The CPA Journal - The Voice of the Accounting Profession
The CPA Journal is a publication of the New York State Society of CPAs, and is internationally recognized as an outstanding, technical-refereed publication for accounting practitioners, educators, and other financial professionals all over the globe.Edited by CPAs for CPAs, it aims to provide accounting and other financial professionals with the information and analysis they …
The Accounting Profession Is in Crisis - The CPA Journal
Dec 1, 2023 · The 150-hour requirement was intended to better prepare students for the profession and enhance the profession’s image. Advocates of the requirement expected that students would become better critical thinkers and thus better prepared for the evolving profession through a fifth year of education.
Asset Acquisition Accounting - The CPA Journal
Apr 4, 2022 · The key consideration when classifying a transaction as an asset acquisition or a business combination is the definition of a business. In January 2017, FASB issued Accounting Standards Update (ASU) 2017-01, Clarifying the Definition of a Business.This ASU provides a new framework for determining whether a transaction is an asset acquisition or a business …
Tax Consequences of Settlement and Litigation Award Payments ...
Nov 20, 2018 · When an individual receives a settlement or litigation award payment, the likely first question is whether the payment is taxable. While CPAs may know that the answer will depend upon the claim underlying the lawsuit, several other questions can arise that will likewise depend on the facts and circumstances.
Tax Treatment of Liquidations of Partnership Interests
Feb 9, 2021 · Redemption of a Partnership Interest. Redemptions of a partner’s entire partnership interests are governed by IRC section 736. That section does not affect the amount of income, gain, or loss that will be reported by the retiring partner; instead, it determines whether the income will be a capital gain (or loss) or ordinary income, and whether the remaining partners will be …
The Past, Present, and Future of Forensic Accounting
Apr 10, 2020 · The Origins of Forensic Accounting. The world of forensic accounting has been developing for the past 70 years. Some credit the beginning of the understanding of fraud as a subject of scientific study to the 1934 work of Donald Cressey and Edwin Southland, who coauthored Principles of Criminology. This authoritative text defined and described the fraud …
Basic Tax Reporting for Decedents and Estates - The CPA Journal
Aug 3, 2021 · Gift and Estate Tax Returns. A fiduciary generally must file an IRS Form 706 (the federal estate tax return) only if the fair market value of the decedent’s gross assets at death plus all taxable gifts made during life (i.e., gifts exceeding the annual exclusion amount for each year) exceed the federal lifetime exemption in effect for the year of death—$11.7 million for 2021.
How to Report Internal Control Deficiencies - The CPA Journal
Oct 24, 2017 · Drafting the Communications. It is necessary to clearly articulate significant control deficiencies (including material weaknesses) in written communications, generally as the main focus in the first sentence of each of internal control finding communicated, rather than to merely report the evidence or results of the deficiencies (i.e., the exceptions noted).
Depreciable Asset Lives - The CPA Journal
Sep 8, 2016 · In the early days of what is now modern, authoritative GAAP, paras. 46–52 of Accounting Terminology Bulletin 1, Review and Résumé, issued by the AICPA in 1953, engaged in a scholarly debate as to what the term “depreciation” means—whether it recognizes an estimate that imprecisely measures the diminution of value of an asset over time or an …
Fixing the Crisis in Accounting - The CPA Journal
Nov 25, 2022 · The United States is facing an acute shortage of CPAs. In fact, accountants are leaving their jobs in unprecedented numbers (AICPA, 2021 Trends Report, https://bit.ly/3RmyE4T), at both corporations and audit firms, joining the millions of American workers who are re-evaluating what they want from their careers (“This Country Has the …