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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.

Educators play a vital role in contributing to their students’ success. Today there are tremendous opportunities for students inside and outside the classroom.

Companies should regularly evaluate which controls are the most critical and the key areas in which there should be proper segregation of duties including the authorization of transactions, custody of assets and reconciling/reviewing of transactions.

Forensic accounting and litigation support are being fundamentally reshaped by AI, delivering enhanced data analysis, greater efficiency and more powerful fraud detection.

The New Jersey Society of CPAs (NJCPA) joined forces this past May with its members, firm pipeline partners and the Center for Audit Quality (CAQ) in partnership with EVERFI, a web-based learning management company that produced a national financial literacy program, to get the word out to college and high school students about the many job opportunities that are available in accounting.