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After months of negotiations, federal lawmakers voted along party lines to enact H.R. 5376, the Inflation Reduction Act. The bill was signed into law by President Joe Biden on Tuesday,…

by Michael R. Gillis, CPA, PFS, CGMS, Managing Partner, DMJ & Co., PLLC As part of providing great service, CPAs help clients plan their exit and succession strategies. But all…

The AICPA has issued a proposal to update key terminology and certain ethics interpretations to better align with changes made by the SEC. The AICPA issued a temporary enforcement policy…

The AICPA has issued a proposal to make updates to the Peer Review standards. The changes are primarily formatting to make the standards more user friendly. There are a handful…

By Ben Hamrick, CPA Many would say that CPA firm succession is one of the most significant issues facing the profession and has been for some time. In a recent…

This week’s GLS blog addresses the final standards that were issued by the AICPA, FASB and GASB in the third quarter of 2021. While it was a light quarter from…

The U.S. has seen historic levels of federal funding in response to the COVID-19 pandemic. Various laws, including the CARES Act and the American Rescue Plan Act of 2021 have…

The AICPA’s Professional Ethics Executive Committee (PEEC) has issued a proposal to revise the rules around unpaid fees. The current rules use a one year period with no considerations of…

The AICPA has issued a proposed ethics interpretation to help CPAs understand to what extent they can assist clients with implementing new accounting standards. The proposal identifies certain items as…

FASB has issued a proposed ASU addressing the accounting for investments in equity securities measured at fair value that are subject to contractual restrictions preventing the sale of those securities….

This week’s blog addresses part 2 of the IFR4NPO Consultation Paper. The second part of the paper focuses on NFP Specific Financial Reporting Issues. The project is looking for feedback…

The AICPA is in the process of updating the CPA exam and is looking for CPAs to give them feedback as to whether their plan meets the needs of the…

Reprinted with permission of the Indiana CPA Society The one constant of technology is that it’s always changing. Keeping up with emerging technologies and tech lingo can be an overwhelming task….

The AICPA has provided a Fraud Risk Framework document to help CPAs and their clients visualize the types of fraud in 3 major sectors. The one pagers help put the…

The AICPA has issued a TQA addressing questions about how for profit and nonprofit entities account for the new restaurant revitalization and shuttered venue grants that have been received by…

Governmental Accounting Standards Board (GASB) issued a REVISED exposure draft regarding Notes to the Financial Statements. This is in preparation for a Concept Statement that helps determine what is “essential”…

Have you ever wanted to influence the topics that FASB covers in its standard setting? Well, now here’s your chance. Financial Accounting Standards Board (FASB) issued its Invitation to Comment…

In case you missed it, NCACPA is partnering with Galasso Learning Solutions to deliver weekly vlogs (video blogs) covering the latest developments in accounting and auditing. We recently shared a…

NCACPA is partnering with Galasso Learning Solutions to deliver weekly vlogs (video blogs) covering the latest developments in accounting and auditing. Meet Melisa Galasso, the subject-matter expert behind GLS blogs!…

FASB has issued an exposure draft regarding the use of the discount rate alternative offered to nonpublic entities. After receiving feedback that the risk-free rate was not as widely adopted…

GASB has issued an exposure draft, Accounting Changes and Error Corrections an amendment of GASB Statement No. 62, to update an area of accounting that hasn’t seen much change. The…

This week’s podcast focuses on the following items: A quick discussion of what know (little) and don’t know (a lot) about not yet proposed changes to capital gain rates IRS…

On March 30th, the FASB issued ASU 2021-03, Accounting Alternative for Evaluating Triggering Events. The ASU provides an accounting alternative intended to reduce complexity for private companies and not-for-profit organizations…

The first quarter of 2021 is a wrap. It was a light quarter for standard setting and given everything else we have going on, that’s probably not a bad thing!…

The AICPA has issued a Technical Q&A to address common questions regarding what qualifies as a third party assessment and which standards including independence should be applied by the third…

Today marks the one year anniversary of NCACPA transitioning to a fully remote work environment. As we look ahead to how we might transition back to the office, CEO Sharon…

