NJCPA IssuesWatch Podcast: Recent Episodes
New Jersey Society of CPAs
This timely podcast from the New Jersey Society of CPAs covers the latest issues impacting CPAs and accounting professionals in New Jersey. Topics range from legislative initiatives to accounting and auditing updates to economic issues and more.
New Jersey’s tax environment is always a hot topic, but how are state tax competitiveness rankings actually determined? Janelle Fritts, senior policy analyst at the Tax Foundation, breaks down the principles of sound tax policy, outlines where New Jersey ranks across key tax categories compared to neighboring states and shares practical, realistic steps lawmakers can take to improve the state's tax competitiveness.
Topics discussed:
- What the Tax Foundation is and what it does
- The Foundation’s principles of sound tax policy
- How the Foundation determines a state’s tax competitiveness
- Where New Jersey ranks in key tax categories
- How New Jersey lawmakers could improve the state’s ranking
- Sales tax on professional services
- Tax Foundation resources
Resources:
- Tax Foundation – 2026 State Tax Competitiveness Index
- Tax Foundation – Taxes in New Jersey
- Connect with Janelle
- Watch all IssuesWatch Podcast episodes
Consistency is key. This episode covers three new developments all seeking to create consistence in accounting and auditing regulations.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- June 2026 Accounting & Auditing Update
- 2026 Proposed Changes to the Uniform Guidance
- PEEC seeks input on proposed revisions to ‘public interest entity’ definition
- Office of Professional Responsibility and Circular 230
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
Sarah Krom, managing partner of SKC & Co. CPAs, and Aiysha (AJ) Johnson, CEO and executive director of the NJCPA, exchange insights on career growth, daily productivity habits, essential soft skills and what lies ahead in their 10-year visions. Tune in for practical wisdom and reflection from two leading professionals. And, in the lightening round, find out what animal AJ would be, whether Sarah prefers cat or dogs, what superpower AJ wants, whether Sarah prefers the ocean or mountains, and more.
Topics discussed:
- Sarah’s proudest accomplishments
- A professional habit that has changed AJ’s productivity
- The soft skill that has advanced Sarah’s career the most
- One thing AJ wished she knew at 25 that she learned along the way
- Where Sarah wants to be in 10 years
- Where AJ wants to be in 10 years
- Lightening round!
Resources:
- Connect with AJ
- Connect with Sarah
- Watch all IssuesWatch Podcast episodes
With so much AI development going on, companies need to understand how to apply accounting rules. There are existing accounting frameworks under U.S. GAAP that are relevant, but the challenge is applying them to AI. There are grey areas and questions that need to be answered.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- Accounting for AI Implementation Costs: Practical Information for Finance Leaders
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
Minutes before the July 1 deadline, Governor Sherrill signed a major new state budget. Is it actually the breath of fresh air New Jersey businesses have been waiting for? Budget expert Chris Emigholz dissects the massive $60.7 billion spending plan, including new revenue raisers and business fees, changes to the STAY NJ program, last-minute budget add-ons and more.
Topics discussed:
- Overall impression of the budget
- New taxes and revenue raisers
- Changes to STAY NJ property tax relief program
- Support for businesses
- “Christmas tree” items
- The budget process/transparency
Resources:
- New Jersey budget
- New Jersey Business & Industry Association
AICPA system and organization controls (SOC) reporting has become a cornerstone of trust in today’s technology-driven market. But does too much reliance on SOC 2 reports create a false sense of security? This episode discusses why over-reliance can be risky.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- AICPA guides peer reviewers to address SOC 2 risks
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
Jerry Maginnis is back with us to provide advice to those pursuing a career in accounting. The second edition of his book, Advice for a Successful Career in the Accounting Profession: How to Make Your Assets Greatly Exceed Your Liabilities, has new sections on how AI and private equity impact accounting careers, the importance of understanding the history of accounting, and more.
Topics discussed:
- What inspired Jerry to update the book
- What the subtitle “Making your assets exceed your liabilities” means from a career standpoint
- How AI will affect the future of accounting professionals
- How private equity may impact accounting career opportunities
- How early-career professionals should balance in-person versus remote work
- The importance of understanding the history of the accounting profession
- Advice for those deciding which career path to choose
- Lessons for those beyond the early stages of their careers
Resources:
- Pre-order/purchase “Advice for a Successful Career in the Accounting Profession: How to Make Your Assets Greatly Exceed Your Liabilities”
- Career resources for accounting students
- Career resources for early career professionals
This episode, which was recorded live at the NJCPA Convention & Expo, covers parts 2 and 3 of the AICPA’s proposed changes to attestation standards.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- AICPA exposure drafts of proposed SASs, SSAEs ad SQMSs
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
We’re exploring practical ways for accounting firms, especially smaller practices, to operationalize and navigate the monitoring process mandated by Statement on Quality Management Standards (SQMS) No. 1.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- How to monitor a firm’s system of quality management
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
America is turning 250, and New Jersey is taking center stage. In this episode, we dive into the national celebration and explore why the Garden State was famously dubbed the "Cockpit of the Revolution." Carrie Fellows of the Crossroads of the American Revolution National Heritage Area discusses the statewide plans, the organizations driving the history forward and how you can join the celebration in your own backyard.
Topics discussed:
- Overview of the 250th anniversary celebration
- Why New Jersey is called the “cockpit of the revolution”
- Activities planned in New Jersey
- How people and businesses can participate
- About the Washington Crossing Visitor Center
- About Crossroads of the American Revolution National Heritage Area
Resources:
- Crossroads of the American Revolution National Heritage Area
- RevolutionNJ
The cloud promises major efficiency gains for accounting firms, but is it introducing hidden security vulnerabilities? Michael Roglen of SysCloud — an NJCPA member benefit provider — debunks common cloud security myths, discusses the critical security responsibilities that still fall squarely on your firm's shoulders, and provides a practical roadmap for a secure, successful cloud transition.
Topics discussed:
- How moving to the cloud changes how accounting firms should protect their data
- The biggest misconceptions about cloud security and backups
- Accounting firms’ responsibilities for data protection
- Operational and efficiency gains
- Cost management of implementing new technology
- About SysCloud
Resources:
- Learn more about SysCloud
- Cybersecurity Knowledge Hub
- Technology Planning Knowledge Hub
This episode explores the structure of the AICPA attestation standards and how a recent Auditing Standards Board (ASB) proposal may change them.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- Proposed attestation changes: What CPAs should know
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
Most CPAs know the federal tax calendar cold. But state entity compliance is a very different story. The rules vary dramatically from state to state, and missing a filing can create real problems for clients. And in 2026, there are some important developments CPAs should be paying attention to, especially in New Jersey, Delaware and Pennsylvania. Frank Tumminello from FileForms breaks it all down and talks about how software can help.
Topics discussed:
- Why state entity compliance complicated
- Consequences of missed filings
- Rolling deadlines versus fixed-date deadlines
- New Jersey tax compliance
- Florida tax compliance
- Delaware tax compliance
- Leveraging software
- Collecting and submitting state fees
- Pennsylvania tax compliance
- Coordinating multi-state compliance
- What “good” compliance looks like
- Three things every CPA can do
Resources:
- Request a free 2026 compliance calendar from FileForms
- Learn more about FileForms for CPAs
- Book a demo
- State-specific resources:
- Florida Annual Report 2026: May 1 Deadline
- Delaware Franchise Tax 2026: LLC June 1
- Delaware Annual Report: Deadlines, Fees & Compliance
- New York Biennial Statement Filing
CPA licensure is going through one of the biggest shifts we’ve seen in years. New pathways are being introduced, and mobility rules are changing right along with it. Is your firm fully compliant? And what are the risks if you’re not? Lindsay Patterson from CPA QualityPro — a new NJCPA member benefit provider — breaks it all down.
Topics discussed:
- What CPAs and firms need to understand about how the changes to licensure pathways impact them
- How these changes are affecting individual CPA mobility
- Common missteps regarding firm registration
- Enforcement actions when firm registration deadlines are missed
- Practical steps CPAs can take now to ensure compliance with licensure and firm registration
- How CPA QualityPro can help
Resources:
- Learn more about CPA QualityPro and their special offer for NJCPA members
- Pathways to CPA licensure in New Jersey
Find out about FASB’s new Accounting Standards Update that provides authoritative guidance on how an issuer should initially measure paid-in-kind dividends on equity-classified preferred stock.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB ASU 2026-01
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
Understand what a financial resilience review is and what it examines, the warning signs CPAs should be watching for in nonprofit financials and how this type of assessment helps organizations move from reactive to resilient.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
For businesses in New Jersey and across the country, tariffs are a significant line item with massive implications for cash flow and supply chain stability. The landscape just shifted dramatically when the U.S. Supreme Court ruled that billions of dollars in tariffs imposed under the International Emergency Economic Powers Act (IEEPA) have been declared unlawful. Whether you’re a business owner wondering if you’re eligible for a refund or a CPA looking to provide critical guidance to your clients, our guest William McDevitt, CPA, shareholder at WilkinGuttenplan, provides the roadmap for protecting your bottom line.
Topics discussed:
- How a tariff moves from “ship to entry,” and where businesses are most exposed in that process
- The Supreme Court’s recent decision on tariffs
- How businesses determine whether they’re eligible for a refund
- How the refund portal is working
- Why businesses need to monitor and protect their refund
- Appeals process for claims that are rejected
- Why the refunds aren’t just automatically being processed
- Examples of how tariff issues play out for businesses
- Should businesses keep their tariff refunds?
- What CPAs should be asking their clients and businesses right now
- How businesses and CPAs should think about tariffs in the long-term
Resources:
- Slides to accompany this episode
- International Emergency Economic Powers Act (IEEPA) Duty Refunds (U.S. Customs and Border Protection)
- CAPE Tariff Refund Portal — What CPAs and Firms Need to Know (AICPA)
New Jersey residents are feeling the burn at the meter as energy prices continue to outpace national averages. But while the numbers on your bill are clear, the reasons behind the surge are anything but simple. Janice Fuller, partner at Princeton Public Affairs Group, pulls back the curtain on the complex web of factors driving our utility rates and discusses what the future holds for New Jersey’s energy market.
Topics discussed:
- Factors that impact energy prices
- The impact of artificial intelligence on energy usage
- Explanation of PJM
- Comparison with surrounding states
- Impact of former Governor Murphy’s energy policies
- Measures that lawmakers can take
Resources:
- The Reality of the Renewable Energy Provisions of the New Jersey Energy Master Plan
This episode reviews recently published guidance from the Committee of Sponsoring Organizations of the Treadway Commission (COSO) that helps companies manage risks related to generative artificial intelligence (AI).
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- COSO Releases Practical Roadmap for Managing Generative AI Risks and Controls
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
Is New Jersey’s newest budget proposal truly fiscally responsible? Jeff Kaszerman welcomes Dale Florio (Princeton Public Affairs Group) and Chris Emigholz (NJBIA) to break down Governor Mikie Sherrill’s FY2027 spending plan. From corporate tax deduction changes and fees to record school aid and property tax relief, we explore what this budget means for New Jersey’s business climate and whether NJCPA members believe it’s a step in the right direction.
Topics discussed:
- Budget highlights
- Overall impressions of the budget
- Fiscal responsibility
- Impact of federal funding changes
- Property taxes
- Proposed changes to two business tax deductions
- Proposed Medicaid fee for employers
- Political landscape
- Closing thoughts about the proposed budget
Resources:
- New Jersey budget
- New Jersey Homeowner’s Guide to Property Taxes
- Rebates, Reform and Reality: The State of New Jersey’s Property Taxes
The episode covers the last of the Accounting Standards Updates (ASUs) that the Financial Accounting Standards Board (FASB) issued at the end of 2025. ASU 2025-12 – Codification Changes includes changes related to terminology, EPS accounting, credit losses and receivables, not-for-profit guidance and more.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- Accounting Standards Update 2025-12 – Codification Changes
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
New Jersey is famous for many things, but its nation-leading property tax rates usually top the list of resident grievances. In this episode, we sit down with Marc Pfeiffer, senior policy fellow at the Bloustein School of Planning and Public Policy, to demystify the complex machinery behind property taxes. Marc breaks down the fundamental mechanics of why the rates are so high, how property taxes are calculated and where the money goes — ultimately addressing the age-old question: Are we actually getting what we pay for?
Topics discussed:
- How New Jersey property taxes are determined and distributed
- Why New Jersey leads the nation in tax rates compared to neighbors
- Is the higher cost justified by the services being provided?
