The CPA Journal

The CPA Journal The CPA Journal is a nationally recognized publication of the @NYSSCPA. It is edited by CPAs for CPAs. For more than 85 years, The CPA Journal has been earning its reputation as an objective, critical source of information on issues of interest to CPAs.

The Journal provides analysis, perspective, and debate on the issues that affect the CPA profession. Major topics include accounting and auditing, taxation, personal financial planning, finance, technology, and professional ethics. Published by the New York State Society of CPAs, The Journal's active editorial and review process ensures thorough technical quality and material relevant to CPAs in public practice, industry, government and education.

Operating as usual

Father's day is this Sunday. Have you got him a gift yet? Buy now through AmazonSmile so he can receive your present on ...
06/14/2021

Father's day is this Sunday. Have you got him a gift yet? Buy now through AmazonSmile so he can receive your present on time, and you can give back to your community. Visit https://smile.amazon.com/ch/82-2444864 to generate donations while shopping at no cost to you.
#love #family #fatherhood #fathersday #community

Father's day is this Sunday. Have you got him a gift yet? Buy now through AmazonSmile so he can receive your present on time, and you can give back to your community. Visit https://smile.amazon.com/ch/82-2444864 to generate donations while shopping at no cost to you.
#love #family #fatherhood #fathersday #community

Congratulations to our new Board of Directors:Rumbi Bwerinofa-Petrozzello, PresidentLynne M. Fuentes, President-electTho...
06/09/2021

Congratulations to our new Board of Directors:
Rumbi Bwerinofa-Petrozzello, President
Lynne M. Fuentes, President-elect
Thomas S. Pirro, Secretary/Treasurer
Kevin Matz, Vice President
Patricia A. McGrath, Vice President
David G. Young, Vice President
Kimberly G. Johnson, Vice President
Kelly R. Capron, Vice President

Directors-at-Large:
Margaret Chen
William H. Dresnack
Zachary Gordon
Michael R. Koeppel
Shmueli Milecki
Ramona Cedeno
Katelyn N. Kogan

Lisa A. Mrkall, Director as Chapter Representative – Buffalo Chapter
A’Isha Torrence, Director as Chapter Representative – Manhattan/Bronx Chapter
Jennifer Stone, Director as Chapter Representative – Southern Tier Chapter
Ronald F. Ries, Director as Chapter Representative – Westchester Chapter
Craig A. Zellar, Director as Chapter Representative – Syracuse Chapter

https://www.cpapracticeadvisor.com/accounting-audit/news/21225602/new-york-state-cpa-society-elects-20212022-board-of-directors

Congratulations to our new Board of Directors:
Rumbi Bwerinofa-Petrozzello, President
Lynne M. Fuentes, President-elect
Thomas S. Pirro, Secretary/Treasurer
Kevin Matz, Vice President
Patricia A. McGrath, Vice President
David G. Young, Vice President
Kimberly G. Johnson, Vice President
Kelly R. Capron, Vice President

Directors-at-Large:
Margaret Chen
William H. Dresnack
Zachary Gordon
Michael R. Koeppel
Shmueli Milecki
Ramona Cedeno
Katelyn N. Kogan

Lisa A. Mrkall, Director as Chapter Representative – Buffalo Chapter
A’Isha Torrence, Director as Chapter Representative – Manhattan/Bronx Chapter
Jennifer Stone, Director as Chapter Representative – Southern Tier Chapter
Ronald F. Ries, Director as Chapter Representative – Westchester Chapter
Craig A. Zellar, Director as Chapter Representative – Syracuse Chapter

https://www.cpapracticeadvisor.com/accounting-audit/news/21225602/new-york-state-cpa-society-elects-20212022-board-of-directors

06/07/2021
Meet Rumbi, the first woman of color as President of NYSSCPA!

Meet Rumbi, the first woman of color serving as President of NYSSCPA! Rumbi Bwerinofa-Petrozzello, CPA,CFF, CFE, Senior Director, Consulting, at Seramount, began her term as president of the New York State Society of CPAs (NYSSCPA) on June 1. Watch this video to hear her message as the 102nd president of the NYSSCPA.

Happy Pride month! Together again! Join us throughout the month as we celebrate LGBTQ+ trailblazers and highlight useful...
06/01/2021

Happy Pride month! Together again! Join us throughout the month as we celebrate LGBTQ+ trailblazers and highlight useful resources in the accounting and finance fields.

