Professional News

By JulieAnn C. Verrekia, CPA When acting as an administrator to an employee benefit plan, or an auditor of such, it is almost inevitable that you will become aware of a plan failure. The IRS describes a failure as those plans that are intended to satisfy the requirements of Internal Revenue Code

By Tara E. Del Gavio, CPA In 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2016-14, “Presentation of Fi­nancial Statements of Not-for-Profit Entities,” which, among other changes, mandated the creation of a statement of functional expenses for

By Ira Rosenbloom, CPA When leaders at many accounting firms start to formulate a succession plan and think about the future of their firms in the near- and long-term, they hit a block. Sure, you want to groom new, capable partners and owners. But to be a great leader, one has to be beyond smart. A

By Dr. Christopher W. Young, MBA, MAFF, CVA As the most trusted advisor, CPAs hold the ear of business owners. But while they continue to have this envious position, the advice they provide must move well past statutory and regulatory services and into strategic advisory services. Dr. Michael Porter

By Paula K. Barrett, CPA, ABV, CEPA, and William Onorato, J.D. Having a well-thought-out succession plan is critical to the long-term viability of a business. Yet, according to PwC’s 2019 U.S. Family Business Survey, only 58% of family businesses have succession plans, and most of those are informal

By Karolis Matulis, CPA, CVA CPAs are entrusted with clients’ most private and confidential financial information. While there are a variety of security requirements from various regulatory sources, CPAs should always strive for highest levels of security for all confidential information regardless

By Joné E. Luizza, ERPA, QPA, QKA and David J. Kupstas, FSA, EA, MSPA Imagine buying a car. There are so many types to choose from! A family with children might want a minivan or SUV. Someone on a budget may prefer an economy car. Still others might like an exciting sports car. It is the same with

By Matthew J. Boland, CPA, CCIFP When ASC 606 took effect in January 2018, it redefined many accounting standards. Within the construction industry, there were key changes to revenue recognition standards. Since the changes were implemented, there has been widespread confusion and inconsistency

By Edward R. Jenkins Jr., CPA, CGMA What’s the difference between “equity” and “resilience?” In real terms, essentially nothing: equity is resilience. Equity gives you, a company, or a government the ability to take a hit – a hit like a recession or a pandemic. The big question now is whether or not

By Evan C. Wasserman, CPA, MBA, and Marshall Saunders, CPA, MBA To compute depreciation, three pieces of information are required: the asset’s cost, the asset’s salvage value and the asset’s stimated useful life. To compute annual depreciation expense, the depreciable cost (asset cost less salvage