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 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 …
How the Loophole in IRC Section 121 Can Benefit Homeowners
Feb 5, 2020 · The Basics. The core of IRC section 121 is fairly simple. Individual homeowners can exclude from gross income up to $250,000 of gain ($500,000 for certain married couples filing jointly) provided that they satisfy the ownership requirements.
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.
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.
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).
Accounting for Credit Losses Under ASU 2016-13 - The CPA Journal
Feb 21, 2018 · Requirements of ASU 2016-13 and SAB 74. Exhibit 1 lists the key provisions of the ASU, which will affect many areas and require management to make challenging estimates that must be reassessed each reporting period.As FASB has noted, the ASU will “broaden the information that an entity must consider in developing its expected credit loss estimate for …
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 …
Using the New Reporting Requirements for Not-for-Profit Entities
Apr 25, 2018 · Reporting model. The financial reporting model for not-for-profit organizations was established in 1993 under SFAS 117, Financial Statements of Not-for-Profit Organizations. The most important consequence of SFAS 117 is that it put all private not-for-profit organizations under a single reporting format, which focused on the overall entity.