A Short Conversation with J. Michael Kirkland, CPA, CGMA, Accountants Club of America President for 2018 – 2019

A Short Conversation with J. Michael Kirkland, CPA, CGMA, Accountants Club of America President for 2018 – 2019 What is your vision for ACA in the coming year? I hope to grow this organization.  As someone in the press said a few years ago, ACA is one of New York’s best kept secrets.  I want to keep the “best” part and eliminate the “secret.” How is ACA different from other professional organizations? We are certainly not trying to emulate NYSSCPA or AICPA.   Our role is different.  We are here to create personal contact, which breeds mutual and trust among individuals who can then be resources to each other. ACA provides…


Wealthy Must Do Careful Assessment Before Moving To Lower-Tax State | Financial Advisor

SEPTEMBER 17, 2018 • JEFF STIMPSON Some high-net-worth clients are being hit hard in high-tax states by added burdens from reform — some even to the point of packing up for supposedly lower-tax states. Many clients are impacted chiefly by the new $10,000 state and local tax and property deduction cap of $10,000, especially in the nation’s wealthiest states. Three potentially hard-hit states: New Jersey, New York and California. “There has been an uptick in discussions surrounding relocating [but] we haven’t seen a lot of actual movement,” said Barry Kleiman, CPA and principal with Untracht Early in Florham Park, N.J. “My clients would likely not relocate unless they were already considering a…


ACA Members – The Top 100 Most Influential People in Accounting | Accounting Today

Joanne Barry Executive director and CEO, NYSSCPA As head of one of the largest and most influential state societies, Barry is a major voice for strong professional education, vigilance in maintaining accounting’s integrity in its public service role, and more inclusion for women and minorities. Career Highlights: Executive director and CEO, New York State Society of CPAs, 2010-present; executive director, Foundation for Accounting Education, 2010-present; executive director, Moynihan Scholarship Fund, 2017; publisher, “The CPA Journal;” deputy executive director, 2008-2009; managing director of communications, 2006-2008; director, Communications Division, 1986-1989; assistant director of PR, 1981-1986. … Assistant director of public information and publications editor, Hackensack Medical Center, 1980-1981 … PR, New York…


CPA Journal’s Max Block Award – Walter Primoff

From the CPA Journal Editors to Walter Primoff – What an awesome accolade!  Congratulations! “I am pleased to extend my congratulations to you, as you are the recipient of The CPA Journal’s 2017 Max Block Award for the outstanding article in the category of News & Views/Opinion for your article, The Equifax Data Breach, published in the December issue” To read the article – click here


NYSSCPA Elects BDO’s Jan Herringer as President | Accounting Today

The New York State Society of CPAs has elected Jan Herringer, a partner at BDO USA LLP, as president, effective June 1. New York State Society of CPAs president Jan Herringer, a partner at BDO USA Herringer has been a member of the NYSSCPA since 2005. One of her goals as president will be diversity and inclusion within the profession, expanding the work of the NYSSCPA Diversity and Inclusion Committee. She has been part of the NYSSCPA’s Women’s Initiative, which will host a Women’s Initiative Conference next January. Before becoming president, Herringer was a member of the NYSSCPA Board of Directors and Executive Committee, and served as past chair of…


The Right Trust Can Yield Tax Advantages For Wealthy Clients

APRIL 30, 2018 • JEFF STIMPSON High-net-worth clients with estates worth more than $11.18 million per taxpayer must still pay estate taxes under reform. Such clients looking to pass on wealth may now want to look at non-grantor trusts, potentially more attractive due to the Tax Cuts and Jobs Act. In a non-grantor arrangement, the trust owns the assets in the trust and is responsible for taxes for income retained by the trust. This differs from a grantor trust, in which the donor who established the trust retains control of the assets but also pays the necessary i The possible benefit of a non-grantor trusts “is new, complicated and very different. Almost…


Art of Accounting: ‘What’s a CD?’

Early on in my career I met with a widow to review her finances and plan her cash flow after her husband’s death. One of her two daughters was also at every meeting. I knew the husband very well, but had never met his wife or children, and was aware of her being very risk adverse. During the course of the meetings I kept assuring her of the safety of her money and how a laddered CD portfolio would provide for her cash flow and safety of principal. At the end of the last meeting, she said she understood everything I said, except one thing, and she asked me, “What’s…


Non-CPA Firm Ownership: From Nice to Have to Have to Have

By  Joanne S. Barry, CAE March 2018 The idea that CPA firms would allow non-CPAs to own a minority stake in a CPA firm and then refer to these non-licensees as “partners” was once a hotly debated topic within the profession. Now, nearly 25 years after Nebraska became the first state to do so, allowing non-CPAs to become equity partners in a firm is seen as less of a risk and more of a necessity for an adaptable profession that is facing the automation of all its tax preparation jobs and entry- and mid-level auditing positions. A recent Center for an Urban Future study found that “bookkeeping, accounting, and auditing clerks are…


Art of Accounting: Training A New Tax Specialist | Accounting Today

By Edward Mendlowitz Published March 19 2018, 10:46am EDT The following is some of the advice I give when I train or mentor a new tax specialist: To build awareness of what they need to know, they need to peruse every journal or tax service they subscribe to. (If you are not going to go through it, then don’t subscribe — osmosis doesn’t work in this situation.) This means looking at every page of every issue to see the topics written about and when they come across something they are working on or that might affect a client, they should read it. They also need to retain what they are…