The AICPA’s Professional Ethics Executive Committee (PEEC) has issued an updated proposal around reporting noncompliance with laws and regulations (NOCLAR). Originally issued in 2017, PEEC has been trying to converge…

The AICPA issued a very narrow proposal to add a new requirement for successor auditors to discuss suspected fraud and NOCLAR with predecessor auditors if granted permission by management as…

How did 2020 small firm net revenue compare to 2019? How are small firms adjusting their real estate footprint post-COVID? Are small firms planning to decrease or increase hiring in…

Today, March 8, marks International Women’s Day (IWD), where people around the world celebrate the social, financial, cultural, and political achievements of women. This year’s theme for IWD is “Choose…

The final video blog in our QM series addresses the proposed audit standard. The audit standard assists the engagement team to understand their responsibilities in applying the system of quality…

On Monday, February 22, NCACPA’s Connect platform underwent a scheduled update. As a result of this maintenance, we want to make you aware of the enhanced capabilities and user experience…

This week’s video blog continues with the discussion of the AICPA’s proposed changes to Quality Management. SQMS 2 addresses the role and responsibilities of the engagement quality reviewer. We’ll look…

Meet Michael Charles Pridgeon, a Certified Public Accountant (CPA) that is the visionary of Break the Cycle, a program that will provide a resource for elementary and teenage children to…

The AICPA issued three new proposals related to quality management. The new SQM Standards will replace the extant quality control (SQCS) and provide a more scalable and risk-based QM methodology….

The AICPA’s Professional Ethics Executive Committee (PEEC) has issued a Temporary Policy Statement regarding the recent changes by the SEC to their independence rules. Because the rules do not align…

The World Economic Forum has released its 2020 Future of Jobs Report which looks at the impact of technology on the job market. The report addresses the impact of COVID,…

In July 2019, North Carolina passed House Bill 924 which mandates an economics and personal finance (EPF) course. Beginning with 2020 high school freshmen, students must complete this requirement prior…

By Sandra Finerghty, Supporting Strategies Small business owners can get the benefit of high-level financial guidance without making a full-time hire by working with a fractional CFO. Many small businesses…

In 2019, the AICPA issued a consultation paper for feedback on the projects PEEC should address. After evaluating feedback, PEEC has issued their Strategy and Work Plan for 2021-2023 which…

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Goodwill Impairment Proposal FASB has issued a proposal to adjust the timing for when private entities and nonprofits would be required to identify triggering events for goodwill impairment. After initially…

DID YOU KNOW? MLK Day is the only federal holiday designated as a national day of service. Join us in celebrating the life of Dr. Martin Luther King Jr. and…

By Rick Meyer, CPA, MBA, MST As we start the New Year, hopefully fresh from all the tax drama, we can at least take a deep breath and rejoice about…

  By Chris Word, CPA In the wake of the recent social unrest, it is easy to assume the answer to racial inequality is to improve the number of the…

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By Sandra Finerghty, Supporting Strategies What is the future of remote work? Many businesses weren’t ready when COVID-19 forced them to set up remote technology tools—now they are seeing the…

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Thomas G. Stephens, Jr., CPA, CITP, CGMA Collaboration is more important today than it ever has been. With many team members working remotely, it can be challenging, to say the…

Michael F. De Stefano, CPA Recently I had a conversation with a coworker about professional development to help them prepare to move beyond their current role. The exchange took me…

There’s always an element of uncertainty in starting a new business. You’re always wondering if the risk element is too great and whether you’ve overreached yourself and let your family…

By Benjamin Aspir, CPA, MST, EisnerAmper Today’s CPAs can pursue many different career paths. While many CPAs work in business and industry, this article will focus on career opportunities in…

By Randy Johnston and Sam Saab Higher client expectations and economic demands are causing firms of all sizes to re-evaluate how technology can help them strengthen client relationships and grow…

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By Thomas G. Stephens, Jr., CPA, CITP, CGMA For many, the Holiday Season is a time to look back and reflect on the year gone by – and what a…

2020 tax season has been the most intimidating one in many years. It taught us lessons that we should now leverage for a more predictable future. However having experienced a…

2021 Retirement Plan Limits The IRS released Notice 2020-79 [PDF] to provide for cost-of-living adjustments to dollar limitations for retirement plan benefits and contributions. View the COLA webpage for a…

