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April/May 2021

Home /Magazine/April/May 2021
Uncategorized

ICYMI | Navigating the IRS’s Self-Dealing Rules for Private Foundations

By  Usman Mohammad, JD and Emma Westerhof

September 2021 0

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…

Featured

ICYMI | The Secure Act Ushers in Sweeping Retirement Plan Changes

Greater Incentives and Flexibility for Employers and Employees

By  Gregory L. Prescott, DBA, CPA, James R. Hardin, PhD, CPA and James C. Rich, DBA, CPA

September 2021 0

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…

Featured

ICYMI | The Exodus from New York due to COVID-19

Income Tax Residency Considerations

By  Corey L. Rosenthal, JD and Lance E. Rothenberg, JD, LLM

September 2021 0

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…

Featured

ICYMI | Reimagining Strategic Vision for Nonprofits

Evaluating Everything After COVID-19

By  David Rottkamp, CPA

September 2021 0

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…

Featured

ICYMI | What to Do About Estate Planning Now

Contemplating the Impact of Proposed Legislation

By  Martin Shenkman, JD, CPA/PFS, AEP

July 2021 0

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…

April/May 2021

Tax & Accounting Update

By  Thomson Reuters Checkpoint

July 2021 0

Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…

Featured

The Volunteer Treasurer’s Handbook

Book Review

By  Errol Copilevitz, JD

July 2021 0

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…

Featured

Best Practices to Reduce Excessive Fee Risk

401(k) Plan Governance Faces Increasing Legal Threats

By  Sheldon M. Geller, JD, CPA

June 2021 0

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…

Featured

Not-for-Profit Resources

By  Susan B. Anders, PhD, CPA/CGMA

June 2021 0

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…

Featured

From CPA to Hometown Mayor

By  Leigh Barnett Dollar, CPA

June 2021 0

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,…

Featured

The Secure Act Ushers in Sweeping Retirement Plan Changes

Greater Incentives and Flexibility for Employers and Employees

By  Gregory L. Prescott, DBA, CPA, James R. Hardin, PhD, CPA and James C. Rich, DBA, CPA

June 2021 0

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…

Featured

What to Do About Estate Planning Now

Contemplating the Impact of Proposed Legislation

By  Martin Shenkman, JD, CPA/PFS, AEP

June 2021 0

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…

Featured

Hedges of Unrecognized Foreign Currency–Denominated Firm Commitments

By  Robert G. Rambo, PhD, CPA

June 2021 0

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…

Featured

Successful Remote Work Arrangements for Finance Teams

By  Inna Voytsekhivska, PhD and Igor Voytsekhivskyy, CPA, CIA

June 2021 0

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…

Featured

Conducting Single Audits During COVID-19

By  Nina Bahazhevska, CPA

June 2021 0

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…

Featured

The Exodus from New York due to COVID-19

Income Tax Residency Considerations

By  Corey L. Rosenthal, JD and Lance E. Rothenberg, JD, LLM

June 2021 0

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…

Featured

Classifying and Reporting Majority Equity Interests under GASB Statement 90

By  Craig D. Shoulders, PhD and Joseph P. Lakatos, JD, LLM, CPA, CFE

June 2021 0

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…

Featured

Applying Enterprise Risk Management Principles to the U.S. Government

By  James H. Irving, PhD, CPA and Paul L. Walker, PhD, CPA

June 2021 0

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…

Featured

Whistle While You Work?

A Cautionary Note

By  Robin Boneck, JD, LLM, David Christensen, PhD, CMA and Gerald Calvasina, PhD

June 2021 0

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…

Uncategorized

Navigating the IRS’s Self-Dealing Rules for Private Foundations

By  Usman Mohammad, JD and Emma Westerhof

June 2021 0

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…

Featured

Considering the Longer-Term Effects of Letting Star Employees Get Away with Ethical Violations

By  Scot E. Justice, DBA, CPA and Dana R. Hermanson, PhD

June 2021 0

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…

Featured

Charitable Contribution Benefits Extended by the Consolidated Appropriations Act

Private Foundations May Benefit

By  Jane M. Searing, CPA and Jessica Karantonis, CPA

June 2021 0

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…

Featured

Complying with Federal Requirements for COVID-19 Funding in a Single Audit

By  John D'Amico, CPA

June 2021 0

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…

Featured

Reimagining Strategic Vision for Nonprofits

Evaluating Everything After COVID-19

By  David Rottkamp, CPA

June 2021 0

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…

Featured

Tax Changes for Businesses in the American Rescue Plan Act

By  Sidney Kess, JD, LLM, CPA, Joseph Buble, CPA and James R. Grimaldi, CPA

June 2021 0

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…

Featured

Tax Changes for Individuals in the American Rescue Plan Act

By  Sidney Kess, JD, LLM, CPA, Joseph Buble, CPA and James R. Grimaldi, CPA

June 2021 0

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…

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Our Latest Content

  • CPAJ News Briefs: FASB, AICPA August 2022
  • Rental Activity and Self-Employment Tax August 2022
  • Taxation of Cryptocurrency Resources August 2022
  • Hot Topics at FASB August 2022
  • Working with CPAs in the Wealth Management Business August 2022












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