Most businesses throughout the United States have introduced or expanded their work-from-home policies in the wake of the coronavirus (COVID-19) pandemic, forcing companies to adjust…
Whistle While You Work?
A Cautionary Note
In 2014, Paul Somers was fired from Digital Realty for reporting to senior management that his supervisor eliminated some internal controls, in violation of the…
In Brief What does management do when a star employee violates company policy? If management lets a star employee get away with such violations, how…
Charitable Contribution Benefits Extended by the Consolidated Appropriations Act
Private Foundations May Benefit
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, passed in March 2020, temporarily removed the adjusted gross income (AGI) limitation on the deduction of…
FASB News Business Combination Rule Could Change FASB is examining whether to change the rules regarding accounting for business combinations with respect to the subsequent…
COVID-19 has greatly impacted the U.S. economy. This impact is ongoing, as many of those businesses that were shut down when the pandemic started are…
Reimagining Strategic Vision for Nonprofits
Evaluating Everything After COVID-19
In Brief The not-for-profit organizations that have weathered the storm of COVID-19 the best are those that have reimagined the organization's mission, strategic vision, and…
The $1.9 trillion American Rescue Plan Act (ARPA) of 2021 (PL 117-2) was signed into law on March 11, 2021. The wide-ranging law contains many…
The $1.9 trillion American Rescue Plan Act (ARPA) of 2021 (PL 117-2) was signed into law on March 11, 2021. The wide-ranging law contains many…
FASB News More Tweaks Coming to Credit Loss Accounting Rules? FASB could decide at a future meeting on whether to tweak credit loss accounting rules…
In Brief Despite claims to the contrary, the billable hour is still the most common billing method, and realization the most common profitability metric used…
ICYMI | Audit Oversight and Effectiveness
Understanding the Past and Looking toward the Future
In Brief It has been nearly two decades since the creation of the PCAOB in response to a series of major financial reporting failures. But…
The coronavirus (COVID-19) pandemic has seriously disrupted and threatened the lives of all Americans, causing nationwide shutdowns, curtail businesses, affecting daily routines, and suspending entertainment…
FASB News Congress Presses FASB to Tackle Accounting for Cryptocurrencies A bipartisan congressional group has asked FASB to establish accounting standards for digital assets such…
On April 7, 2021, the New York State Assembly passed the comprehensive New York State 2021/2022 Budget Act, which Governor Andrew Cuomo subsequently signed it…
ICYMI | A First Look at the American Rescue Plan Act of 2021
Provisions Affecting Individual Taxpayers
On March 11, 2021, President Biden signed into law H.R. 1319, the American Rescue Plan Act of 2021 (ARPA). In the midst of the coronavirus…
ICYMI | Additional Coronavirus Relief in the Consolidated Appropriations Act of 2021
Provisions Affecting Individual Taxpayers
On December 27, 2020, President Trump signed the Consolidated Appropriations Act of 2021 (CAA 2021) to fund the government for the balance of the fiscal…
FASB News Webcast on New Accounting for Gifts-in-Kind Announced Accountants and others that work with charities and other not-for-profit organizations can now register for a…
When people reach a certain age, a questioning of purpose and direction often happens. Although the entertainment media often satirizes such events, the opportunity to…
FASB News Final Accounting Rules Related to Share Option Awards Being Drafted On April 20, the Private Company Council (PCC) tentatively voted to draft final…
The Impact of COVID-19 on Sales and Production
SFAS 151’s Guidance for Financial Statements
The decline of economic activity due to the coronavirus (COVID-19) pandemic and resulting economic disruptions will certainly require some manufacturing companies to make adjustments under…
The Impact of the U.S. Supreme Court’s Decision in South Dakota v. Wayfair
Compliance Challenge for Small and Medium-Sized Businesses
In Brief The recent Supreme Court decision in South Dakota v. Wayfair will expand retailers' responsibilities to collect sales taxes on out-of-state purchases. Although the Court's rationale…
Pandemic Perceptions
Accounting Firms’ Organizational Support during COVID-19
The onset of the coronavirus (COVID-19) pandemic forced many CPA firms to mandate work-from-home arrangements for their employees. How has this sudden shift in the…
FASB News Roundtable on Credit Loss Accounting Rules Set for May 20 FASB has announced it will host a virtual roundtable next month on the…
Untangling the Inherited IRA Rules, Part II
COVID-19 and Other Updates
In Brief Retirement has always required difficult choices and prudent planning. A myriad of regulatory changes and emergency legislation passed to address the coronavirus (COVID-19)…
The 2021 tax season began with a late start date for processing 2020 returns. As the IRS was still attempting to complete work on 2019…
Ensuring Integrity: Litigation and Enforcement Update
Highlights from the 15th Annual Baruch College Auditing Conference
The final session of the conference featured a discussion of litigation and enforcement issues relevant to auditors. The panelists included Ben Campbell, General Counsel, Deloitte;…
Time-sensitive circumstances make estate and insurance planning in 2021 an important consideration. The three major factors that will influence planning in the coming months are…
FASB News Chief Accountants Caution Against Tinkering with Statement of Cash Flows Finance chiefs at some of the nation’s largest companies told FASB that the…
ICYMI | Tax Software in the COVID-19 Environment
2020 Annual Survey of New York State Practitioners
In Brief The 2020 tax season was unlike any other, with a global pandemic requiring virtually all tax preparers to work from home, often while…