Like it or not, private equity is quickly changing the landscape of the public accounting profession. Some observers estimate that in five years, 20% of…
Complying with the Corporate Transparency Act
Considering the Questions CPAs Will Be Asked
By now, CPAs should be aware of the Corporate Transparency Act (CTA), passed in 2021 and effective January 1, 2024. There have been many articles…
On July 21, 2023, New Jersey enacted P.L.2023 c.125 (NJ A4694) creating a “convenience of the employer rule” that applies to individual taxpayers who are…
State of the Profession
Analyzing the Results of the 2023 Practice Management Survey
In Brief The ninth annual 2023 NYSSCPA-Rosenberg Survey identifies trends from the national 25th Annual Practice Management Survey and provides profitability and growth data of…
State of the Profession
Predictions for 2024 from NYSSCPA Members
Predictions for 2024 By Yael Parkoff Here are my predictions for 2024: CPA firms will need to put greater emphasis on staff retention. As the world…
The State of the Profession
Trends and Challenges 2023: Excerpts from the Experts
Allan Koltin Koltin Consulting I think the last 12 months (July 1, 2022 to June 30, 2023) have been strong for CPA firms nationally. [For…
Why SPACs Fail to Meet Audit Quality Control Standards
Regulators Raise Concerns over this New Form of Ownership
In Brief The explosion in special purpose acquisition company (SPAC) mergers with private companies to form public companies during 2020 and 2021 highlighted a variety…
Due to recent taxpayer-favorable court decisions requiring the Department of the Treasury to use formal notice-and-comment procedures under the Administrative Procedure Act (APA), the process…
Six Principles for the Effective Use of Artificial Intelligence Large Language Models
How to Leverage ChatGPT, Bard, and Bing Chat in Accounting Work
In Brief Large Language Models (LLM) like ChatGPT, Bing Chat, Bard, and others can improve the efficiency of common language generation tasks performed by CPAs,…
The Conflict Surrounding Work-Life Balance in Public Accounting Firms
Perceptions of Unfairness Contribute to Employee Turnover
In Brief For years, the public accounting sector has been characterized by high employee turnover. In the past few decades, public accounting firms have implemented…
Dear Fellow Members and Colleagues, As the CEO of the nation's first State CPA Society, founded in the birthplace of the Certified Public Accountant credential,…
On July 21, 2023, New Jersey enacted P.L.2023 c.125 (NJ A4694) creating a “convenience of the employer rule” that applies to individual taxpayers who are…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Cyber incidents have continued their upward trajectory in 2023, with geopolitical events, a significant increase in hardware and software vulnerabilities, and a rise in ransomware…
Marketing Approach to Talent Management
Ten Tactics for Accounting Practices
Marketing is a process through which supply meets demand. To meet demand, professional services firms supply the knowledge, skills, and time of their staff. Although…
For entities in need of financing to acquire an accounting firm and needs financing, pursuing a Small Business Administration (SBA) loan may be a good…
Private Equity is Here
How Firm Marketing Can Attract It … or Defend Against It
Like it or not, private equity is quickly changing the landscape of the public accounting profession. Some observers estimate that in five years, 20% of…
Do you think of a public accounting firm as a product company? If not, perhaps you should. Audits, tax returns and financial statements are all…
One silver lining to the last several years of market volatility and anxiety-inspiring economic ups and downs has been an increased focus by many accounting…
Leveraging Data to Manage an Accounting Practice
Six Data-Driven Indicators of Client Success
As geopolitical and macroeconomic events continue to unfold, the business community is bracing itself for a possible recession (Michael Cohn, “Business Execs Take Steps to…
Accountants continue to increase their use of technology and process automation in an effort to accomplish more with fewer available hours, both from themselves and…
The Conflict Surrounding Work-Life Balance in Public Accounting Firms
Perceptions of Unfairness Contribute to Employee Turnover
In Brief For years, the public accounting sector has been characterized by high employee turnover. In the past few decades, public accounting firms have implemented…
In today's climate of accounting firm mergers, it is worth recognizing when a CPA firm has managed to remain independent and partner-owned for 100 years.…
Editor's Note: This issue, we introduce a new column dedicated to diversity, equity, and inclusion and related topics. The column editor, Anton Lewis, is a published…
Now is the time for annual external and internal audit planning to be on every audit committee's calendar. Audit committee members consider evolving threats, new…
Why SPACs Fail to Meet Audit Quality Control Standards
Regulators Raise Concerns over this New Form of Ownership
In Brief The explosion in special purpose acquisition company (SPAC) mergers with private companies to form public companies during 2020 and 2021 highlighted a variety…
A Managing Partner’s Vision—Setting Goals and Executing Them
An Interview with Bill Hagaman, former Managing Partner, CEO of Withum
This article is based on an interview with Bill Hagaman, Withum's Managing Partner, CEO from 2010 to 2022, conducted by Martins Jukna-Parsons, senior accountant at…
The Future of Business Data Analytics and Accounting Automation
How New Professionals Can Level Up their Skills and Knowledge
The current technological transformation in accounting and taxation shows that “companies have a large appetite for increasing complex analytics, even when they cannot adequately perform…
Complying with the Corporate Transparency Act
Considering the Questions CPAs Will Be Asked
By now, CPAs should be aware of the Corporate Transparency Act (CTA), passed in 2021 and effective January 1, 2024. There have been many articles…
State of the Profession
Predictions for 2024 from NYSSCPA Members
Predictions for 2024 By Yael Parkoff Here are my predictions for 2024: CPA firms will need to put greater emphasis on staff retention. As the world…