The process of setting up an environment of motivation in an organization, where employees and managers are reviewing themselves regularly, is known as performance management. This article lists 5 Performance…

By Jackie Ferguson The election is finally over and we have a new president….or the same president. Maybe it’s still too close to call or one of the candidates refuses…

By Jessica L. Levin, Seven Degrees LLC  The CPA Exam. What used to be a fundamental part of working in an accounting firm is now considered a polite suggestion by…

By the Student Outreach, Advancement, and Recruitment (SOAR) Committee The world as we know it has changed. The impacts of COVID-19 are being felt around the globe, and the business…

By Erik Asgeirsson, President and CEO of CPA.com This past year has further emphasized the importance of thinking strategically about your online presence, and it’s clear this will become even…

By Eileen Monesson, CPC, PRCounts By the time the coronavirus pandemic hit, we were full swing into networking season. Most of us had decided which conferences we were going to…

Tax season is when millions of people and organizations turn to the expertise of professionals such as tax preparers, tax associates, and tax managers, secure in the knowledge that their…

The Daily Details was founded by Nicole and Kiri, two sisters who worked as CPAs in Uptown, Charlotte. They dreamt of a convenient, clean & inviting place they could pop…

Women’s Equality Day, celebrated annually on August 26, marks the anniversary of the ratification of the 19th Amendment which granted women the right to vote. Today, as we commemorate the…

By Andy Dunn, Writer, Formative Content Employees based at home during COVID-19 lockdowns have seen the length of their working days increase, according to a new report. They have also been…

By David Tepp, CPA, PFS, MBA, Tepp Financial Planning One surefire way to initiate an awkward discussion with a client is to advise selling off part of an investment that…

The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return. With more people working from home than ever before, some taxpayers may be wondering…

Amid the threat of COVID-19, CPAs could be facing another health crisis: a mental one.  By Bridget McCrea By now, your traditional busy season should already be in your rearview…

For most homeowners, their mortgage is their biggest monthly expense. But job losses around the country are hammering people’s finances, causing challenges for managing their cash flows and leaving many…

By Carly Rutledge   Due to social distancing requirements, this year’s “Meet the Chair” interview was a bit unconventional. With Kelli seated on her back porch to escape her quarantined…

  Money is one of the biggest stressors in many American’s lives. A 2017 AICPA survey found that 56% of Americans said debt negatively affected their lives, and 39 %…

By Ken Tysiac The racial injustice taking place throughout the United States has hit home hard for members of the AICPA National Commission on Diversity and Inclusion, who spend much…

Following NCACPA’s Annual Business Meeting and Focus on the Profession session, we were delighted by the influx of positive input received via the post-event survey. Along with this feedback, were…

Efforts to improve diversity and inclusion really do make a difference. McKinsey found that companies in the top quartile for diversity are 35% more likely to outperform companies with less…

  By Benjamin Aspir, CPA, MST, EisnerAmper Today’s CPAs can pursue many different career paths. While many CPAs work in business and industry, this article will focus on career opportunities…

By Laura Morgan Roberts and Ella F. Washington The United States is in crisis. As we write this article, videos of racial violence and racist threats toward Black people in America flood…

By Donald J. Kaiser, CPA, McCarthy & Company, PC     Internal controls are among the most important anti-fraud controls that businesses have. According to the Report to the Nations on…

By Brad Smith Accountants have access to very sensitive data, which includes information such as credit card numbers, bank details, and home and office addresses, etc. if this information landed…

This week’s podcast focuses on the following items:  IRS changes its guidance on the payment of health insurance only and qualification for the Employee Retention Credit Borrowers can repay PPP…

This week’s podcast focuses on the following items:  PPP loan updates on corporate groups, businesses sold after February 15, 2020, loan review procedures, private companies need to show loan was…

A native of Eden, NC, Elwood Walker earned his undergraduate degree from UNC-Chapel Hill and master’s degree from Duke University. Before becoming a CPA and joining Price Waterhouse in Charlotte,…

By Will Douglas Heaven Far from breaking it, the surge in usage the internet is seeing right now is driving a major upgrade. Just like that, our internet connection has…

