FASB’s New Guidance on Accounting for Crypto Assets
Dec 25, 2024 · In December 2023, FASB issued ASU 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60).This final guidance requires all entities to measure …
Fiduciary Duty, Due Care, and the Public Interest
Apr 3, 2020 · Fiduciary duty. Fiduciary duty is a legal concept established by law, not by any accounting, auditing, or other related professional standard. Black’s Law Dictionary defines …
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 …
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, …
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 …
Untangling the Inherited IRA Rules - The CPA Journal
Jun 13, 2018 · When a deceased owner passes an IRA to her beneficiaries, the beneficiaries may be required to withdraw similar RMD amounts as well. There is no maximum on the amount …
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, …
Accounting for Sales with Contingent Obligations
Jun 16, 2020 · The Installment Method. The installment method is the default method for reporting sales involving future-year contingent consideration (IRC section 453), subject to certain …
The Future of Business Data Analytics and Accounting Automation
Jan 31, 2024 · The Value of Business Data Analytics. Michael Parrinello, CPA, is a partner at the Bonadio Group, a mid-sized accounting firm with offices in New York, Texas, and Vermont that …
Understanding the IRS’s Seven New Casualty Loss Safe Harbors
Oct 22, 2018 · Current Law and Regulations on Casualty Losses. Personal casualty losses are deductible as itemized deductions under Internal Revenue Code (IRC) section 165(a) and (c), …