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THE CPA JOURNAL
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 need to succeedin
NOT-FOR-PROFITS AND THE PANDEMIC 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 need to succeedin
PANDEMIC PERCEPTIONS In March 2020, the COVID-19 pandemic turned the work from home “option” into a requirement for most professionals, as firms adhered to local guidelines to protect their employees. This shift in the work environment forced professionals to complete work duties from home, remote from their firm offices, supervisors, co-workers, andclients.
TAX UPDATE RESOURCES The 2021 tax season began with a late start date for processing 2020 returns. As the IRS was still attempting to complete work on 2019 filings, portions of the United States were experiencing weather disasters with power and Internet outages, and of course more new tax law changes reflecting the continuing impact of the coronavirus (COVID-19) pandemic that began in 2020. TAX CHANGES FOR BUSINESSES IN THE CONSOLIDATED The CAA increases the deduction limit under IRC section 274 (m) for business meals to 100% of costs (the limit that had applied prior to the Tax Reform Act of 1986), rather than the usual 50% limit. This change is effective for expenses incurred in 2021 and 2022, but applies only to meals provided at restaurants (not defined in thelaw).
THE STATE OF THE PROFESSION In firms with revenues greater than $20 million, there was an 18% year-over-year increase in staff turnover, from 15.8% to 18.7%. The highest increase, however, occurred among sole practitioners, at 30%. In New York, staff turnover on average was at 21%, and in two firms in the survey, it ranged between 29.7% and 30.5%. TAX TREATMENT OF LIQUIDATIONS OF PARTNERSHIP INTERESTS The tax treatment of the redemption of a partnership interest involving deferred payments is more advantageous to the retiring partner than the sale of the partnership interest. A retiring partner receiving redemption payments in more than one year is generally able to fully recover his basis before any gain is recognized.NONPROFIT LIQUIDITY
Nonprofits can use their audited financial statements to display the work done by a financially savvy and engaged management team. Making the process an organization uses to review, monitor, and address liquidity more transparent helps build trust and confidence in the organization. Curtis Klotz, CPA, is director of nonprofit innovationat CLA
UNTANGLING THE INHERITED IRA RULES, PART II As a result, calculating the appropriate RMD amount in 2021 and 2022 will be more challenging for taxpayers and tax practitioners. This article provides an update to the authors’ June 2018 CPA Journal article, “Untangling the Inherited IRA Rules: Retiring Baby Boomers and the Impending Transfer of Wealth.”. REPORTING FOREIGN RETIREMENT PLANS ON REQUIRED INFORMATION Forms, Requirements, and Penalties. A U.S. person may need to report a foreign retirement plan on one or more information reporting forms. The United States has several different information reporting forms relating to foreign assets, including the Report of Foreign Bank and Financial Accounts (FBAR), Form 8938 for reporting various “specified foreign assets” (e.g., foreign accountsTHE CPA JOURNAL
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 need to succeedin
NOT-FOR-PROFITS AND THE PANDEMIC 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 need to succeedin
PANDEMIC PERCEPTIONS In March 2020, the COVID-19 pandemic turned the work from home “option” into a requirement for most professionals, as firms adhered to local guidelines to protect their employees. This shift in the work environment forced professionals to complete work duties from home, remote from their firm offices, supervisors, co-workers, andclients.
TAX UPDATE RESOURCES The 2021 tax season began with a late start date for processing 2020 returns. As the IRS was still attempting to complete work on 2019 filings, portions of the United States were experiencing weather disasters with power and Internet outages, and of course more new tax law changes reflecting the continuing impact of the coronavirus (COVID-19) pandemic that began in 2020. TAX CHANGES FOR BUSINESSES IN THE CONSOLIDATED The CAA increases the deduction limit under IRC section 274 (m) for business meals to 100% of costs (the limit that had applied prior to the Tax Reform Act of 1986), rather than the usual 50% limit. This change is effective for expenses incurred in 2021 and 2022, but applies only to meals provided at restaurants (not defined in thelaw).
