Professional News

By Natalya Yashina, CPA, DASM Turnover in public accounting is not a new phenomenon. Before the pandemic, accounting firms, on average, experienced a turnover rate of up to 25% a year.1 The biggest issue for large accounting firms per the Accounting Today 2021 “Year Ahead” Survey is recruiting and

After a difficult year passing a state budget, the Virginia General Assembly finally implemented tax changes. A variety of legislation was passed by the Virginia General Assembly this year. The below items all went into effect on July 1, 2022, unless otherwise noted. For a full report on all the

Jeffrey Kum, a Ghana native, is earning an accounting degree so his mother will listen to his financial advice. As a child, Jeffrey would give financial guidance to his mother regarding her restaurant in Ghana — which she often ignored. The solution? Become the expert. In 2023, Jeffrey will graduate

By Harvey L. Johnson, CPA, CGMA Do you realize you have a target on your back? Cybercrime cost the global economy an estimated $450 billion in 2016. Unfortunately, the outlook for the future isn’t any better, with the estimated cost rising to $2.1 trillion by 2019. Cyber risk is not something you

By Amanda L. Phelps Dancing red lights filled the air and we were off. My stomach felt nauseous and my ears were ringing. I was surrounded by IVs, oxygen tanks and bandages. I had no idea where we were going and could not see the road. We arrived at the destination, a beautiful home in coastal

By Melisa Galasso, CPA In June, the Financial Accounting Standards Board (FASB) issued ASU 2018-08, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, which will have a major impact on the financial statements of nonprofit entities. The timing of this

By Genevieve Hancock Social media is everywhere. Whether you are posting photos or articles, uploading your résumé or reading and commenting on news briefs and #hashtags, the trend is inescapable and can be a powerful tool for communication. All forms of social media can affect your job search — not

By Stan Sterna Cyber incidents continued their upward trajectory in 2021 — once again breaking records and setting the stage for an even more active 2022. While the motivation and rationale behind a cybercriminal can vary, this fluid environment is challenging firms to not just create, but

By Duncan B. Will, CPA/ABV/CFF, CFE Whether due to the "great resignation," the "great reassessment," or the "baby boomer departure," the CPA profession is experiencing a diminishing workforce while facing "standards overload," handling a variety of relief programs, coping with innumerable IRS

By Arthur J. (Kip) Dellinger, Jr., CPA It is not news to CPAs and their firms that the profession began undergoing an enormous consolidation a few years ago, which is expected to accelerate over the next several years. This is a result of many factors — retirement planning, monetizing of client