Check out these local Pride events in your regions in June:
NYC - https://www.nycpride.org/
Buffalo - https://ecs.page.link/kg2GN
Albany - https://www.518capitalpride.com/
Dutchess County - https://ecs.page.link/buPuH
Westchester - https://ecs.page.link/5Goxd
Long Island - https://prideonthebeach.org/

Happy Pride month! Together again! Join us throughout the month as we celebrate LGBTQ+ trailblazers and highlight useful resources in the accounting and finance fields.

Check out these local Pride events in your regions in June:
NYC - https://www.nycpride.org/
Buffalo - https://ecs.page.link/kg2GN
Albany - https://www.518capitalpride.com/
Dutchess County - https://ecs.page.link/buPuH
Westchester - https://ecs.page.link/5Goxd
Long Island - https://prideonthebeach.org/

Today, we remember and honor those who served and sacrificed. #MemorialDay
05/31/2021

Today, we remember and honor those who served and sacrificed. #MemorialDay

Today, we remember and honor those who served and sacrificed. #MemorialDay

May is Jewish American Heritage Month, we pay our tribute to the generations of Jewish Americans who helped form the fab...
05/27/2021

May is Jewish American Heritage Month, we pay our tribute to the generations of Jewish Americans who helped form the fabric of American history, culture, and society. Happy #JAHM!

May is Jewish American Heritage Month, we pay our tribute to the generations of Jewish Americans who helped form the fabric of American history, culture, and society. Happy #JAHM!

Join us this #AAPIHeritageMonth, today we learn about the leadership and members of the Chinese American Society of CPAs...
05/21/2021

Join us this #AAPIHeritageMonth, today we learn about the leadership and members of the Chinese American Society of CPAs' perspectives on the profession. How they became CPAs, how the profession is perceived in their communities, as well as the history and mission of the CASCPA. Read the feature article on The CPA Journal: https://ecs.page.link/bURDy

#AAPIHM #stopaapihate

Join us this #AAPIHeritageMonth, today we learn about the leadership and members of the Chinese American Society of CPAs' perspectives on the profession. How they became CPAs, how the profession is perceived in their communities, as well as the history and mission of the CASCPA. Read the feature article on The CPA Journal: https://ecs.page.link/bURDy

#AAPIHM #stopaapihate

How will a permanent remote workforce affect taxes? Read this article from The CPA Journal to learn about Bernadette Sem...
05/11/2021

How will a permanent remote workforce affect taxes? Read this article from The CPA Journal to learn about Bernadette Semonche Pinamont's perspective on pandemic payroll: https://ecs.page.link/9GBhZ

#payroll #pandemic #WFH #tax

How will a permanent remote workforce affect taxes? Read this article from The CPA Journal to learn about Bernadette Semonche Pinamont's perspective on pandemic payroll: https://ecs.page.link/9GBhZ

#payroll #pandemic #WFH #tax

Join us for NYSSCPA 2021 Annual Business Meeting & Officer Installation on May 19. This free event will be held virtuall...
05/05/2021

Join us for NYSSCPA 2021 Annual Business Meeting & Officer Installation on May 19. This free event will be held virtually and for members only. Advance registration required.
RSVP today! https://ecs.page.link/Z8EiE

#NYSSCPA #rsvp #cpas #accounting

Join us for NYSSCPA 2021 Annual Business Meeting & Officer Installation on May 19. This free event will be held virtually and for members only. Advance registration required.
RSVP today! https://ecs.page.link/Z8EiE

#NYSSCPA #rsvp #cpas #accounting

We celebrate #AAPIHeritageMonth in May. We will spotlight the contribution of Asian Americans and Pacific Islanders in t...
05/01/2021

We celebrate #AAPIHeritageMonth in May. We will spotlight the contribution of Asian Americans and Pacific Islanders in the accounting field, highlight our AAPI members' careers and experiences, and celebrate the rich heritage and cultures of AAPI communities.

#stopaapihate #MAY

We celebrate #AAPIHeritageMonth in May. We will spotlight the contribution of Asian Americans and Pacific Islanders in the accounting field, highlight our AAPI members' careers and experiences, and celebrate the rich heritage and cultures of AAPI communities.

#stopaapihate #MAY

On March 31, 60 Congressional Representatives signed on to a letter, requesting IRS Commissioner Rettig extend the feder...
04/02/2021

On March 31, 60 Congressional Representatives signed on to a letter, requesting IRS Commissioner Rettig extend the federal tax filing deadline for first quarter estimated tax payments to May 17, 2021.

Such a change would streamline tax filings to help ensure tax compliance and ease the burden of millions of small businesses and other taxpayers.