THE STATE OF THE PROFESSION In firms with revenues greater than $20 million, there was an 18% year-over-year increase in staff turnover, from 15.8% to 18.7%. The highest increase, however, occurred among sole practitioners, at 30%. In New York, staff turnover on average was at 21%, and in two firms in the survey, it ranged between 29.7% and 30.5%. TAX TREATMENT OF LIQUIDATIONS OF PARTNERSHIP INTERESTS The tax treatment of the redemption of a partnership interest involving deferred payments is more advantageous to the retiring partner than the sale of the partnership interest. A retiring partner receiving redemption payments in more than one year is generally able to fully recover his basis before any gain is recognized.NONPROFIT LIQUIDITY
Nonprofits can use their audited financial statements to display the work done by a financially savvy and engaged management team. Making the process an organization uses to review, monitor, and address liquidity more transparent helps build trust and confidence in the organization. Curtis Klotz, CPA, is director of nonprofit innovationat CLA
UNTANGLING THE INHERITED IRA RULES, PART II As a result, calculating the appropriate RMD amount in 2021 and 2022 will be more challenging for taxpayers and tax practitioners. This article provides an update to the authors’ June 2018 CPA Journal article, “Untangling the Inherited IRA Rules: Retiring Baby Boomers and the Impending Transfer of Wealth.”. REPORTING FOREIGN RETIREMENT PLANS ON REQUIRED INFORMATION Forms, Requirements, and Penalties. A U.S. person may need to report a foreign retirement plan on one or more information reporting forms. The United States has several different information reporting forms relating to foreign assets, including the Report of Foreign Bank and Financial Accounts (FBAR), Form 8938 for reporting various “specified foreign assets” (e.g., foreign accounts TAX UPDATE RESOURCES The 2021 tax season began with a late start date for processing 2020 returns. As the IRS was still attempting to complete work on 2019 filings, portions of the United States were experiencing weather disasters with power and Internet outages, and of course more new tax law changes reflecting the continuing impact of the coronavirus (COVID-19) pandemic that began in 2020. CHARITABLE CONTRIBUTION BENEFITS EXTENDED BY THE The Coronavirus Aid, Relief, and Economic Security (CARES) Act, passed in March 2020, temporarily removed the adjusted gross income (AGI) limitation on the deduction of certain cash charitable contributions for individuals and exempt organizations formed as trusts. NAVIGATING THE IRS'S SELF-DEALING RULES FOR PRIVATE 1 day ago · CPAs Can Help. Private foundations must navigate self-dealing concerns on a year-round basis, including when filing their tax returns. Foundations must formally attest to the fact that there were no self-dealing transactions during the year by filing IRS Form 990-PF, Return of Private Foundation or Section 4947(a)(1) Trust Treated as Private Foundation. CONSIDERING THE LONGER-TERM EFFECTS OF LETTING STAR The 2018 Academic Study. The authors published (with a third coauthor) an academic study on management’s handling of ethical violations by star employees and average employees (Scot E. Justice, Jeffrey R. Cohen, and Dana R. Hermanson, “Star Employee Occupational Fraud: Treatment and Subsequent Effects,” Journal of Forensic and Investigative Accounting, 2018, vol. 10, no. 3, pp. WHISTLE WHILE YOU WORK? 16 hours ago · Background. The “Great Recession” of 2007–2009 was caused by weak regulation of the financial industry, which allowed financial institutions to press creative and aggressive mortgage lending practices (i.e., the growth of subprime mortgage market). PRACTICE MANAGEMENT TOOLS 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 need to succeedin
ARTICLES BY ROBIN BONECK, JD, LLM, AUTHOR AT THE CPA JOURNAL 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 need to succeedin
HOW TO CREATE AN INCIDENT RESPONSE PLAN Make sure that there are links to shareholders, the board, and—if the firm is private—investors. Empower the plan to help get in front of the bad news, as opposed to responding to the flurry of media requests. Build an effective incident response plan. Ensure that the IRP is a fully cross-functional plan with multiple resources from eachof
ARTICLES BY GERALD CALVASINA, PHD, AUTHOR AT THE CPA JOURNAL 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 need to succeedin
ARTICLES BY EMMA WESTERHOF, AUTHOR AT THE CPA JOURNAL 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 need to succeedin
THE CPA JOURNAL
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 need to succeedin
TAX CHANGES FOR BUSINESSES IN THE CONSOLIDATED The CAA increases the deduction limit under IRC section 274 (m) for business meals to 100% of costs (the limit that had applied prior to the Tax Reform Act of 1986), rather than the usual 50% limit. This change is effective for expenses incurred in 2021 and 2022, but applies only to meals provided at restaurants (not defined in thelaw).
