In Brief The United States' entry into World War II marked the start of the largest business undertaking in the nation's history, and accountants were…
Tax season is only two months away, and while there is much uncertainty surrounding the probability of real federal tax reform in the New Year,…
FASB News Plan to Amend U.S. GAAP’s Tax Disclosures Waiting on Tax Reform As the House and Senate advance their bills to overhaul the tax…
The June 2016 debate between Edward Weinstein and Stanley Goldstein about the role of the CPAs in sustainability accounting (“Sustainability—Not GAAP Measurement,” http://bit.ly/2fyI9Pj) presented two views;…
The United States has faced several weather emergencies in 2017, with Hurricanes Harvey and Irma dominating the news cycle in August and September. While life-threatening…
I am disappointed in Samuel P. Gunther's critique (“Independent Auditors Are Not Fiduciaries,” June 2017, http://bit.ly/2uJWYYF) of Richard Kravitz's April 2017 article, “Serving the Public Interest:…
It's been 10 years since Steve Jobs announced the iPhone, the little gadget that changed the world, bringing the Internet to people's pockets and connecting…
Windfalls can come from good fortune, such as winning the lottery—or bad fortune, such as a legal settlement for medical malpractice. Whatever the cause, the…
Planning and Tax Considerations for Collectibles
Assisting Hobbyists, Dealers, and Investors
Many individuals have substantial investments in collectibles, such as art, stamps, coins, autographs, books, maps, baseball cards, glassware, antiques, gems, jewelry, or wine. The category…
I wanted to be a doctor for most of my childhood. Then, during my senior year in high school, on a whim I took an…
FASB to Drop Obsolete Guidance for Steamship Companies
FASB/PCOAB/AICPA News
FASB News FASB to Drop Obsolete Guidance for Steamship Companies FASB has agreed to delete an outdated piece of guidance from U.S. GAAP governing a…
Too often, valuable planning steps fall between the tasks a high-net-worth individual's various advisors believe to be within their purview. Should the step be addressed…
Washington State recently passed legislation extending its Business & Occupation (B&O) tax economic nexus provisions to retailers, expanding its sales/use tax nexus provisions to remote…
Understanding the Federal Tax Gap
A Closer Look at Declining IRS Enforcement Activities
In Brief The gap between the amount of U.S. federal taxes paid and the amount of tax owed is staggering—over $450 billion per year. The…
The IRS has made it daunting for an investor to make an after-tax profit in the marijuana business. Aside from the criminal laws, which are…
Revenue Recognition Guidance Alters Presentation of Bad Debt for Healthcare Organizations
FASB News/PCOAB News/ASB News
FASB News Revenue Recognition Guidance Alters Presentation of Bad Debt for Healthcare Organizations Hospitals, clinics, and other healthcare organizations should prepare for big changes when…
Avoiding Double Taxation of Storage Services
A Tale of Two States
There are times when two sales tax statutes are virtually identical but have different meanings due to the interpretations by the tax department charged with…
The Bipartisan Budget Act of 2015 (BBA) replaced the existing rules for auditing large partnerships with a new set of streamlined rules that take effect…
Tax advisors of estates are generally aware that the executor or personal representative of the estate is personally liable for the payment of federal estate…
In Brief Governments typically incentivize private industry to produce research and development (R&D) as a strategic tool to advance their economies. Initially temporary, the federal…
IRC Section 162 and Deductible Business Expenses for Marijuana Dispensaries
The Taxation of Breaking Bad
On July 5, 2014, Governor Andrew Cuomo signed New York Assembly Bill 6347, permitting the medical use of marijuana in the state. This continued a…
FASB News Response to Consolidated Reporting Amendment Mixed FASB’s recently proposed amendment of its consolidated reporting standard has generated a mixed response. The amendment would…
Determining the Treatment of Certain Interests in Corporations as Stock or Indebtedness
Final Regulations to Address Inversions and Earnings Stripping
On April 4, 2016, in order to discourage corporate inversions and potential earnings stripping, the IRS and the Treasury Department issued proposed regulations under Internal…
Auditors are required to communicate to audit committees or others charged with governance “significant control deficiencies,” including “material weaknesses” [as these terms are defined in…
In Brief New York's Brownfield Cleanup Program was initiated over a decade ago to encourage private enterprise to redevelop contaminated properties and revitalize their surrounding…
It's a great time to be a CPA firm. So says Marc Rosenberg in his foreword to the 2017 Rosenberg Survey. The annual practice management…
More than 25 states allow the sale of marijuana for medicinal use; eight states permit the sale for recreational use. This activity has created new…
Defining Wealth (Inconsistently) in the Tax Code
Framing the Tax Reform Debate
The current debate on tax reform features familiar framing from policymakers on all sides, the familiar sound bites of “the rich should pay their fair…
In Brief Recent years have seen governments experiment with different ways of encouraging entrepreneurs to launch new businesses, especially in new or growing industries. The…
Implementation of Leases Standard Raises Questions
FASB/GASB/ISAB News
FASB News Implementation of Leases Standard Raises Questions FASB has received several requests for clarifications to its lease accounting standard, and the board plans to…