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October 2017 Issue

Home /Magazine/October 2017 Issue
Featured

ICYMI | New York Pours Tax Incentives into the Craft Brewing Industry

By  Mark A. Nickerson, CPA, CMA and Linda Hall, PhD, CPA

November 2018 0

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…

Featured

ICYMI | One Accounting Firm’s Contributions to World War II

The Story of Colonel Carter and his Colleagues at Deloitte’s Predecessor Firms

By  Dale L. Flesher, PhD, CPA, Gary J. Previts, PhD, CPA, Mark E. Jobe, PhD, CPA and Andrew D. Sharp, PhD

November 2017 0

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…

Publisher's Column

Pitfalls of New York’s Driver License Requirement

By  Joanne S. Barry, CAE

November 2017 0

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,…

News & Views

Plan to Amend U.S. GAAP’s Tax Disclosures Waiting on Tax Reform

By  Thomson Reuters Checkpoint

November 2017 0

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…

Letters to the Editor

Sustainability: A Unique Opportunity for the Accounting Profession

By  Edward A. Weinstein, CPA

November 2017 0

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;…

Featured

Tax Resources for Natural Disasters

By  Susan B. Anders, PhD, CPA/CGMA

November 2017 0

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…

Letters to the Editor

Auditors Are Fiduciaries, but in No Way Can We Be Considered Truly Independent

By  Richard H. Kravitz, MBA, CPA

November 2017 0

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:…

Featured

What CPAs Can Learn from Apple

By  Jason L. Ackerman, CPA, CFP, CGMA

November 2017 0

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…

Featured

Tax and Financial Strategies for Windfalls

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

November 2017 0

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…

Featured

Planning and Tax Considerations for Collectibles

Assisting Hobbyists, Dealers, and Investors

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

November 2017 0

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…

Featured

It’s Amazing What CPAs Can Do: Combining the Best of Public and Industry Practice

By  Joshua D. Verni, CPA

November 2017 0

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…

News & Views

FASB to Drop Obsolete Guidance for Steamship Companies

FASB/PCOAB/AICPA News

By  Thomson Reuters Checkpoint

November 2017 0

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…

Featured

6 Proactive Steps CPAs Should Take to Help Individuals Plan

By  Martin Shenkman, JD, CPA/PFS, AEP

November 2017 0

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…

Featured

Changes to Washington’s B&O Tax Economic Nexus Standard and Use Tax Notice and Reporting

By  Corey L. Rosenthal, JD and Arvinder Kaur, CPA

November 2017 0

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…

Featured

Understanding the Federal Tax Gap

A Closer Look at Declining IRS Enforcement Activities

By  H. Wayne Cecil, PhD, CPA and Teresa A. King, PhD, CPA

November 2017 0

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…

Featured

Structuring the Ownership of Marijuana Businesses to Minimize Tax Impact

By  Peter Metz, CPA

November 2017 0

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…

News & Views

Revenue Recognition Guidance Alters Presentation of Bad Debt for Healthcare Organizations

FASB News/PCOAB News/ASB News

By  Thomson Reuters Checkpoint

November 2017 0

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…

Featured

Avoiding Double Taxation of Storage Services

A Tale of Two States

By  Roger Blane, JD

November 2017 0

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…

Featured

The IRS’s New Streamlined Audit Rules for Partnerships

By  Darlene Pulliam, PhD, CPA and Sharon K. Burnett, PhD, CPA, CISA

November 2017 0

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…

Featured

Executor and Beneficiary Liability for Unpaid Income, Gift, and Estate Taxes of a Decedent

By  Jerald David August, JD, LLM

October 2017 0

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…

Featured

U.S. Research and Development Tax Credit

By  Yair Holtzman, CPA, CGMA

October 2017 0

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…

Featured

IRC Section 162 and Deductible Business Expenses for Marijuana Dispensaries

The Taxation of Breaking Bad

By  Richard L. Russell Jr., JD, CPA and Richard L. Russell, JD, CPA

October 2017 0

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…

News & Views

Response to Consolidated Reporting Amendment Mixed

By  Thomson Reuters Checkpoint

October 2017 0

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…

Featured

Determining the Treatment of Certain Interests in Corporations as Stock or Indebtedness

Final Regulations to Address Inversions and Earnings Stripping

By  Xiaoyan Chu, DBA, Kevin Breaux, PhD, CPA and Michael Chiasson, DBA

October 2017 0

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…

Featured

How to Report Internal Control Deficiencies

By  Howard B. Levy, CPA

October 2017 0

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…

Featured

New Life for the New York Brownfield Redevelopment Credit

By  Kenneth Laks, CPA, MST

October 2017 0

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…

Publisher's Column

Good Times Are Here Again?

By  Joanne S. Barry, CAE

October 2017 0

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…

Featured

Liability Risks and Other Concerns when Servicing Marijuana Businesses

By  Stanley Sterna, JD and Joseph Wolfe

October 2017 0

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…

Featured

Defining Wealth (Inconsistently) in the Tax Code

Framing the Tax Reform Debate

By  Stephan Davenport, PhD, CPA and James P. Angelini, PhD, CPA

October 2017 0

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…

Featured

New York Pours Tax Incentives into the Craft Brewing Industry

By  Mark A. Nickerson, CPA, CMA and Linda Hall, PhD, CPA

October 2017 0

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…

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Our Latest Content

  • Strategic Finance is Having a Moment February 2023
  • Technostress and the Accounting Profession February 2023
  • Diversifying the Audit Profession February 2023
  • Adding Age (A) to DEI Is a Good IDEA February 2023
  • CPAJ News Briefs: FASB, AICPA February 2023












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