- Why it has proven so politically difficult to reduce property taxes in New Jersey
- Changes to property tax relief programs proposed in Governor Sherrill’s budget
- Realistic reforms that could actually move the needle
- Why taxpayers receive relief payments instead of lower bills
Resources:
- New Jersey Homeowner’s Guide to Property Taxes
- New Jersey property tax relief programs
- New Jersey budget
This episode examines how artificial intelligence (AI) is transforming audit work by CPAs.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- Article: How AI is transforming the audit – and what it means for CPAs
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
The U.S. economy continues to send mixed signals. Inflation has cooled but hasn’t disappeared. Consumers are sour on the economy, but they continue to spend. And the impact of tariffs is still up in the air. Curtis Dubay, chief economist at the U.S. Chamber of Commerce, unpacks where the economy stands and what CPAs and their clients should be watching in the months ahead.
Topics discussed:
- Impact of recent Supreme Court decision on tariffs
- Consumers are still spending, but which consumers?
- Are consumer debt levels up?
- Impact of low birthrates and declining immigration
- How important are quarter-to-quarter economic growth rates?
- The economic indicators that Curtis will be tracking the rest of the year
Resources:
- Content and events about the economy
- U.S. Chamber of Commerce
The Financial Accounting Standards Board has finalized standards for accounting for government grants received by business entities. Get the details.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- ASU 2025-10: Government Grants (Topic 832)
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
Governor Mikie Sherrill has taken office alongside a Democratic supermajority, yet New Jersey business leaders are more optimistic than they’ve been in eight years. Is this a true policy pivot or just a honeymoon phase? Micah Rasmussen of the Rebovich Institute for New Jersey Politics joins us to discuss what the first half of 2026 holds for the state’s economy and business community.
Topics discussed:
- Why the business community is optimistic
- Gov. Sherrill’s upcoming budget proposal
- Other short-term issues of interest to the business community
- Looking ahead
Resources:
- Register for IssueWatch Live: New Jersey Budget Analysis on March 24 or March 30
- New Jersey Budget updates
- Rebovich Institute for New Jersey Politics
FASB issued an Accounting Standards Update that makes improvements to hedge accounting. Get an overview of the changes.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB ASU 2025-09: Derivatives and Hedging (Topic 815) Hedge Accounting Improvements
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
New Jersey has officially introduced a new pathway to licensure, and we’re breaking it all down. This is a significant shift for the profession, focusing on flexibility and accessibility without compromising the prestige of the license. June Toth, CPA, and NJCPA’s Aris Nunez discuss the new pathway and what it means for students, educators and employers. Whether you’re a firm partner looking to bolster your pipeline or a student mapping out your future, this episode is essential listening.
Topics discussed:
- Overview of the new pathway
- What we’re hearing from students, professionals and educators
- Interstate practice (mobility) concerns
- What employers need to know
- Applying for licensure under the new pathway
- Status of pathway legislation in surrounding states
Resources:
- New Jersey State Board of Accountancy
- CPAmobility.org
- Details about the two pathways to licensure
- FAQs about becoming a CPA in New Jersey
- Webinars/Q&A sessions about the new pathway:
- Additional Pathway to Licensure Update: Navigating Firm and Individual Compliance in New Jersey – March 4, 12-1 p.m.
- CPA Licensure: Additional Pathway Update for Educators – March 10, 12-1 p.m.
- CPA License Basics and Additional Pathway Update for Students and CPA Candidates – March 12, 12-1 p.m.
This episode examines a recent FASB Accounting Standards Update that focuses on accounting for seasoned loans.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- ASU 2025-08: Financial Instruments — Credit Losses (Topic 326) Purchased Loans
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
James Cox, the AICPA’s vice president of state advocacy, joins us to discuss four important issues: the movement to provide additional pathways to CPA licensure, sales tax on professional services, deregulation of state boards of accountancy, and the impact of AI and other fintech issues on CPAs and the business community.
Topics discussed (all timestamps will need to be adjusted after the edits are made):
- Additional pathways to CPA licensure
- Sales tax on professional services
- Deregulation of the profession
- Impact of AI and other fintech issues
Resources:
- CPAmobility.org
- Legislative Action Center
- NJ-CPA-PAC
Get an overview of the recent guidance and clarifications issued by the AICPA Professional Ethics Executive Committee.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- PEEC Publishes Final Clarifications in the AICPA Code of Professional Conduct for Engagements Subject to SSAEs
- PEEC releases clarifying guidance on independence in SSAE engagements
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
Over the past six months, participants of the Emerging Leaders Book Club met to explore three powerful titles: Greenlights by Matthew McConaughey, The Psychology of Money by Morgan Housel and The Obstacle Is the Way by Ryan Holiday. Three of the NJCPA members who led the book discussions — Matt Mojica, Brandon Ventura and Lexi Wilson — share why these books were chosen as well as the insights and “aha” moments that inspired them.
Topics discussed:
- Why these three books were chosen
- Common themes across the books
- Insights that stood out
- Big-picture messages
- How insights from the books can be applied in your career
- Future of the book club
Resources:
- Emerging Leaders meetings and events
- Career Development Knowledge Hub
Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-09 makes improvements to income tax disclosures. It’s already effective for public companies and will become effective for private companies soon. Get an overview of the changes.
Resources:
- FASB ASU 2023-09
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
When HBK CPAs & Consultants moved its mid-Atlantic regional headquarters to the historic Bell Works in Holmdel, the firm’s managing principal and CEO, Tom Angelo, said he wanted the firm to provide the expertise to help small businesses grow beyond even what they might imagine for themselves. Hear from Tom about how HBK envisions the future of accounting, from staffing and talent, to private equity and the transformative potential — and challenges — of artificial intelligence.
Topics discussed:
- What drove HBK’s transformation into a multidisciplinary financial-services company
- How firms can balance growth with maintaining culture and service quality
- HBK’s strategy on AI integration
- How HBK is adapting its staffing strategy
- Impact of AI on service offerings
- Qualities HBK looks for in young accountants
- How HBK has changed its training to reflect the firm’s evolving structure
Resources:
- Connect with Tom
- Firm Management Knowledge Hub
The PCAOB recently released new staff guidance on paragraph .10A of AS 1105, Audit Evidence, including illustrative examples that can help audit firms implement the requirements. This is particularly important given the growing use of artificial intelligence.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- PCAOB Staff Guidance: Examples of Evaluating of Reliability of External Information Provided by the Company in Electronic Form
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
Visa has announced a major overhaul of its commercial credit card data standards through its new Commercial Enhanced Data Program (CEDP), and businesses should take notice in order to avoid paying significantly higher rates. Eric Cohen, CEO at Merchant Advocate, explains what this means for businesses and why CPAs need to be paying attention.
Topics discussed:
- What CEDP is and why Visa is moving away from the old system
- Impacts that controllers, CFOs and public accountants should be preparing for
- Common system and data problems that could cause business to fall out of compliance
- What CPAs should be asking their payment processors now
- Preview of another big pending issue in the credit card processing world
Resources:
- Visa CEDP Explained: What Every B2B Merchant Needs to Know
- Learn more about Merchant Advocate and their special offer for NJCPA members
- Business Management Knowledge Hub
IssuesWatch #podcast #visa #cedp
Hear about FASB’s recent analysis of what it’s costing companies to comply with the lease accounting standard.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB reckons with higher-than-expected lease accounting costs
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
Contrary to almost every single poll, Congresswoman Mikie Sherrill beat her Republican challenger Jack Ciattarelli in the New Jersey Governor’s race by a whopping 13 points. Dr. Ben Dworkin, director of the Rowan Institute for Public Policy and Citizenship at Rowan University, provides his expert insight and analysis of election results.
Topics discussed:
- What contributed to Mikie Sherrill’s large margin of victory
- Why the polls were so off base
- Impact of President Trump’s endorsement of Jack Ciattarelli
- Who “Never Trumper” Republicans voted for
- Were the widespread wins for Democrats across the country a fluke or a trend?
Resources:
- NJCPA members’ economic priorities for Governor-Elect Sherrill
- Legislative Action Center
This episode includes a discussion on an SEC proposal to change the frequency of reporting and the implications of doing so. It also highlights a new tool from NASBA to help with CPA license mobility as states continue to adopt multiple pathways to CPA licensure.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- CPA Mobility tool
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
As finance teams face mounting pressures, from talent shortages to increasing reporting demands, many are turning to outsourcing as a strategic solution. At the same time, artificial intelligence is reshaping how financial information is processed, analyzed and reported. Hear about a new report from the Financial Executives International and CohnReznick about how outsourcing in finance and accounting is evolving in the age of AI.
Topics discussed:
- Overview of survey findings
- The most pressing issue for finance leaders right now
- Uncertainty about the role of AI
- How finance leaders should approach AI when making outsourcing decisions
- Opportunities and challenges with outsourcing
- Advice for finance leaders considering outsourcing
Resources:
- Full report: Financial and Accounting Outsourcing in the Age of AI
- Highlights of report
The Financial Accounting Standards Board issued a new standard the that addresses concerns about accounting for derivatives. It covers the application of derivative accounting to contracts with features based on the operations or activities of one of the parties to the contract as well as the diversity in accounting for share-based noncash consideration from a customer that is consideration for the transfer of goods or services.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB Issues Standard on Derivatives Scope Refinements
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
How can public policy, private enterprise and smart regulation work together to build a stronger New Jersey economy? Eric Brophy, former Deputy Chief of Staff for Economic Growth to Governor Phil Murphy and now co-chair of the new Government & Regulatory Law Group at CSG Law, joined us to discuss his time in the Governor’s Office shaping state economic initiatives, his new role at CSG and what’s ahead for New Jersey’s business and regulatory landscape.
Topics discussed:
- The biggest policy or political challenge Eric faced
- How New Jersey can best compete with neighboring states for major business investment
- One economic development initiative Eric wishes got more public attention
- Misconceptions about how businesses can engage with state agencies
- Eric’s new role at CSG Law
- Addressing common stumbling blocks for private entities dealing with state government
- Major economic or regulatory trends shaping New Jersey in the next 3-5 years
- If he had a magic wand, the one aspect of New Jersey’s business climate Eric would improve
Resources:
- Connect with Eric Brophy
- About CSG Law’s Government & Regulatory Law Group
- Economic and regulatory news
A new report from the Illinois CPA Society (ICPAS), titled The Readiness Divide, explores the disconnect between how early-career accounting and finance professionals view their skills and how their managers assess their readiness. Geof Brown, president and CEO of ICPAS, discusses the report’s findings, including gaps in communication, critical thinking, problem solving and even tech skills – and what these gaps mean for the accounting profession.
Topics discussed:
- Overview of the report and why it was created
- The disconnect between self-awareness and employer expectations
- Risks if gaps in communication, critical thinking and problem-solving are not addressed
- Practical steps to close the divide
- Final takeaways
Resources:
- The Readiness Divide: How Next-Gen Accounting Talent Measures Up
- Career Development Knowledge Hub
- Employee Management Knowledge Hub
We’re covering three topics in this episode: proposed modernization of peer review administration requirements, proposed private-equity-related updates to peer review standards and guidance on attest client association.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- Proposed Peer Review Standards Update No. 3, Modernizing Peer Review Administration Requirements
- AICPA Seeks Comment on Administrative Peer Review Proposal for Firms with Private Equity Backing and Other Alternative Practice Structures
- PEEC releases guidance on attest client association, simultaneous employment
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
One of the hottest topics in the profession right now is compensation. Accounting Today recently released its 2025 Salary Survey, which offers a comprehensive look at pay across firms of all sizes and levels.
Dan Hood, editor in chief of Accounting Today, breaks down the survey results and what they mean for firms, professionals and the CPA pipeline.
Topics discussed:
- Key takeaways from the survey
- Why salaries have increased
- Manager and partner salary increases at smaller firms
- Impact of total compensation packages
- How small firms are keeping up
- Rethinking culture, career development and other non-monetary factors
Resources:
- 2025 Accounting Today Salary Survey
- Career Development Knowledge Hub
- Employee Management Knowledge Hub
Find out about the new standard from the Financial Accounting Standards Board that updates the guidance on accounting for internal-use software costs.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB Issues Standard That Makes Targeted Improvements to Internal-Use Software Guidance
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
This fall, a new advanced placement course is being piloted at 100 high schools across the country. AP Business with Personal Finance is designed to give high school students a strong foundation in business, economics and personal finance and, importantly for the accounting profession, it includes a significant unit on accounting. Hear about the impact of the course from Livingston High School’s Alex Lamon - one of the teachers piloting the program - and Alexander Chang, a student who has taken the course.
Topics discussed:
- Overview of the AP Business with Personal Finance course
- Information about the accounting unit of the course
- Student perspective on the AP course
- Impact on providing students with business/accounting exposure
- Overview of Money Talks Conference
- How students view accounting and financial literacy
Resources:
- About AP Business with Personal Finance
- New Jersey Council for Economic Education
- CPA Pipeline Knowledge Hub
The AICPA has issued an updated practice aid to help firms implement the new quality management standards. See if it can help you.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- AICPA unveils new QM resources to help firms meet Dec. 15 deadline
- Quality management standards articles and events
- Join the Accounting & Auditing Standards Interest Group
The filing deadline for New Jersey's three property tax relief programs is around the corner. Christina Quinones of the New Jersey Division of Taxation joins us to discuss who is eligible for each program and how to apply. Don’t miss out on the relief you’re entitled to.
