The CPA Journal - The Voice of the Accounting Profession
WEBThe 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 succeed in ...
Tax Consequences of Settlement and Litigation Award Payments ...
WEBNov 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.
Tax Treatment of Liquidations of Partnership Interests
WEBFeb 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 able to deduct a ...
Qualified Business Income Deduction and the Self-Employed
WEBJul 29, 2022 · The Tax Cuts and Job Act of 2017 (TCJA) included a new 20% deduction, known as the Qualified Business Income (QBI) deduction under IRC Section 199A, for sole proprietors and owners of pass-through entities for tax years beginning after December 31, 2017, and before January 1, 2026. For tax years …
Basic Tax Reporting for Decedents and Estates - The CPA Journal
WEBAug 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.
History of the Auditing World, Part 1 - The CPA Journal
WEBNov 25, 2020 · The history of modern auditing coincides conveniently with the history of The CPA Journal. The 1930s not only saw the NYSSCPA begin publication of what would become the Journal—it also witnessed the establishment of public company auditing, of the recognition of the central role of generally accepted accounting principles, and the beginning and slow evolution of auditing standards and the ...
Managing the Risks of Client Acceptance and Continuance
WEBFeb 12, 2020 · The negative actions of clients can sometimes rebound on auditors, damaging that reputation; preventing this means carefully vetting clients and their activities at every stage of an engagement. The authors share advice from several professionals on proper practices for client acceptance, continuance, and—when necessary—disengagement.
Major Revisions to the Auditor's Report - The CPA Journal
WEBApr 7, 2021 · Overview of Changes to Audit Reports. The ASB’s changes greatly impact auditor reports. Briefly, the changes included: 1) moving the opinion to the first part of the report; 2) adding more titles; 3) disclosing management’s and the auditor’s responsibility for going concern issues; 4) introducing key audit matters (KAM); and 5) expanding the disclosure of auditor responsibilities.
Maintaining Auditor Independence When Giving Accounting …
WEBOct 16, 2018 · The Commission’s auditor independence requirements with respect to services provided by auditors are largely predicated on four basic principles. [That is, 1) An auditor cannot function in the role of management, 2) an auditor cannot audit his or her own work, 3) an auditor cannot serve in an advocacy role for his or her client and 4) an ...
Accounting for Operating Leases - The CPA Journal
WEBJan 12, 2022 · As of the end of Chipotle’s second quarter, the company reported approximately $2.37 billion of ROU assets (50.9% of total assets) and approximately $2.70 billion of operating lease liabilities (86.4% of total liabilities). Total liabilities for the company increased 279% from pre-ASC 842 levels.