NONPROFIT LIQUIDITY
Nonprofits can use their audited financial statements to display the work done by a financially savvy and engaged management team. Making the process an organization uses to review, monitor, and address liquidity more transparent helps build trust and confidence in the organization. Curtis Klotz, CPA, is director of nonprofit innovationat CLA
THE MYTH OF AUDITOR INDEPENDENCE By J. Edward Ketz, PhD. The AICPA Code of Professional Conduct requires that members in public practice be objective, free of conflicts of interest, and independent in fact and appearance (section 300.050). The SEC likewise requires independence by the external auditors who perform an audit of management’s assertions in theregistrant’s
HOW TO CREATE AN INCIDENT RESPONSE PLAN Make sure that there are links to shareholders, the board, and—if the firm is private—investors. Empower the plan to help get in front of the bad news, as opposed to responding to the flurry of media requests. Build an effective incident response plan. Ensure that the IRP is a fully cross-functional plan with multiple resources from eachof
UNDERSTANDING THE RESEARCH AND DEVELOPMENT CREDIT ASC 730 defines development as using the research results 1) to develop a plan or design a new product or process or 2) to make a significant improvement to an existing product or process. IRC section 41 refers to this development phase as a process of experimentation (POE) and relates it to a separate and distinct business component. INVESTING IN QUALIFIED OPPORTUNITY FUNDS WITH IRREVOCABLELIST OF QUALIFIED OPPORTUNITY ZONE FUNDSQUALIFIED OPPORTUNITY FUND DESIGNATIONSQUALIFIED OPPORTUNITY FUND PERFORMANCE That changed when the U.S. Treasury’s now finalized opportunity zone (OZ) regulations opened the door for combining investments in qualified opportunity funds (QOF) with irrevocable grantor trusts (IGT), giving families a potent new tool to pass appreciating assets SELECTING MODIFIED RETROSPECTIVE TRANSITION FOR ADOPTING Transition Method Options. ASC 606-10-65-1d provides the option to use one of the following two transition methods: The “full retrospective” transition method: Retrospective application to each prior reporting period presented in accordance with ASC 250-10-45-5–10, subject to the practical expedients available under this option as may be elected pursuant to ASC 606-10-65-1f. CHARITABLE CONTRIBUTIONS BY S CORPORATIONS Charitable Contribution Rules for Individuals. Generally, contributions of long-term capital gain (LTCG) property will result in a deduction equal to the fair market value of the property, subject to a 30% of AGI limitation. This rule has not been affected by the Tax Cuts and Jobs Act (TCJA). LTCG property is defined as property thatwould
FBAR FILING FOR NON-U.S. CITIZENS The FBAR instructions provide that a U.S. person is “an alien residing in the United States. To determine if the filer is a resident of the United States apply the residency tests in 26 USC section 7701 (b).”. Under those residency tests, a non–U.S. citizen can be a U.S. person (in tax parlance, a “resident alien”) if she satisfiesTHE CPA JOURNAL
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 need to succeedin
TAX CHANGES FOR BUSINESSES IN THE CONSOLIDATED The CAA increases the deduction limit under IRC section 274 (m) for business meals to 100% of costs (the limit that had applied prior to the Tax Reform Act of 1986), rather than the usual 50% limit. This change is effective for expenses incurred in 2021 and 2022, but applies only to meals provided at restaurants (not defined in thelaw).