Topics discussed:
- Overview of property tax relief programs
- Details on the Senior Freeze program
- Application process and deadlines
- How to get in-person or online assistance
Resources:
- Senior Freeze program
- ANCHOR program
- Stay NJ program
- Property tax relief public events
The GENIUS Act includes robust new requirements for stablecoin users, including reserve backing; transparency and audits; anti-money laundering and sanctions compliance; and restrictions on marketing and yield.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- Accounting and auditing articles and events
- Cryptocurrency and digital assets articles and events
- Join the Accounting & Auditing Standards Interest Group
Whether you call it soft skills, people skills, relational abilities or core professional competencies — communication, emotional intelligence and adaptability often make a big difference in a professional’s career growth. CPA and author Jerry Maginnis returns to the podcast to discuss the role of soft skills in a successful career.
Topics discussed:
- How soft skills can be a differentiator between average and outstanding professionals
- How the value of soft skills has changed
- The most critical soft skills for young CPAs
- How companies can better identify, nurture and reward soft skills among their teams
- An example of how soft skills played a crucial role for Jerry
Resources:
- Jerry’s book, Advice for a Successful Career in the Accounting Profession, How to Make your Assets Greatly Exceed your Liabilities
- Career development articles, resources and events
The Financial Accounting Standards Board has issued a new standard for the measurement of credit losses for accounts receivable and contract assets. Are you prepared to implement it?
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB Issues Standard that Improves Measurement of Credit Losses for Accounts Receivable and Contract Assets
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
As the next generation of accountants and finance professionals enters the workforce, one priority stands at the forefront: building a workplace that not only attracts younger talent but also keeps them engaged and inspired for the long haul. Alex Romero of Galasso Learning Solutions.
Topics discussed:
- Understanding what younger talent values
- Creating a culture of belonging
- Key elements of emotional intelligence that foster retention and engagement
- The importance of emotional intelligence for young professionals
- Other important skills for young professionals
- Tactics to build an employee experience that retains and energizes
Resources:
- Employee management articles, resources and events
- Career development articles, resources and events
- Learn about Galasso Learning Solutions
Does your nonprofit receive government grants? The accounting rules may be changing.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- Proposed FASB ASU: Government Grants (Topic 832)
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
Mark Koziel, CPA, CGMA, the new president and CEO of the American Institute of CPAs, recently sat down with Aiysha (AJ) Johnson, MA, IOM, CEO and executive director of the NJCPA, to discuss numerous issues impacting the accounting profession.
Topics discussed:
- Expanding the pathway to CPA
- Mobility concerns
- Additional efforts to attract more people to the profession
- One Big Beautiful Bill (HR1)
- Other pending legislation impacting the profession
- The future of the PCAOB
- Implementation of new quality management standards
- Mark’s priorities for the coming year
Resources:
- CPA Pipeline Knowledge Hub
- NASBA Licensure Pathway Tracker
- One Big Beautiful Bill Knowledge Hub
- Quality Management Standards Knowledge Hub
Misinformation about the One Big Beautiful Bill was rampant even before it was signed into law on July 4. Joining us to separate fact from fiction about several provisions of the bill is Lauren Landolfi, CPA, shareholder and tax department practice leader at WilkinGuttenplan.
Topics discussed:
- Myth 1: There are no federal taxes on Social Security income
- Myth 2: The new $40,000 SALT deduction cap is just for married filers
- Myth 3: There are no taxes on overtime or tips
- Myth 4: There are no changes to the deductibility of charitable contributions
- Myth 5: Gamblers can continue to deduct all of their losses
- Myth 6: I still don’t need to worry about the AMT
Resources:
- Events and information about the One Big Beautiful Bill Act
- Social Security Administration press release
Are you ready to step up your fraud detection game? Following three years of research, the AICPA’s Auditing Standards Board has proposed updates to the Statement on Auditing Standards regarding auditors’ responsibilities related to fraud. Get an overview of the proposal.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- AICPA Seeks Comment on Proposed Update to Auditors’ Responsibilities Related to Fraud
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
Get a rundown on what’s included — and not included — in New Jersey’s $58.8 billion budget for fiscal year 2026.
Topics discussed:
- Overall thoughts on the budget from the business community’s perspective
- Tax increases
- Assistance to businesses
- Property tax relief
- Maintaining a budget surplus
- Impact of the One Big Beautiful Bill Act on New Jersey
Resources:
- More about New Jersey’s budget
In a recent Forbes article, Paul Peterson, CPA, CEO and managing partner of Wiss, wrote that if you were designing the accounting profession from scratch today, it wouldn’t look anything like the version most firms are still trying to maintain. Paul joins us for a discussion about how firms are adapting to the changes in career expectations, shifting client expectations, the impact of AI and more.
Resources:
- Disruption In Accounting: The CPA Shortage Meets the Rise of AI (Paul’s Forbes article)
- Firm Management Knowledge Hub
- CPA Pipeline Knowledge Hub
Is AI taking over?? This episode takes a look at how artificial intelligence (AI) is transforming and helping the accounting profession.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- AICPA and CPA.com’s 2025 AI in Accounting Report
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
There’s a new exposure draft from the AICPA Professional Ethics Executive Committee (PEEC) to clarify independence requirements for engagements subject to the Statements on Standards for Attestation Engagements (SSAEs). Get the details.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- PEEC exposure draft seeks to clarify requirements for SSAE engagements
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
Succession planning isn’t just about stepping away; it’s about protecting the future of a CPA firm, ensuring smooth leadership transitions, and maintaining client trust and operational continuity. Alvin Fennell and Stan Sterna from Aon join us to discuss how firms can mitigate risk when going through a leadership transition.
Topics discussed:
- 1:16 – How a strong, proactive succession plan helps small and midsize firms manage professional liability risk
- 5:07 – Risk considerations for firms entering into a private equity deal
- 10:40 – How firms can ensure continued client service during a leadership transition
- 16:46 – The role of legal protections and buy-sell agreements during a firm transition
- 25:01 – Insurance considerations
Resources:
- Firm management and succession planning articles and events
- Learn more about Aon
In this special episode recorded at the NJCPA Convention & Expo, the team discusses environmental, social and governance (ESG) reporting: what it is, states that have specific requirements, considerations for auditors and more.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- ESG articles and events
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
Between rising client demands, tight deadlines and growing compliance responsibilities, CPAs in public practice are under more pressure than ever to do more with less. Ilya Radzinsky of TaxDome joins us to discuss how firms can efficiently meet client expectations and tailor their services based on what different clients want.
Resources:
- Learn more about TaxDome and access their annual letter
- Firm management events, articles and resources
A new law, initiated by the NJCPA and the New Jersey Business and Industry Association, requires the state auditor to provide a plain-language summary of New Jersey’s full financial picture — well beyond what’s included in the annual budget. Former state treasurer Davis Rousseau joins us to discuss what’s included in the new report and how New Jersey compares to surrounding states.
Resources:
- Summary and Analysis of the Annual Comprehensive Financial Report
- Article: The State of New Jersey’s Financial Health
Brad and his guests discuss three topics: the Financial Accounting Standards Board’s exposure draft about debt modification and extinguishment of liabilities; reporting lines of credit on the statement of cash flows; and SSARS No. 27 on financial statements prepared as part of a consulting services engagement.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB Seeks Public Comment on Proposal to Improve Accounting for Debt Exchanges
- SSARS No. 27 At a Glance
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
Good news for the accounting profession: Recent research shows that progress is being made in getting more young people interested in pursuing an accounting career. In this episode, we speak with Liz Barentzen of the Center for Audit Quality, who breaks down the significant findings of this study. We explore the factors contributing to this trend and discuss actions the profession can take to continue attracting and retaining talented young professionals.
Resources:
- Expanding the Accounting Profession Pipeline report
- CPA Pipeline Knowledge Hub
This episode looks at whether companies have implemented the FASB standard on current expected credit losses (CECL) and also includes a discussion about PCAOB’s recent emphasis on the importance of audits.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- Financial Instruments — Credit Losses (Topic 326) — Purchased Financial Assets
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
As part of the ongoing efforts to attract more people into the accounting profession, there are legislative efforts in New Jersey and across the country to create an additional pathway to CPA licensure. Get an update on where things stand and what’s included in the legislation.
Resources:
- CPA Pipeline Knowledge Hub
- NJ-CPA-Political Action Committee
Brad and his guest, Marissa Flood, continue their discussion about post-implementation reviews, this time focusing on SAS 145.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- AICPA Statement on Auditing Standards No. 145, Understanding the Entity and its Environment and Assessing the Risks of Material Misstatement
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
In today's workplace, it's easy to get defined solely by your job title, rather than be seen as a whole person. But aren’t you more than just your job title? Join us as we break down with John Garrett, author of “What’s Your And?”, why your quirks, talents and humanity are just as important as your “professional” side. He’ll define how work and personal passions can overlap to make us better professionals.
See John and more fantastic speakers at the NJCPA 2025 Convention and Expo!
Brad and his guests focus on leases and discuss post-implementation review.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB post-implementation review process
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
You've heard the terms "fraud, waste, and abuse" everywhere, but do you really know what they mean and how they're uncovered? Join us as we break down these critical concepts with forensic accounting experts Megan Kelly, CPA, (FAZ Forensics) and Megan Sartor, CPA (SAX LLP). They'll define each term, explain the unique challenges of investigating them in government versus corporate environments, and walk us through the process of uncovering these costly issues.
Resources:
- Fraud Detection and Prevention Knowledge Hub
Are you clear on NOCLAR? This episode focuses CPAs’ responsibilities for reporting for noncompliance with laws and regulations (NOCLAR).
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- NOCLAR: What CPAs in business should know
- NOCLAR: What CPAs in public practice should know
- How not to lose sleep over NOCLAR
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
Cryptocurrency is making headlines almost every day. Dr. Sean Stein Smith, CPA, and his guest Mark Eckerle, CPA, discuss the top crypto issues CPAs can help their clients with now and going forward. Topics include strategic bitcoin reserves, governmental pro-crypto pivot in 2025, pain points and an outlook for the remainder of 2025.
Resources:
- Cryptocurrency Knowledge Hub
- Understanding and Talking to Clients About Crypto – June 5 session by Sean Stein Smith at NJCPA Convention & Expo
Governor Phil Murphy recently issued his proposed budget for New Jersey’s next fiscal year. The $58.1 billion proposal is 2.7% higher than the current year’s budget and includes $1.2 billion in proposed tax increases. Our panel of public policy experts weigh in on numerous elements of the proposed budget, including the impact of potential cuts in federal aid to Medicaid and NJ Transit.
Resources:
- New Jersey Budget news and information
Brad and his guests discuss the AICPA’s post-implementation review of Statement on Auditing Standards No. 143: Auditing Accounting Estimates and Related Disclosures.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- Statement on Auditing Standards No. 143: Auditing Accounting Estimates and Related Disclosures
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
To address the talent shortage, firms have turned to several options, including raising fees, culling clients, outsourcing and offshoring. Rohan Singhai of Miles Talent Hub joins us to discuss accounting staffing trends and strategies.
Resources:
- Miles Talent Hub
- Employee management articles, events and resources
- CPA pipeline news and resources
This episode covers two upcoming AICPA Auditing Standards Board exposure drafts, status of the PCAOB’s firm and engagement metrics proposal and the PCAOB’s audit focus series.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- AICPA auditing board approves two exposure drafts for public comment
- PCAOB withdraws proposed rules requiring extensive firm and engagement metrics
- PCAOB Audit Focus: Audit Committee Communications
- Accounting and auditing articles and events
- Fraud prevention articles and events
- Join the Accounting & Auditing Standards Interest Group
The first month of President Trump’s second term has been filled with a flurry of changes that impact businesses, including tariffs, steep cuts by the Department of Government Efficiency (DOGE) and restricted immigration. Daniel Munoz, business reporter at The Record, discusses the changes and how New Jersey’s business community is reacting.
Resources:
- March 13 Webinar: How Federal Policies Are Impacting New Jersey Businesses
Artificial intelligence (AI) is revolutionizing accounting, promising efficiency and accuracy. But why are firms still hesitant? In this episode, Zealogic’s Anthony Geanoules dives into the game-changing potential of AI in accounting and the common concerns holding firms back. Gain practical insights for leveraging the power of AI.
