Tag: CPE

An Auditor’s Responsibility for Cybersecurity Risks

Cybersecurity has rapidly become a significant risk to businesses as breaches of information may result in financial and reputational damage, diminished investor confidence, and exposure to potential regulatory fines. Cybersecurity risks and controls are within the scope of the financial statement...


Joint Committee on Taxation Publishes Distributional Effects of TCJA

The Joint Committee on Taxation (JCT) recently published a series of documents tied to the Tax Cuts and Jobs Act. One of the documents receiving a great deal of attention is the “Distributional Effects of Public Law 115-97.” The document provides distributional tables and analysis of the Tax...


Excel’s New Geographic Data Types

Office 365’s new geographic data types allow you to type a location in Excel and write formulas that extract information about the location to a different cell. For example, if you enter “Paris” in cell E4, entering the formula “E4.Population” in a different cell will...


Dynamic Ranges and the OFFSET FUNCTION

In our January and February 2019 newsletters we discussed the OFFSET function. Recall that the syntax of the OFFSET function is OFFSET(cell  reference, rows moved, columns moved,height,width). As we explained in our last two articles, we begin in the cell reference and based on the rows...


Will Private Company GAAP Alternatives Soon Be Made Available to Nonprofits?

The Financial Accounting Standards Board (FASB) has proposed that two GAAP alternatives currently available only to nonpublic business entities also be made available to nonprofit organizations.   The accounting alternatives were originally codified into GAAP through ASU 2014-02 and ASU...


Recent Tax Changes to Keep in Mind For 2019

Now that tax season is over, it is important to look at some recent tax changes that affect compliance and planning for 2019.  These changes have been brought about by the Tax Cuts and Jobs Act (TCJA), new regulations, revenue procedures, notices, and other rulings. Medical deduction: The...


IRS Issues Form for Base Erosion and Anti-Abuse Tax

The Tax Cuts and Jobs Act added a new provision to the Internal Revenue Code called the “Base Erosion and Anti-abuse Tax” (BEAT). The IRS recently issued Form 8991, Tax on Base Erosion Payments of Taxpayers with Substantial Gross Receipts, which taxpayers will use to report their tax liability...


Accounting for Leasehold Improvements and Lease Incentives Under New Rules

Lease incentives are any payment made to, or on behalf of, a lessee to fund items that would otherwise be a lessee’s expense. This includes reimbursement for moving expenses or assumption of a lessee’s pre-existing lease.   Lease incentives reduce lease payments used for lease...


IRS Publishes GILTI Tax Forms

The IRS has published both of the forms U.S. shareholders need to compute amounts tied to global intangible low-taxed income (GILTI). The GILTI provisions were enacted as part of the Tax Cuts and Jobs Act (TCJA) and apply to all U.S. persons that own at least 10 percent of a foreign corporation. ...


5 Ways to Stand Out In Your First Year On the Job

You’ve passed the CPA exam and landed your first job as an accounting professional! It can be tempting to assume the hard part is behind you now that you’ve successfully passed the CPA exam. The truth is that the working world is full of obstacles that need to be carefully navigated. As you...


8 Networking Tips for CPAs

If you poll CPAs on how they found their current position, you would find it’s often through networking, both informal and formal. Making personal connections often leads to professional opportunities in the accounting world. When searching for a role as a Certified Public Accountant (CPA),...


Opportunity Zone Investments

The Tax Cuts and Jobs Act created a new investment our clients need to be aware of. Referred to as the “Opportunity Zone” program, this new investment vehicle provides spectacular tax benefits for those who can take advantage of its features. This article explores the key aspects of investing in...


What PCAOB Inspectors Will Look for in 2019 Audits

The Public Company Accounting Oversight Board (PCAOB) issues an annual outlook on the potential focus areas for inspections of audits of issuers and broker dealers. The following areas will be emphasized in 2019: Recurring deficiencies related to auditor independence suggest that firms do not have...


New Treasury Regulations Usher in the New Year

The Treasury Department issued a plethora of guidance in the international tax arena during the latter part of 2018 to address changes made by the Tax Cuts and Jobs Act (TCJA). This article provides a brief summary of the proposed regulations for the transition tax, global intangible low-taxed...


5 Tips for Surviving Busy Season

It’s that time again! Every tax accountant and auditor understands the stress and exhaustion of busy season. While we can’t lighten your workload, we can offer a few tips to help you survive it.  Inform your non-accounting family and friends. Your loved ones who aren’t a part of the...


Materiality – Standard Setters Revisit This Important Concept

The Financial Accounting Standards Board (FASB) recently amended Statement of Financial Accounting Concepts No. 8, Chapter 3, Qualitative Characteristics of Useful Financial Information. The Concepts Statement provides a foundation from which financial reporting standards are created.  Similarly,...


Tax Policy Under a New Congress

In December 2017, Republicans passed the biggest tax reform legislation since Ronald Reagan signed the Tax Reform Act of 1986. Now, a year later, Democrats have control of the House of Representatives and there is much speculation about what will happen with tax policy in 2019 under the 116th...


Revenue Recognition – Real Life Impacts

Accounting for revenues and the associated direct costs has caused global sweeping changes recently.  While the underlying concepts are not entirely new, the changes are having larger impacts on certain industries and are causing other companies to rethink how they do business. U.S. public...


Treasury Releases Proposed Regs on New GILTI Tax Provisions

In mid-September, the Treasury Department and IRS released proposed regulations on the treatment of Global Intangible Low-Taxed Income (GILTI).  The GILTI rules were created by the Tax Cuts and Jobs Act (TCJA) and operate as a worldwide backstop to the territorial-style rules adopted by the tax...


FASB Updates Accounting for Costs of Implementing Cloud-Based Computing Arrangements

ASU 2018-05, Intangibles-Goodwill and Other: Internal-Use Software (Subtopic 350-40) relates to a customer’s accounting for costs incurred in implementing a cloud-based computing arrangement that is considered a service contract versus a software license. Previously issued ASU 2015-05 provided...