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May 2017 Issue

Home /Magazine/May 2017 Issue
May 2017 Issue

ICYMI | Humans vs. Robots

Who to Turn to for Investment Advice?

By  Martin E. Levine, CPA, ChFC, CAP and Jesse Mackey

June 2018 0

There is much discussion in the financial planning world about the disruptive impact of technological advances on the industry, particularly the possibility of the “robo-advisor”…

Feature Articles

ICYMI | Financial, Legal, and Tax Concerns about Long-Term Care

By  James R. Grimaldi, CPA, James A.J. Revels, CPA and Sidney Kess, JD, LLM, CPA

June 2018 0

The high costs of long-term care affect an increasing number of individuals and their families. According to Genworth's 2016 Cost of Care Survey (http://bit.ly/2ngymTT), the…

Feature Articles

ICYMI | Advising Individuals with Chronic Illnesses

Practical Planning and Practice Development for CPAs

By  Martin Shenkman, JD, CPA/PFS, AEP

June 2018 0

In Brief Chronic illness is more prevalent than many believe. Cognitive decline can occur suddenly as a result of an accident, or subtly over time;…

Feature Articles

ICYMI | The Critical Importance of a Power of Attorney for Incapacitated Individuals

By  Elizabeth Forspan, JD, Sidney Kess, JD, LLM, CPA, Ronald A. Fatoullah, JD and Jeffrey P. Gorak, JD

May 2018 0

In Brief Illness and injury can happen to anyone at any time, though they are more common for older persons. In the worst case they…

News & Views

Forté Capital’s Selected Statistics – Part 2

Consumer Price Index

By  CPAJ Staff

June 2017 0

  CONSUMER PRICE INDEX The consumer price index (CPI) fell 0.3% in March, following a 0.1% gain in February, and it is up 3.1% annualized.…

Columns

Forté Capital’s Selected Statistics

Producer Price Index

By  CPAJ Staff

June 2017 0

PRODUCER PRICE INDEX The producer price index (PPI) for final demand fell 0.1% in March, and it is up 3.3% annualized. The weakness in March…

Letters to the Editor

The Authors Respond

A Response to “There Is No Financial Fraud Personality Type”

By  Sridhar Ramamoorti and Barry Jay Epstein

June 2017 0

We thank Jeffrey Borenstein and Arthur Radin for reading our articles carefully and preparing their response. We believe, however, that they have substantially misunderstood our…

Featured

Assisting Individuals with Charitable Legacies

By  Edward Mendlowitz, CPA/PFS, ABV and Sidney Kess, JD, LLM, CPA

June 2017 0

Many individuals desire to make charitable bequests but are not certain how to do so or how they work. This is an area where a…

Featured

Retaining a Fiduciary Investment Advisor

Employers Need Up-front Information, Not Belated Explanation

By  Sheldon M. Geller, JD, CPA

June 2017 0

Whether or not the government enacts the Department of Labor (DOL) fiduciary rule requiring retirement plan advisors to act in the employer's best interest, employers…

Featured

Reporting on Restatement Adjustments after an Auditor Change

By  Howard B. Levy, CPA

June 2017 0

A number of communication responsibilities and reporting considerations necessarily arise whenever a successor auditor concludes that a client's prior year's financial statements require restatement, either…

Featured

State and Local Tax Roundup of Current Developments

By  Corey L. Rosenthal, JD, Peter Rabinowitz, JD and Fen Liu, CPA

June 2017 0

CPAs need to be aware of current developments in key states in order to properly advise companies doing business in multiple jurisdictions. This article will…

Featured

CPAs Having Fiduciary Responsibility

By  James J. Rigos, JD, LLM (Tax), CPA

June 2017 0

I enjoyed Richard Kravitz's article in the April issue of the CPA Journal (“Serving the Public Interest,” p. 14). The message's import deserves some comment.…

CPAJ News Briefs News & Views

PCAOB News | Auditors’ Responsibility for Accounting Estimates May Increase

By  Thomson Reuters Checkpoint

June 2017 0

On June 1, the PCAOB proposed an expansion of auditors’ responsibilities for examining clients’ use of accounting estimates. The board said additional guidance is necessary…

News & Views

AICPA News | Draft Implementation Guidance Released for Six Industries

By  Thomson Reuters Checkpoint

June 2017 0

The AICPA’s Financial Reporting Executive Committee (FinREC) issued 12 working drafts of interpretive guidance for six industries— asset management, engineering and construction, gaming, health care,…

News & Views

FASB News | Small Business Advisory Committee Makes Progress on Delayed Implementation

By  Thomson Reuters Checkpoint

June 2017 0

Since 2013, FASB has regularly given private companies extra time to adopt new accounting standards. Now the board may be ready to extend a similar…

