PAGE HEADING

Before jumping right in to ask your boss for a promotion, CPAs need to ask themselves some critical questions and take impactful steps to make it a reality.

The American Institute of CPAs (AICPA) has revised the Statements on Standards for Tax Services (SSTS) that all CPAs who are members of the AICPA or licensed by the New Jersey State Board of Accountancy must follow. They became effective Jan. 1, 2024.

To further its mission to help businesses in the Garden State succeed, NJBAC provides free and confidential technical assistance, advocacy and a variety of other support services through its offices, comprised of business advocacy, export promotion and small business advocacy.

The new quality management standards enhance firm leadership, accountability and governance through a risk-based approach. They address technology and external service providers, and they emphasize continuous information flow, proactive monitoring and effective communication.

The NJCPA is actively supporting and advocating for initiatives that recognize accounting as a science, technology, engineering and mathematics (STEM) subject and that allow STEM K-12 grant funding to be used for accounting awareness and education.

The NJCPA salutes Women’s History Month. In a special tribute, we spoke with NJCPA scholarship recipients who advanced to partners in their careers on their successes, challenges and how they made it happen.

With a surge in mergers and acquisitions (M&A) activity, accounting firms are more in demand from private equity. It should put a renewed spotlight on their profits, plans for expansion and what strategies work and don’t work during M&A.

Increasing the value of a business five years before a potential sale involves a multifaceted approach encompassing financial fortitude, operational excellence, strategic foresight and market positioning. Accountants serving as trusted advisors can guide their clients through these strategic initiatives.

CPA firms can effectively manage their cybercrimesecurity by staying informed, conducting regular risk assessments, implementing strong security measures, educating employees and preparing for potential breaches.

Valuation practitioners involved in dispute scenarios encounter legal and regulatory environments in addition to the general standards set forth by professional organizations, which is why it's important to have an understanding of relevant court rules, procedures and techniques.

Startups can have a lot of tax- and non-tax-related domestic and international issues. CPAs have the opportunity to provide value and become their trusted business advisor.

Two things practitioners seeking to provide audit and attestation services to clients in the crypto space, now or in the future, need to keep in mind are that stablecoins will drive attestation improvement and controls will play a large role in attestation.

As companies position their organizations to meet the challenges and opportunities presented by ESG, they need assistance with regulatory compliance, capital allocation, risk management, projections and financing — all within the CPA skill set.

A 1031 exchange is a valuable tool for deferring taxes and facilitating investment continuity, but it’s not a one-size-fits-all solution. It is important to choose a knowledgeable and trustworthy intermediary.

Although sales tax compliance is complex, businesses can effectively navigate the challenges with the right people, processes and technology.

New Jersey's corporation business tax is broken and should be eliminated and replaced with a simple tax on all business activity regardless of corporate form and levied on a logical and recognizable base not subject to easy manipulation.

Tax return identity theft abounds, from a client receiving correspondence from the IRS, though they have actually yet to file. Other telltale signs of tax return identity theft involve receiving an IRS transcript from an employer they never worked for. Here are some ways to combat that theft.

Prudent steps can minimize the risk of an IRS audit. Accurate income reporting, meticulous record-keeping and truthful filings are paramount in sidestepping audits.

There is no rulebook when it comes to the execution of a brand, and there is certainly no “one-size-fits-all” approach, so thinking outside the box is a common approach.