Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Our article in the December 2017 issue of the Journal, “Alternative Dispute Resolution for Accounting and Related Services Disputes,” makes the following statement that needs to…
I read with interest the November 2017 article issue, “Helping Business Owners Understand Valuation Approaches” (Sidney Kess and Edward Mendlowitz, http://bit.ly/2BmvfQv). I congratulate the authors on…
FASB's recent work schedule has included proposed improvements to income tax accounting related to the recent tax law changes, the 2018 GAAP financial reporting taxonomy,…
CPAJ News Briefs
FASB News
Technical Corrections for Hedge Accounting Standard Put on Hold At its February 14 meeting, FASB backed away from issuing a limited, technical correction for its…
Accounting for Credit Losses Under ASU 2016-13
Anticipating the Impact on Reporting and Disclosure
The method used in determining the appropriateness of an allowance for credit losses (ACL) has been a challenging financial reporting issue for decades. The 2008…
The Decision Relevance of Financial Reporting
An Exclusive CPA Journal Panel Discussion
In Brief In the past few years, three major accounting standards—revenue recognition, leases, and financial instruments—have been the subject of discussion and preparation for CPAs…
CPAJ News Briefs
FASB/IASB News
FASB News FASB Addresses Questions About Hedge Accounting At its February 14 meeting, FASB discussed technical questions that have arisen since the publication of an…
In an interesting recent report, “The Practice of Now,” accounting and business software provider Sage summarized the results of an international survey of accountants on…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
IRS Offers in Compromise
A Case Study
In situations where a taxpayer has a greater tax liability than funds, there are several options available. The taxpayer can, of course, borrow the money…
2018 is here. Looking ahead to what will almost certainly be an eventful year, here are 10 trends that, in this author's opinion, will affect…
U.S. Macro Outlook for Tax Reform
A Plan That Doesn’t Get It Done
The sweeping changes to the tax code passed by the Trump administration and the Republican Congress will significantly impact the near-term economic outlook. The $1.5…
ICYMI | A Snowbird Must Carefully Plan Its Flight
Establishing Tax Residency under the Laws of New York and Florida
New York residents sometimes relocate to Florida to take advantage of that state's more lenient tax laws (not to mention more moderate climate). While establishing…
Hidden Tax Savings when Raising Employee Compensation
Options for Shareholder-Employees and Domestic Production
When raise and bonus discussions arise, managers often fail to fully consider the tax implications of such decisions. While an increase in the company's compensation…
The Tax Cut and Jobs Act (TCJA) was signed into law by President Trump on December 22, 2017 and is the most comprehensive tax law…
Individual retirement accounts are a popular and effective method of saving for retirement. For some individuals, however, there is a catch: starting at age 70½,…
This episode of our Voices of the Profession video series features an interview with Sal Collemi, entrepreneur and consultant to the CPA profession. Sal discusses…
How a Tax Bill Becomes a Law, 1986 vs. 2017
An Historical Perspective on the Passage of TRA ’86
Editor's Note: The Tax Cuts and Jobs Act, the most significant overhaul of the federal tax system since the Tax Reform Act of 1986 (TRA…
CPAJ News Briefs
FASB/IASB News
FASB News Staff Document Offers Guidance on Accounting Implications of Tax Reform On January 22, FASB’s staff issued a question-and-answer document to offer guidance on…
ICYMI | Identity Theft
Tax and Financial Considerations
Identity theft continues to be a serious issue for individuals and businesses. According to Javelin Research's 2016 Identity Theft Study, $15 billion was stolen from…
Taxation of multinational corporations has been a focus of the U.S. Department of the Treasury, tax professionals, and politicians for many years. One major concern…
New York State and City Prior Net Operating Loss Conversions
Common Errors and Important Highlights
At a recent state and local tax conference, the New York State Department of Taxation and Finance (DTF) and the New York City Department of…
A Tough Tax Act to Follow
A Piecemeal Approach to Reform that Will Need Its Own Reform
In order to meet legislative rules that would have required some bipartisan support, the Republicans have passed historic and comprehensive tax reform legislation that is…
First Look at the Tax Cuts and Jobs Act of 2017
Impact on Individuals
On December 20, 2017, Congress passed the Tax Cuts and Jobs Act (H.R. 1) designed to cut taxes on individuals and businesses, stimulate the economy,…
A Tax Reform Law for Our New Normal
Publisher’s Column
In The CPA Journal's December 1986 issue, authors Stanley Rier and Leonard Goodman summed up their analysis of how that year's major tax reform bill would…
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,…
CPAJ News Briefs
FASB/AICPA News
FASB News Staff Document Advises Private Companies, Not-for-Profits to Follow SEC Guidance on Tax Reform Private companies and not-for-profit entities should be able to apply…
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,…
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…