Resources:
- AI Knowledge Hub
- Zealogics
Brad and his guests discuss the recently issued FASB accounting standard update on expense disaggregation disclosures as well as guidance on non-GAAP financial measures.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB ASU 2025-01, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date
- Journal of Accountancy article: Exercising caution with non-GAAP measures and disclosures
- Accounting and auditing articles and events
- Fraud prevention articles and events
- Join the Accounting & Auditing Standards Interest Group
What are the major issues impacting college accounting education and what’s being done to address them? Host Sean Stein Smith, CPA, sat down with Peter J. McAliney of Rutgers University to discuss.
Resources:
- CPA Pipeline Knowledge Hub
This episode focuses on the key elements of internal controls.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- Accounting and auditing articles and events
- Fraud prevention articles and events
- Join the Accounting & Auditing Standards Interest Group
When it comes to the accounting profession’s talent crisis or the current landscape of diversity, equity and inclusion, it seems that everyone has an opinion. But what does empirical research tell us about how we should be looking at and addressing these two critical and connected issues? Donny Shimamoto, CPA, of Intraprise Techknowlogies and the Center for Accounting Transformation joins us to discuss two research reports that highlight strategies and approaches to improve retention, reduce turnover, and foster a more inclusive and equitable accounting industry.
Resources:
- Download the research reports
Brad and his guest Matt Charne provide a rundown of 12 accounting and auditing standards and pronouncements from FASB, GASB and PCAOB.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- Accounting and auditing articles and events
- Governmental accounting articles and events
- Join the Accounting & Auditing Standards Interest Group
The New Jersey Chamber of Commerce’s legendary Walk to Washington is back after a five-year hiatus. Find out what this event is all about – and hear about one CPA’s experience attending the event and what she’s looking forward to this year.
Resources:
- Walk to Washington
To start the new year, Brad provides a recap of accounting and auditing standards and updates from 2024.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
Accounting professionals are entrusted to safeguard clients’ most sensitive personal and financial information. Heidi Rogers from NJCPA member benefit provider CPACharge dsicusses four critical elements to lock down your data and keep client information safe.
Resources:
- Learn more about CPACharge
- Article: 4 Ways to Protect Your Clients’ Data
- Cybersecurity Knowledge Hub
- NJCPA Marketplace: Cybersecurity services
As the year comes to an end, there are two new accounting standards updates from the Financial Accounting Standards Board (FASB) — one on disaggregation of income statement expenses and another on induced conversions of convertible debt instruments. Brad provides an overview of both ASUs.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures
- ASU 2024-04, Debt - Debt with Conversion and Other Options
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
A recent KPMG survey reveals that tax departments are poised to lead their organizations into a more resilient and empowered future. David Neuenhaus, partner-in-charge of tax at KPMG, discusses their report, “Tax Reimagined 2024: Perspectives from the C-Suite,” which shows how tax professionals are grappling with the impending expiration of the Tax Cuts and Jobs Act provisions, global tax policy updates and the ongoing pace of regulatory changes.
Resources:
- Tax Reimagined 2024: Perspectives from the C-Suite
- Business Management Knowledge Hub
The AICPA board recently approved updates to the peer review standards to align with the new quality management standards and make some additional changes. And the PCAOB has issued guidance on critical audit matters and auditor responsibilities regarding illegal acts.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- AICPA board approves update to peer review standards
- PCAOB Audit Focus: Critical Audit Matters
- PCAOB Spotlight: Auditor Responsibilities for Detecting, Evaluating and Making Communications About Illegal Acts
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
The AICPA recently issued an exposure draft on the applicability of AR-C Section 70 to financial statements prepared as part of a consulting services engagement. Hear an overview of the proposal, understand the nuances and find out how to provide feedback.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- Exposure Draft, Proposed SSARS AR-C Section 70 Applicability
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
Donald Trump won a clear victory in the Presidential race, taking both the popular vote and the electoral college. Dr. Ben Dworkin, director of the Rowan Institute for Public Policy, provides his insights on what happened and why. He also discusses the potential impact of the Trump presidency on tax and business policies.
IssuesWatch #Podcast #Trump #Election2024
The U.S. Justice Department is suing financial services giant Visa for allegedly violating antitrust laws in its debit card business. Eric Cohen, CEO of Merchant Advocate, joins us to discuss Visa’s role in the debit card space and the viability and potential impact of the lawsuit.
Resources:
- Learn more about Merchant Advocate (NJCPA Member Benefit Provider)
Three college accounting educators – who are also CPAs – discuss the state of accounting education today. They cover enrollment trends, shifts in curriculum, accommodating varied learning styles, bridging the gap between the classroom and the workforce, alternative pathways to CPA and more.
Resources:
- The State of Accounting Education Knowledge Hub
- CPA Pipeline Knowledge Hub
This episode reviews the top four priorities of the Financial Accounting Standards Board (FASB) Private Company Council (PCC) as well as Public Company Accounting Oversight Board (PCAOB) staff observations from 2023 annual inspection reports.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB Private Company Council top four priorities
- PCAOB Posts 2023 Annual Inspection Reports Alongside Staff Observations and New Charts to Boost Transparency
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
The two presidential candidates have many stark differences on policy matters, including taxation and economics. PwC’s Miguel Martinez speaks with NJCPA’s Jeff Kaszerman about these differences, what the impact would be on the deficit, the prospect of a divided government and the future of the SALT deduction cap.
Resources:
- PwC Pulse Survey: Executive takes on Election 2024
The effective date of the AICPA’s new quality management standards is fast approaching, and they represent a significant change in how CPA firms need to approach quality control. Get an overview of the requirements - and make sure you pass your peer review!
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- Webinar – Quality Management: Understanding and Implementing the New Standards, Nov. 12 or Nov. 26
- AICPA quality management standards resources
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
Two-factor authentication (2FA) is a powerful anti-fraud, anti-hacking tool. But it can also be used against you – as NJCPA member Sean Stein Smith, CPA, recently found out firsthand. Hear about Sean’s story and find out steps you can take to protect yourself.
Resources:
- Speaking with Clients about 2FA Fraud Prevention
- Fraud Prevention Knowledge Hub
A recent Public Company Accounting Oversight Board (PCAOB) report provides insights into auditor independence issues found during PCAOB inspections.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- PCAOB Spotlight: Inspection Observations Related to Auditor Independence
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
A new book, Accounting for Times: Evolve or Dissolve, delves into what accounting firms need to do to thrive in today’s business environment. The book’s authors – Rachel Anevski and Dr. Jessica Levin – join us to discuss how firms can adjust to the expectations of young professionals, private equity versus ESOPs, how firms can embrace AI, and more.
Resources:
- Purchase Accounting for Times: Evolve or Dissolve
- More about Jessica Levin and Seven Degrees
- More about Rachel Anevski and Matters of Management
- Firm Administration Knowledge Hub
This episode recaps recent regulations and guidance regarding accounting for cryptocurrency and digital assets, including a taxonomy for classifying digital assets and a review of FASB ASU on accounting for and disclosure of digital assets.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- AICPA article: A taxonomy for classifying digital assets
- FASB ASU 2023-08, Accounting for and Disclosure of Digital Assets
- https://www.aicpa-cima.com/resources/article/bitcoin-basics-for-nfps-accepting-and-valuing-crypto-asset-gifts
- Cryptocurrency and digital assets articles and events
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
How can CPA firms maximize the use of generative artificial intelligence (AI) while mitigating its risks? CNA Insurance’s Sarah Ference discusses concerns about data privacy, bias and the reliability of generative AI’s content as well as steps firms can take to ensure that these tools are used in a responsible and beneficial manner.
Resources:
- AI/Automation Knowledge Hub
- Generative AI and risks to CPA firms
- CNA Insurance
The information, examples and suggestions presented in this podcast have been developed from sources believed to be reliable, but they should not be construed as legal or other professional advice. CNA accepts no responsibility for the accuracy or completeness of this podcast and recommends the consultation with competent legal counsel and/or other professional advisors before applying this material in any particular factual situations. This material is for illustrative purposes and is not intended to constitute a contract. Please remember that only the relevant insurance policy can provide the actual terms, coverages, amounts, conditions and exclusions for an insured. All products and services may not be available in all states and may be subject to change without notice. “CNA” is a registered trademark of CNA Financial Corporation. Certain CNA Financial Corporation subsidiaries use the “CNA” trademark in connection with insurance underwriting and claims activities. Copyright © 2024 CNA. All rights reserved.
Cryptocurrency OG Jeremy Nau, CPA, joins us to discuss how blockchain-based audits help produce better data and analytics. He also shares his wish list for standards related to crypto accounting and tips for CPAs looking to get involved in the space.
Resources:
- Cryptocurrency and Digital Assets Knowledge Hub
- The Network Firm
Understand the risks involved in signing non-disclosure agreements, make sure your firm is on schedule to conform to the AICPA’s new quality management standards, and learn about the PCAOB’s annual report regarding audits of broker dealers.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- AICPA quality management resources
- PCAOB Annual Report on the Interim Inspection Program Related to the Audits of Broker Dealers
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
The legislative landscape for artificial intelligence and privacy rights is rapidly evolving, and states are taking different approaches. Bill Kramer of MultiState Associates joins us to discuss the latest developments nationwide and how they could influence New Jersey's policies.
Resources:
- Legislative Action Center
- MultiState Associates
In part two of a two-part episode, Brad and Frank continue to discuss the AICPA’s Technical Q&As. This episode covers cash balances and cash flow statements.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- AICPA Technical Questions and Answers
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
Running a business can be tough. But what if you had a secret weapon? Find out how to harness the power of data analytics and dashboards to streamline operations, increase efficiency and achieve your business goals.
Resources:
- FourZeroNine Solutions
- Data Analytics Knowledge Hub
In part one of a two-part episode, Brad and Frank review four key topics included in the AICPA’s Technical Q&As: Pro bono and below-cost fees; familiarity threat; hosting/portal access for clients; and tax planning/prep as non-attest services.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- AICPA Technical Questions and Answers
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
A new report by the Illinois CPA Society reveals accounting students’ and early career accounting professionals’ perceptions of CPAs and the CPA credential, along with the top challenges and deterrents driving their decisions. ICPAS’ Geof Brown and Kari Natale join us to discuss the findings – and what those who are already in the profession can do to make it more appealing to the next generation of CPAs.
Resources:
- Re-Decoding the Decline: An Updated CPA Pipeline Report
- CPA Pipeline Knowledge Hub
RetireReady NJ is a new program in New Jersey that aims to fill the void for workers who do not have access to private employer retirement plans. But, like most well-intentioned state programs, the devil is in the details. Chris Fundora of Traphagen CPAs & Wealth Advisors joins us to discuss what CPAs who represent or work for New Jersey employers need to know. The registration deadlines are fast approaching, and there will be penalties for noncompliance.
Resources:
- RetireReady NJ
- Retirement planning articles, resources and events
This episode dives into disaggregated data – what it is, why it’s done, how it’s incorporated into FASB standards and best practices when it comes to data analytics.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB: Disaggregation – Income Statement Expenses
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
On June 28, New Jersey lawmakers passed the fiscal year 2025 state budget. To summarize it in one word: disappointing. NJBIA's Chris Emigholz joins us to discuss some of the major elements of the budget - the corporate transit fee, the $2.1 billion structural gap, property tax relief, public worker pension funding - and the potential impact and implications.
Resources:
- New Jersey Budget articles and resources
More companies seem to be taking advantage of receivable borrowing. This episode takes a look at accounting for borrowing on accounts receivable.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- CPA Journal article: Factor Fiction under ASU 2016-15
- PCAOB Updates Its Standards To Clarify Auditor Responsibilities When Using Technology-Assisted Analysis
- PCAOB Modernizes Its Rules by Strengthening Accountability for Contributing to Firm Violations
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
CPAs are in a unique position to help their clients plan out and meet their financial goals. Stephanie Hughes of Wiss Private Client Advisors talks with us about how CPAs can incorporate retirement planning, education planning and wealth management into their practice and the benefits this will provide to the firm and its clients.
Resources:
- Financial Planning Knowledge Hub - https://njcpa.org/hub/financialplanning
While attending the 2024 NJCPA Convention & Expo, Dr. Sean Stein Smith, CPA, sat down with two active NJCPA members - Joe Hunt, CPA, and Phil Sookram, CPA - to discuss trends in the profession and the value they get from attending the Convention with their peers.
Resources:
-
Upcoming NJCPA events
-
Become an NJCPA member
SAS 143 has changed the auditor’s requirements around accounting estimates, largely as it relates to the uncertainty of the estimates and management’s bias. Brad, Frank, and Jay will discuss what auditors need to do and what management should expect.
Resources:
- SAS 143 Updates
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
Forbes recently made a splash when it published its inaugural list of the top 200 CPAs in the country. New Jersey was well represented on the list! But we wanted to dig a little deeper into how the honorees were selected and whether this list will be published annually. Hear what Steel Rose, CPA, senior editor at Forbes, revealed to us.
