April 2014 - Journal of Accountancy

Cloud computing and increasingly powerful mobile devices are breaking down communication, data access, and market barriers for CPAs, but the breakthroughs also open the door to potential trouble. A panel of technology experts offers advice on how CPAs can make the most of technology while minimizing the risks.

CPAs often have to produce recurring reports, such as quarterly balance sheets, from datasets, such as trial balances. The process can be tedious and prone to error, but an Excel technique called mapping can show the way to better results. Learn more in this Technology Workshop.

Leaders can foster success and overcome resistance with a well-thought-out strategy for implementing any transition and for communicating their plans.

Client retention is essential to the success of an accounting firm merger. Find out how to minimize client turnover in the 10th installment of the series “CPA Firm Succession: Solidifying the Future.”

Finance professionals are taking on strategic duties in addition to traditional reporting and compliance roles, and they’re becoming more influential in their organizations. But they still have an opportunity to make improvements, particularly when it comes to the use of forecasts.

Technology is changing the way audits are being performed, with greater access to data but also more data to sort through. Auditors can remain efficient and effective by employing applications designed to help automate some procedures.

While no security program or security software can guarantee that data will never be lost or stolen, application of a few basic principles can help address mobile security risks and mitigate professional liability exposure.

The Tax Court’s Peco Foods ruling imparts several critical tax lessons for all taxpayers in an acquisition mode, regardless of whether they plan to pursue a cost-segregation study.

The American Taxpayer Relief Act of 2012 raised the top income tax rate to 39.6%, and a new 3.8% tax on net investment income also applies beginning in 2013. Both taxes apply to trusts and estates with income in excess of $11,950 in 2013, in contrast to much higher thresholds for individuals. This new tax regime necessitates drafting wills and trusts to give executors and trustees maximum discretion so they can reduce these taxes.