NONPROFIT LIQUIDITY
Nonprofits can use their audited financial statements to display the work done by a financially savvy and engaged management team. Making the process an organization uses to review, monitor, and address liquidity more transparent helps build trust and confidence in the organization. Curtis Klotz, CPA, is director of nonprofit innovationat CLA
THE MYTH OF AUDITOR INDEPENDENCE By J. Edward Ketz, PhD. The AICPA Code of Professional Conduct requires that members in public practice be objective, free of conflicts of interest, and independent in fact and appearance (section 300.050). The SEC likewise requires independence by the external auditors who perform an audit of management’s assertions in theregistrant’s
HOW TO CREATE AN INCIDENT RESPONSE PLAN Make sure that there are links to shareholders, the board, and—if the firm is private—investors. Empower the plan to help get in front of the bad news, as opposed to responding to the flurry of media requests. Build an effective incident response plan. Ensure that the IRP is a fully cross-functional plan with multiple resources from eachof
UNDERSTANDING THE RESEARCH AND DEVELOPMENT CREDIT ASC 730 defines development as using the research results 1) to develop a plan or design a new product or process or 2) to make a significant improvement to an existing product or process. IRC section 41 refers to this development phase as a process of experimentation (POE) and relates it to a separate and distinct business component. INVESTING IN QUALIFIED OPPORTUNITY FUNDS WITH IRREVOCABLELIST OF QUALIFIED OPPORTUNITY ZONE FUNDSQUALIFIED OPPORTUNITY FUND DESIGNATIONSQUALIFIED OPPORTUNITY FUND PERFORMANCE That changed when the U.S. Treasury’s now finalized opportunity zone (OZ) regulations opened the door for combining investments in qualified opportunity funds (QOF) with irrevocable grantor trusts (IGT), giving families a potent new tool to pass appreciating assets SELECTING MODIFIED RETROSPECTIVE TRANSITION FOR ADOPTING Transition Method Options. ASC 606-10-65-1d provides the option to use one of the following two transition methods: The “full retrospective” transition method: Retrospective application to each prior reporting period presented in accordance with ASC 250-10-45-5–10, subject to the practical expedients available under this option as may be elected pursuant to ASC 606-10-65-1f. CHARITABLE CONTRIBUTIONS BY S CORPORATIONS Charitable Contribution Rules for Individuals. Generally, contributions of long-term capital gain (LTCG) property will result in a deduction equal to the fair market value of the property, subject to a 30% of AGI limitation. This rule has not been affected by the Tax Cuts and Jobs Act (TCJA). LTCG property is defined as property thatwould
FBAR FILING FOR NON-U.S. CITIZENS The FBAR instructions provide that a U.S. person is “an alien residing in the United States. To determine if the filer is a resident of the United States apply the residency tests in 26 USC section 7701 (b).”. Under those residency tests, a non–U.S. citizen can be a U.S. person (in tax parlance, a “resident alien”) if she satisfies CHARITABLE CONTRIBUTION BENEFITS EXTENDED BY THE The Coronavirus Aid, Relief, and Economic Security (CARES) Act, passed in March 2020, temporarily removed the adjusted gross income (AGI) limitation on the deduction of certain cash charitable contributions for individuals and exempt organizations formed as trusts. CONSIDERING THE LONGER-TERM EFFECTS OF LETTING STAR 15 hours ago · The 2018 Academic Study. The authors published (with a third coauthor) an academic study on management’s handling of ethical violations by star employees and average employees (Scot E. Justice, Jeffrey R. Cohen, and Dana R. Hermanson, “Star Employee Occupational Fraud: Treatment and Subsequent Effects,” Journal of Forensic and Investigative Accounting, 2018, vol. 10, no. 3, pp. CAA: ARTICLES, CONTENT, AND MEDIA 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 need to succeedin
TAX TREATMENT OF LIQUIDATIONS OF PARTNERSHIP INTERESTS 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 able to deduct a TAX TREATMENT OF HOME-SHARING ACTIVITIES Income Tax Consequences of Home Sharing as a Rental Activity. The federal taxation of rental income is fairly straightforward. Under IRC section 61 (a) (5), rents are included in gross income. Treasury Regulations section 1.61-8 (a) defines rents as amounts “received or accrued for the occupancy of real estate or the use of personalproperty.”.
