2024年12月25日 · In December 2023, FASB issued ASU 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60).This final guidance requires all entities to measure certain crypto assets they hold at fair value and reflect the changes in fair value in net income each reporting period.

2020年4月3日 · Fiduciary duty. Fiduciary duty is a legal concept established by law, not by any accounting, auditing, or other related professional standard. Black’s Law Dictionary defines fiduciary duty as “a duty of utmost good faith, trust, confidence, and candor owed by a fiduciary (such as a lawyer or corporate officer) to the beneficiary (such as a lawyer’s client or a shareholder); a duty to act ...

The CPA Journal is a publication of the New York State Society of CPAs, and is internationally recognized as an outstanding, technical-refereed publication for accounting practitioners, educators, and other financial professionals all over the globe.Edited by CPAs for CPAs, it aims to provide accounting and other financial professionals with the information and analysis they need to succeed in ...

2017年11月27日 · The U.S. economy has been improving steadily for the past seven years, and interest rates have remained at historical lows. Nevertheless, there will be an economic slowdown at some point in the future, and the economy will be better positioned if interest rates are relatively high when the downturn starts.

2018年6月13日 · When a deceased owner passes an IRA to her beneficiaries, the beneficiaries may be required to withdraw similar RMD amounts as well. There is no maximum on the amount that beneficiaries may withdraw, and there is no penalty for withdrawal [IRC section 72(t)(2)(A)(ii)]; however, they must at least withdraw the full RMD amount each year [Treasury Regulations section 54.4974-1(a)].

2021年2月9日 · Redemption of a Partnership Interest. Redemptions of a partner’s entire partnership interests are governed by IRC section 736. That section does not affect the amount of income, gain, or loss that will be reported by the retiring partner; instead, it determines whether the income will be a capital gain (or loss) or ordinary income, and whether the remaining partners will be able to deduct a ...

2018年11月20日 · When an individual receives a settlement or litigation award payment, the likely first question is whether the payment is taxable. While CPAs may know that the answer will depend upon the claim underlying the lawsuit, several other questions can arise that will likewise depend on the facts and circumstances.

2020年5月29日 · Having implemented Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, many nonprofits are beginning to expand their understanding of liquidity and sharpen their financial storytelling to match.The sometimes unexpected benefit of adopting new accounting standards is that the process serves as an impetus to review the policies and ...

2018年10月22日 · Current Law and Regulations on Casualty Losses. Personal casualty losses are deductible as itemized deductions under Internal Revenue Code (IRC) section 165(a) and (c), which allows a deduction for any personal loss that arises from fire, storm, shipwreck, other casualty, or theft, not compensated for by insurance or otherwise compensated.

2020年3月3日 · Forms, Requirements, and Penalties. A U.S. person may need to report a foreign retirement plan on one or more information reporting forms. The United States has several different information reporting forms relating to foreign assets, including the Report of Foreign Bank and Financial Accounts (FBAR), Form 8938 for reporting various “specified foreign assets” (e.g., foreign accounts ...