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SEC Issues Guidance on Opportunity Zone Investments

The U.S. Securities and Exchange Commission (SEC) teamed up with the North American Securities Administrators Association (NASAA) to explain the application of federal and state securities laws to opportunity zone investments. The Tax Cuts and Jobs Act (TCJA) set up the opportunity zone program as a

IRS Commissioner Considering Practitioner Services Division

This past May, at the conclusion of the American Institute of CPAs' (AICPA) Spring Meeting of Council, several hundred CPAs from across the nation, including VSCPA members, met with Members of Congress to ask for their support of consolidating existing Internal Revenue Service (IRS) units into a

Why the TCJA Packs Even More Depreciation Punch

The Tax Cuts and Jobs Act (TCJA) combines powerful enhancements for the Section 179 “expensing” and “bonus” depreciation deductions. That’s an effective 1-2 punch that’s hard to beat. Given the TCJA's impact on deductions, there’s a good chance that your small business clients can immediately deduct

Too Big to Innovate

Economists are finally getting around to evaluating the negative influence of the concentration of market power. There are two primary types of market concentrations. In a monopoly, of course, one seller dominates a market — such as Microsoft, which controls 90 percent of the computer operating

Calculate the Real Cost of Catastrophe

If we have one job as CFOs, it’s protecting the value of our companies. One of the most insidious threats to corporate value is sudden disruption from events like fire, hurricane, flood, earthquake, or cyberattack — disruption that is ostensibly insured. The problem is, there’s always a portion of

AICPA Issues New Forensic Accounting Standards

The American Institute of CPAs (AICPA) issued new professional standards for members who perform forensic accounting services engagements. The Statement on Standards for Forensic Services No. 1 (SSFS 1) provides authoritative guidance for AICPA members providing litigation and investigative services

A Brief Exercise to Spur Innovation on Your Team

Your business needs it, you ask employees for it, you incent them to deliver it, but in the end, do you really get it? I’m talking about innovation. When the Conference Board queried CEOs in 2018, it found that one of their most important concerns was “creating new business models to adapt to

GASB Seeks Comment on Wide-Ranging Exposure Draft

The Governmental Accounting Standards Board (GASB) published an exposure draft covering a wide range of accounting and financial reporting issues discovered during the implementation and application of previous GASB pronouncements, many regarding reporting on pension plans. Read the exposure draft

Innovation for Small Firms on a Budget

A good practice for accounting firms of all sizes is to regularly assess your software choices to see if you can identify upgrades to provide a better experience for customers and increased productivity for team members. Swapping out one software for another may not feel like large-scale innovation,