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The potential liability from data being stolen or the network being down is not easily defined as every hack is different. It is best to get ahead of the potential loss and educate your team so that they are better prepared to identify and mitigate threats appropriately.

Accounting firms, particularly smaller ones, should familiarize themselves with the AICPA's new Ethics Interpretations to ensure compliance and avoid impairing independence when offering these non-assurance services to attest clients. These changes will take effect over the next few years.

Information about cases that the IRS Criminal Investigations unit in New Jersey is currently working on.

Starting a new job can be difficult for some individuals; however, one can succeed in this new endeavor by taking notes, asking questions, communicating, being organized, exhibiting teamwork and being proactive.

Flexible work opportunities have dramatically increased since 2020, and they are here to stay. Younger generations of workers already have increased expectations for flexible work opportunities, and the benefits for employee health and wellbeing are undeniable.

A lack of accountants is affecting businesses and CPA firms. The shortage is also affecting local governments, which have a shortage of “in house” accountants and external auditors.

For those NFPs that expend more than $750,000 of federal funds and are subject to the various requirements of the Uniform Guidance, there are some significant changes that are in effect. In addition to Uniform Guidance, other topics to keep up on include crypto, leases and credit losses.

Relocating to Florida (or other states with lower or no state income tax) offers a unique opportunity for substantial savings but requires careful planning to avoid potential tax liabilities stemming from a taxpayer’s former residence in a high-tax state during their employment.

The combined financial statements for the NJCPA and affiliates (NJCPA Education Foundation and NJCPA Scholarship Fund) for the year ended May 31, 2024, have been published.

Accounting firms and CFOs face unique challenges and oppor­tunities, necessitating a shift in leadership strategies. Transformational leadership — a model emphasizing vision, inspiration and change — is well-suited to navigate these complexities.

Succession planning should be an everyday event, not a series of events taking place just prior to partner retirements. By running their practices as a business, accounting firms can achieve financial stability, operational efficiency and strategic growth.

CPAs are in possession of their clients’ most sensitive personal and financial details, so it’s no surprise they’ve become prime hacking targets. Steps need to be implemented to ensure better data protection.

New Jersey high school teachers and college professors gathered last month to discuss challenges and solutions to the accounting talent shortage. From firm offshoring implications to image and teaching style, a variety of issues were addressed.

With the ever-changing accounting and auditing pronouncements, there will likely be an increase in litigation against CPAs. The In Pari Delicto Defense (IPDD) is a protection in professional liability claims asserted against public accounting firms.

The integration of financial planning services not only enhances the value prop­osition for clients but also positions CPA firms for sustained growth and profitability. Case studies show how it's done.

Although accounting for the income tax in a business combination is complex, analyzing the tax structure, financial statements and tax attributes can be a great starting point to navigate the reporting nuances and considerations.