The following is taken from remarks made at the end of a speech Larry Smith made on September 21, 2016, at the AICPA's 2016 National…
CPAs enter 2017 with the responsibility of addressing new accounting and reporting standards in an environment of increased data security necessity and regulatory requirements. When…
Personal Income Personal income was unchanged for November, a decline from October's 0.5% gain. Labor income was unchanged, as average hourly earnings declined 0.1% and…
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 Tax Reform Act of 1986 (TRA) quietly reached its 30th anniversary on October 22, 2016. The TRA was enacted to lower tax rates by…
On April 13, 2016, Governor Andrew M. Cuomo signed into law Chapter 60 of the Laws of 2016 (the 2016 Budget Act). CPAs should be…
What’s over the Federal Tax Horizon?
The Potential Impact of Reforms on IRS Enforcement
With less than a month until Inauguration Day, tax advisors find themselves on the uncertain precipice of what might well be an historic overhaul of…
Despite recent reports to the contrary, the sky is not falling. The increasing anticipation—or concern—over fundamental tax reform will certainly be with us in 2017,…
CPA firm leadership is being stretched on all sides to attract and serve clients, recruit and retain team members, increase firm value and size, and…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Editors' Note: Published this past June, Baruch Lev and Fang Gu's The End of Accounting and the Path Forward for Investors and Managers (Wiley) has…
High School Confidential
Future Accountants Speak About the Profession
In October, Jason Ackerman's first practice management column discussed his firm's practice of hiring high school interns at his firm to give them early exposure…
With an ever-increasing choice of marketing tools, it is important for CPAs to focus promotional efforts on the areas of greatest benefit to the firm.…
Profiles in Community-Oriented, Socially Engaged Professionals
It’s Amazing What CPAs Can Do
Accounting as a profession carries a public interest responsibility that also contributes significant value to society. Accounting can also lead one to some amazing careers,…
The end of the year is coming, and for auditors, that means busy season is just around the corner. There never seem to be enough…
Vehicle Sales Vehicle sales increased in October from 17.8 million to 18.3 million units on a seasonally adjusted annual rate. This represents just under a…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Existing Home Sales Annualized, seasonally adjusted existing home sales were 5.47 million in September, well above the forecast of 5.31 million. Thanks to increased single-family…
New York State CPAs responding to the 2016 annual tax software survey indicated that they made use of a variety of websites (see page 18).…
CPAs can be forgiven for thinking there are more standards, and standards setters, to follow than ever before. The recent proliferation has come at the…
When Reckless Executives Become Dangerous Fraudsters: Reward Structures and Auditing Procedures Need to Be Reformed to Deter ‘Dark Triad’ Personalities
2016 Max Block Award Winner: Outstanding Article in the Area of News & Views/Opinion
At its foundations, auditing is about verifying the assertions that find expression through the numbers presented in the financial statements, performed by well-qualified, competent, and…
The Ethical State of the CPA Profession
An Interview with Tony Menendez and Steven Mintz
Editors’ Note: The debate over the ethical responsibilities of CPAs and how to fulfill them has always been at the center of the profession. Recently,…
N.Y. Empire State Manufacturing The Empire State Manufacturing Survey's general business conditions index remained below its neutral threshold for a second consecutive month, coming in…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
State and local taxes (SALT) is an important practice area for many CPAs, as well as a significant decision factor for many companies. SALT professionals…
Partnership Abandonment
Why It Still Works and What to Watch Out For
Consider the following scenario: an individual has entered into a limited partnership that he knows is going bad, and he believes his investment will not…
Fighting Fraud—and Serving Famous Frankfurters—for Over a Century
The Story of Old-Fashioned Controls at Nathan’s Famous
One hundred years ago, an enterprising, bright, savvy, but uneducated young Polish immigrant started a modest business that would eventually grow to become one of…
Debating Non-GAAP Metrics Kudos to Thomas Selling and Gregory Sommers for “Why Accountants Should Care about Non-GAAP Financial Metrics” (June 2016). I am a fan…
Forté Capital’s Selected Statistics
Conference Board Leading Indicators
The Conference Board index of leading indicators climbed 0.4% in July, slightly above expectations. The increase was led by industrial production. Nonfarm payrolls added 255,000…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…