201712.08
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Melancon: Accountants Must Commit To Change | Accounting Today

By Daniel Hood Published December 06 2017, 2:04pm EST The accounting profession will change beyond recognition over the next 10 years, according to American Institute of CPAs president and CEO Barry Melancon—except he really thinks it will come much more quickly than that. “I really mean five years, but people get scared when I say that,” he said during a keynote address on “The State of the Profession” at the 2017 Digital CPA Conference, held in San Francisco by AICPA technology subsidiary CPA.com. “In a world in which everything is changing, who are we to believe that we won’t have to change as well?” he asked. “The speed of change in…

201712.02
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Essentials of Personal Financial Planning | The CPA Journal

By  Edward Mendlowitz, CPA/PFS, ABV December 2017 Many CPAs and most tax specialists perform personal financial planning (PFP) services; the AICPA estimates that more than 100,000 of its members perform some form of PFP for clients. The AICPA tried to unify and formalize PFP services with a credential—the Personal Finance Specialist (PFS)—but it doesn’t seem to have gained the wide acceptance it should have, based on the importance of these services. Essentials of Personal Financial Planning is a textbook aimed at reaching graduate students with an organized protocol of how to perform PFP services. More than that, it has excellent coverage of the entire range of these services and is an effective guide…

201711.16
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SEC looks at blockchain technology for accountants and eyes initial coin offerings | Accounting Today

By Michael Cohn Published November 14 2017, 3:54pm EST The Securities and Exchange Commission is taking a close look at the trend toward blockchain technology, including the burgeoning investments in bitcoin and initial coin offerings. “In the near term, our interest in blockchain technology applications stems from the fact that the sponsors of this work may be utilizing capital from investors, in particular our Main Street investors, to develop possible applications in light of the fact that financial information is important to investor decision making,” said SEC chief accountant Wesley Bricker during a speech Tuesday at Financial Executives International’s Current Financial Reporting Issues conference in New York. “Thus, OCA [the…

201711.16
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Art of Accounting: Easing tax season workload compression | Edward Mendlowitz, Accounting Today

By Edward Mendlowitz Published November 13 2017, 11:45am EST Last week I conducted a breakfast meeting of the Withum Partners’ Network and I was asked a question that was not answered, so I’ll answer it in this column. Before I start, this meeting used a format I had never employed before. It was a “show and tell” roundtable in which each participant would raise practice management issues they had and would also share best practices they use successfully. The two hours seemed to fly by and everyone seemed to leave with ideas they could immediately implement. I know I did. A question raised early on is why tax season is…

201711.07
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NCCPAP Women Honor the Late Susan Gallo | NCCPAP

On November 2, 2017, NCCPAP participated in theAccountants Club Of America 90th Anniversary Gala at the Union League Club in New York City. The theme of this historic event was Celebrating Women of Achievement in Public Accounting. To commemorate this event, NCCPAP paid tribute to the late Susan Gallo, CPA. She had been in public accounting for more than thirty years. Susan was a member of the American Institute of Certified Public Accountants, New York State Society of CPAs and National Conference of CPA Practitioners, where she chaired the education committee. Susan was also secretary of the Nassau Suffolk Chapter of NCCPAP. We will always remember Susan’s accomplishments as an inspiration to today’s…

201711.07
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Accounting firms wouldn’t get low tax rate under reform bill | Accounting Today

By Michael Cohn Published November 03 2017, 3:58pm EDT The tax reform bill introduced by House Republicans doesn’t give the low 25 percent income tax rate for pass-through businesses to accounting firms and other professional service firms, and the rules for getting around it are complicated. “The anti-abuse provisions for the reduction in the pass-through rate appear to be very complicated, so professional services firms will get no break,” said Bill Smith, managing director at CBIZ MHM and leader of the firm’s National Tax Office. “If you’re not a professional services firm, it appears you have an election. You can treat 70 percent as wages, and 30 percent subject to…

201711.07
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Accountants Club of America Celebrates 90th Anniversary | Accounting Today

By Michael Cohn Published November 03 2017, 4:43pm EDT The Accountants Club of America marked its 90th anniversary with a gala dinner in New York on Thursday night. ACA president Robert Fligel kicked off the proceedings, pointing to the club’s long history in the accounting profession and in New York City. “This is going to be a pretty well behaved crowd,” he promised. He introduced Neville Grusd, president of Merchant Financial Corporation, who amused the crowd with jokes. “There are four founding members here tonight who are founding members, but they couldn’t stand up,” he said. Accountants Club of America president Robert Fligel salutes some of the past presidents of…

201710.21
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IMA CEO Jeff Thomson Favors Accountants Over Robots | Accounting Today

By Michael Cohn Published October 03 2017, 9:01am EDT Institute of Management Accountants president and CEO Jeff Thomson unveiled a new campaign to emphasize the value of management accountants as more jobs fall prey to robots and automation. During a speech Monday at a meeting of the Accountants Club of America in New York, Thomson discussed how accountants can deal with the threat of automation by learning new skills and technologies to stay on top of the latest trends. He also showed a new advertising campaign for the IMA’s Certified Management Accountant credential in which a robot gives up its seat at a conference room table to accommodate an accountant,…

201710.21
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Good Times Are Here Again? | Joanne Barry, The CPA Journal

Good Times Are Here Again? By  Joanne S. Barry, CAE October 2017 Issue, Publisher’s Column | October 2017 It’s a great time to be a CPA firm. So says Marc Rosenberg in his foreword to the 2017 Rosenberg Survey. The annual practice management survey, now in its 19th year, provides a wealth of quantitative and qualitative assessments of the current state of American CPA firms. The most recent survey, released just last month by the Growth Partnership, has some surprises—some good, none uninteresting. While the rosy picture painted by the Rosenberg Survey does lead one to believe that it’s a great time to be a CPA firm, how great depends largely…