About the Speakers Paul Munter was named chief accountant in the Office of the Chief Accountant (OCA) at the SEC in January; he had been serving…
With so much attention drifting toward the productivity of remote workers in the post–COVID-19 environment, many CFOs are overlooking the related critical tax and compliance…
IASB News Educational Material on Natural and Social Aspects of Climate-Related Disclosures Coming Soon The International Sustainability Standards Board (ISSB) said that its staff are…
Revenue Procedure 2022-32 (2022-30 IRB 101) became effective on July 8, 2022. This guidance issued by the IRS allows certain taxpayers an extended amount of…
Incident Responses to Cyber Attacks and Breaches
Considerations for Boards and Audit Committees
Recent media reports indicate that numerous organizations have suffered cyber breaches from increasingly sophisticated attacks. Victim organizations range from sensitive governmental and Fortune 500 companies to…
About the Panelists The last panel of the morning was focused on environmental, social, and governance (ESG) issues as they affect accounting, auditing, and financial…
A Taxpayer Victory in a Statutory Resident Case
New York Court of Appeals Denial Finalizes a Landmark Decision
On February 9, 2023, in a major victory for the taxpayer, the New York State Court of Appeals (New York State's highest court), denied the…
FASB News Staff Propose Updates to U.S. GAAP Taxonomy on Disclosing Income Statement Expenses FASB staff members are seeking public input about how to tag…
Defining a Trade or Business under Federal Tax Law
A Practical Blueprint for Long Overdue Guidance
Unlike many important terms that are defined either in the IRC or Treasury Regulations, the term “trade or business,” which comes up throughout the IRC…
Artificial Intelligence (AI) has been a buzzword for years, but it wasn't until OpenAI came out with Chat GPT in November 2022 that AI came…
About the Speaker The conference keynote was a prerecorded “fireside chat” with newly installed PCAOB chair Erica Y. Williams. Williams was sworn in as the chair of…
For many years, Congress has passed income tax laws designed to mitigate the so-called “marriage penalty.” The marriage penalty occurs when a married couple with…
FASB News Changes to Segment Expense Disclosure Rules Finalized FASB voted to finalize its proposed changes to segment reporting, wrapping up about six years of…
Ensuring Business Activity Classification
Lessons from the Tax Court’s Decision in Whatley
In Brief Individuals often contend that their hobbies have a profit motive in order to obtain a more favorable tax outcome. But when such disputes…
On May 3, 2023, Governor Kathy Hochul signed into law the New York State Budget Act (S4009). The Budget Act focused on numerous updates for…
About the Panelists The first panel was focused on current developments at the SEC. Jonathan Wiggins, deputy chief accountant, Office of the Chief Accountant (OCA), SEC, served…
This issue of The CPA Journal comes at a time of significant regulatory and advocacy activity. (Yes, I realize that CPAs face a seemingly never-ending pace of…
GASB News Milestone Date Passed for Using LIBOR in Accounting Rules for Derivative Instruments The GASB issued a reminder on July 17 that the cutoff…
Examining the Highlights of the Secure Act 2.0
Further Enhancements to Americans’ Retirement Security
In Brief The recently enacted “version 2.0” of the Secure Act complements and enhances aspects of the original Secure Act passed in 2019. Like its…
An Inconvenient Truth about Remote Work
Connecticut’s Income-Sourcing Statute Needs Fixing
The “convenience of the employer” rule for sourcing income to a particular state is anything but convenient for tri-state taxpayers. Most states that levy an…
Opening Remarks
A Conversation with Paul Munter and Richard Jones
About the Speakers Paul Munter was named chief accountant in the Office of the Chief Accountant (OCA) at the SEC in January; he had been serving…
Financial Reporting Today
Highlights from the 21st Annual Baruch College Financial Reporting Conference
The 21st Annual Financial Reporting Conference was hosted by Baruch College, City University of New York, on May 4, 2023. The longstanding conference brought together—in…
ICYMI | What to Consider When There is a Recent Dementia Diagnosis
A Conversation with an Elder Law Attorney
In Brief As the country's population ages, increasing numbers of people find themselves experiencing conditions of chronic illness. CPAs that serve such clients can tailor…
FASB News Securities Industry Asks for Three Extra Months to Study Proposal on Purchased Financial Assets The Securities Industry and Financial Markets Association (SIFMA) asked…
The more I talk to other CPA firms and analyze my own firm, the more I have come to realize that most of our problems…
CPAs need to be aware of current tax developments in key states to properly advise their clients that are doing business in multiple jurisdictions. This…
ICYMI | Asset Acquisition Accounting
Understanding the Available Guidance
A business combination is a transaction or event by which an acquirer obtains control of a business (i.e., the acquiree). If the acquisition of an…
ICYMI | Biden Administration’s Green Book Proposes Dramatic Estate Planning Changes
CPAs Should Consider the Potential Impact
The Biden Administration recently released its fiscal 2024 revenue proposal, which includes many dramatic changes that will affect most aspects of estate planning. The first…
ICYMI | Fixing the Crisis in Accounting
Five Steps to Attracting Tomorrow’s CPAs
The United States is facing an acute shortage of CPAs. In fact, accountants are leaving their jobs in unprecedented numbers (AICPA, 2021 Trends Report, https://bit.ly/3RmyE4T), at…
FASB News FAS Staff Propose Update to GAAP Taxonomy on Tagging Purchased Financial Assets FASB staff members are seeking public input on introducing recently proposed…