ARTICLES BY SCOT E. JUSTICE, DBA, CPA, AUTHOR AT THE CPA 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 need to succeedin
UNDERSTANDING THE RESEARCH AND DEVELOPMENT CREDIT ASC 730 defines development as using the research results 1) to develop a plan or design a new product or process or 2) to make a significant improvement to an existing product or process. IRC section 41 refers to this development phase as a process of experimentation (POE) and relates it to a separate and distinct business component. ARTICLES BY JANE M. SEARING, CPA, AUTHOR AT THE CPA JOURNAL 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 need to succeedin
UNDERSTANDING THE DUTIES OF A TRUSTEE IN In Brief. Trusts enable individuals to ensure the financial health of loved ones long after they are gone, but only if they are properly set up and administered. Trustees bear a great personal responsibility in ensuring that the trust is handled properly. The authors detail the different types of trusts, their taxation, and the trustee’s ARTICLES BY JESSICA KARANTONIS, CPA, AUTHOR AT THE CPA JOURNAL 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 need to succeedin
THE CPA JOURNAL
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 need to succeedin
TAX CHANGES FOR BUSINESSES IN THE CONSOLIDATED The Consolidated Appropriations Act of 2021 (CAA) (P.L. 116-260) funds the government for its fiscal year ending September 30, 2021, and makes major tax changes for businesses.NONPROFIT LIQUIDITY
Having implemented Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, many nonprofits are beginning to expand their understanding of liquidity and sharpen their financial storytelling to match.The sometimes unexpected benefit of adopting new accounting standards is that the process serves as an impetus to review the THE MYTH OF AUDITOR INDEPENDENCE More violations could be named, but this sample should be sufficient to declare that the profession has a problem. Either practitioners have biases that they do not recognize, which requires institutional changes; or they are unaware of the independence rules, which raises the issue of professional competence; or they are breaking the independence rules, which damages the perception HOW TO CREATE AN INCIDENT RESPONSE PLAN The previous installment of this column discussed what to do when a cyberattack inevitably occurs, including how to react if a client’s organization (or a CPA’s own employer) lacks an incident responseplan (IRP).
UNDERSTANDING THE RESEARCH AND DEVELOPMENT CREDIT In Brief. The federal research and development tax credit can be a boon to businesses, but as with any portion of the tax code, the rules surrounding it are complex. INVESTING IN QUALIFIED OPPORTUNITY FUNDS WITH IRREVOCABLELIST OF QUALIFIED OPPORTUNITY ZONE FUNDSQUALIFIED OPPORTUNITY FUND DESIGNATIONSQUALIFIED OPPORTUNITY FUND PERFORMANCE A Powerful Pairing. IGTs and QOFs work well together, as both are suited for investors with substantial time horizons. The real attraction for pairing the two is SELECTING MODIFIED RETROSPECTIVE TRANSITION FOR ADOPTING Transition Method Options. ASC 606-10-65-1d provides the option to use one of the following two transition methods: The “full retrospective” transition method: Retrospective application to each prior reporting period presented in accordance with ASC 250-10-45-5–10, subject to the practical expedients available under this option as may be elected pursuant to ASC 606-10-65-1f. CHARITABLE CONTRIBUTIONS BY S CORPORATIONS Many taxpayers oversimplify the rules surrounding the charitable contribution deduction. Most are aware that contributions to public charities were previously deductible up to 50% of adjusted gross income (AGI), and that for tax years 2018 through 2025, the deduction cannot exceed 60% of AGI. ARE PROJECT MANAGEMENT CREDENTIALS WORTH IT FOR CPAS The complexity and rate of change in today’s business environment requires businesses to manage multiple projects at all times. A study by the Project Management Institute (PMI) found that high-performing organizations across multiple industries successfully completed 89% of their projects, while low performers completed only 36% (“The High Cost of Low Performance,” PMI’s Pulse of theTHE CPA JOURNAL
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 need to succeedin
TAX CHANGES FOR BUSINESSES IN THE CONSOLIDATED The Consolidated Appropriations Act of 2021 (CAA) (P.L. 116-260) funds the government for its fiscal year ending September 30, 2021, and makes major tax changes for businesses.NONPROFIT LIQUIDITY
Having implemented Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, many nonprofits are beginning to expand their understanding of liquidity and sharpen their financial storytelling to match.The sometimes unexpected benefit of adopting new accounting standards is that the process serves as an impetus to review the THE MYTH OF AUDITOR INDEPENDENCE More violations could be named, but this sample should be sufficient to declare that the profession has a problem. Either practitioners have biases that they do not recognize, which requires institutional changes; or they are unaware of the independence rules, which raises the issue of professional competence; or they are breaking the independence rules, which damages the perception HOW TO CREATE AN INCIDENT RESPONSE PLAN The previous installment of this column discussed what to do when a cyberattack inevitably occurs, including how to react if a client’s organization (or a CPA’s own employer) lacks an incident responseplan (IRP).
