CPAs in all areas of practice encounter client screening, acceptance, and termination (CSAT) scenarios daily. CSAT is without a doubt the first line of defense…
(http://bit.ly/2yMsBi1), individuals gave $281.86 billion in 2016, nearly 4% more than the prior year. How do high-income taxpayers—defined here as income of $200,000 or more—fit…
Sourcing receipts for apportioning business income continues to be a challenge to CPAs, especially for providers of services. Financial service companies in particular have seen…
In May 2014, FASB and the IASB released a final, converged standard on revenue recognition [see Accounting Standards Update (ASU) 2014-09 and IFRS 15]. The…
Many CPAs and most tax specialists perform personal financial planning (PFP) services; the AICPA estimates that more than 100,000 of its members perform some form…
Data computing is a far older practice than most people realize, and it has always been linked to accounting. The Mesopotamians claimed the earliest use…
On February 25, 2016, FASB, in collaboration with the International Accounting Standards Board (IASB), released Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), in order to…
Under Internal Revenue Code (IRC) section 6672(a), an individual can be held personally liable for a penalty for the willful failure to collect, account for,…
The U.S. economy has been improving steadily for the past seven years, and interest rates have remained at historical lows. Nevertheless, there will be an…
ICYMI | One Accounting Firm’s Contributions to World War II
The Story of Colonel Carter and his Colleagues at Deloitte’s Predecessor Firms
In Brief The United States' entry into World War II marked the start of the largest business undertaking in the nation's history, and accountants were…
To make informed decisions, financial statement users need to understand the nature of the items on a company's income statement, particularly whether they are persistent…
A search for unrecorded liabilities is a fundamental, almost universally applied procedure in all audits. The scope of such a search frequently includes a sampling…
One of the most amazing things that CPAs can do is give other people the tools they need to realize their goals. CPAs teach their…
Characteristics of Financial Restatements and Frauds
An Analysis of Corporate Reporting Quality from 2000–2014
Corporate reporting quality has been at the forefront of the profession since the major corporate accounting scandals such as Enron and WorldCom at the beginning…
Our Greatest Hits | Deferred tax accounting for tax carryforwards
From The CPA Journal Archives
"Our Greatest Hits" is an effort to show our readers the most popular - and still avidly read - articles from our archives. This article…
Forensic Accounting
A Value-Adding Skill for the CPA
Accountants, especially those in public accounting, normally strive for attainment of the coveted Certified Public Accountant (CPA) designation. After four to five years of study,…
CPAs love collecting data on employees, clients, and themselves. Most firms track dozens of key performance indicators (KPI) to manage their practices—most of them focused…
Overcoming Obstacles with the Right Tax Software
2017 Annual Survey of New York State Practitioners
In Brief New York tax practitioners encountered new challenges during the 2017 tax season, most notably meeting the new driver's license reporting requirements and obtaining…
The United States has faced several weather emergencies in 2017, with Hurricanes Harvey and Irma dominating the news cycle in August and September. While life-threatening…
It's been 10 years since Steve Jobs announced the iPhone, the little gadget that changed the world, bringing the Internet to people's pockets and connecting…
Windfalls can come from good fortune, such as winning the lottery—or bad fortune, such as a legal settlement for medical malpractice. Whatever the cause, the…
Planning and Tax Considerations for Collectibles
Assisting Hobbyists, Dealers, and Investors
Many individuals have substantial investments in collectibles, such as art, stamps, coins, autographs, books, maps, baseball cards, glassware, antiques, gems, jewelry, or wine. The category…
Our Greatest Hits | The Personal Holding Company Trap: Federal Taxation
From The CPA Journal Archives
"Our Greatest Hits" is an effort to show our readers the most popular - and still avidly read - articles from our archives. This article…
I wanted to be a doctor for most of my childhood. Then, during my senior year in high school, on a whim I took an…
At the end of an unusual extended session last year, the New York State Legislature enacted a provision that would provide certain homeowners with a…
Too often, valuable planning steps fall between the tasks a high-net-worth individual's various advisors believe to be within their purview. Should the step be addressed…
Washington State recently passed legislation extending its Business & Occupation (B&O) tax economic nexus provisions to retailers, expanding its sales/use tax nexus provisions to remote…
Understanding the Federal Tax Gap
A Closer Look at Declining IRS Enforcement Activities
In Brief The gap between the amount of U.S. federal taxes paid and the amount of tax owed is staggering—over $450 billion per year. The…
Our Greatest Hits| The five assertions: Categories of assertions about which auditors must collect adequate evidence to support financial statement items
From The CPA Journal Archives
"Our Greatest Hits" is an effort to show our readers the most popular - and still avidly read - articles from our archives. This article…
The IRS has made it daunting for an investor to make an after-tax profit in the marijuana business. Aside from the criminal laws, which are…