In the wake of the Equifax computer breach—in which key personal information of 145 million Americans was stolen—it may be correct to assume that anyone…
On April 10, 2017, Governor Andrew Cuomo signed into law New York's 2017/2018 Budget Bill, which contains significant tax measures that CPAs need to be…
CPAs in all areas of practice encounter client screening, acceptance, and termination (CSAT) scenarios daily. CSAT is without a doubt the first line of defense…
Forensic Accounting
A Value-Adding Skill for the CPA
Accountants, especially those in public accounting, normally strive for attainment of the coveted Certified Public Accountant (CPA) designation. After four to five years of study,…
Many CPAs and most tax specialists perform personal financial planning (PFP) services; the AICPA estimates that more than 100,000 of its members perform some form…
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…
Casualty Loss Deductions and Other Hurricane-Related Tax Benefits
Updated for Hurricanes Harvey and Irma
Editor's Note: This article was originally published in February 2013 as "Casualty Losses for Property Damaged by Hurricane Sandy" and has been updated to address…
Accounting for Leases Under the New Standard, Part 1
Definition and Classification of Leases and Lessee Accounting
In Brief The new lease accounting standard, released by FASB in early 2016, represents one of the largest and most impactful reporting changes to accounting…
Bitcoin: Rise of Virtual Currency and its Downfalls
IRS Regulations and Other Drawbacks For Bitcoin
Over the past eight years, financial professionals’ interest in bitcoin and other digital currencies has increased, and now regulators have taken notice. The federal government…
The best way for a CPA firm to become successful is to build long and lasting relationships with clients. The more time CPAs spend with…
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,…
In Brief As more and more companies begin to devote serious attention to sustainability reporting, many different systems of rating the depth and effectiveness of…
Fraud prevention is a critical and ongoing consideration for companies all over the world. According to the 2016 Report to the Nations on Occupational Fraud and…
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…
This short book addresses the very important topic of how to save the planet, and it presents the ways in which progress on that goal…
Maloney began the panel by discussing recent enforcement cases, focusing on areas where there are, as he put it, “repeat problems.” These included revenue recognition,…
Deep Learning and the Future of Auditing
How an Evolving Technology Could Transform Analysis and Improve Judgment
In Brief This article introduces deep learning technology—an emerging form of artificial intelligence that can be trained to recognize patterns in vast volumes of data…
Digital Currency: Market Value of Bitcoin, Ethereum, and Litecoin
Taxation, Enforcement, and the John Doe Summons
Several years ago, the IRS started its successful takedown of secret Swiss banking with the use of a John Doe summons. Currently, it is trying…
Concerns regarding litigation over excessive 401(k) plan fees and conflicts of interest dominate the current thinking of plan fiduciaries. More plan sponsors are engaged in…
Video: Watch our fake earnings segment from the voices of the profession with Smart Pros Editor. Also, don't forget to read our recent article on…
Editor's Note: CPAs who plan to practice in this area are cautioned to familiarize themselves with the relevant state and federal laws governing the distribution, sale,…
How Online Learning Compares to the Traditional Classroom
Measuring Accounting Course Outcomes
In Brief As the popularity of online instruction spreads, many have questioned whether the method produces similar outcomes to the traditional classroom. The authors surveyed…
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,…
Humans versus Robots
Who to Turn to for Investment Advice?
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”…
ICYMI | Future of the CPA Profession
Graduate Student Perspectives on the Value and Purpose of the Profession
As an accounting professor at Mount Saint Mary College, the author teaches a graduate accounting research course. Students in this capstone seminar are all working…
ICYMI: It’s Amazing What CPAs Can Do
From a Farm in Taiwan to a Firm in New York
Editor's Note: This article originally appeared in the February 2016 Issue of The CPA Journal. It introduced what we hope will become a regular print and multimedia series of…
I was born in London, England, to parents of Indian descent and grew up in a single-parent household most of my childhood. My mother had…
Accounting's open secret has several names—the skills gap, the education bubble, the talent shortage. Regardless, the challenge has remained the same for half a century.…
In Brief FASB's new revenue recognition standard will become effective for most not-for-profit (NFP) entities in 2019. Although this date may seem distant, the new…
Panel Discussion on Integrated Reporting
A Practical Perspective from Preparers and Practitioners
Sullivan opened the panel by speaking about the importance of a more holistic view of corporate performance. While noting that neither traditional financial reporting nor…