Resources:
- America’s Top 200 CPAs - https://forbes.com/top-cpas
Still concerned about going concern? Brad breaks it all down.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
Getting a full picture of New Jersey’s financial status is challenging. It’s not just a matter of reviewing the annual budget. Thanks to recently signed legislation the NJCPA participated in drafting, this is going to become much easier. Audrey Lane, president of Garden State Initiative, talks with us about what type of information will soon be available and why it’s so important.
Resources:
- NJCPA Applauds Signing of Bill That Will Provide a Better Understanding of New Jersey’s Finances
- Learn more about Garden State Initiative
This episode focuses on materiality, especially as it relates to reviews. It also covers a new quality control standard from the Public Company Accounting Oversight Board (PCAOB).
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- AR-C Section 90 – Review of Financial Statements
- PCAOB Adopts New Quality Control Standard
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
Every CPA, firm, company and organization across the country is seemingly taking steps to expand the accounting talent pool. In this episode we discuss one of the leaders of that effort: the Center for Audit Quality (CAQ), a nonpartisan public policy organization serving as the voice of U.S. public company auditors. Guest Liz Barentzen, Vice President Operations and Talent Initiatives with the CAQ, discussed Accounting+, a first-of-its kind, profession-backed campaign to actively engage high school and college students on the benefits of a career in accounting.
Resources:
- Learn more about accounting plus
- CPA Pipeline Knowledge Hub
There are countless books and videos promising to tell you the secrets of leadership. But according to Dr. Sean Stein Smith, CPA and David Almonte, CPA, CGMA – and his seven-year-old daughter – there is no secret. In this episode, Sean and David break down how you can improve the leader within and develop your own unique leadership style.
Resources:
-Article on leadership
-ISSUESWATCH PODCAST | Empower, Inspire, Listen: The Leadership Trifecta
How should an auditor approach potential fraud? Find out in the latest episode of the IssuesWatch Podcast.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
The auditor’s approach to fraud: Enhanced with forensics (Journal of Accountancy article) - https://www.journalofaccountancy.com/news/2024/mar/the-auditors-approach-to-fraud-enhanced-with-forensics.html
- Accounting and auditing articles and events: https://njcpa.org/hub/accounting
- Join the Accounting & Auditing Standards Interest Group: https://njcpa.org/groups
In this episode, we unpack the importance of mental health in the modern workplace. Guests Ifen Donovan and Sarah Krom discuss the rising rates of stress and burnout and explore how companies can build a culture that prioritizes employee wellbeing. They also share actionable steps individuals can take to manage their mental health.
Resources:
- American Psychological Association’s resources for healthy workplaces
- U.S. Surgeon General’s Framework for Workplace Mental Health and Well-Being
Busy season is over – it’s time to focus on the health of your firm. Learn about typical findings that will cause your firm to fail its peer review.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- Peer review articles, resources and events
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
Nearly 1,000 business leaders recently gathered at the New Jersey Chamber of Commerce’s ReNew Jersey Business Summit to discuss the business climate in New Jersey and how to make it more competitive and attractive. Chamber President Tom Bracken shares the biggest takeaways and also discusses the business community’s reaction to Governor Murphy’s proposed 2.5% corporate transit fee.
Resources:
- New Jersey Chamber of Commerce
- More on the New Jersey budget
After a long stretch without any new accounting standards, the FASB has recently issued two Accounting Standards Updates. Get an overview of what they cover.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB ASU 2024-01: Compensation - Stock Compensation
- FASB ASU 2024-02: Codification Improvements - Amendments to Remove References to the Concepts Statement
- AICPA AU-C Section 230 - Audit Documentation
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
Some say leaders are born, not made. But there are critical strategies and techniques anyone can use to unlock their leadership potential. Find out more in our conversation with Thomas Metelski, CPA.
Resources:
- Leadership Knowledge Hub
- The Value of Values podcast
- Learn from Thomas and others at the NJCPA Convention & Expo, June 11-14
In this episode, Brad and Frank dive into attestation activities – definitions of each, example scenarios and sample report language.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
We take a deep dive into several components of Governor Murphy’s $55.9 billion proposed budget for New Jersey’s 2025 fiscal year, including the controversial corporate transit fee.
Resources:
- More about the budget proposal – https://njcpa.org/njbudget
This episode is all about NOCLAR: noncompliance with laws and regulation. Brad recaps the AICPA Professional Ethics Executive Committee's Interpretation on items including NOCLAR and discusses the PCAOB's controversial NOCLAR proposal.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- AICPA Professional Ethics Executive Committee Issues Interpretation on items including NOCLAR
- AICPA Statement on Auditing Standards No. 147
- Amendments to PCAOB Auditing Standards related to a Company’s Noncompliance with Laws and Regulations
- Recording of PCAOB virtual roundtable on the NOCLAR proposal
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
Host Sean Stein Smith, CPA, welcomes Garrett Wagner, CPA, who shares his first-hand experiences with succession planning and provides tips and recommendations for firm leaders to ensure the successful continuation of their firms.
Resources:
- Succession planning articles, resources and events: https://njcpa.org/hub/succession
In this episode, Brad and Frank discuss the ins and outs of personal financial statements: methods of presentation, estimated current value, investment in a closely held business, real estate, compilations and more.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- Download Frank’s notes
- FASB ASC 274 – Personal Financial Statements
- AR-C Section 80 – Compilation Engagements
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
Selling a business involves meticulous planning and strategic actions long before the “For Sale” sign goes up. Accountants play a pivotal role in helping clients with initiatives that can significantly boost the value of their company over several years. NJCPA member Sal Schibell, CPA, discusses strategies aimed at maximizing a business’s value years before the sale.
Resources:
- Succession planning articles and events
- Read Sal’s article, “Succession Planning: Key Pre-Sale Strategies for Optimal Returns”
Brad is joined by Paula Young, CPA, a partner at EisnerAmper, to discuss FAS 95 – Statement of Cash Flows: direct versus indirect method; what should be put into each of the three main sections; common errors and issues; “big R” and “little r;” and more.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- Summary of FASB Statement No. 95
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
- Webinar: Listening to the Statement of Cash Flows – March 9, March 19 and additional dates
- Webinar: What You Can Learn from the Statement of Cash Flows – March 28 or April 25
- NJCPA Convention & Expo, June 11-14, 2024
The 150-credit-hour requirement for CPA licensure is the topic of much debate. We recently surveyed more than 1,000 NJCPA member about the topic. Hear what they had to say about whether new hires without 150 hours pursue CPA certification, whether there are any discernable skill differences among candidates with 120 hour versus 150 hours, whether there should be alternatives to the 150 hours, and more.
Resources:
- CPA Pipeline Knowledge Hub – https://njcpa.org/pipeline
- What do you think about the 150-hour requirement? Let us know at feedback@njcpa.org.
- NJCPA Convention & Expo, June 11-14 in Atlantic City – https://njcpa.org/convention
Get an update on two IRS code changes impacting crypto transactions: Section 6050I, which went into effect for all crypto transactions taking place after Dec. 31, 2023, and Section 6045, which is set to take effect for transactions occurring after Jan. 1, 2025. Get the ins and outs on these filing requirements.
Earn CPE credit for this episode. Find out how at https://njcpa.org/nano.
Resources:
- Crypto articles, resources and events – https://njcpa.org/hub/crypto
Learn about three recent accounting standards updates and proposals: A FASB proposal related to debt conversion, AICPA guidance on the definitions of publicly traded entity and public interest entity; and a GASB statement on disclosure of certain risks.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB Proposed ASU – Debt with Conversion and Other Options
- AICPA Professional Ethics Executive Committee authoritative guidance on the new definition of publicly traded entity and a revised definition of public interest entity
- GASB Statement No. 102, Certain Risk Disclosures
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
ESG – environmental, social and governance – is considered by some to be a buzzword or a “woke” issue, while others see it as a business imperative. As a result, some companies are “greenhushing,” opting to stay quiet about their sustainability goals. In this episode, Andrew Winston, a leading expert on sustainability and corporate strategy, talks about the anti-ESG movement and the important role that CPAs can play in ESG reporting.
Resources:
- ESG Knowledge Hub – https://njcpa.org/hub/esg
- Webinar: The CPA’s Role in ESG Reporting (Feb. 28 or March 7) – https://njcpa.org/plus
- More about Andrew Winston - https://andrewwinston.com/
Brad and special guest Mike Kaplan discuss the Department of Labor’s latest assessment of the quality of employee benefit plan audit work performed by independent qualified public accountants. They also dissect a recent Wall Street Journal article about a court case that involves audit reports.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- U.S. Department of Labor Audit Quality Study
- Wall Street Journal article
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
It might seem like yesterday that the Tax Cuts and Jobs Act went into effect, but the expiration of some of the provisions is on the horizon. Find out about the key provisions that impact businesses and individuals that are set to expire in the next couple of years - and what can and should be done now to prepare. We also discuss what might happen with these provisions based on various possible outcomes of the November 2024 elections.
Resources:
- Tax Knowledge Hub
- Legislative Action Center
To kick off 2024, Brad fills you in on two FASB pronouncements that came out at the end of 2023: An ASU on accounting for and disclosure of crypto assets and an ASU on improvements to income tax disclosures.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB ASU 2023-08 – Intangibles – Goodwill and Other – Crypto Assets
- FASB ASU 2023-09 – Income Taxes – Improvements to Income Tax Disclosures
- Accounting and auditing articles and events
- Cryptocurrency articles and events
- Join the Accounting & Auditing Standards Interest Group
Senator Steve Oroho, the only CPA in the state legislature, is retiring from his Senate position this month. As a CPA who specializes in wealth management, he has played a particularly prominent role in fiscal and economic issues. He shares his thoughts on the legislative environment in New Jersey and what the outlook is for 2024.
Resources:
- NJCPA Legislative Action Center – https://njcpa.org/advocacy
- New Jersey CPA Political Action Committee – https://njcpa.org/pac
Crypto expert Dr. Sean Stein Smith, CPA, provides numerous updates: crypto lessons and takeaways from 2023; new and pending regulations (FASB ASU, IRC Section 6045 changes); tips for staying current on crypto developments; and more.
Resources:
- Crypto Knowledge Hub – https://njcpa.org/hub/crypto
The NJCPA's new CEO, AJ Johnson, joined the CEOs of the New York and Illinois CPA societies and Accounting Today’s Dan Hood for a discussion on the CPA pipeline, diversity and other trends impacting the accounting profession.
Resources:
- Full “On the Air” episode
- CPA Pipeline Knowledge Hub
- A CPA Diversity Report: Uncovering the Barriers to Success (ICPAs report)
- NJCPA members: Save on a subscription to Accounting Today
Year-end tax planning is upon us! Nicole and her guest, Laurie Smith, provide a rundown of tax issues individuals and companies should consider before the calendar switches to 2024. Topics include shifting income and deductions, retirement plan contributions and distributions, bonus depreciation, reporting digital assets, and more.
Resources:
- Year-End Planning Knowledge Hub
- Tax Knowledge Hub
- Join the State Tax or Federal Tax interest groups
Brad and Frank discuss a recent accounting standard update from the Financial Accountant Standards Board regarding segment reporting as well as recent remarks from the PCAOB chair regarding improving audit quality.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB ASU 2023-12 – Segment Reporting
- Remarks by PCAOB Chair
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
Have you been charged an extra 3% at your local restaurant when you pay by credit card? Credit card surcharging and cash discounts are becoming more and more prevalent. But what are the rules around these programs, and how can businesses make sure they’re compliant? Eric Cohen, CEO of Merchant Advocate (an NJCPA member benefit provider), shed some light and provide guidance.
Resources:
- Learn more about how Merchant Advocate can help your business save on credit card fees without switching processors: http://www.merchantadvocate.com/NJCPA
What are recent graduates looking for in an accounting career – and how can firms match up to that to recruit and retain staff? Host Sean Stein Smith discusses this and other issues with Lauren Dunn, chief people officer at Wiss, and Joe Hunt, CPA, assurance manager at CLA.
Resources:
- Employee Management Knowledge Hub
- Firm Management Knowledge Hub
- Webinar: Employee Retention: A New Way of Thinking – Dec. 4, Dec. 20 and additional dates
Brad takes a more in-depth look at SAS 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, which is effective for calendar 2023 audits.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- AICPA Statement on Auditing Standards No. 145
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
As companies continue to face a shortage of accountants, many employers are increasing compensation and adding benefits and perks to attract and retain talent. Rich Singer, director of permanent placement services for Robert Half International, discusses the trends and the takeaways from the 2024 Robert Half Salary Guide.