We would like to thank Representatives Claudia Tenney (NY-22), John Katko (NY-24), Carolyn B. Maloney (NY-12), Adriano Espaillat (NY-13), and Tom Suozzi (NY-3) for signing the letter and supporting our members and New York’s small business community, individual taxpayers and the CPA profession.

Read the letter - https://smucker.house.gov/sites/smucker.house.gov/files/IRS Estimated Payments Deadline Letter 3.31.21 117.pdf

On March 31, 60 Congressional Representatives signed on to a letter, requesting IRS Commissioner Rettig extend the federal tax filing deadline for first quarter estimated tax payments to May 17, 2021.

Such a change would streamline tax filings to help ensure tax compliance and ease the burden of millions of small businesses and other taxpayers.

We would like to thank Representatives Claudia Tenney (NY-22), John Katko (NY-24), Carolyn B. Maloney (NY-12), Adriano Espaillat (NY-13), and Tom Suozzi (NY-3) for signing the letter and supporting our members and New York’s small business community, individual taxpayers and the CPA profession.

Read the letter - https://smucker.house.gov/sites/smucker.house.gov/files/IRS Estimated Payments Deadline Letter 3.31.21 117.pdf

The February/March issue of The Trusted Professional is here! It's an exciting new digital version that you can take wit...
03/31/2021

The February/March issue of The Trusted Professional is here! It's an exciting new digital version that you can take with you wherever you go. Just follow the icons in the issue to navigate.

Check it out today! https://ecs.page.link/n6qW8

The February/March issue of The Trusted Professional is here! It's an exciting new digital version that you can take with you wherever you go. Just follow the icons in the issue to navigate.

Check it out today! https://ecs.page.link/n6qW8

NYSSCPA Exec Director and CEO, Joanne S. Barry, writes a letter to Governor Cuomo pushing for New York State tax deadlin...
03/12/2021

NYSSCPA Exec Director and CEO, Joanne S. Barry, writes a letter to Governor Cuomo pushing for New York State tax deadlines to fall in line with any federal extensions. Read it here https://ecs.page.link/F1Xt2.

NYSSCPA Exec Director and CEO, Joanne S. Barry, writes a letter to Governor Cuomo pushing for New York State tax deadlines to fall in line with any federal extensions. Read it here https://ecs.page.link/F1Xt2.

In 2020, a sample of NYSSCPA members participated in a survey focusing on the impact of COVID-19 on their practices and ...
03/11/2021

In 2020, a sample of NYSSCPA members participated in a survey focusing on the impact of COVID-19 on their practices and The CPA Journal reported on the results. See what your peers had to say https://ecs.page.link/9QZoS.

In 2020, a sample of NYSSCPA members participated in a survey focusing on the impact of COVID-19 on their practices and The CPA Journal reported on the results. See what your peers had to say https://ecs.page.link/9QZoS.

Today we celebrate our amazing female members, staff and women of our communities. The Society appreciates all you do to...
03/08/2021

Today we celebrate our amazing female members, staff and women of our communities. The Society appreciates all you do today and every day. #WomensDay #IWD2021

Today we celebrate our amazing female members, staff and women of our communities. The Society appreciates all you do today and every day. #WomensDay #IWD2021

A comparison of then and now.
02/21/2021
CPA Firm Websites - The CPA Journal

A comparison of then and now.

Long-time readers may be aware that the Tech Talk column began as an occasional feature called Website of the Month in 2001. My involvement officially

"As internal audit functions adapt, evolve, and transform to meet emerging risks and challenges their organizations face...
02/20/2021
Building a Next-Generation Internal Audit Organizational Structure - The CPA Journal

"As internal audit functions adapt, evolve, and transform to meet emerging risks and challenges their organizations face, financial professionals need to consider what the organizational structure of a successful next-generation internal audit organization looks like."

As internal audit functions adapt, evolve, and transform to meet emerging risks and challenges their organizations face, financial professionals need to

Timeline Photos
02/14/2021

Timeline Photos

Initial unemployment claims, 4-week moving average and more!
02/13/2021
Forté Capital's Selected Statistics - The CPA Journal

Initial unemployment claims, 4-week moving average and more!

ISM Manufacturing Index After a strong rebound in the second quarter, the momentum in the industrial sector is showing signs of slowing. While still in

A lot has changed over the decades, but thanks to the continuing support of the NYSSCPA membership and outstanding contr...
01/24/2021
Congratulations to The CPA Journal, the Voice of the Profession - The CPA Journal

A lot has changed over the decades, but thanks to the continuing support of the NYSSCPA membership and outstanding contributions of generations of professional and academic authors, the Journal has kept up with the times.

