Month: November 2019

January 2020 CPA Exam Updates

In January 2020, the following new concepts will be testable on the CPA Exam: Regulation (REG) Updates Bankruptcy Code Updates (R8 Modules 1 and 2) On April 1 every third year after 1998, certain dollar amounts under the Bankruptcy Code are adjusted for inflation based on the Consumer...


Excel's Magical Equation Solver: Goal Seek

You may have a spreadsheet that computes profit from a new product as a function of units sold. A colleague asks how many units need to be sold for the product to break even. You frantically change the value in the units sold cell until profit equals 0. If you have ever faced a similar situation in...


The IRS Releases New Tax Gap Data

In September 2019, the IRS released tax gap estimates for the years 2011-2013. The recent IRS estimates show that there hasn’t been a significant change in compliance rates relative to past estimates calculated by the IRS. The IRS estimates the tax gap from time to time to determine compliance...


Critical Audit Matters –What is Actually Being Communicated?

The Public Company Accounting Oversight Board (PCAOB) started requiring financial statement auditors of large accelerated public company filers to include “critical audit matters” in audit reports for fiscal years ending on or after June 30, 2019. All other nonexempt filers will begin including...


Tax vs Audit: How to Choose a Career Path

In accounting, your career could go in many different directions, but most of your choices will fall under tax or audit. So which track is right for you? It really is all about the right fit – which one better accommodates your lifestyle and career goals? What’s going to make you happy?...