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 …
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 …
July/August 2024: Articles, Content, and Media - The CPA Journal
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 …
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.
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.
The Past, Present, and Future of Forensic Accounting
Apr 10, 2020 · The Origins of Forensic Accounting. The world of forensic accounting has been developing for the past 70 years. Some credit the beginning of the understanding of fraud as a subject of scientific study to the 1934 work of Donald Cressey and Edwin Southland, who coauthored Principles of Criminology. This authoritative text defined and described the fraud …
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 …
Employee-paid Business Expenses - The CPA Journal
May 27, 2020 · While the increase in the standard deduction (nearly double the 2017 amounts for tax years 2018 thru 2025) means that fewer taxpayers overall will itemize deductions, employees with out-of-pocket work-related expenses may not have realized that the TCJA eliminated all possible means of tax relief for “ordinary and necessary” business-related expenses they …
How the Loophole in IRC Section 121 Can Benefit Homeowners
Feb 5, 2020 · The Basics. The core of IRC section 121 is fairly simple. Individual homeowners can exclude from gross income up to $250,000 of gain ($500,000 for certain married couples filing jointly) provided that they satisfy the ownership requirements.
Interest Rate Swaps: Simplified Accounting for a Perfect Fair Value ...
Nov 27, 2017 · The U.S. economy has been improving steadily for the past seven years, and interest rates have remained at historical lows. Nevertheless, there will be an economic slowdown at some point in the future, and the economy will be better positioned if interest rates are relatively high when the downturn starts.