Featured

How the CPA Profession Has Evolved

By  Sidney Kess, JD, LLM, CPA

June 2017 0

I started my career with Lybrand, Ross Bros. & Montgomery (LRB&M) in 1952. Back then, life was simpler for CPAs. If you had the credentials,…

Featured

Elder Financial Planning Resources

By  Susan B. Anders, PhD, CPA/CGMA

June 2017 0

According to the U.S. Census Bureau, almost 15% of the U.S. population was 65 or older in 2015 (http://bit.ly/2oEqoBk). The Federal Reserve reports that 20%…

Featured

The CPA Firm of the Future

By  Jason L. Ackerman, CPA, CFP, CGMA

June 2017 0

Over the next five to ten years, CPA firms are going to see change at a pace the profession has never seen before. With the…

Featured

Time for a Withholding Tax Check-Up

By  Megan L. Brackney, JD, LLM (Tax)

June 2017 0

If it is not already on the schedule, CPAs should remember to talk to business clients about withholding on payments to nonresident aliens. A withholding…

Featured

There Is No Financial Fraud Personality Type

By  Arthur J. Radin, CPA and Jeffrey Borenstein, MD

June 2017 0

Sridhar Ramamoorti and Barry J. Epstein have written two articles published in The CPA Journal (“Today's Fraud Risk Models Lack Personality,” March 2016, http://bit.ly/2m7UUoX; “When…

News & Views

FASB Small Business Advisory Committee Seeks U.S. GAAP Exemptions

By  Thomson Reuters Checkpoint

June 2017 0

FASB News Small Business Advisory Committee Seeks U.S. GAAP Exemptions Some members of FASB’s Small Business Advisory Committee (SBAC) have told the accounting board that,…

Featured

Financial Planning with Excess Liability Insurance

By  Nicholas C. Lynch, PhD, Charles R. Pryor, PhdD and Zhiqiang Yan, PhD

June 2017 0

In Brief While most individuals probably think their insurance covers them for every conceivable occurrence, many policies have numerous gaps in coverage. Excess liability coverage…

Featured

How to Navigate Municipal Bankruptcy

By  B. Anthony Billings, PhD, Melvin Houston, JD and William H. Volz, JD

May 2017 0

Historically, bankruptcy of governmental units has been rare, but in recent years large municipal units such as Detroit, Mich., Jefferson County, Ala., San Bernardino, Calif.,…

Featured

TFA | Benefiting from Social Security’s Often Overlooked Programs

By  James R. Grimaldi, CPA, James A.J. Revels, CPA and Sidney Kess, JD, LLM, CPA

May 2017 0

When individuals think about Social Security, they most likely focus on present or future retirement benefits. Millions of people, however, receive benefits from two other…

Featured

Accomplishing Estate Planning Goals through the Use of Partnership Income Tax Rules

By  William T. Kriesel, CPA/PFS, CFP, AEP

May 2017 0

In Brief Many strategies exist for transferring wealth from one generation to the next without running afoul of the estate tax. Most of these, however,…

Featured

‘Plain Paper’ Financial Statements Made Not So Plain: An Overview of SSARS 21

By  Vincent J. Love, CPA/CFF, CFE and Thomas R. Manisero, JD

May 2017 0

We are what we pretend to be, so we must be careful about what we pretend to be. —Kurt Vonnegut, Mother Night (Introduction) For most…

News & Views

Businesses, Auditors Repeat Concerns About Debt Classification To FASB

By  Thomson Reuters Checkpoint

May 2017 0

FASB News Businesses, Auditors Repeat Concerns about Debt Classification. Businesses, professional groups, and audit firms repeated concerns they raised to the FASB while the board…

Featured

Why Financial Planning Makes Sense for CPAs

By  Stuart Kessler, CPA, PFS

May 2017 0

In contemplating the nuances of why financial planning makes sense for CPAs, I thought of the old story about the ship with the stubborn captain.…

Featured

Rules for Tax Deductions On Charitable Contribution

Chief Counsel Advice

By  Karen M. Cooley, MPA, CPA and Darlene Pulliam, PhD, CPA

May 2017 0

It has become common practice for some businesses to advertise that they will donate a certain percentage of their sales proceeds to altruistic causes or…

Featured

TFA | Financial, Legal, and Tax Concerns about Long-Term Care

By  James R. Grimaldi, CPA, James A.J. Revels, CPA and Sidney Kess, JD, LLM, CPA

May 2017 0

The high costs of long-term care affect an increasing number of individuals and their families. According to Genworth's 2016 Cost of Care Survey (http://bit.ly/2ngymTT), the…

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Our Latest Content

  • Adding Age (A) to DEI Is a Good IDEA February 2023
  • CPAJ News Briefs: FASB, AICPA February 2023
  • Enhancing Employee Resilience February 2023
  • Cybersecurity Resources for Accounting Practices January 2023
  • A Practical Roadmap for Introducing Agility to Certified Public Accounting Firms January 2023












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