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Read the July 2016 Issue on

This issue features our annual coverage of Baruch College's Financial Reporting Conference. We have published the highlights of the conference for several years now to give readers some insights into the minds of leading representatives of the regulatory, standards setting, and user communities. The professional agenda is driven not only by what these leaders think is important, but also by what their constituents—our readers—think needs to be addressed.

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  • Three Questions Not to Ask at an Interview
    Jul 26, 2016

    When you go in for an interview, you want to come off as a great many things – competent, eager, and a good social fit, to name a few – and there are a number of ways to do so. Asking good questions can help you seem both competent and eager, but there are definitely questions that you should avoid asking during the interview process. Here are a few questions to avoid during the interview, according to Time:

  • What to Do When You’re In Charge
    Jul 22, 2016

    If you’re the kind of go-getter that every firm is looking for, odds are you’re going to find yourself in a leadership position relatively soon in your career (especially if you’ve earned that sweet, sweet, CPA certification). But if you’ve never held a leadership position before, the prospect of doing so can be intimidating. Here are some tips from Inc on what to do to prepare yourself for being the boss:

  • How to Avoid Burnout if you’re Feeling the Heat
    Jul 20, 2016

    While any job can be stressful (while hopefully still being rewarding), being an accountant can sometimes feel overly so. It might be because busy season is in full swing, or because your client is being difficult in giving you all the information you need to be satisfied with the quality of the audit you’re providing them. Whatever it is, one thing you want to avoid is burnout. Here are a few tips from Forbes to help with the heat:

  • Study: It Takes an Hour of Activity to Recover from Eight Hours Sitting
    Jul 29, 2016
    A recent medical study published in Lancet has found that it takes about an hour of activity to make up for eight hours of idleness, say spent in front of a computer at an office. 
  • Facebook Could Owe Up to $5 Billion in Taxes
    Jul 29, 2016
    Facebook announced that it could owe the IRS up to $5 billion due to an ongoing investigation into the value of assets it sold to an Irish subsidiary, which perhaps could be the reason it has ignored seven summonses from the service over the last month. 
    Jul 29, 2016

    NYSSCPA Members in the News

    Paul Dailey (Nassau)

    Retiring abroad: 3 things to know before you pack your bags

    Yahoo Finance

    Want to join the growing ranks of retirees living abroad ? Before packing your bags and setting off for an exotic location far, far, away, you'll have to make some important decisions and plan very carefully. "You have to be brutally honest with yourself," said Dan Prescher, senior editor for retirement lifestyle magazine International Living.

  • Study: Want More Out of an Employee? Seat Them Next to Someone More Productive
    Jul 28, 2016
    A recent study has found that where you sit in the office, and with whom, can have an impact on how much work you get done, and how good that work is. 
    Jul 28, 2016

    NYSSCPA in the News

    NYSSCPA Mention – COAP Program

    CPA Firms Urged to Increase Diversity

    Accounting Today

    New Jersey Society of CPAs CEO and executive director Ralph Albert Thomas is encouraging CPA firms and other businesses to expand their diversity and inclusion efforts. During a speech Wednesday in New York at a meeting of the Accountants Club of America, Thomas stressed that CPA firms need to reflect the changing demographics in the U.S. population and within their own clients’ businesses.

  • Form 926: Return By A U.S. Transferor of Property to A Foreign Corporation
    Aug 1, 2016

    This article is the first in a series of articles explaining various IRS forms that relate to the reporting of foreign transactions.

  • U.S. Announces Greater Scrutiny of Foreign-Owned LLCs: Is Peer Pressure a Motivator?
    Aug 1, 2016

    The United States and other jurisdictions have spent a decade trying to identify owners of foreign corporations. Now, a five-year-old report by the Organization for Economic Cooperation and Development (OECD) might have served as an impetus for a U.S. proposal regarding disclosure requirements for limited liability companies (LLCs). 

  • Does My Organization Have Unrelated Business Taxable Income?
    Aug 1, 2016

    Unrelated business taxable income (UBTI) is a relatively simple concept: It represents activities conducted by an organization that are both (1) commercial and (2) not in furtherance of the organization’s exempt purpose. UBTI is based on the idea that when a nonprofit participates in commercial activities or exploits its exempt purpose, it would be competing at an unfair advantage with for-profit entities because, as a nonprofit, it generally does not pay taxes on its income. 

  • A Few Words About Estate Planning and Trustee Engagements
    Jul 1, 2016

    Thirty years of protecting CPAs from malpractice risks has shown that every CPA is safer if they understand the risks they are facing. In no type of engagement is this truer than in estate planning and trustee engagements. And the reason for this is clear: hindsight!

Carry It Forward

Internal Audit Committee