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 need to succeed in ...
The New State of Administrative Law - The CPA Journal
Nov 12, 2024 · Impact on Tax Law. Loper Bright and Corner Post are significant decisions that lay the groundwork for a more plaintiff-friendly litigation landscape in challenging agency actions. In undoing Chevron, the Supreme Court has turned agency regulations not based on an explicit grant of authority from affirmative law to an expression of an agency’s position on a statute.
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.
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 combination transaction.
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.
CPAJ News Briefs: FASB, IASB, PCAOB - The CPA Journal
Nov 14, 2024 · 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 need to succeed in ...
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 …
The Updated NIST Cybersecurity Framework - The CPA Journal
Sep 17, 2024 · Identify, protect, detect, respond, and recover: these words will be familiar to everyone who has attended a cyber-security-related update presentation at their organization, discussed cybersecurity with a client, participated in a cyber-risk assessment, obtained cyber-related continuing education courses, or read cyber-related vendor and consultant proposals during the past few years.
The Employee Retention Credit - The CPA Journal
May 13, 2024 · Background. The ERC was initially enacted in March 2020 as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide eligible employers with a refundable tax credit against applicable employment taxes during qualifying periods between March 13, 2020, and December 31, 2021 (its availability in the fourth quarter of 2021 is limited to “recovery startup” businesses).
ICYMI | Private Equity is Here - The CPA Journal
Dec 2, 2024 · Like it or not, private equity is quickly changing the landscape of the public accounting profession. Some observers estimate that in five years, 20% of CPA firms will be private equity–sponsored (Daniel Hood, “PE and accounting: The new formula,” Accounting Today, https://tinyurl.com ...