Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
What Is the ‘Cost’ of Audit Committees?
Letter to the Editor
I read with some concern the article by Arthur J. Radin, “Are Audit Committees Worth the Cost?” published in the August 2018 CPA Journal (http://bit.ly/2pkOuCA). How does…
In the past year (2018), have you noticed any trends in practice at your firm/organization? For example, changing workloads; challenges in recruitment, retention, training, promotion,…
CPAs Acting as Interim CFOs
How to Manage the Risk
Imagine a hypothetical CPA, Franklin Connors, providing bookkeeping and tax services to an equally hypothetical fast-growing online retailer named Cats Eats, which sells gourmet pet…
ICYMI | Private Company Accounting Standards
Survey of New York CPAs Finds Adoption Slow
The CPA profession has been debating the concept of separate accounting standards for closely held businesses for over 40 years. In the December 1972 Journal of…
The 2018 CPA Journal Tax Software Survey (http://bit.ly/2FMb81K) reported that over 26% of participating CPAs integrated their tax software with office workflow or client data management software,…
In the past year (2018), have you noticed any trends in practice at your firm/organization? For example, changing workloads; challenges in recruitment, retention, training, promotion,…
The Wrong Way to Do the Right Thing
How to Prudently Deal with Employee Disability
Entrepreneurialism is alive and well, with thousands of upstarts becoming startups each year. The pattern is familiar: come up with a marketable idea, develop a…
ICYMI | Why Are African American Students Still Not Majoring in Accounting?
The Importance of Early Impressions
In 1969, the AICPA formed the Minority Initiatives Committee, whose mission was to encourage, provide educational opportunities for, and promote the hiring of high-potential minority…
Adapting to the New Business Environment
The Rise of Software Robots in the Workplace
All organizations need to leverage new technologies to stay competitive, and one such technology, business analytics (BA), has been a hot topic among CPAs for…
The IRS reports that approximately 70% of taxpayers have taken the standard deduction on their federal income tax return in recent years. Under the Tax…
In the past year (2018), have you noticed any trends in practice at your firm/organization? For example, changing workloads; challenges in recruitment, retention, training, promotion,…
Do you think about opening your own CPA practice and working for yourself instead of working for others? If so, you're not alone. While women…
ICYMI | Advancing Diversity within the CPA Profession
An Interview with Alfonzo Alexander
While society has come a long way in its diversity efforts, the fact that many corporations have yet to implement diversity programs shows that the…
One of the most challenging issues facing leaders in the public accounting profession is the high rate of employee turnover. A recent survey finds that…
The IRS Shutdown of SALT Deduction Workarounds
A Comparison of States
The Tax Cuts and Jobs Act of 2017 (TCJA) included a $10,000 cap on state and local tax (SALT) deductions. That cap has led New…
In the past year (2018), have you noticed any trends in practice at your firm/organization? For example, changing workloads; challenges in recruitment, retention, training, promotion,…
Improving the Advancement and Retention of Women CPAs
Fostering Gender Equality at One Accounting Firm
According to the 2017 CPA Firm Gender Study performed by the AICPA's Women's Initiatives Executive Committee (WIEC), women make up only 22% of partners in…
ICYMI | Mergers and Acquisitions of Accounting Firms
When, How, and Why to Merge
It seems that every week, there is news of another merger within the accounting profession. Legally speaking, however, very few combinations of accounting firms are…
Captive Insurance Companies
A Common Sense Approach to Improved Risk Management
Although many believe that captive insurance companies are a relatively new phenomenon, the captive insurance industry can be traced back to the 19th century. Today,…
The IRS Whistleblower Regulations
A Hindrance to Tax Enforcement
In modernizing the tax whistleblower statute over the last 12 years, Congress has finally created a simple and enforceable entitlement to substantial compensation for tax…
The State of the Profession
Analyzing the Results of the 2018 Practice Management Survey
In Brief The fourth annual NYSSCPA–Rosenberg Survey identifies trends from the national 20th Annual Practice Management Survey and provides a comparative qualitative analysis to participating…
Serving the Public as a CPA
It’s More Than Just Numbers
After reading the definition for “Certified Public Accountant,” one could easily walk away with the understanding that a CPA is a numbers cruncher, someone who…
It has been almost a year since the Tax Cuts and Jobs Act was signed into law. This complex legislation was the most significant change…
Most attorneys, accountants, and other professionals operate as unincorporated sole practitioners, or through partnerships and limited liability partnerships (LLP), making them owners of pass-through entities.…
The Tax Cuts and Jobs Act of 2017 (TCJA) did not make any major changes to the taxation of gains and losses from securities transactions.…
On December 20, 2017, Congress passed the Tax Cuts and Jobs Act (H.R. 1) designed to cut taxes on individuals and businesses, stimulate the economy,…
On December 20, 2017, Congress passed a major tax package (H.R. 1) designed to cut taxes on businesses and individuals, as well as to stimulate…
ICYMI | Finding the Right Tax Software
2018 Annual Survey of New York State Practitioners
In Brief New York tax practitioners encountered old and new challenges during the 2018 tax season, most notably with planning ahead for changes enacted by…
Quarterly Real U.S. GDP Growth The U.S. economy is coming off of its tax cut–induced bump. Estimates of 2019 GDP are coming down, as indicated…