Professional News

By Carlos Dias Jr. Preparing for retirement has changed dramatically throughout the last several decades. Not only are people living longer due to better health care, costs have dramatically increased all around. The biggest difference between yesterday’s retiree versus today’s is the diminished

By Natalya Yashina, CPA, DASM, and Diane Walker, CPA Maintaining high audit quality is crucial for ensuring public trust in financial reporting, and it involves more than just external audit procedures. CPA firms must comply with a set of quality control standards to ensure the elements of a system

By Beth M. Schwartz, Ph.D., & Dennis P. Stolle, Ph.D., JD A CPA’s work is inherently stressful. Success depends not only on the knowledge and skills necessary to perform the job, but on the availability of psychological resources. Managing stress is an essential skill for CPAs.1 This is true

By Art Auerbach, CPA During the 2023 busy season, the Internal Revenue Service (IRS), Virginia General Assembly and Department of Taxation (TAX) were adding to the base of knowledge for tax preparation and tax planning. Virginia The legislature extended the conformity date with the Internal Revenue

By Wendy Li, CPA “If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.” – Sun Tzu, The

By Michael Ryan, CPA If you are still wondering what blockchain is and what it means for accountants, you are not alone. Often considered synonymous with cryptocurrency, blockchain may actually open up accounting to the world of triple-entry accounting. This is something the profession has been

By Bob Mims, CPA I remember my very first budget meeting of the year. For 18 years, we went through the same type of budget exercise in which the company would ask each department to submit detailed reports, and the accounting department would roll the budget up to see “where we were.” All the

By William Rothrock, CSSC, Rothrock Settlement Consulting Advising business owners on the sale or purchase of a business represents one of the most important services an accountant can provide to clients. A successful business represents a lifetime’s work for the seller and a lifetime commitment for

By Adam L. Sandler, J.D., LL.M. and Justyn Volesko, J.D., LL.M., AJ Wealth LLC Until the late 1990s, spendthrift protection did not extend to trusts established by an individual for their own benefit (a self-settled trust). The assets inside would still be reachable by their creditors. Many states

By Howard M. Silverstone, MBE, CPA, CFF, and Marion Wickersham, CFE The federal Controlled Substances Act (CSA) regulates the manufacture and distribution of controlled substances, such as narcotics, depressants, and others. Under the CSA, drugs are categorized into five classifications (schedules)