In Brief Much attention and hype has surrounded the potential for blockchain technology to disrupt accounting processes. Mentions of this technology in companies' 10-K forms…
Digital Assets
Does the Perception Match Reality?
In Brief Bitcoin and other digital assets have been prominently featured in the financial news and popular press, to the point where many individual may…
The Consolidated Appropriations Act of 2021 (CAA) (P.L. 116-260) funds the government for its fiscal year ending September 30, 2021, and makes major tax changes…
The Consolidated Appropriations Act of 2021 (CAA) (H.R. 133), which has become notorious for its length of 5,593 pages, funds the government for its fiscal…
ICYMI | The Exodus from New York due to COVID-19
Income Tax Residency Considerations
The coronavirus (COVID-19) pandemic has significantly impacted nearly everything, including businesses, individuals, and CPAs grappling with its effects upon state and local taxation. (Please see…
ICYMI | What to Do About Estate Planning Now
Contemplating the Impact of Proposed Legislation
The past year was a wild one for estate planning, as high-net-worth individuals raced to complete planning before the end of the year, not knowing…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
The Volunteer Treasurer’s Handbook
Book Review
Howard Levy has done a great service to both the nonprofit community and to those who serve it. So few resources are available to provide…
Best Practices to Reduce Excessive Fee Risk
401(k) Plan Governance Faces Increasing Legal Threats
The role of retirement plan governance has become increasingly important as employers face increased scrutiny of how they operate their 401(k) plans in the current…
CPAs in the not-for-profit (NFP) sector are busy keeping up with financial accounting, tax law, technology, and operational changes. Many recent tax provisions affect NFP…
I grew up in the small city of Guntersville, Alabama (population 8,000), nestled in the beautiful foothills of the Appalachian Mountains. When I was born,…
The Secure Act Ushers in Sweeping Retirement Plan Changes
Greater Incentives and Flexibility for Employers and Employees
The Setting Every Community Up for Retirement Enhancement (Secure) Act was signed into law on December 20, 2019, with little fanfare. However, the Secure Act…
What to Do About Estate Planning Now
Contemplating the Impact of Proposed Legislation
The past year was a wild one for estate planning, as high-net-worth individuals raced to complete planning before the end of the year, not knowing…
Accounting Standards Update 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, modifies the accounting and reporting of foreign currency forward contract…
The coronavirus (COVID-19) pandemic has forced many organizations to either shut down temporarily or operate remotely. This shift to remote work will likely persist into…
ICYMI | When Will We Be Able to Breathe in Accounting?
Provoking an Honest Conversation about Race and Racism in the Profession
“I can't breathe.” Three words seared into the minds of Black and Brown people in the United States and the world over. We heard George…
The coronavirus (COVID-19) pandemic has significantly impacted the way CPAs plan and conduct single audits. Government-mandated shutdowns forced not-for-profit (NFP) organizations to move to a…
The Exodus from New York due to COVID-19
Income Tax Residency Considerations
The coronavirus (COVID-19) pandemic has significantly impacted nearly everything, including businesses, individuals, and CPAs grappling with its effects upon state and local taxation. (Please see…
In Brief Governments often hold equity interests in legally separate entities that are utilized to deliver government services, sometimes through cooperative ventures, or for investment…
The coronavirus (COVID-19) pandemic has reminded CPAs that the world is risky, volatile, and uncertain. Some risk experts contend that the world has been this…
ICYMI | Pandemic Payroll
How a Permanent Remote Workforce Will Affect Taxes
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…
The Donald J. Trump Foundation was undone by alleged acts of self-dealing involving its namesake, Donald J. Trump, who also allegedly used the foundation to…
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…
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…
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…