The onset of the coronavirus (COVID-19) pandemic forced many CPA firms to mandate work-from-home arrangements for their employees. How has this sudden shift in the…
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…
U.S. Treasury Yield Curve The bond market began to exhibit concern about future inflation, as signs of an improving economy and higher prices began to…
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 Impact of COVID-19 on Sales and Production
SFAS 151’s Guidance for Financial Statements
The decline of economic activity due to the coronavirus (COVID-19) pandemic and resulting economic disruptions will certainly require some manufacturing companies to make adjustments under…
The Impact of the U.S. Supreme Court’s Decision in South Dakota v. Wayfair
Compliance Challenge for Small and Medium-Sized Businesses
In Brief The recent Supreme Court decision in South Dakota v. Wayfair will expand retailers' responsibilities to collect sales taxes on out-of-state purchases. Although the Court's rationale…
Pandemic Perceptions
Accounting Firms’ Organizational Support during COVID-19
The onset of the coronavirus (COVID-19) pandemic forced many CPA firms to mandate work-from-home arrangements for their employees. How has this sudden shift in the…
Untangling the Inherited IRA Rules, Part II
COVID-19 and Other Updates
In Brief Retirement has always required difficult choices and prudent planning. A myriad of regulatory changes and emergency legislation passed to address the coronavirus (COVID-19)…
The 2021 tax season began with a late start date for processing 2020 returns. As the IRS was still attempting to complete work on 2019…
Ensuring Integrity: Litigation and Enforcement Update
Highlights from the 15th Annual Baruch College Auditing Conference
The final session of the conference featured a discussion of litigation and enforcement issues relevant to auditors. The panelists included Ben Campbell, General Counsel, Deloitte;…
Time-sensitive circumstances make estate and insurance planning in 2021 an important consideration. The three major factors that will influence planning in the coming months are…
A Postimplementation Analysis of AS 3101
Examples of Critical Audit Matters from the Big Four
In 2017, the PCAOB adopted a new auditor reporting standard: AS 3101, The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an…
It's safe to say that, for most CPAs, 2020 was probably the craziest year in memory. Setting aside the macro issues, what is fascinating to…
Ensuring Integrity: COVID-19 and Client Risk Profile
Highlights from the 15th Annual Baruch College Auditing Conference
The second session of the second day of the conference focused on the impact of COVID-19 on companies' evaluation of risk. The panelists were: Jim…
A Corporate Governance Anomaly
Requiring Outside Auditors to Disclose CAMs May Have Unintended Consequences
Generally accepted audit standards (GAAS) require an auditor to communicate significant findings from the audit to those charged with governance in the entity being audited,…
In Brief The AICPA Auditing Standards Board recently issued SAS 134, Auditors Reporting and Amendments, Including Amendments Addressing Disclosures of Financial Statements, and SAS 135,…
Changes to ‘Business Activity’ on the Horizon?
Revisions Proposed by the Multistate Tax Commission
Although the Supreme Court's decision in South Dakota v. Wayfair [585 US _ (2018); 138 S. Ct. 2080 (2018)] significantly increased the state and local tax…
Ensuring Integrity: Auditors’ Biases
Highlights from the 15th Annual Baruch College Auditing Conference
The first session of the second day of the conference, titled “Auditors' Biases,” covered all manner of conscious and unconscious bias as well as how…
CPA firms found themselves, as all businesses had over the past year, facing the chaotic economic landscape created by the coronavirus (COVID-19) pandemic. Just as…
In Brief Since the PCAOB issued its requirements for the reporting of critical audit matters (CAM), there has been much debate about how to interpret…
Many small- to medium-size businesses struggle with the burdensome costs of administering payroll, employee-related federal and state tax requirements, and other employee benefits. A related…
Ensuring Integrity: Critical Audit Matters
Highlights from the 15th Annual Baruch College Auditing Conference
The second session, “Critical Audit Matters” (CAM), addressed this recently implemented requirement, which represents the most significant change to audit reports in decades. The participants…
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…
Ensuring Integrity: Regulators and Standards Setters Update
Highlights from the 15th Annual Baruch College Auditing Conference
The first session, “Regulators and Standard Setters Updates and Panel Discussion” focused on current regulatory issues facing the auditing profession. The participants included Tracy Harding,…
The 15th Annual Audit Conference, hosted virtually by Baruch College on December 1 and 2, 2020, once again brought together auditors, regulators, standards setters, and…