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Channel: September 2018 Issue – The CPA Journal
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How to Influence the Future of the Profession without Leaving the Office

There are many ways CPAs can make a difference on a college campus, including speaking to a class or student organization, serving as a judge for a class presentation, attending a career fair, and...

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Nontraditional College Students

Traditional college students generally matriculate directly after high school, live on campus, attend college full time, and rely on their parents to finance their college expenses. According to a...

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The Impact of Disruptive Technologies on Accounting and Auditing Education

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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Mixing Old and New Teaching Methods to Get Better Student Results

One common challenge facing educators is determining how best to involve and actively engage students so they will do the work necessary to be successful in the course. In the author’s experience, it...

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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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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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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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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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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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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 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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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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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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New 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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Considerations 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...

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Max 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...

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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...

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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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Tax & 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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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...

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