Resources:
- 2024 Robert Half Salary Guide
- Employee Management Knowledge Hub
Host Sean Stein Smith sits down with cybersecurity expert Edward Keck about the top tips and tricks for creating an effective cyber offense and defense, how to talk with clients about cybersecurity issues and how to start building out or expanding a cyber practice.
Resources:
- Cybersecurity Knowledge Hub
How can artificial intelligence and automation be used by accountants and auditors? Brad and Frank discuss this, as well as PCAOB’s recent report on engagement quality review.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- PCAOB Spotlight: Inspection Observations Related to Engagement Quality Review
- Articles and events on automation in the accounting profession
- Accounting and auditing articles and events
- Join the Accounting & Auditing Standards Interest Group
Culture is more than just a buzzword for today’s accounting firms. As firms grapple with the shortage of accountants, the importance of culture, work-life balance, diversity and wellness cannot be understated. Rachel Anevski of Matters of Management and Jessica Levin of Seven Degrees share insights gleaned from their many years of working with New Jersey accounting firms.
Resources:
- Firm Management Knowledge Hub
- CPA Pipeline Knowledge Hub
- Connect with Rachel Anevski
- Website
- Connect with Jessica Levin
- Website
There are new auditing standards going into effect for periods ending on or after Dec. 31, 2023. Are you ready??
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- AICPA Statement on Auditing Standards 143 - Auditing Accounting Estimates and Related Disclosures
- AICPA Statement on Auditing Standards 145 - Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement
- Accounting and auditing articles, resources and events
- Join the Accounting & Auditing Standards Interest Group
New Jersey offers numerous property tax relief programs, but the requirements and filing deadlines for each are different, which causes confusion and likely leads to taxpayers leaving money on the table. Ellen Steinberg, Esq., a tax attorney and chair of the New Jersey Senior Council, breaks it all down. Be sure you’re getting the money you’re entitled to!
Resources:
- New Jersey Property Tax Relief Programs: What to Expect (PDF)
- Division of Taxation website about property tax relief programs
The decline in the CPA pipeline is a major topic of conversation across the nation, and companies and CPA firms have been dealing with the shortage of accountants. But a sector that is being hit particularly hard is state and local government. More than 150 municipalities have received credit downgrades due to late or incomplete audits— which impacts all of the taxpayers in the municipality. NJCPA member Gerry Seneski, CFO for the City of Camden, discusses the implications of the accountant shortage and what can be done to address it.
Resources:
- CPA Pipeline Knowledge Hub
Learn about recent FASB codification amendments, revised AICPA interpretations related to fees, and a PCAOB release on the auditor’s use of confirmation and other amendments.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB Accounting Standards Update 2023-06 – Disclosure Improvements
- AICPA Professional Ethics Division New and revised interpretations related to Fees
- PCOAB Release 2023-008 – The Auditor’s Use of Confirmation and Other Amendments to the PCAOB Standards
- Accounting and auditing articles, resources and events
- Join the Accounting & Auditing Standards Interest Group
In the past year, more than a third of business organizations, including accounting firms, suffered at least one cyber incident attacking their accounting and financial data. Joe Peters from Gallagher Affinity discusses the cyber landscape, various cyber threats and how cyber insurance can help protect you against financial loss due to a cyber crime.
Resources:
- Cyber liability and data breach insurance from Gallagher Affinity
- Cybersecurity articles and events
Sean Stein Smith, CPA, talks about the latest developments in automation impacting the accounting profession. Topics include ChatGPT, how firms are using automation, what types of automation are available and how CPAs can speak to clients or colleagues about automation.
Resources:
- Automation articles and events
Are you ready for the new quality management standards? It’s not too soon to get started.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- AICPA releases new quality management standards
- Quality management standards: How to identify risks and design responses
- Accounting and auditing articles, resources and events
- Join the Accounting & Auditing Standards Interest Group
Communication is the foundation of all relationships, whether personal or professional. And how you listen is just as important as how you speak. Dave Delaney, founder of Futureforth, joins us to discuss how actively managing and monitoring these skills can yield dividends on your career investment.
Resources:
- Download The Nice Method (enter code IssuesWatch)
- Career Development Knowledge Hub
Learn about recent FASB activity, including a new standard on business combinations and an upcoming standard on accounting for crypto assets.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB Accounting Standards Update 2023-04: Liabilities - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 121
- FASB Accounting Standards Update 2023-05: Business Combinations - Joint Venture Formations
- Accounting articles, resources and events
- Join the Accounting & Auditing Standards Interest Group
Accountants and accounting firms continue to grapple with whether and how to leverage artificial intelligence (AI), though most agree that their companies will be impact by AI in some way. We sat down with Leon Grassi of Sax LLP to talk about the impact of artificial intelligence and automation tools on the accounting profession: the adoption of ChatGPT and other tools; the expectations, risks and benefits of AI; the impact it will have on jobs in accounting and finance; and more.
Resources:
- Automation Knowledge Hub
- Join the Emerging Technologies Interest Group
Get guidance on applying the AICPA Conceptual Framework for Independence as it relates to identifying common threats and taking steps to identify and apply safeguards.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- AICPA practice aid: Conceptual Framework Toolkit for Independence
- New Jersey Law & Ethics course schedule
- CPA License Renewal Time Is Approaching
New Jersey’s lawsuit environment is the fourth most expensive in the nation, according to a report by the U.S. Chamber of Commerce. And New Jersey was on the American Tort Reform Foundation’s Judicial Hellhole watchlist in 2022. Anthony Anastasio of the New Jersey Civil Justice Institute provides insight and guidance for how businesses can reduce their liability exposure.
Resources:
- New Jersey Civil Justice Institute
- NJCPA Legislative Action Center
- Employment Law Knowledge Hub
In this episode, Brad discusses a proposed FASB standard on reporting comprehensive income and the results of the PCAOB’s inspection of broker/dealer audits.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB Seeks Public Comment on Proposal to Improve Disclosures Around Income Statement Expenses
- PCAOB Annual Report on the Interim Inspection Program Related to Audits of Brokers and Dealers
- Accounting & Auditing Knowledge Hub
- Join the Accounting & Auditing Standards Interest Group
July was a busy tax month in New Jersey. The “convenience of employer” payroll tax rule was implemented, and changes to the corporation business tax (CBT) went into effect. NJCPA member Nicole DeRosa, CPA, of Wiss, provides the details.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- Article: New Jersey Enacts Payroll Tax "Convenience of Employer" Rule
- New Jersey Division of Taxation: Convenience of the Employer Sourcing Rule Enacted for Gross Income Tax
- New Jersey Division of Taxation: Recent Changes to New Jersey's Corporation Business Tax and Gross Income Tax Acts
- State Tax Knowledge Hub
- Join the State Tax Interest Group
Think private equity (PE) is only for large CPA firms? Not necessarily so. Phil Whitman of Whitman Transition Advisors discusses recent private equity deals and how virtually every CPA firm can take advantage of PE and other nontraditional methods of investment and firm growth.
This episode is sponsored by Whitman Transition Advisors – https://whitmanbiz.com
Resources:
- NJCPA member benefits from Whitman Transition Advisors
- Alternative Practice Structures Knowledge Hub
Frank joins Brad to discuss the results of a recent FASB Private Company Council meeting; the results of the PCAOB’s “absolutely unacceptable” findings on audit quality; and AICPA guidance on accounting for digital assets.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- Recap of FASB Private Company Council June meeting
- PCOAB Report: Audits with Deficiencies Rose for Second Year in a Row
- A taxonomy for classifying digital assets
- Accounting & Auditing Knowledge Hub
- Join the Accounting & Auditing Standards Interest Group
New Jersey CPAs were decidedly less pessimistic about the New Jersey and national economies in this year’s NJCPA economic survey. Roosevelt Bowman, senior investment strategist with Bernstein Private Wealth Management, helps us make sense of the survey results and shares his insights on inflation, recession and prospects for the future.
Resources:
- Full survey results – [link to come]
- More about the economy
- More about Bernstein Private Wealth Management
Crypto continues to be in the headlines, so Dr. Sean Stein Smith, CPA, is back to fill us in. He covers the possibility of Bitcoin ETF; the status of the SEC’s lawsuit against Ripple; prospects for the FedNow payment system and the impact it could have on crypto; and how CPAs can talk to clients about cryptoassets.
Resources:
- Follow Sean Stein Smith on Twitter
- Blockchain and Cryptocurrency Knowledge Hub
- Join the NJCPA Emerging Technologies Interest Group
In this episode, Brad shares information about a proposed ASU from the Financial Accounting Standards Board (FASB) on purchased financial instruments. He also discusses AICPA guidance on proposed adjustments as well as new implementation guidance from the Governmental Accounting Standards Board (GASB).
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB Seeks Public Comment on Proposal to Improve the Accounting for Purchased Financial Assets
- GASB Provides Guidance to Assist Stakeholders with Application of Its Pronouncements
- Accounting & Auditing Knowledge Hub
- Join the Accounting & Auditing Standards Interest Group
New Jersey has a $54.3 billion budget for its 2024 fiscal year. It’s $1 billion higher than the budget Governor Murphy proposed several months ago, and it passed at the last moment. Find out what’s included, and why the budget process is being criticized.
Resources:
- New Jersey Budget information and resources
Brad delves into an older – but still very important – topic: disclosure of risks. He provides reminders about AICPA and FASB guidelines and real-world examples of commonly missed and misunderstood risks.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB Codification – Disclosure
- Accounting & Auditing Knowledge Hub
- Join the Accounting & Auditing Standards Interest Group
In this special episode recorded at the NJCPA Convention & Expo, Brad and his guests discuss a new chapter of the FASB Conceptual Framework regarding reporting entities; guidance from the AICPA about developing technology skills; and changes to the PCAOB inspection report.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- New chapter of FASB Conceptual Framework regarding reporting entities
- Tackling the technology skills gap in finance
- Changes to the PCAOB inspection report
- Accounting & Auditing Knowledge Hub
- Join the Accounting & Auditing Standards Interest Group
Host and crypto expert Dr. Sean Stein Smith, CPA, provides updates on cryptoasset accounting and taxation, including FASB accounting changes, NFT taxation, crypto tax assessment and collection, and market and regulatory headlines applicable to accountants. He also provides five key questions CPAs should ask clients who are interested in getting involved with cryptoassets. And he wraps it up with his cryptoasset predictions for the rest of 2023.
Resources:
- Blockchain and Cryptocurrency Knowledge Hub
- Join the NJCPA Emerging Technologies Interest Group
- Webinar: The Rapid Rise, Fall and Future of Cryptocurrencies – July 12 or 18
This episode revisits current expected credit losses (CECL) and accounting for digital assets and cryptocurrency, and also discusses a proposed FASB standard on profits interests awards.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- How will CECL affect your not-for-profit?
- AICPA Accounting for Credit Losses resources
- FASB Credit Losses information
- FASB Issues Proposal to Clarify Accounting Guidance Related to Profits Interest Awards
- Valuing Cryptocurrency and Digital Assets
- Jumpstart Your Digital Assets Journey: A Tool for Audit Committees
- Deciphering Crypto Tax Issues
The process of applying for a cannabis license in New Jersey is long and complicated. Fortunately, there’s a free new program to help. Penni Wild joins us to talk about the Cannabis Training Academy that is being launched by the New Jersey Business Action Center – and how CPAs can help in the licensing process.
Resources:
- Cannabis Training Academy
- New Jersey Business Action Center - or 1-800-JERSEY-7
- NJCPA Cannabis Conference, Aug. 2
- Cannabis Knowledge Hub
How can and should auditors leverage artificial intelligence? Brad and Frank take a look at the pros and cons.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- Why Auditors Should Pay Attention to AI
- Artificial Intelligence Is a Game Changer for Auditors
- AI and Automation Knowledge Hub
- Accounting & Auditing Knowledge Hub
- Join the NJCPA Accounting & Auditing Standards Interest Group
Two accounting educators discuss the major issues being raised around the 150-credit requirement to qualify for CPA licensure. Host Dr. Sean Stein Smith, CPA, talks with Dr. Josh McGowan, CPA, of Troy University about whether the requirement should change, feedback from students and recent graduates, alternative pathways to earn the 150, and where things might go from here.
Resources:
- CPA Pipeline Knowledge Hub
- Follow Josh on Twitter - @Jmcgowan3838
- Follow Sean on Twitter - @SeanSteinSmith
The decline in the CPA pipeline continues to dominate accounting headlines. A broad, profession-wide effort is now underway to address the root causes of the pipeline challenge. Jan Taylor, CPA, academic in residence and senior director at AICPA & CIMA, joins us to discuss the Pipeline Acceleration Plan, which includes measure to increase awareness about the profession, provide an alternative path to obtain the final 30 credits needed for licensure, equip firms with tools to attract and retain talent, and more.
