Category: Accounting & Finance

My CPA Exam Story: Making Sacrifices for the End Goal

Dory Pluger started studying for the CPA Exam in September 2016, and successfully completed all four parts on the first try* by August 2017 using Becker’s Self-Study CPA Review, as well as CPA Exam Final Review. She took the sections in the following order: REG, AUD, FAR, BEC. She shares more of...


Proposed Ethics Interpretation - Knowing Misrepresentations in the Preparation and Presentation of Information

AICPA Members in business may be involved in the preparation and presentation of information for use both internally and externally to an employing organization. This includes financial and non-financial information, such as performance reports, budgets, forecasts, tax returns, and more. Members who...


Closing the Tax Gap after Tax Reform

Administering and enforcing the tax code is no small task. In 2017, the IRS processed 245 million tax returns, collected $3.4 trillion in taxes, and issued refunds to over 120 million households.  So, how will the Tax Cuts and Jobs Act impact the IRS’s tax administrative duties,...


My CPA Exam Story: Exercise Was Key to Focus

Derek Almich graduated from Minnesota State University in Mankato, Minn., in December 2016 with a degree in accounting and corporate finance. He used Becker’s Self Study CPA Exam Review Format to prepare for the CPA Exam, typically studying for two months before each exam with a little more time...


Becker Launches New Study Tool, CPA SkillMaster Videos

Do you ever wish you had a coach to walk you through the most complex CPA Exam questions? Meet our new CPA Skillmaster Videos! The one-of-a-kind study tool has expert instructors walking you through solutions and strategies for the CPA exam task-based simulations (TBS). It’s like having your own...


My CPA Exam Story: Achieving Success as a Working Mom

Jennifer Garcia is the mother of Olivia, 8, and Emma, 3. She graduated college from Illinois State in 2000, and worked as an auditor until 2002. She recently shared her CPA Exam journey with us, including her experience with Becker’s Self-Study CPA Exam Review: I sat for my CPA exam in college my...


Tax Trends and Federal Receipts for 2018

A recent report by the Joint Committee on Taxation (JCT) highlights some interesting tax trends over the last 75 years and makes important projections about federal tax receipts for 2018.[i] For starters, the individual income tax is expected to account for 50.0% of Federal receipts in 2018.  This...


The AICPA Releases Interpretation on Dual-Audit Reporting

The Auditing Standards Board (ASB), who promulgates generally accepted auditing standards (GAAS), recently released an interpretation to help any auditor of a “nonissuer” comply with reporting requirements under both AU-C Section 700, Forming an Opinion and Reporting on Financial Statements, and...


Tax Provisions Included in the Consolidated Appropriations Act

On March 23, 2018 President Trump signed into law the Consolidated Appropriations Act of 2018. The $1.3 trillion spending bill funds the federal government through September 30. This article explores the tax-related provisions included in this new law. Low-income Housing Credit  The low-income...


Time Management Tips for the CPA Exam

The CPA Exam uses a multistage testing format. If you do well on one testlet, the next testlet will be harder, so time management is key. Here are some tips to keep you on task when you sit for the exam: Move Quickly Through the First Testlet The first testlet is at a level of moderate difficulty....


Managing Stress on the CPA Exam

There is no denying that studying for the CPA Exam is an inherently stressful experience. One cannot completely eliminate that stress, and it probably wouldn’t be a good idea to do so because stress can be a motivator, but you don’t want the time you spend studying to be the worst experience of...


The Latest Independence Impairment Concern – Hosting Your Client’s Data

The AICPA Code of Professional Conduct “Independence Rule” Section 1.295.143 relates to Hosting Services.  Under this newest rule, a CPA’s independence is impaired when taking responsibility for hosting an attest client’s data or records (whether hard copy or electronic).  This action is...


How Tax Reform Has Impacted Foreign Operations

Most U.S. corporations conduct their foreign business operations through foreign subsidiaries. When a foreign subsidiary is owned more than 50 percent by U.S. shareholders, it’s considered a controlled foreign corporation (CFC). If a U.S. corporation controls a foreign corporation in a low-tax...


How to Get the Most Out of Your CPA Exam Review

The CPA Exam Review is a challenge. Trust me, I know. I’m working through the course right now and I understand the dedication it takes and the frustration it can sometimes bring. But not to worry—if I can do it, you can do it. You just need to figure out what works best for you and develop your...


CPA Exam Day Tips for Success

It’s no secret that preparing for the CPA Exam can be intense. Here are a few final tips for CPA candidates straight from our Becker experts.Read more


Tax Reform-A Mixed Bag for Multinationals

When the Times Square Ball dropped on New Year’s Eve and the lights at the bottom of the poll illuminated ‘2018,’ it marked the beginning of a whole new tax system for U.S. multinationals. Our worldwide tax system was instantly replaced with a territorial system. Capital export neutrality was...


Private Entities Should Explore Using a GAAP Alternative to Prepare Financial Statements

The Financial Reporting Framework for Small- and Medium-Sized EntitiesTM (FRF for SME’s) was created by the AICPA in 2013.  The intent was to give owner-managed, privately-held businesses a GAAP alternative that would cost-effectively produce relevant, yet simplified, financial statements for the...


NASBA Announces New Gateway System & National Candidate Database

NASBA announced that starting at 12:00 am CST on Monday, March 5, 2018, they will launch a new version of their Gateway System and National Candidate Database. According to NASBA, “These new systems will greatly improve your overall experience with additional user-friendly functionality and...


Tax Reform and the New International Provisions

The Tax Cuts and Jobs Act made significant changes to the rules governing international taxation. Most provisions are focused on making U.S. companies more competitive abroad and bringing more investment to the United States, but the new legislation also attempts to crack down on base erosion and...


The New Deduction for “Pass –Through” Businesses

The Tax Cuts and Jobs Act enacted Code Section 199A which provides a   20% deduction for businesses. However the deduction is not always 20%, and not every business qualifies. This article explores the key elements of this new provision. Overview The deduction for years beginning after 2017 is...