Category Archives: Industry News

From those whose firms have recently gone through a peer review as part of the AICPA’s Peer Review Program (PRP), the feedback is consistent. Things have changed. While the underlying requirements of the PRP are the same, a review of a sample of an accounting firm’s engagement workpapers in order to assure compliance with applicable […]

The 2018 Yellow Book is effective for financial audits for periods ending on or after June 30, 2020. However, that does not mean that auditors can wait until 2020 to become familiar with the new standards. A prime example of why early familiarity is necessary lies in the area of independence. Under the Yellow Book, […]

The Taxpayer First Act of 2019 was signed into law on July 1, 2019. The Act contains numerous provisions largely dealing with customer service to taxpayers and IRS organization. As such, there is little for professionals to digest in terms of substantive planning or practice. Two points, though, are noteworthy. The Act established the IRS […]

To the Baby Boomers and Generation Xers who currently comprise the majority of the workforce, the Millennials among us can be a challenge to understand. They seemingly have different needs and different career priorities than the generations that have come before. Many employers simply think that Millennials will need to adjust their thinking and work […]

IRS issued final regs (T.D. 9864) reiterating if a taxpayer receives or expects to receive a state or local tax deduction exceeding the amount of the payment or fair market value of the property, the federal charitable contribution deduction faces mandatory reduction. The final regs largely mirror the proposed regs of August 2018 with little […]

It’s been one month since the 2018 income tax season officially ended, and if you’re a paid preparer, you’re probably just now surfacing from a much needed break. Although you likely have several income tax returns to file due to extensions, you’re mostly recovered from a complicated and time consuming first four months of the […]

  Top Trends in Continuing Professional Education for 2019   Continuing professional education is a necessity for individuals who have either a credential and/or certification to maintain their ability to practice. Accounting professions, beyond certified public accountants, all have respective hours of CPE credits they must fulfill to maintain their ability to practice. Whether their […]

As you probably are aware, final regulations were issued January 18, 2019 implementing the new Qualified Business Income (QBI) deduction of §199A. In response to arguably the most requested clarification from tax professionals, Notice 2019-07 separately issued a proposed revenue procedure containing a safe harbor under which a rental real estate enterprise will be treated […]

While the Yellow Book has been around since 1972, it was the 1988 revision of the standards which first established specific hourly CPE requirements for auditors working on Yellow Book engagements. The genesis of the CPE requirements stems from auditing history and experience as much as anything. When auditors leave college, they typically have little […]

IRS announced the 2019 COLA adjustments to retirement plan limits on November 1, 2018 in Notice 2018-83. Elective deferrals for 401(k), 403(b), etc. plans rise from $18,500 to $19,000, plus $6,000 for those age 50 or older. The limit on defined contribution accounts increases from $55,000 to $56,000. The definition of a key employee in […]