To The CPA Journal: Congratulations on your 90 years of service to the public and profession. You are even more vital and relevant today than you were 90

The evolution of the auditor’s role and the ‘fraud expectation gap’
01/09/2021
Mind the GAAP - The CPA Journal

The evolution of the auditor’s role and the ‘fraud expectation gap’

Newly minted CPAs typically have limited hands-on auditing experience. They almost always have no training in specialty areas, such as forensics. A term

NYSSCPA CEO and Executive Director Joanne Barry looks back on the 90th anniversary of The CPA Journal.
01/03/2021
Mutatis Mutandis - The CPA Journal

NYSSCPA CEO and Executive Director Joanne Barry looks back on the 90th anniversary of The CPA Journal.

I write to you on the most auspicious occasion of The CPA Journal's 90th anniversary. For close to a century now, it has served as a valuable resource to

The best of 2020: look back at the 90th anniversary of The CPA Journal with longtime author and Editorial Board Member S...
12/31/2020
Nine Decades of Lifelong Learning - The CPA Journal

The best of 2020: look back at the 90th anniversary of The CPA Journal with longtime author and Editorial Board Member Sid Kess.

Editor's Note: As we celebrate our 90th year of publication, longtime author and Editorial Board Member Sid Kess brings a rare perspective of The CPA

As 2020 comes to a close, learn more about year-end charitable giving amid the COVID-19 pandemic.
12/30/2020
Ten Questions on COVID-19 and Charitable Giving - The CPA Journal

As 2020 comes to a close, learn more about year-end charitable giving amid the COVID-19 pandemic.

The COVID-19 pandemic has raised many questions about charitable giving and on the timing of required filings for many exempt organizations. Many of those

