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. 86, No. 12, December

2016 Year in Review
For 85 years, The CPA Journal has earned the respect of CPAs and other financial professionals for its in-depth analysis of current issues. We do not do this alone. The editors are grateful to the accounting and financial professionals and the educators...
5 Steps to Prepare for Audit Season
The end of the year is coming, and for auditors, that means busy season is just around the corner. There never seem to be enough hours in the day to accomplish all that needs to be done, but putting off preparing for busy season only make things worse....
7 Essentials for a CPA Firm Marketing Program
With an ever-increasing choice of marketing tools, it is important for CPAs to focus promotional efforts on the areas of greatest benefit to the firm. The following are seven essentials for any firm's marketing program.A satisfied client base. Growth...
AUD | Searching for Buried Treasure: The Elusive Completeness Assertion for Revenue, Part 2
Last month, this column discussed identifying and addressing risks of material revenue understatements in general, and those specific risks presented by outsiders who control and have an incentive to intentionally-or sometimes unintentionally-underreport...
CPA Journal Manuscript Reviewers 2015/2016
* Abraham Akresh* Jeffrey Allen* Robert Barnett* Stewart Berger* Warren Bergstein* Quinton Booker* Alexander Buchholz* Jacqueline Burke* Gary Carpenter* Anthony Cassella* Scott Cheslowitz* Michael Chiasson* Ayanna Coleman* Vincent Cosenza* Robert Demmett*...
Disentangling from Onerous New York State CPA Licensing Requirements
Everyone has seen the ubiquitous advertisements sponsored by New York State to promote doing business in the state, using the slogan, "In New York State, we believe tomorrow starts today." The ads suggest that New York State is an excellent place to...
EBP | 401(k) Plan Investment Selection: Passive Fund Management versus Active Fund Management
Retirement plan committees are increasingly selecting passively managed funds for their 40i(k) plan investment menus, in many instances to replace actively managed funds. Recent excessive fee lawsuits, as well as finalized Department of Labor (DOL) regulations,...
Five Things CPAs Can Do for a Stronger Democratic Society
Some people love him. Some people hate him. Regardless of what anyone feels about him, New York City real estate mogul and TV reality show star of The Apprentice Donald J. Trump is poised to, in January, become the next president of the United States.While...
Forté Capital's Selected Statistics
Vehicle SalesVehicle sales increased in October from 17.8 million to 18.3 million units on a seasonally adjusted annual rate. This represents just under a 3% gain month over month and a 0.6% gain year over year. The pace of vehicle sales does not appear...
High School Confidential: Future Accountants Speak about the Profession
In October, Jason Ackerman's first practice management column discussed his firm's practice of hiring high school interns at his firm to give them early exposure to the world of accounting. Subsequent to this, The CPA Journal sat down with a small but...
How to Get Paid in a Fee Dispute: Playing Offense in a World of Defenses
Changing times and business practices are making it harder for professional advisors to get paid. The stack of past due accounts gathering dust in many CPA offices is increasing. Whatever the reason might be, the reality is that some clients pay and...
In Case You Missed It: A Look Back at 2016
In 2016, the Journal continued our coverage of some of the unresolved accounting, auditing, and financial reporting issues that have plagued the profession since the 1930s. As always, a number of new ideas issues surfaced throughout the year and garnered...
In This Issue: December 2016
What is the current state of the profession? To answer this question, we turn to the results of our second annual NYSSCPA-Rosenberg Survey to identify and quantify trends in public practice. The survey revealed some interesting changes and trends that...
PFP | Financial & Retirement Planning for Sole Practitioners
Many CPAs are knowledgeable about financial planning, and they do an excellent job advising their clients. When planning for themselves, however, problems arise because many just do not get around to it. There is no urgency, no accountability except...
Practice Management Blogs
CPA firm leadership is being stretched on all sides to attract and serve clients, recruit and retain team members, increase firm value and size, and maximize performance. A profession that attracts quantitatively oriented individuals also requires them...
Profiles in Community-Oriented, Socially Engaged Professionals: It's Amazing What CPAs Can Do
Accounting as a profession carries a public interest responsibility that also contributes significant value to society. Accounting can also lead one to some amazing careers, such as a Fortune 500 CEO, an FBI agent, or a not-for-profit treasurer. Following...
Reconsider CPE Requirements for Retired CPAs
I enjoyed Joanne Barry's column, "New York's Seven-Year Itch" (September 2016). She wrote that the staff and leadership of the NYSSCPA are considering other initiatives that would update professional practices, including clarifying CPE provisions, among...
SLT | Roundup of Current Developments
CPAs need to be aware of current developments in key states in order to properly advise taxpayers doing business in multiple jurisdictions. This article provides an overview of some developments in key states outside of New York.Pennsylvania 2017 Tax...
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 pressing issues coming down the regulatory and administrative...
TFA | Tax and Financial Aspects of Disasters
Disasters result from natural causes, such as storms, floods, fires, and earthquakes, and from human activity, such as riots and terrorist attacks. Unfortunately, disasters have become all too common. In the first eight months of 2016, the Federal Emergency...
The End of Accounting and the Path Forward
The End of Accounting and the Path ForwardEditors' Note: Published this past June, Baruch Lev and Fang Gu's The End of Accounting and the Path Forward for Investors and Managers (Wiley) has generated a great deal of controversy within the profession....
The Ethical State of the CPA Profession: An Interview with Tony Menendez and Steven Mintz
Editors' Note: The debate over the ethical responsibilities of CPAs and how to fulfill them has always been at the center of the profession. Recently, The CPA Journal discussed this subject with Tony Menendez, the CPA who blew the whistle on Halliburton's...
The Great CPA Followership Crisis: Learning to Grow Again through Shared Purpose, Quality, and Language
In BriefCPA firms are facing a succession crisis that endangers growth and profitability. The historical model of organic growth that relies on relationship management by generalist partners is no longer effective in an increasingly specialized practice...
The State of the Profession: Analyzing the Results of the 2016 Practice Management Survey
In BriefThe second annual NYSSCPA-Rosenberg Survey identifies trends from the national 18th Annual 2016 Practice Management Survey and provides a comparative qualitative analysis to participating New York State CPA firms. The survey contains a wealth...
TPP| Tax Consequences of Alimony Payments
The last thing on most people's minds during a messy divorce is the tax treatment of the support payments that will eventually be made. Unfortunately, many matrimonial attorneys also fail to consider or hilly detail the parties' intended tax treatment...
Why Business Insurance Is a Critical Component of an Estate Plan
When CPAs have individual clients who are business owners, it is important to remember that they have worked very hard to build both their business and their personal estate. Many business owners focus the majority of their time on building the business...
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