UNDERSTANDING THE RESEARCH AND DEVELOPMENT CREDIT In Brief. The federal research and development tax credit can be a boon to businesses, but as with any portion of the tax code, the rules surrounding it are complex. INVESTING IN QUALIFIED OPPORTUNITY FUNDS WITH IRREVOCABLELIST OF QUALIFIED OPPORTUNITY ZONE FUNDSQUALIFIED OPPORTUNITY FUND DESIGNATIONSQUALIFIED OPPORTUNITY FUND PERFORMANCE A Powerful Pairing. IGTs and QOFs work well together, as both are suited for investors with substantial time horizons. The real attraction for pairing the two is SELECTING MODIFIED RETROSPECTIVE TRANSITION FOR ADOPTING Transition Method Options. ASC 606-10-65-1d provides the option to use one of the following two transition methods: The “full retrospective” transition method: Retrospective application to each prior reporting period presented in accordance with ASC 250-10-45-5–10, subject to the practical expedients available under this option as may be elected pursuant to ASC 606-10-65-1f. CHARITABLE CONTRIBUTIONS BY S CORPORATIONS Many taxpayers oversimplify the rules surrounding the charitable contribution deduction. Most are aware that contributions to public charities were previously deductible up to 50% of adjusted gross income (AGI), and that for tax years 2018 through 2025, the deduction cannot exceed 60% of AGI. ARE PROJECT MANAGEMENT CREDENTIALS WORTH IT FOR CPAS The complexity and rate of change in today’s business environment requires businesses to manage multiple projects at all times. A study by the Project Management Institute (PMI) found that high-performing organizations across multiple industries successfully completed 89% of their projects, while low performers completed only 36% (“The High Cost of Low Performance,” PMI’s Pulse of the CHARITABLE CONTRIBUTION BENEFITS EXTENDED BY THE The Coronavirus Aid, Relief, and Economic Security (CARES) Act, passed in March 2020, temporarily removed the adjusted gross income (AGI) limitation on the deduction of certain cash charitable contributions for individuals and exempt organizations formed as trusts. CONSIDERING THE LONGER-TERM EFFECTS OF LETTING STAR 10 hours ago · The 2018 Academic Study. The authors published (with a third coauthor) an academic study on management’s handling of ethical violations by star employees and average employees (Scot E. Justice, Jeffrey R. Cohen, and Dana R. Hermanson, “Star Employee Occupational Fraud: Treatment and Subsequent Effects,” Journal of Forensic and Investigative Accounting, 2018, vol. 10, no. 3, pp. CAA: ARTICLES, CONTENT, AND MEDIA 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 need to succeedin
TAX TREATMENT OF LIQUIDATIONS OF PARTNERSHIP INTERESTS 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 able to deduct a TAX TREATMENT OF HOME-SHARING ACTIVITIES What is a trade or business? The most commonly used criteria for defining business activity are those laid down by the U.S. Supreme Court in Groetzinger v.Comm’r : “To be engaged in a trade or business, the taxpayer must be involved in the activity with continuity and regularity, and the taxpayer’s primary purpose for engaging in the activity must be for income or ARTICLES BY SCOT E. JUSTICE, DBA, CPA, AUTHOR AT THE CPA 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 need to succeedin