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Be sure to read the new directions in the accounting education. So important for our future accountant🙏😃 graduates and interested in becoming CPAs
Business Networking and your CPA Practice Is business networking right for your CPA practice? I don't have the answer to that question. I can only share my experience and the positive impact networking has had on my business as a financial professional. Whether you're a CPA working for a large firm that has a big budget to advertise and attract new business or an independent CPA who owns your own practice, I believe networking should be a regular part of your business growth strategy. Why you may ask? Well unless you have all the business and clients YOU want or need, the answer is obvious. To attract more business and clients. I addition, I believe that if you pursue more business for yourself it benefits both you and your firm. As an Independent Financial Professional specializing in “alternative investment” strategies I joined CalCPA a couple of years back, as a “Financial Professional” member because I had been working with all a few select CPA's who referred business to me, and I to them, and I saw the value of expanding my network of CPA's. What's more, with my niche financial offering, there were not many networking formats that met my need of being in an environment where I could meet my ideal prospect. Yet I do believe strongly in the value of networking. Proper and productive networking. So much so that about 9 years ago, when faced with the question of how to attract more business for my specialized financial offering, I responded by starting my own business networking group. The format was designed to not only enhance my business, but to also enhance the business of our members. We bring together a group of like minded business professionals of different but complimentary professions, such as CPA's to meet and build relationships and add to our referral base. The members of the group refer to other members and we all have a large pool of professionals that we have a relationship with that we can utilize as a one stop source for our members, clients and prospects needs. Through the Business Networking Group that I founded, I am consistently networking to meet new people who could very well become my clients As a side note, networking within your own profession may be good to gain new business specific knowledge or skills, but it may not necessarily help you get more clients or business. For a CPA, I believe by building a network of collaborative professionals such as financial advisors, trust attorneys, business owners and other non-CPA professionals it will help your CPA practice attract more clients and help grow you business. What's more, YOU as the CPA become the “Go To” person for your prospects, clients and fellow CPA's who are looking for a “full service” firm to meet their various tax and financial needs. While networking may be uncomfortable at first and nudge you out of your comfort zone I believe once you start and find the right networking format for you (or start your own?) you will soon understand that it is something that should have been done earlier. Especially when you see that you are getting results. I know as a financial professional I can say confidently that my networking efforts have been very rewarding not just for the business growth but also the many relationships and friendships I have developed over the years. There are many business networking groups out there, so you may want to check out a few and see which feels right and will work for you. And I believe that once you give networking a try, you too will see that the numbers add up and contribute to the bottom line! And, as mentioned earlier, I started my own unique business networking group and built it around my passion for Ci**rs and Single Malt Scotch. My group has grown over the years to an email membership of over 2000 members all over California as well as multiple Facebook sites. We have monthly meetings in our Los Angeles, San Diego and Orange County chapters with attendance ranging from 50 to 100+ Business Owners, Executives, Professionals and Entrepreneurs. All attendees come ready to meet, mingle, have fun, network and build relationships. AND...grow their business. So, I refer back to my original question...”is networking right for you and your CPA practice?” That is a question only you as a CPA and business professional can answer. All I can add is that for me as a Financial Professional, the answer is an unqualified yes. Cheerz! John Dade Founder - Cigar Night Business Mixer Group [email protected] FACEBOOK: https://www.facebook.com/groups/131949570265821/ 877-331-2533 Office / Cell John Dade is a Registered Investment Advisor Representative with the SEC and FINRA with a Series 65 License as well as Series 3 Licensed Associated Person with the NFA and CFTC. John is also the author of …. “Is Your Networking Net Working?” … for details go to: paypal.me/JDadeNetworkingBook/9.95 #CalCPA #BusinessNetworking #Networking #Business #JohnDade #CPA
Business Networking and your CPA Practice Is business networking right for your CPA practice? I don't have the answer to that question. I can only share my experience and the positive impact networking has had on my business as a financial professional. Whether you're a CPA working for a large firm that has a big budget to advertise and attract new business or an independent CPA who owns your own practice, I believe networking should be a regular part of your business growth strategy. Why you may ask? Well unless you have all the business and clients YOU want or need, the answer is obvious. To attract more business and clients. I addition, I believe that if you pursue more business for yourself it benefits both you and your firm. As an Independent Financial Professional specializing in “alternative investment” strategies I joined CalCPA a couple of years back, as a “Financial Professional” member because I had been working with all a few select CPA's who referred business to me, and I to them, and I saw the value of expanding my network of CPA's. What's more, with my niche financial offering, there were not many networking formats that met my need of being in an environment where I could meet my ideal prospect. Yet I do believe strongly in the value of networking. Proper and productive networking. So much so that about 9 years ago, when faced with the question of how to attract more business for my specialized financial offering, I responded by starting my own business networking group. The format was designed to not only enhance my business, but to also enhance the business of our members. We bring together a group of like minded business professionals of different but complimentary professions, such as CPA's to meet and build relationships and add to our referral base. The members of the group refer to other members and we all have a large pool of professionals that we have a relationship with that we can utilize as a one stop source for our members, clients and prospects needs. Through the Business Networking Group that I founded, I am consistently networking to meet new people who could very well become my clients As a side note, networking within your own profession may be good to gain new business specific knowledge or skills, but it may not necessarily help you get more clients or business. For a CPA, I believe by building a network of collaborative professionals such as financial advisors, trust attorneys, business owners and other non-CPA professionals it will help your CPA practice attract more clients and help grow you business. What's more, YOU as the CPA become the “Go To” person for your prospects, clients and fellow CPA's who are looking for a “full service” firm to meet their various tax and financial needs. While networking may be uncomfortable at first and nudge you out of your comfort zone I believe once you start and find the right networking format for you (or start your own?) you will soon understand that it is something that should have been done earlier. Especially when you see that you are getting results. I know as a financial professional I can say confidently that my networking efforts have been very rewarding not just for the business growth but also the many relationships and friendships I have developed over the years. There are many business networking groups out there, so you may want to check out a few and see which feels right and will work for you. And I believe that once you give networking a try, you too will see that the numbers add up and contribute to the bottom line! And, as mentioned earlier, I started my own unique business networking group and built it around my passion for Ci**rs and Single Malt Scotch. My group has grown over the years to an email membership of over 2000 members all over California as well as multiple Facebook sites. We have monthly meetings in our Los Angeles, San Diego and Orange County chapters with attendance ranging from 50 to 100+ Business Owners, Executives, Professionals and Entrepreneurs. All attendees come ready to meet, mingle, have fun, network and build relationships. AND...grow their business. So, I refer back to my original question...”is networking right for you and your CPA practice?” That is a question only you as a CPA and business professional can answer. All I can add is that for me as a Financial Professional, the answer is an unqualified yes. Cheerz! John Dade Founder - Cigar Night Business Mixer Group [email protected] FACEBOOK: https://www.facebook.com/groups/131949570265821/ 877-331-2533 Office / Cell John Dade is a Registered Investment Advisor Representative with the SEC and FINRA with a Series 65 License as well as Series 3 Licensed Associated Person with the NFA and CFTC. John is also the author of …. “Is Your Networking Net Working?” … for details go to: paypal.me/JDadeNetworkingBook/9.95 #BusinessNetworking #Networking #CPA #CalCPA #Business #JohnDade