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 …
Equity Method Accounting - The CPA Journal
Apr 12, 2023 · In January 2016, FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. This ASU required that companies measure their equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) at fair value, with changes in fair value recognized in net …
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.
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 …
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.
Accounting Ethics Education - The CPA Journal
Oct 19, 2021 · McGraw-Hill Irwin, 2000). The CPA Journal has contributed to the discussion about teaching ethics to accounting students, including a paper by this author that explores the role of the “Giving Voice to Values” (GVV) methodology discussed below (Steven Mintz: “Reimaging Ethics Education,” September 2017, pp. 98-102).
The Future of Business Data Analytics and Accounting Automation
Jan 31, 2024 · The Value of Business Data Analytics. Michael Parrinello, CPA, is a partner at the Bonadio Group, a mid-sized accounting firm with offices in New York, Texas, and Vermont that was named among the Top 100 Public Accounting Firms in 2020 by Inside Public Accounting. Parrinello (2021) stated that many of the Bonadio Group’s small- to mid-sized clients pushed …
Depreciable Asset Lives - The CPA Journal
Sep 8, 2016 · FASB currently emphasizes that depreciation accounting “is a process of allocation, not of valuation” and describes it as the expense that results from the systematic and rational allocation of the cost of a productive facility or other tangible capital asset, less salvage (if any), as equitably as possible to the periods during which ...
How to Report Internal Control Deficiencies - The CPA Journal
Oct 24, 2017 · 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).
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 …