Brief For the past decade, declining trends in accounting enrollments and CPA candidates have pointed to the need for bold action to rebuild the…
ICYMI | An Update on the Future of Accounting Education
A Pessimistic Outlook Calls for Major Changes
In Brief The future of accounting education has been a topic of concern for the profession's leaders for years in the light of demographic shifts,…
There are many reasons why CPAs decide to leave public accounting firms. Based on my experience, I believe some of these reasons are personal and…
FASB News Proposal Raises Red Flags Over Definition of Joint Venture FASB may need to revise the definition of a joint venture in order for…
Many chief financial officers (CFO) managed to navigate their organizations through the financial difficulties of the past two years. Yet, businesses are still struggling; according…
This past year has been more chaotic than most for companies, especially those with overseas operations in Ukraine or Russia. The following are some of…
FASB News Private Companies Back Proposal on Related Party Leases Under Common Control The Private Company Council (PCC), threw its support behind FASB’s November proposal…
ICYMI | The CPA Examination in Evolution
Answering the Call for Change
In Brief The recent CPA Evolution Project represents the accounting profession's attempt to transform the CPA licensure model to fit the skills and competencies that…
CPAs need to be aware of current tax developments in key states to properly advise clients that are doing business in multiple jurisdictions. As state…
The Critical Role of Practitioners in Inspiring Future Accountants
A Collaborative Project to Attract Students to the Profession
In Brief In recent years, declining enrollment in accounting programs has made attracting more high-achieving students into the major and then into the professional pipeline…
FASB News Small Private Construction Companies Not Complying With New Revenue Rules Small private companies in the construction sector appear oblivious to the fact that…
There are many reasons why CPAs decide to leave public accounting firms. Based on my experience, I believe some of these reasons are personal and…
Housing is only one of the many costs of sending a child to college, but it is also an area that presents parents with numerous…
FASB News Investors Await Disclosure Rules on Income Taxes Paid FASB Chair Richard Jones reassured advisers that a proposal the board plans to issue next…