Resources:
- Pipeline Acceleration Plan and synopsis
- AICPA on TikTok - @aicpastudent
- CAQ on TikTik - @accounting.plus
- CPA Pipeline Knowledge Hub
- Sign up to be an NJCPA Career Awareness presenter
There is widespread concern and speculation amid the nation’s three recent bank failures. Mike Affuso, CEO and president of the New Jersey Bankers Association, helps us understand what's been happening, what it means for investors and consumers, the role that the debt ceiling fight and interest rate hikes are playing, and what the next steps may be.
Resources:
- U.S. Debt Clock
- New Jersey Bankers Association
In this episode, Brad provides insight into the FASB Codification, a tentative decision on accounting for software costs and the results of the Center for Audit Quality’s audit quality reports analysis.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB Codification
- Center for Audit Quality – Audit Quality Reports Analysis
- Accounting & Auditing Knowledge Hub
- Join the NJCPA Accounting & Auditing Standards Interest Group
The Corporate Transparency Act was enacted to help combat money laundering, terrorist funding, tax fraud and other financial crimes. What many people don’t realize is that the Act includes a reporting requirement for most businesses — and there is a hefty non-compliance penalty. Ed Zollars, CPA, discusses the reporting requirements, which businesses are required to report, when they must file the report and the role that CPAs should play.
Resources:
- FinCEN Beneficial Ownership Information Reporting website
- Beneficial Ownership Reporting – Key Questions
- Beneficial Ownership Information Report Filing Dates
- Current Federal Tax Developments blog
- Follow Ed on Twitter @edzollars
- NJCPA Convention & Expo
Learn about FASB’s conceptual framework regarding reporting entities and the areas that PCAOB staff will be focusing on in 2023 inspections.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB Conceptual Framework: The Reporting Entity
- PCAOB Staff Priorities for 2023 Inspections
- Accounting & Auditing Knowledge Hub
- Join the NJCPA Accounting & Auditing Standards Interest Group
What is the impact of artificial intelligence and blockchain on forensic accountants? Host Sean Stein Smith, CPA, talks with forensic expert Stacey Ferris, CPA, about fraud in the crypto space, common pain points for practitioners, crypto regulations, keeping up with ChatGPT and other AI technologies, and more.
Resources:
- FASB Proposes Improvements to Accounting for Crypto Assets
- Litigation Services Knowledge Hub
- Crypto Knowledge Hub
- Connect with Stacey on LinkedIn
In this episode, Brad discusses two recent FASB ASUs related to leases and investments as well an AICPA standard on audits of group financial statements.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB ASU 2023-01, Leases – Common Control Arrangements - https://njcpa.org/stayinformed/hubs/topics/full-article/2023/03/27/fasb-improves-leases-guidance-on-related-party-arrangements
- FASB ASU 2023-02, Investments – Equity Method and Joint Ventures (Topic 323) - https://njcpa.org/stayinformed/hubs/topics/full-article/2023/03/29/fasb-improves-accounting-for-investments-in-tax-credit-structures
- AICPA SAS 149, Special Considerations – Audits of Group Financial Statements - https://www.aicpa-cima.com/resources/download/aicpa-statement-on-auditing-standards-no-149
- Accounting & Auditing Knowledge Hub – https://njcpa.org/hub/accounting
- Join the NJCPA Accounting & Auditing Standards Interest Group – https://njcpa.org/groups
Any way you slice it, 2022 was a bumper year for financial fraud — and 2023 could be worse. Hear from a forensic accountant about warning signs of fraud, why cases go undetected, the motivations of fraudsters and what CPAs can do to help their clients or their business prevent fraud.
Resources:
- Fraud Prevention and Detection Knowledge Hub
- Join the NJCPA Forensic and Valuation Services Community
What are the causes and implications of the recent failures of Silicon Valley Bank and other banks? Brad and Frank provide insights.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- Accounting & Auditing Knowledge Hub
- Join the NJCPA Accounting & Auditing Standards Interest Group
Is Governor Murphy’s $53.1 billion proposed budget for New Jersey’s 2024 fiscal year good or bad for New Jersey residents and business owners? While there are no new taxes or tax increases, is this level of spending sustainable? And what are the prospects that major changes will be made as the proposed budget is scrutinized by the Legislature? Tune in to the latest episode of the IssuesWatch Podcast where two public policy experts weigh in on all of these questions and more.
Additional resources:
- Governor Murphy’s budget address
- Budget at a Glance
- NJCPA statement in response to the proposed budget
- Track the progress of the budget
Get important updates and guidance related to going concern. This episode also covers risk and uncertainty and concentration of credit risk in light of the two recent bank failures.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- Accounting & Auditing Knowledge Hub
- Join the NJCPA Accounting & Auditing Standards Interest Group
- Slides
Will artificial intelligence replace CPAs? We asked a chatbot and a human what they think.
Resources:
- Artificial Intelligence Knowledge Hub
- Join the Emerging Technologies Interest Group
- Follow Sean Stein Smith on Twitter
This episode explores the tentative FASB decisions regarding common control arrangements in leases and recent guidance from the Center for Plain English Accounting regarding accounting for pass-through entity taxes.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- Feb. 15 FASB board meeting on Leases (Topic 842): common control arrangements
- Video of meeting
- Tentative decisions
- Accounting & Auditing Knowledge Hub
- Join the NJCPA Accounting & Auditing Standards Interest Group
What will 2023 hold in store for the business community in New Jersey? Chris Emigholz, chief government affairs officer for the New Jersey Business & Industry Association, provides his insights and predictions on bills that are helpful and harmful to businesses.
Resources:
- New Jersey Business & Industry Association
- IssuesWatch Live: New Jersey Budget Analysis – free webinar on March 21 or 28
- NJCPA Legislative Action Center
Recent activity and decisions by FASB, AICPA, PCAOB and GASB are covered in this episode.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB tentative board decisions on crypto assets, hedge account and income taxes
- Free access to FASB Accounting Standards Codification
- AICPA Audit Guide – Assessing and Responding to Risk in a Financial Statement Audit - (payment required)
- CPA Exam Blueprint
- PCAOB Spotlight – Insights on the Remediation Process
- GASB Proposes Guidance to Assist with Application of Subscription-Based Information Technology Arrangements
- Accounting & Auditing Knowledge Hub
- Join the NJCPA Accounting & Auditing Standards Interest Group
Get a rundown on the tax issues impacting businesses and individuals this year as compared to last year. Topics include the business interest expense limitation; research and experimental expenditures; pandemic relief program updates; business mileage rates; bonus depreciation; new corporate AMT; child tax credit and child/dependent care credit; Earned Income Tax Credit; charitable deductions; educator expense deduction; and more.
Resources:
- IRS Tax Practitioners Hotline: 866-860-4259
- New Jersey Tax Practitioners Hotline: 609-633-6657
- Tax Knowledge Hub
- Join the Federal Taxation and/or State Taxation interest groups
To combat the shortage of accountants, we need to make accounting a more appealing career choice. Key to doing that, says Dan Hood, editor-in-chief of Accounting Today, is for those already in the profession to focus on the positive by telling fewer war stories and more success stories. Listen to Dan’s insights about hiring challenges, the use of automation, trends in outsourcing and offshoring, and more.
Resources:
- Accounting Today
- Staff Recruitment & Retention Knowledge Hub
- Webinar: 2023 Hiring and Compensation Trends
- Feb. 16, 12-1 p.m.
- Feb. 28, 12-1 p.m.
Learn about important reminders about FASB regulations regarding credit losses and leases; audit considerations related to an entity using a service organization; and recent SEC announcements.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB credit losses guidance
- FASB leases guidance
- AICPA AU-C 402 – Audit Considerations Related to an Entity Using a Service Organization
- SEC Seeks Candidates for Small Business Capital Formation Advisory Committee
When it comes to buying, selling, gifting or receiving cryptocurrency, what’s taxable and what isn’t? And what about air drops, mining, hard forks and purchasing goods and services with crypto? Get the answers in this podcast episode with Sean Stein Smith, CPA, and Nicole DeRosa, CPA.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- CoinLedger
- Cryptocurrency Knowledge Hub
- Federal Taxation Knowledge Hub
- Join the Emerging Technologies and/or Federal Taxation interest groups
- Learn more about the tax implications of cryptocurrency:
- Feb. 15, 1-3 p.m.
- March 13, 10:30 a.m.-12:30 p.m.
- April 17, 1-3 p.m.
- On Demand
The accountant talent shortage isn’t just affecting public accounting firms, it’s also impacting corporate finance and accounting. Sheryl Estrada, who has been covering this issue for Fortune’s CFO Daily, shares the insights she’s gained talking with senior staff at a variety of companies about their hiring trends. Learn what steps they’re taking to recruit and retain accounting talent and whether there's a preference for candidates with a CPA license or an MBA.
Resources:
- Subscribe to Fortune’s CFO Daily
- Staff Recruitment & Retention Knowledge Hub
What challenges could auditors face in 2023? Brad discusses that as well as FASB updates on reference rate reform and disaggregation of income statement.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB ASU 2022-06 – Reference Rate Reform
- FASB disaggregation project
- 4 audit challenges firms could face in 2023
- Accounting & Auditing Knowledge Hub
- Join the NJCPA Accounting & Auditing Standards Interest Group
Client advisory services (CAS) is proving to be an extraordinarily profitable area, with growth rates that are often double those of the accounting profession's more well-established service lines. Amy Bridges, professional development manager at CPA.com, shares the results of the AICPA/CPA.com CAS Benchmarking Survey and provides guidance for firms looking to offer these services to clients.
Resources:
- CAS Benchmarking Survey
- CAS Knowledge Hub
Get an update on FASB’s new ASU on insurance – transition for sold contracts, as well as recent FASB determinations regarding crypto assets. This episode also covers AICPA quality management standards and PCAOB’s access to audit firms in China.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB ASU 2022-05 – Financial Services – Insurance (Topic 944): Transition for Sold Contracts
- FASB Project Update: Accounting for and Disclosure of Crypto Assets
- PCAOB Secures Complete Access to Inspect, Investigate Chinese Firms for First Time in History
- Accounting & Auditing Knowledge Hub
- Join the NJCPA Accounting & Auditing Standards Interest Group
How do you and your firm set yourself apart in a marketplace dominated by disruption, uncertainty and rapid changes? Dr. Lee Frederiksen, managing partner at Hinge, shares insights into changes in buyer behavior and how firms need to adapt in order to compete and thrive.
Resources:
- Hinge
- Firm Management Knowledge Hub
- Client Advisory Services Knowledge Hub
NJCPA member – and crypto expert – Dr. Sean Stein Smith, CPA, provides a year-end recap on cryptocurrency activities in 2022 and a look ahead for 2023. He discusses trends that defined crypto in 2022, FTX implications, proof-of-reserves, accounting changes and more.
Resources:
- Blockchain and Cryptocurrency Knowledge Hub
How did New Jersey businesses fare in 2022, and what’s the outlook for 2023? We talk with Michele Sierkerka, president and CEO of the New Jersey Business & Industry Association, about the results of their recent Business Outlook Survey. Find out what New Jersey business owners’ biggest concerns are and what lawmakers can do to help.
Resources:
- NJBIA Business Outlook Survey
The pursuit of diversity, equity and inclusion in the accounting profession has proved challenging. A new report from the Illinois CPA Society reveals the barriers minority CPAs say they’ve faced when entering and advancing in the accounting profession. Find out what needs to be done to recruit minority accountants and make them feel included and valued.
Resources:
- A CPA Diversity Report: Uncovering the Barriers to Success
- DEI Knowledge Hub
Find out about the importance of interim audit procedures and areas that should be considered. Also, get guidance on income tax disclosures.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
NOTE: The next A&A Update will be published on Jan. 10, 2023. Happy holidays!
Resources:
- CAQ: The Role of Auditors in Company-Prepared Cybersecurity Information
- NJCPA Accounting & Auditing Knowledge Hub
- Join the NJCPA Accounting & Auditing Standards Interest Group
Staff recruitment and retention, keeping up with client needs, staying up to date with technology… these are the top concerns cited in the AICPA’s annual CPA Firm Top Issues Survey. We talk with Edgar Espinoza, senior account manager at TaxDome, about tactics for addressing these concerns.
The episode is sponsored by TaxDome, an NJCPA member benefit provider that offers a simple, powerful workspace for firms to manage clients, jobs, documents and teams. Learn more at njcpa.org/taxdome.
Resources:
- AICPA PCPS CPA Firm Top Issues Survey results
- Firm Management Knowledge Hub
Host Sean Stein Smith talks with Jack Castonguay, assistant professor at Hofstra University and vice president of strategic content development at Surgent, about trends in accounting education. They discuss the need to incorporate technology into college accounting curriculums; the 150-hour requirement debate; the most-needed skills and knowledge for new accountants; and more.