This week’s podcast focuses on the following items:  PPP Loan program and EIDL Grants Get Additional Funding PPP guidance raises question of false certification that loans were necessary, provides other…

This week’s podcast focuses on the following items:  SBA issues guidance on self-employed taxpayers and partners for PPP loan program Revenue Procedure issued explaining how to deal with retroactive change…

By Sandra Finerghty, Supporting Strategies It’s not surprising that many new business owners devote little thought to their exit strategy. They have way too much going on today to worry…

This week’s podcast focuses on the following items:  Recovery Rebate for Individuals, Including Advance Payment Deferral of the Required Minimum Distributions for 2020  PPP SBA loan program – things we’ve…

By Bryony Clear Hill COVID-19 is presenting the world with an unprecedented crisis. Millions of people are concerned for their jobs as companies risk collapse under the strain being placed…

This week’s podcast focuses on the following items:  Payroll tax credit starts on April 1. IRS reverses courses, announces gift/GSTT returns will also be due on July 15, 2020. IRS…

By Carly Rutledge While many of you find it challenging to balance the workload and challenges resulting from the Coronavirus (COVID-19) pandemic, you might also find yourself having a bit…

  Maintaining a social media account can feel like a second job to some, while others utilize it as a break in their day-to-day work routine. Is engaging on social…

This week’s podcast focuses on the following items:  Congress passes payroll tax credit for newly mandated paid sick leave Initial April 15 delay guidance only delayed payment date but no…

By Ed Carter Even if your disability allows you to live on your own and care for yourself in your younger years, many people need specialized medical care, home modifications,…

By Paul Weeks Artificial Intelligence (AI), machine learning, deep learning, data analytics — all are hallmarks of any discussion surrounding health care right now. Technology and the potential for its…

This week’s podcast focuses on the following items:  President declares emergency over COVID-19, directs Treasury to provide relief–and now we are waiting. HR 6201 passes the House and moves on…

By James Clear Agnes de Mille had just achieved the greatest success of her career, but right now the only thing she felt was confusion. She was a dancer and…

In light of the current COVID-19 (Coronavirus) situation, many employers are recommending or mandating employees who are able to work remotely. Attached is a PCPS resource outlining a few tips…

Most parents take certain steps to protect their children in the event of their premature death. Drafting a will or other estate documents, designating a guardian, obtaining life insurance and…

By Jessica Curtin Planning for a secure retirement is a top-of-mind priority for almost every American worker. Yet, according to a recent study by the Federal Reserve, one-quarter of those who are…

By Jared Korver, CPA, at Beacon Wealthcare Networking has become a four-letter word with ten letters, and look, I have to say it’s mostly earned that reputation. The way networking…

Becoming a student member of your state society is an excellent idea, and there are a whole lot of reasons to join a state society. Let’s look at some of them,…

This week’s podcast focuses on the following items:  IRS denies a taxpayer’s request to make a late mark to market election under §475(f) Loss limits for passive activities, basis and…

By Stephanie Vozza Looking for a new job is stressful enough, but to make matters more challenging, some interview questions seem like minefields. But understanding more about what hiring personnel…

CPA state society membership is not just for practicing CPAs. In fact, many offer a range of services and programs targeted specifically to aspiring CPAs, with each state offering its…

This week’s podcast focuses on the following items:  Taxpayer who voluntarily exited OVDI program ended up with very poor result. Illnesses of corporate officers not found to give reasonable cause…

Part 10 of 10 In honor of Black History Month, NCACPA would like to celebrate the diverse individuals who contributed to the success of the accounting profession and the association. Please…

Part 9 of 10 In honor of Black History Month, NCACPA would like to celebrate the diverse individuals who contributed to the success of the accounting profession and the association. Please…

Part 8 of 10 In honor of Black History Month, NCACPA would like to celebrate the diverse individuals who contributed to the success of the accounting profession and the association. Please…

Part 7 of 10 In honor of Black History Month, NCACPA would like to celebrate the diverse individuals who contributed to the success of the accounting profession and the association. Please…

Part 6 of 10 In honor of Black History Month, NCACPA would like to celebrate the diverse individuals who contributed to the success of the accounting profession and the association. Please…

