The CPA Journal

The CPA Journal is a monthly refereed accounting journal. It has been published by the New York State Society of CPAs since 1930.Subjects for The CPA Journal inlcude accountants and accounting. Carolyn Morrisroe is the managing editor and Anthony H. Sarmiento is a contributing editor.

Articles from Vol. 80, No. 5, May

A Clear Look at Tax Software
2010 Annual Survey of New York State PractitionersNew York State tax practitioners responding to the 2010 annual survey continue to utilize the most popular tax software products, while they report a general decrease in the use of e-filing. Overall ratings...
ARRA and Single Audits
Addressing the Risks and ChallengesOn February 17, 2009, President Barack Obama signed the American Recovery and Reinvestment Act of 2009 (ARRA), which provided a $787 billion stimulus to the struggling U.S. economy. Nearly 45% of the stimulus package...
Capitalizing Lease Payments
Potential Effects of the FASB/IASB PlanIf the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issue a standard on accounting for leases that sharply curtails the suitable applicability of operating...
Designing an Internal Control Assessment Program Using COSO's Guidance on Monitoring
Section 302 of the Sarbanes-Oxley Act of 2002 (SOX) requires that CEOs and CFOs of public companies, in connection with the filing of periodic reports under the Securities Exchange Act of 1934, disclose any changes in their internal control systems....
How Blue Chip Companies Fared under FIN 48
In June 2006, FASB Interpretation 48, Accounting for Uncertainty in Income Taxes (FIN 48; now codified as ASC [Accounting Standards Codification] 740-10) was issued to address perceived inconsistencies in practice in the accounting for the recognition...
Key Provisions of IFRS for Small and Medium-Sized Entities
International Financial Reporting Standards (IFRS) is on the horizon for publicly traded entities. The SEC has already begun allowing foreign private issuers to use IFRS in SEC filings without reconciling to GAAP, effective for periods ending after November...
Make the Most of Home Buyer Tax Credits
The Worker, Horneo wnership, and Business Assistance Act of 2009 (HR 3548), signed into law by President Barack Obama on November 6, 2009, offers an extension of generous tax benefits to first-time home buyers as well as expanding nearly comparable tax...
Section 1031 Like-Kind Exchanges and Entity Considerations
Like-kind exchanges have become increasingly common. Individuals and entities utilize IRC section 1031 like-kind exchanges to defer tax from the sale or transfer of real property. Individual shareholders and partners often desire different results; some...
The Power of a Collective Voice
The NYSSCPA has been the voice of the CPA profession in New York State for more than 100 years, and that voice has just gotten stronger. The broadened scope of practice in stale law now embraces CPAs in industry, government, and academia, in addition...
The Roth Conversion Question
Forecasting Future Market Scenarios Helps Determine the Best StrategyRoth KAs, despite their attractive features, have yet to match the popularity of traditional individual retirement accounts. Of course, one reason Roths constitute such a small percentage...
Website of the Month: NYSE Euronext
The NYSE Euronext website (www.nyse.com) is an excellent source of both quick and detailed information on the exchange's listed companies and indices, as well as news, publications, and educational materials. The site offers handy summaries, tables,...
What Is Reasonable Compensation for S Corporation Shareholder-Employees?
Some Practical GuidanceThe issue of what reasonable compensation for shareholder-employees of S corporations should be has been around for some time. Every time the IRS accepts a Form 2553, "Election by a Small Business Corporation," it sends a CP261,...
When Accountants Blow the Whistle
A Brief Overview of Federal and State ProtectionsOver the course of their careers, a sizable percentage of accountants and other finance professionals will experience one or more instances in which their employers ask them to do something that might...
XBRL-Beyond the Basics
Benefits for Financial Reporting and AuditingThose CPAs who understand Extensible Business Reporting Language (XBRL) can use it to automate portions of the accounting and financial reporting processes, as well as enhance auditing capabilities. The SEC...