In Brief Technology can be used by auditors to evaluate the risks presented by engagements. This article introduces a Natural Language Processing (NLP) approach to…
CPAs have spent much of “busy season” assisting individuals and business with questions about coronavirus-related economic relief, such as stimulus payments and paycheck protection loans.…
Managing the Impact of Cloud Computing
Perspectives on Vulnerabilities, ERM, and Audit Services
In Brief Cloud computing is in the vanguard of a global digital transformation. This article looks at how to identify cloud computing opportunities and operationalize…
Machine learning is an increasingly familiar technology term that encompasses a broad range of applications. Machine learning can enable businesses to sift through large amounts…
In Brief With the popularity of and increasing reliance on data analytics to drive strategic business initiatives and achieve organizational objectives, the accounting profession's interest…
In Brief Public health measures taken to mitigate the spread of the coronavirus (COVID-19) pandemic have upended business operations and processes. Auditing is no exception;…
ICYMI | Addressing the Challenges of Diversity in the Profession
Determinant Factors for the Dearth of Minority CPAs
The dearth of minority CPAs has been a source of concern within the accounting profession for many decades (see Bert N. Mitchell, “The Black Minority…
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…
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…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Good times or bad, it is vital for investors to hold cash reserves. Federal deposit insurance provides an extra layer of comfort, so it is…
In the early 2000s, as the business world began to return to a more normal mode of operations after the events of September 11, 2001,…
New York State’s Real Estate Transfer Tax
What CPAs Need to Know
CPAs generally do not file real estate transfer tax returns (Form TP-584 series), as these returns are more commonly prepared by the attorneys involved in…
ICYMI—Financial Planning Challenges Facing Older Americans
How CPAs Can Help
In Brief As the number of senior citizens in the United States continues to rise, CPAs and financial planners will be increasingly called upon to…
Online Accounting Courses
Transition and Emerging Issues
Due to the effects of the worldwide coronavirus (COVID-19) pandemic, accounting professors have been forced to navigate the complexities of teaching in a nontraditional format…
401(k) Plan Issues in the Current Environment
Practical and Legal Considerations
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…
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,…
Managing the Going Concern Risk in an Uncertain Environment
An Analysis of Regulatory Guidance and Financial Relief for the COVID-19 Pandemic
In Brief The worldwide COVID-19 pandemic has affected businesses of every size in every country, and the United States has been hit particularly hard. Many…
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…
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…