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Read the November 2016 Issue on

CPAJournal.com

This month's cover story is our annual survey of tax preparation and research software. This marks the 15th year this survey of New York tax practitioners has been conducted by authors Susan Anders and Carol Fischer and published by the Journal. Although much has changed since its inception, providing tax services remains a challenge. This past tax season in particular was marked by new mandatory filing requirements, delayed state tax forms, and a federal electronic filing outage.

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  • Cross-generational Learning More Important Than We Think
    Nov 22, 2016

    At work, a younger generation often takes the advice of senior colleagues. But nowadays, as the retirement age increases and the workforce becomes older, experienced professionals looking to continue with their jobs could take some advice from younger co-workers. In fact, research shows that with greater emphasis on cross-generational mentoring, longer and more satisfying careers may be possible.

  • Data Analytics Could Boost Pay as Firms Weave AI, Drones Into Auditing Processes
    Nov 18, 2016
    You’ve got your accounting degree, but what now? Supplementing it with experience in data analytics can net you a higher salary than simply being a CPA. And the push to weave cognitive technologies into auditing processes could give you the chance to work with artificial intelligence, and even drones.
  • Prepare for the CPA Exam With 'Accounting for Empires' Gaming App
    Nov 14, 2016
    CPA Exam preparer Becker is using a mobile gaming app to prepare accounting professionals for the test. “Accounting for Empires” is a cross between "Age of Empires" and "Civilization," and attempts to help CPA candidates with sample questions on topics from the exam. But it's not the first app designed to help accountants study through gaming.
  • Federal Investigators Increase Scrutiny of Offshore Bank Accounts
    Dec 1, 2016

    Federal watchdogs are demonstrating their renewed focus on the illegal use of offshore bank accounts, as the Department of Justice (DOJ) says it is zeroing in on potential tax evaders. 

  • State Residency for Professional Athletes: Overview and Traps for the Unwary
    Dec 1, 2016

    Fall is an amazing time of the year for sports fans. The NFL season is in full swing, the NBA and NHL seasons are beginning, and—of course—baseball’s World Series is played. As both sports enthusiasts and state and local tax professionals, we also focus on how professional athletes must report their taxes to various states.  

  • Straddle Identifications: Making the Best out of a Bad Situation
    Dec 1, 2016

    Straddles are defined in IRC section 1092(c) as two or more offsetting positions in personal property. A taxpayer holds offsetting positions with respect to personal property if the taxpayer’s risk of loss from holding any position is substantially reduced by reason of their holding one or more other positions with respect to personal property—whether or not of the same kind. 

  • Deconstructing Hedge Fund Schedule K-1s for Individuals
    Dec 1, 2016

    Hedge fund K-1s can be voluminous and difficult when determining how to handle the tax treatment of the income and deductions at the individual level. This article will help you navigate K-1s to understand how certain items would impact the tax treatment at the individual level. The first step in determining the proper treatment of income and expense items is to identify whether the partnership is a trader fund, investor fund, or fund of funds.

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