This week’s podcast focuses on the following items:  Proposed regulations can be relied upon in the interim, as well as continued reliance on Notice 2018-76 Separate invoicing rule for food/beverage…

Part 5 of 10 In honor of Black History Month, NCACPA would like to celebrate the diverse individuals who contributed to the success of the accounting profession and the association. Please…

Part 4 of 10 In honor of Black History Month, NCACPA would like to celebrate the diverse individuals who contributed to the success of the accounting profession and the association. Please…

Part 3 of 10 In honor of Black History Month, NCACPA would like to celebrate the diverse individuals who contributed to the success of the accounting profession and the association. Please…

Part 2 of 10 In honor of Black History Month, NCACPA would like to celebrate the diverse individuals who contributed to the success of the accounting profession and the association. Please…

  The Triad Women’s Initiative Networking Group strives to facilitate connections between Triad-area women while encouraging social, personal, and professional growth by planning a wide range of events designed for…

By Ranica Arrowsmith This year’s top products were selected for their contact with innovation, whether it’s in actual technology—injecting artificial intelligence, say, or harnessing blockchain for emerging uses—or in areas of…

By Tom Miller More than 1.9 billion records containing personal and other sensitive data were compromised between January 2017 and March 2019. That’s according to the latest EY Global Information…

This week’s podcast focuses on the following items:  Regulations implementing changes to FAVR and cents-per-mile methods finalized by IRS OIRA finishes review of final §163(j) regulations, starts review of additional…

By Sandra Finerghty, Supporting Strategies Even the most competent, upstanding, conscientious business owners tend to fret over filing their taxes. And no wonder. Considering the legendary incomprehensibility of IRS regulations,…

Happy 2020 Everyone! I wanted to provide an update regarding our work to date on NCACPA’s Succession Planning Task Force. Please see https://www.ncacpa.org/succession-planning-tools-resources/ on NCACPA’s website for complete details. I…

This week’s podcast focuses on the following items:  Special agent in charge of Los Angeles CID talks about their potential use of the virtual currency question on Schedule 1, Form…

This week’s podcast focuses on the following items:  IRS can use sample of transactions to carry burden for §165(c) kickbacks/bribery issues per CCA IRS gives IRA custodians relief on RMD…

This week’s podcast focuses on the following items:  IRS expands rules excluding from income discharge of certain student loan debt Did the IRS just endorse a SALT workaround? Or maybe…

Each year, Accounting Today recognizes the 100 Best Firms to Work For in the U.S. — and then picks the 10 Best Firms for Women from among those based on the responses…

The Financial Accounting Foundation announced the availability of the 2020 GAAP Financial Reporting Taxonomy, the 2020 SEC Reporting Taxonomy, and the new 2020 XBRL US DQC Rules Taxonomy, all pending…

By Brooks Aker, CPA The Young CPA Cabinet (“YCPA Cabinet” or “cabinet”) enjoyed terrific accommodations at East Carolina University (ECU) for its November 2019 meeting. The group discussed its involvement…

This week’s podcast focuses on the following items:  Further Consolidated Appropriations Act, 2020 signed into law on December 20, 2019 SECURE Act The good: Delay in required beginning date for…

By Ben Hamrick, CPA After the (literal) blood, sweat, and tears owners put into a firm, it can be hard to walk away. However, it is much harder to plan…

By Stacee Rash, CPA Retiring partners are not the only CPAs with succession planning on their minds these days. Young CPAs are equally concerned about the future of the firm….

This week’s podcast focuses on the following items:  IRS does not have the discretion to waive repayment of advance premium credit Employer who reimburses employee when transit card fails to…

Business owners are finding themselves having to constantly adapt to an ever-changing market, due to the speed at which new technology is being produced. The way that businesses not only…

This week’s podcast focuses on the following items:  Final version of 2020 Form W-4 released Final versions of 2019 Forms 1040, 1040-SR, Schedules 2 and 3 released Shortly thereafter, final…

Ah the holidays. The time when you remember that malls exist and are thankful for online shopping. Maybe most people dream of puppies and sugar plums, but our Emerging Technologies…