UNDERSTANDING THE RESEARCH AND DEVELOPMENT CREDIT In Brief. The federal research and development tax credit can be a boon to businesses, but as with any portion of the tax code, the rules surrounding it are complex. ARTICLES BY JANE M. SEARING, CPA, AUTHOR AT THE CPA JOURNAL 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 need to succeedin
ARTICLES BY JESSICA KARANTONIS, CPA, AUTHOR AT THE CPA JOURNAL 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 need to succeedin
USING RATIO ANALYSIS TO MANAGE NOT-FOR-PROFIT Not-for-Profit Ratios. Investors, creditors, and analysts routinely use ratios to evaluate commercial enterprises. Because many of these ratios focus on profitability measures, their usefulness in guiding not-for-profit managers is limited.Latest Articles
* Tax Changes for Individuals in the American Rescue Plan Act * CPAJ News Briefs: FASB, AICPA, PCAOB * ICYMI | How Realization Negatively Impacts CPA Firms * ICYMI | Audit Oversight and Effectiveness * Not-for-Profits and the Pandemic * Charitable Contribution Benefits Extended by the ConsolidatedAppropriations Act
* CPAJ News Briefs: FASB, IASB, GASB * Complying with Federal Requirements for COVID-19 Funding in aSingle Audit
* Reimagining Strategic Vision for Nonprofits * Tax Changes for Businesses in the American Rescue Plan Act * Tax Changes for Individuals in the American Rescue Plan Act * CPAJ News Briefs: FASB, AICPA, PCAOB * ICYMI | How Realization Negatively Impacts CPA Firms * ICYMI | Audit Oversight and Effectiveness * Not-for-Profits and the Pandemic * Charitable Contribution Benefits Extended by the ConsolidatedAppropriations Act
* CPAJ News Briefs: FASB, IASB, GASB * Complying with Federal Requirements for COVID-19 Funding in aSingle Audit
* Reimagining Strategic Vision for Nonprofits * Tax Changes for Businesses in the American Rescue Plan Actprev
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April/May 2021
JUNE
2021 - BY John D'Amico, CPA COMPLYING WITH FEDERAL REQUIREMENTS FOR COVID-19 FUNDING IN A SINGLEAUDIT
April/May 2021
JUNE
2021 - BY David Rottkamp, CPA REIMAGINING STRATEGIC VISION FOR NONPROFITS EVALUATING EVERYTHING AFTER COVID-19April/May 2021
JUNE
2021 - BY Jane M. Searing, CPA and Jessica Karantonis, CPA CHARITABLE CONTRIBUTION BENEFITS EXTENDED BY THE CONSOLIDATEDAPPROPRIATIONS ACT
PRIVATE FOUNDATIONS MAY BENEFIT Featured JUNE 2021 - BY Thomson Reuters Checkpoint CPAJ NEWS BRIEFS: FASB, IASB, GASBApril/May 2021
JUNE
2021 - BY John D'Amico, CPA COMPLYING WITH FEDERAL REQUIREMENTS FOR COVID-19 FUNDING IN A SINGLEAUDIT
April/May 2021
JUNE
2021 - BY David Rottkamp, CPA REIMAGINING STRATEGIC VISION FOR NONPROFITS EVALUATING EVERYTHING AFTER COVID-19April/May 2021
JUNE
2021 - BY Jane M. Searing, CPA and Jessica Karantonis, CPA CHARITABLE CONTRIBUTION BENEFITS EXTENDED BY THE CONSOLIDATEDAPPROPRIATIONS ACT
PRIVATE FOUNDATIONS MAY BENEFIT Featured JUNE 2021 - BY Thomson Reuters Checkpoint CPAJ NEWS BRIEFS: FASB, IASB, GASBWE RECOMMEND
* 01Charitable Contribution Benefits Extended by the ConsolidatedAppropriations Act
* 02CPAJ News Briefs: FASB, IASB, GASB * 03Complying with Federal Requirements for COVID-19 Funding in aSingle Audit
* 04Reimagining Strategic Vision for NonprofitsFEATURE ARTICLES
April/May 2021
REIMAGINING STRATEGIC VISION FOR NONPROFITSJune 2021 0
In Brief The not-for-profit organizations that have weathered the storm of COVID-19 the best are those that have reimagined the organization's mission, strategic vision, and…Featured
ICYMI | AUDIT OVERSIGHT AND EFFECTIVENESSMay 2021 0
