At the end of an unusual extended session last year, the New York State Legislature enacted a provision that would provide certain homeowners with a…
The IRS’s ruling in Private Letter Ruling (PLR) 201528004 affords employers several key benefits that should be considered when establishing a retiree health reimbursement arrangement…
One of the issues that taxpayers face is accurately reporting their state income to the appropriate state taxing authorities and paying the correct amount of…
In 1927, the Commissioner of Internal Revenue established a Special Advisory Committee that was intended to serve as a forum to facilitate settlement of cases…
Tax & Accounting Update
FASB/SEC News
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 Continuing Evolution of Accounting Alternatives for Private Companies
Recognition of Identifiable Intangible Assets in a Business Combination
In Brief In 2014, FASB issued Accounting Standards Update 2014-18, Business Combinations (Topic 805): Accounting for Identifiable Intangible Assets in a Business Combination, a consensus…
The Tangle of Intangible Assets and Business Combinations
Related Standards: Past, Present, and Future
In Brief Since January 2014, FASB has issued several significant pronouncements on business combinations and intangible assets; however, the interaction between the two remains complex,…
One CPA’s 30-Year Journey
A Path into and out of Public Accounting
In my 30 years of being a CPA, I’ve gone from a family small business accounting practice to being a head of tax at a…
Ten years ago, if you were to ask American CPAs about corporate sustainability practices, your questions would most likely be met with blank stares, if…
In a May 2015 decision, the U.S. Supreme Court held that a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) who is…
This tax year is shaping up to be another memorable one, given last-minute changes to the tax law, as well as the IRS’s efforts to…
The ‘Reasonable Cause and Good Faith’ Defense to Penalties
Lessons from Hobby Loss Cases
The gold standard for a “reasonable cause and good faith” defense to a tax penalty is reliance on advice from a professional tax advisor who…
The New Revenue Recognition Standard
An Illustration of the Implications for ‘Ordinary’ Companies
In Brief After a long period of deliberation and revision, FASB’s new guidance on revenue recognition will soon be a reality for businesses and their…
Equity Crowdfunding
The Good, the Bad, and the Potentially Ugly
On October 30, 2015, the SEC issued final rules to implement Title III of the Jumpstart Our Business Startup (JOBS) Act, which amended the Securities…
A Refresher on Accounting for Leases
A Detailed Example under the Proposed Guidance
In Brief FASB’s long-debated exposure draft of a new standard on accounting for leases has raised the possibility that almost all leases will need to…
The Terminology of Going Concern Standards
How Subtle Differences in Wording Can Have a Big Impact
In Brief Can slight differences in the wording of going concern standards affect the extent of audit tests performed and the decisions that auditors make?…
“The only function of economic forecasting is to make astrology look respectable.” —John Kenneth Galbraith “Economists are about as useful as astrologers in predicting the…
Helping Individuals Determine Their Investment Goals
Drafting an Investment Policy Statement
Many individuals are vague or unrealistic about their goals and how to achieve them. CPAs can use their “database” of knowledge of their clients and…
The 2015 Annual Survey of New York State Practitioners, published in the November 2015 issue, revealed that free tax research tools have become increasingly popular…