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ICYMI | Student Perceptions of What It Means to Be a Professional
In Brief CPAs are often called “the trusted professionals,” but what this means is often open to interpretation. Do international and domestic accounting students share the same perceptions of what...
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ICYMI | The Impact of Disruptive Technologies on Accounting and Auditing...
In Brief The rapid pace of technological change continues to disrupt traditional procedures in all spheres, including the accounting profession. The authors examine the potential effects that...
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ICYMI | An Analysis of the New Sale and Leaseback Guidance
In February 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842). Topic 842 will supersede the existing lease guidance (Topic 840), which has been in effect since 1977. ASU...
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Forté Capital’s Selected Statistics
Quarterly U.S. GDP Growth Providing a counterpoint to the ISM data, second-quarter U.S. GDP was revised up from 4.1% to 4.2%, which was slightly better than expected. This represents the strongest...
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Inherited IRAs Pose Many Issues
I read the May 2018 CPA Journal article, “Untangling the Inherited IRA Rules” by Richard L. Russell Jr., Richard L. Russell, and Kristina Kesselring (http://bit.ly/2NeUw1F). One item that was not...
View ArticleTax & Accounting Update
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is a quick-reference guide to the most...
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CFA Institute, FASB, and AICPA Roundup
SEC Chief Accountant Wesley Bricker addressed the importance of objective financial reporting and the role of accountants and auditors in his speech before the Baruch College Financial Reporting...
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When (and When Not) to Acquire Another Firm
With so many baby boomer CPA firm owners looking to retire without a proper succession plan in place, the market for CPA firms has become a buyer’s market. Too often, however, firms buy other firms...
View ArticleMax Block Awards and Editorial Board Meeting
The winners of the 2017 Max Block Distinguished Article Awards were honored during The CPA Journal Editorial Review Board meeting on August 14, 2017. This award recognizes excellence in three areas: In...
View ArticleConsiderations for Using Buy-Sell Agreements
The Small Business Administration reports that there are nearly 30 million privately held businesses in the United States, of which nearly 6 million have multiple employees. The owners of many of...
View ArticleNew Jersey’s 2019 State Budget
On July 1, New Jersey Governor Phil Murphy (D) signed the state’s fiscal year 2019 budget after long negotiations with the legislature. Below is a summary of the key highlights regarding tax changes...
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Adding a Legacy Division: Providing Taxpayers with Peace of Mind
Because of the Tax Cuts and Jobs Act (TCJA), more individuals—90% of taxpayers, by some estimates—will decide to prepare their own tax returns. With the simplification of the Form 1040, more people...
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Striking Out on My Own—and Getting the Best of Both Worlds
If someone had asked me straight out of college if I ever expected to have my own practice, I would have said, “No way.” I wanted to work for a large, international corporation. Yet here I am, running...
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The New Guidance for Goodwill Impairment
In January 2017, FASB issued Accounting Standards Update (ASU) 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which eliminated the calculation of...
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Connecticut Enacts New Tax on Pass-Through Entities
On May 31, 2018, Connecticut Governor Dan Malloy signed Public Act 18-49, which established a new tax on pass-through entities (PE) doing business in Connecticut that is effective for 2018....
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The Value of Certification and Professional Experience
In Brief Undergraduate accounting programs have a mandate to prepare students to successfully sit for the CPA exam, yet relatively few faculty members within those programs possess the CPA credential...
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Reflections on My 66 Years in Public Accounting
My initiation to the accounting profession came in 1951, when I was first old enough to get working papers. In my time off from school, I went to work for my father, a CPA who was certified around...
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An Analysis of the New Sale and Leaseback Guidance
In February 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842). Topic 842 will supersede the existing lease guidance (Topic 840), which has been in effect since 1977. ASU...
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Has the New Partnership Representative Been Granted Too Much Power?
On November 2, 2015, Congress enacted the Bipartisan Budget Act of 2015 (BBA), which contained sweeping changes to the Internal Revenue Code’s (IRC) partnership audit, litigation, assessment, and...
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Student Perceptions of What It Means to Be a Professional
In Brief CPAs are often called “the trusted professionals,” but what this means is often open to interpretation. Do international and domestic accounting students share the same perceptions of what...
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