In Brief It has been nearly two decades since the creation of the PCAOB in response to a series of major financial reporting failures.But…
February/March 2021
ENSURING INTEGRITY: LITIGATION AND ENFORCEMENT UPDATEApril 2021 0
The final session of the conference featured a discussion of litigation and enforcement issues relevant to auditors. The panelists included Ben Campbell, General Counsel, Deloitte;…COVID-19
April/May 2021
CHARITABLE CONTRIBUTION BENEFITS EXTENDED BY THE CONSOLIDATEDAPPROPRIATIONS ACT
June 2021 0
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, passed in March 2020, temporarily removed the adjusted gross income (AGI) … COMPLYING WITH FEDERAL REQUIREMENTS FOR COVID-19 FUNDING IN A SINGLEAUDIT
June 2021 0
REIMAGINING STRATEGIC VISION FOR NONPROFITSJune 2021 0
NOT-FOR-PROFITS AND THE PANDEMICMay 2021 0
NEWS & VIEWS
April/May 2021
CHARITABLE CONTRIBUTION BENEFITS EXTENDED BY THE CONSOLIDATEDAPPROPRIATIONS ACT
June 2021 0
Featured
CPAJ NEWS BRIEFS: FASB, IASB, GASBJune 2021 0
April/May 2021
TAX CHANGES FOR BUSINESSES IN THE AMERICAN RESCUE PLAN ACTJune 2021 0
April/May 2021
TAX CHANGES FOR INDIVIDUALS IN THE AMERICAN RESCUE PLAN ACTJune 2021 0
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NOT-FOR-PROFITS AND THE PANDEMICMay 2021 0
Featured
FIRST LOOK AT THE TAX PROVISIONS OF THE NEW YORK STATE 2021/2022BUDGET ACT
May 2021 0
Featured
ICYMI | A FIRST LOOK AT THE AMERICAN RESCUE PLAN ACT OF 2021May 2021 0
Featured
ICYMI | ADDITIONAL CORONAVIRUS RELIEF IN THE CONSOLIDATED APPROPRIATIONS ACT OF 2021May 2021 0
DIVERSITY & INCLUSION Diversity & Inclusion ICYMI | CONTINUING THE MARCH TOWARD A MORE DIVERSE PROFESSIONMarch 2021 0
Featured
ICYMI | WOMEN ACCOUNTANTS AT HASKINS & SELLS DURING THE 1920SMarch 2021 0
Featured
ICYMI | IT’S AMAZING WHAT CPAS CAN DOMarch 2021 0
Featured
ICYMI | THE EFFECT OF SEXUAL HARASSMENT ON INTERNAL AUDIT RISKASSESSMENTS
March 2021 0
COLUMNS
February/March 2021
FORTÉ CAPITAL’S SELECTED STATISTICSApril 2021 0
February/March 2021
TAX UPDATE RESOURCESApril 2021 0
February/March 2021
THE COVID-19 SHIFT
April 2021 0
February/March 2021
CHANGES TO ‘BUSINESS ACTIVITY’ ON THE HORIZON?April 2021 0
IN CASE YOU MISSED ITFeatured
ICYMI | WHEN WILL WE BE ABLE TO BREATHE…February 2021 0
“I can't breathe.” Three words seared into the minds of Black and Brown people in the United States and the … ICYMI | WARNING SIGNS ABOUT THE FUTURE SUPPLY OF ACCOUNTING GRADUATESOctober 2020 0
ICYMI—APPLYING THE NEW ACCOUNTING GUIDANCE FOR CONTRIBUTIONSMay 2020 0
ICYMI—THE REPORTING IMPACT OF ASU 2016-14May 0202 0
PUBLISHER'S COLUMN
February/March
2021
BE THE FUTURE
April 2021 0
CPA firms found themselves, as all businesses had over the past year, facing the chaotic economic landscape created by the … ICYMI | CONTINUING THE MARCH TOWARD A MORE DIVERSE PROFESSIONMarch 2021 0
STANDING TOGETHER
August 2020 0
VIDEOS & MEDIA
Featured
VOICES OF THE PROFESSION: INTERVIEW WITH THE UN’S CHANTAL…February 2020 0
In the past decade, sustainability has moved from the periphery to become central in the global efforts to promote economic … VOICES OF THE PROFESSION: AN INTERVIEW WITH FORMER CONGRESSMAN JOSEPHDIOGUARDI
July 2019 0
VOICES OF THE PROFESSION: VIDEO INTERVIEW WITH MARK MARTINELLI, CHIEF AUDIT EXECUTIVE AT SYNCHRONYJune 2019 0
ABOUT THE CPA JOURNAL The CPA Journal is a publication of the New York State Society of CPAs,
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