By Terrence Putney, CPA and Joel Sinkin The end of your professional career is something you will eventually face. How will you manage that? This article discusses the four options…

This week’s podcast focuses on the following items:  Commissioner rules that insurance payments for pyrrhotite damage does not require Forms 1099 Horse business found not to be a hobby, losses…

This week’s podcast focuses on the following items:  IRS discusses information security responsibilities and risks for tax professionals Rental section added to IRS’s §199A FAQ page on website Final regulations…

This week’s podcast focuses on the following items:  Significant TCJA guidance to be issued by end of January 2020 PLR allows advisory fees to be paid out of an annuity…

This week’s podcast focuses on the following items:  Federal Circuit shoots down previously successful taxpayer argument that limited maximum FBAR penalty IRS publishes the 2020 inflation adjusted numbers Proposed regulations…

By Alessandra Malito Millions of workers contribute to a 401(k) plan so they can have more money when they retire — and then sometimes, when they get to that point…

By Lydia Dishman Diversity and inclusion are more than just buzzwords or boxes to check. Millennials believe they are essential to business success. When it comes to defining diversity and…

This week’s podcast focuses on the following items:  Wisconsin fails in attempt to look to sublease to tax software sales based on computers sold to be used in the state…

By Jennifer Kim  Nobody’s ever said that diversity and inclusion work is easy. But having grown a team that became known for its diverse workforce (a rare distinction, especially in Silicon Valley),…

By David Deull, Principal Economist, IHS Markit IHS Markit is forecasting 2019 Halloween candy prices to rise 3.9% over last year, which would be the fastest increase since 2011. We…

By Justin Bariso A few years ago, Google went on a quest to build the perfect team. The goal was to figure out why some teams perform well while other teams stumble. Researchers…

By Randy Johnston, Executive Vice President, K2 Enterprises Are you doing things the same old way? Do you wish there were an easier way? Have you noticed how rapidly our…

This week’s podcast focuses on the following items:  California rules on tax issues for directors that have meeting in California Chief Counsel’s office gives guidance on use of secured email…

With Election Day 2020 only one year away, it is the ideal time to remind our members of the importance of the NC CPA Political Action Committee (PAC). As it’s…

$20.20 doesn’t seem like much money. It can get you four lattes from Starbucks, lunch for you and a coworker, or two rounds for yourself at happy hour. It can…

At NCACPA, we often say that advocacy is a member benefit North Carolina CPAs won’t receive anywhere else, and it’s true. Recognizing this, the NCACPA Board of Directors named Advocacy…

  While fraud can damage any organization, it can devastate small businesses, which often lack the resources for proper anti-fraud controls. In these companies, fraud can often go undetected for…

Tax Reform Don’t forget to check the IRS.gov Tax Reform pages regularly for the latest information.  Changes to Transcript Delivery The Internal Revenue Service will stop its tax transcript faxing…

By Susan S. Coffey, CPA, CGMA, EVP — Public Practice, Association of International Certified Professional Accountants I was thrilled that so many of you sent me emails with your thoughts…

Hello Friends, We had a great group of ladies at the May luncheon. Elizabeth Keller of CliftonLarsonAllen took us through key principles and tips for living one’s professional and personal…

A few things to note about CPA Exam score dates: All dates and times are based on Eastern Time zone. For the vast majority of candidates, the AICPA receives the…

By Sean McCabe As graduation season approaches for college students across the country, student loan forgiveness is on a lot of young job seekers’ minds. When asked to list the…

By Michael Cohn The Internal Revenue Service’s audit rate went down again in 2018, according to data released Monday by the IRS. The IRS Data Book for 2018 showed that compared to…

The accounting services industry is projected to grow at 1.8% overall between 2012 and 2017. That growth is triggering international demand for financial professionals with specialized resources and advisory service…

By Lee Barney MassMutual says a married couple that lives into their 90s but decides to begin their Social Security benefits at age 62 (as opposed to age 70) could…

The General Assembly recessed its 2022 short session on July 1. Although the short session featured no major tax legislation, there were several bills that made modest changes to the…

State lawmakers are hopeful that they can reach an agreement on budget adjustments by June 17. The House and Senate have reached a deal on a total spending amount of…