This article is intended to address 401(k) plan issues and concerns that develop during periods of economic uncertainty and market volatility, such as the current…
ON April 3, 2020, Governor Andrew M. Cuomo signed into law the New York State 2020/21 Budget, which contains several key tax measures related to…
Trust is among the most important commodities in the world, and it is in increasingly short supply. The 2020 Edelman Trust Barometer, a yearly survey…
In Brief The tax impact on investment income can be mitigated through the transfer of assets into retirement accounts. Not all accounts and investments are…
FASB News Nonprofits to Get New Rules for Gifts in Kind Donations On June 10, FASB voted to publish new rules later this year that…
In Brief The “golden parachute”—a payment to key executives of an acquired company who help ensure the success of the sale—has become a common component…
Accounting for Sales with Contingent Obligations
Methods and Considerations
Typically, the sale of a capital asset held by an individual is a straightforward affair from a tax accounting perspective. Under the most common scenario,…
The IRS is increasingly relying on correspondence audits to audit small businesses. This report of a correspondence audit of the personal income tax returns of…
GASB News Clarified Rules for Reporting Cloud Computing, Subscription-Based IT Arrangements GASB issued new accounting rules on June 5 to clarify how to report cloud…
In Brief In an attempt to alleviate the burden of student debt on U.S. borrowers, the federal government offers a Public Service Loan Forgiveness program,…
Accountants have once again been proving that America does indeed count on CPAs, as they have entered uncharted waters to assist both individuals and small…
Financial Reporting and Auditing Implications of the COVID-19 Pandemic
Some Practical Guidance
In Brief The COVID-19 pandemic has disrupted life around the world, but business, in altered fashion, goes on. Companies will have to report on their…
Estate Tax Advice Today
The Impact of Coronavirus, the CARES Act, Low Interest Rates, and Market Declines
In Brief The COVID-19 pandemic has put the economy in a precarious state, but certain effects of the downturn, such as historically low interest rates…
Seven Years at the Forefront of Standards Setting
A Look Back from Outgoing FASB Chairman Russell G. Golden
In Brief For the last seven years, Russell G. Golden has served as FASB's chairman. During this time, and for the nine years previously, he…
Uniform Guidance is an authoritative set of rules and requirements for federal awards for both nonfederal recipients (i.e., state and local governments; nonprofits, including institutes…
Editor's Note: The CPA Journal also interviewed Joseph Dio Guardi about the federal deficit and accountants in public service. An edited print excerpt can be found here…
FASB News FAF Allocates $11.6 Million to Modernize Technology, Systems The Financial Accounting Foundation (FAF) said its work to replace the obsolete technology used to…
By Steven Mintz and Roselyn Morris McGraw-Hill Education, 2019, ISBN 978-1259969461, $287.30 (Hardcover) Reviewed by Edward Mendlowitz Before I begin my review of this casebook…
Should CPA students no longer have to learn the basics of government accounting? According to a new AICPA exposure draft, Maintaining the Relevance of the…
Next-Generation Internal Audit Governance
Harnessing the Power of Strategic Vision
As organizations across all industries continue down the current path of accelerated transformation and technological innovation, so too must internal audit departments adapt and rethink…
The Not-for-Profit Board Challenge
How to Use Board Members’ Time More Effectively
CPAs and other accounting and finance professionals are often asked to sit on the boards of not-for-profit (NFP) organizations. The volunteer, unpaid status of NFP…
Nonprofit Liquidity
Better Financial Storytelling under ASU 2016-14
Having implemented Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, many nonprofits are beginning to expand their understanding of liquidity and sharpen…
FASB News Webinar on Big Three, Covid-19 Issues for Private Companies and Nonprofits FASB said it plans to hold a webinar on June 15 dedicated…
Employee-paid Business Expenses
Is an Accountable Plan the Answer?
Under a provision of the Tax Cuts and Jobs Act of 2017 (TCJA) that has received little media attention, many workers have lost a substantial…
How ASU 2018-12 Affects the Timing of Earnings Emergence
The Potential Impact for the Insurance Industry
The insurance industry deals in the unknown. Insurance companies provide their customers with protection from future events—some foreseeable, many unexpected. They employ actuaries who design…
The New Exemption from Required Information Reporting
Revenue Procedure 2020-17 Provides Relief for Certain Tax-Favored Foreign Trusts
In March 2020, the IRS announced an exemption to the information reporting requirements applicable to foreign trusts. Under this exemption, qualified individuals no longer need…
Becoming a Data-Driven Decision Making Organization
Seven Challenges Facing Not-for-Profits
In Brief: As the data revolution continues to change every facet of society, for-profit companies are realizing significant benefits from adopting data-driven decision making strategies…
Preparing Tax Returns for Inmates
Considering Practitioners’ Perspectives
As Benjamin Franklin noted, the truths of life include death and taxes. No one is exempt, not even prisoners. The United States is known for…
FASB News Golden Outlines Board’s Standards Setting Plans Prior to Departure FASB Chairman Russell Golden said the board will determine whether to finalize a proposal…
These are extraordinary times with extraordinary challenges. We fear for our safety and the safety of those we love, for the stability of our country…