The traditional way of doing IT and SOC 2 audits is going away, and it’s happening really fast, but that doesn’t mean CPA firms can’t adapt and enhance their practices, deliverables and value. Below are some tips on what’s happening and how CPAs can indeed embrace it. What’s Going on Out
The AICPA’s Professional Ethics Executive Committee (PEEC) and Auditing Standards Board (ASB) have two different goals in their proposals on noncompliance with laws and regulations (NOCLAR), and the implications will affect all CPAs, particularly those who are in public practice and provide attest services. PEEC Proposal Having worked on its
The articles that I’ve previously done for AccountingWEB all focus on various aspects of federal income taxes. This one doesn’t; it focuses on New York City income taxes. Why did I decide to replace federal levies with local levies? Because the New York Times for July 2, 2021, displayed this
The Biden administration’s proposals reflected in the “Green Book” include significant revisions in the self-employment tax rules. Here’s what you need to know about what could be coming if these changes take effect. Overview of Current Rules The self-employed pay a 12.4 percent tax on earnings of up to $142,800
As CPAs accept that artificial intelligence (AI) is no longer a thing of science fiction, they also must become mindful of the impact it will have on the workforce and the workplace. A two-year McKinsey Global Institute study suggests intelligent agents and robots could replace 30 percent of the world’s current human
There are many reasons why accountants and bookkeepers undercharge for our services. And, no, it’s not always because we’re “afraid” to charge what we’re worth. Sometimes, we don’t understand our own value. We discussed that challenge – and how to overcome it – in a previous article. But sometimes, we’re
There are currently at least three ways your clients can write off costs associated with boats this year, assuming they itemized deductions. 1. Mortgage Interest Generally, you’re allowed to deduct qualified mortgage interest paid on a principal residence and one other home, like a vacation home. Under the TCJA, deductions
For sci-fi fans, predictions of a tech takeover might trigger thoughts of rebellious robot uprisings the likes of I, Robot or Westworld. Thankfully, we’re not there yet (and hopefully it never comes to that), but that doesn’t mean smart machines aren’t increasingly permeating and changing our world. “[E]xpect social robots to become
Most firms understand the need to offer advisory services but struggle with getting their staff to believe they have the skills to be confident advisors. Often, partners are the only ones providing advisory services to clients because they honed their problem-solving skills over decades. This is a good start, but
The complications over beneficiary choices with inherited IRAs tend to focus on non-spousal beneficiaries and the special provisions pertaining to them. As beneficiary after the death of the original owner of the IRA, one important consideration is that you do not make contributions to the account. The funds continue to