Resources:
- CPA Evolution
This episode focuses on FASB’s Small Business Advisory Committee and the results of a recent FASB meeting; more on lease accounting; PCAOB’s proposed standard on a firm’s system of quality control; and the PCOAB’s recent Small Business and Broker-Dealer Audit Forum.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB Small Business Advisory Committee (SBAC)
- PCAOB Proposes a New Quality Control Standard
- PCAOB Forum for Auditors of Small Businesses and Broker-Dealers (recording)
- NJCPA Accounting & Auditing Knowledge Hub
- Join the NJCPA Accounting & Auditing Standards Interest Group
Brad is joined by Frank Boutillette to discuss FASB’s joint venture proposal and crypto assets decision, the AICPA Enhanced Audit Quality Initiative areas of focus for 2023 and recent SEC updates.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB Seeks Input on Proposed Improvements to Accounting for Joint Venture Formations
- FASB Decides on Accounting Method for Crypto Assets
- What CPAs need to know about NFTs
- AICPA resources on enhancing audit quality
- SEC Adopts Rules to Enhance Proxy Voting Disclosure by Registered Investment Funds and Require Disclosure of “Say-on-Pay” Votes for Institutional Investment Managers
- NJCPA Accounting & Auditing Knowledge Hub
- Join the NJCPA Accounting & Auditing Standards Interest Group
The results of the recent Congressional elections held a lot of surprises, and there are still votes to be counted. Rob Zucker, partner at Winning Strategies, is back on the podcast to talk about what went right and wrong for both the Democrats and the Republicans, the key issues that were at play, and the impact of the election results on taxation and business issues.
If you’re wondering where the economy is headed, you’re not alone! That’s why we sat down with Roosevelt Bowman, senior investment strategist with Alliance Bernstein, to discuss inflation, interest rate hikes, the job market and other factors affecting the short- and longer-term prospects for the economy.
Resources:
- Learn more about Alliance Bernstein
- Free webinar: National Economic Update – Jan. 26 or Jan. 31
Brad is joined by Frank Boutillette to discuss FASB’s tentative decision about accounting for crypto assets, FASB’s segment reporting proposal, topics being addressed by the AICPA Private Company Council, tips for assessing the risk of fraud in financial statements, and new SEC rules on electronic recordkeeping.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB Decides on Accounting Method for Crypto Assets
- FASB Seeks Input on Proposal to Improve Segment Reporting
- Using Benford’s Law to reveal journal entry irregularities
- SEC Adopts Rule Amendments to Modernize How Broker-Dealers Preserve Electronic Records and Enhance the Electronic Recordkeeping Requirements for Security-Based Swap Entities
- NJCPA Accounting & Auditing Knowledge Hub
- Join the NJCPA Accounting & Auditing Standards Interest Group
Get details on several recent tax developments impacting individual taxpayers: student loan debt forgiveness, the New Jersey Child Tax Credit and New Jersey’s ANCHOR property tax relief program.
Resources:
- Student loan debt relief news and information
- New Jersey Child Tax Credit
- ANCHOR program
- NJCPA Federal Taxation Knowledge Hub
- NJCPA State Taxation Knowledge Hub
- Join the NJCPA Federal Taxation and/or State Taxation interest groups
The pandemic has spurred lasting changes to how we work, learn, process information and interact with others. What are the implications for continuing education and learning for CPAs? We explore this with two training and education experts – John Higgins, CPA, of CPA Crossings and Dr. Kecia William Smith, CPA, of North Carolina A&T State University.
Resources:
- Learning opportunities through the NJCPA – https://njcpa.org/events
IssuesWatch #Podcast #CPE #learning #continuingeducation #cpa
This episode focuses on FASB ASU 2022-04 concerning disclosure of supplier finance program obligations and AICPA SAS No. 145 concerning risk assessment.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB ASU 2022-04, Liabilities – Supplier Finance Programs
- SAS No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement
- NJCPA Accounting & Auditing Knowledge Hub
- Join the NJCPA Accounting & Auditing Standards Interest Group
There are significant cybersecurity issues impacting the accounting profession. In this episode, host Sean Stein Smith, CPA, talks with Lisa Atkinson of Zelvin Security about ethical hacking, best practices for protecting internal and client data, effective technology tools and more.
Brad welcomes Frank Boutillette back to the podcast, and they provide numerous FASB updates including stock-based compensation, SOFR and leases.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- NJCPA Accounting & Auditing Knowledge Hub
- Join the NJCPA Accounting & Auditing Standards Interest Group
Cyber criminals continue to develop new and more-aggressive tactics to gain access to sensitive company information and personal data. Don’t make the mistake of thinking a cyber attack won’t happen to you or your company. Get an update on trends in cyber attacks, what you can do to protect yourself and your company, and what to watch for in 2023.
Resources:
- Learn more about XactIT Solutions
- Get more guidance in the NJCPA Cybersecurity Knowledge Hub
- Join the NJCPA Emerging Technologies Interest Group
This episode is all about audit quality – common deficiencies, how to make improvements, changes on the horizon and available resources to help.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- AICPA Enhancing Audit Quality 2021 Report
- Center for Audit Quality
- AICPA Government Audit Quality Center
- AICPA Employee Benefit Plan Audit Quality Center
- Get Ready for the AICPA’s New Quality Management Standards
- NJCPA Audit Quality Knowledge Hub
Many people know that New Jersey is chock full of recreational, sightseeing and leisure activities and attractions. But what you might not know is the impressive economic impact travel and tourism have on the state’s finances. Jeff Vasser, the executive director of the New Jersey Division of Travel and Tourism, talks with us about the state’s $37 billion travel and tourism industry, which employs more than more than 400,000 people.
Resources:
- New Jersey Division of Travel and Tourism
This episode covers the extension of time for PPP loan forgiveness audits; FASB’s exposure draft on tax credit structures; AICPA SAS 148 on compliance audits; PCAOB’s agreement with Chinese authorities; SEC’s new pay versus performance disclosure rules; and R&D accounting for taxes.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB Seeks Input on Proposal to Improve Accounting for Investments in Tax Credit Structures
- AICPA SAS 148 – Amendment to AU-C 935, Compliance Audits
- PCAOB Signs Agreement with Chinese Authorities, Taking First Step Toward Complete Access for PCAOB to Select, Inspect and Investigate in China
- SEC Adopts Pay Versus Performance Disclosure Rules
- NJCPA Accounting & Auditing Knowledge Hub
What trends are driving change in the attest and audit functions? How can CPAs keep pace with these changes? Host Sean Stein Smith, CPA, talks with Taylor Harris, CPA, professional practice fellow at the Center for Audit Quality (CAQ) and audit and assurance senior manager at Deloitte.
Resources:
- Center for Audit Quality
- NJCPA Audit Quality Knowledge Hub
- Join the NJCPA Emerging Technologies Interest Group
A group of economists, policy experts and former high-ranking administrative and legislative budget officials recently analyzed New Jersey’s projected revenue collections over the next five years. The Multi Year Budget Workgroup, established by the Sweeney Center for Public Policy, was tasked with determining if the state’s revenues will continue to grow or whether it’s facing a fiscal cliff that will force tax hikes or budget cuts. Hear from one of the Workgroup members, Charles Steindel, about the group’s work and the report it recently released.
Resources:
- Report: Comparing Multi Year Revenue Forecasts with Current Services Budget Projections
- More about New Jersey’s budget
Brad teams back up with Frank Boutillette to discuss FASB’s Investor Outreach report, AICPA Professional Ethics Executive Committee’s guidance on section 705 (unpaid fees), PCAOB’s update on access to Chinese audit workpapers, SEC’s push to get crypto exchanges to register with regulators, ESG updates from the SEC and Supreme Court, and the effect of data breaches on audits.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB 2022 Investor Outreach report
- PCAOB – China-Related Access Challenges
- IBM - Cost of a Data Breach report
On Aug. 16, 2022, President Biden signed the Inflation Reduction Act, which includes a sweeping set of tax, climate and health care reforms. NJCPA member Nicole DeRosa, CPA, of Wiss & Company LLP, provides a 10-minute rundown of the Act’s tax provisions affecting corporations and individuals.
Resources:
- Inflation Reduction Act Knowledge Hub
Accounting professors from three New Jersey universities weigh in on the decline in the CPA pipeline. Find out about accounting enrollment trends at their schools and what they’re hearing from their students. And discover what they think should be done to get more students to pursue an accounting career — or, as one guest phrased it, to “swipe right on accounting!” Topics include:
- Accounting enrollment trends
- Reasons students say they aren’t sitting for the CPA Exam
- Preparing for the next version of the CPA Exam (CPA Evolution)
- What can be done to attract more diverse students into the profession
Resources:
- CPA Pipeline Knowledge Hub
- CPA Evolution
Learn about FASB’s proposed ASU on long-duration insurance contracts, important reminders about employee benefit plan audits, the SEC’s concerns about gamification of stocks and new IRS procedures for accounting method changes.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
•FASB Proposes to Improve Certain Transition Requirements in Long-Duration Insurance Guidance
•AICPA Employee Benefit Plan Audit Quality Center
•Trading ‘Gamification’ Is Huge Concern, SEC Enforcement Chief Gurbir Grewal Says
It’s quite an accomplishment to pass the CPA Exam. But only a handful of exam passers each year earn the Elijah Watt Sells award for outstanding Exam performance. Two NJCPA members — Lorena Carpina, CPA, of Grant Thornton, and Joseph Breen, CPA, of Withum — recently did just that. Hear about their approach to the Exam; what employers can do to nurture their CPA candidates; how the profession can help build the CPA pipeline; and advice for the next generation of potential CPAs.
Resources:
- CPA Exam resources and information
- CPA Pipeline Knowledge Center
- Webinar: The CPA Pipeline: Challenges and Opportunities for the Profession – Aug. 11 or 18
Brad is joined by Frank Boutillette, and they discuss results of the CAQ Audit Partner Pulse survey, PCAOB inspection areas for 2022, SEC’s project agenda, a new GASB proposal regarding disclosure of governmental risks and International Standards on Auditing 220 regarding the definition of an engagement team.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- CAQ Audit Partner Pulse Survey results
- PCAOB Staff Overview for Planning 2022 Inspections
- SEC Announces Spring 2022 Regulatory Agenda
- GASB Requests Input on Proposal to Require Disclosures About Certain Governmental Risks
- International Standard on Auditing 220 (Revised), Quality Management for an Audit of Financial Statements
New Jersey’s $50.6 billion budget for fiscal year 2023 budget is like the budgets for the past three years: not a normal budget drafted in normal times. NJBIA’s Chris Emigholz is back with us to discuss where all of the money for this record-high budget is coming from, what the money is being spent on and what we might see in the future.
This episode covers FASB updates, including ASU 2022-03 on fair value measurement and the 2021 Agenda Consultation Report. It also covers several AICPA updates, including new NOCLAR requirements and accounting and auditing for digital assets.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB ASU 2022-03 – Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions
- FASB 2021 Agenda Consultation Report
- AICPA guide to Accounting and Auditing for Digital Assets
- SAS 147 – Inquiries of the Predecessor Auditor Regarding Fraud and Noncompliance with Laws and Regulations
- PEEC and ASB issue new requirements for CPAs regarding NOCLAR
Five thought leaders who were featured speakers at the NJCPA Convention & Expo talk about how the accounting profession can transform, innovate and grow. Find out what Donny Shimamoto, CPA; Gene Marks, CPA; Jim Bourke, CPA; Scott Clemons, CFA; and Kecia Williams Smith, CPA, say CPAs can do to prepare themselves and their companies for the mega changes coming in the next few months and years.
One of the most impactful, yet most underutilized, tools to drive a business forward is data analytics. While at the NJCPA Convention & Expo in June, host Sean Stein Smith, CPA, sat down with Melissa Dardani, CPA, to discuss the positive impact that data analytics, automation and other tech trends can have on the accounting profession and businesses.
Resources:
- Data Analytics Knowledge Hub
- AI and RPA Knowledge Hub
- Join the Emerging Technologies Interest Group
In this special episode filmed at the NJCPA Convention & Expo, Brad Muniz and Frank Boutillette provide updates on ESG issues under consideration by FASB and SEC; the AICPA’s proposal to update compliance audit definitions; recent trends and proposed disclosure rules for SPACs; and more.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- Proposed revisions to the AICPA Code of Professional Conduct: Compliance audits
- SEC Proposes to Enhance ESG Disclosures
- SEC Proposes Rules to Enhance Disclosure and Investor Protection Relating to SPACs, Shell Companies and Projections
- Join the NJCPA Accounting & Auditing Standards Interest Group, Governmental Accounting & Auditing Interest Group or Nonprofit Interest Group
- Visit the Accounting & Auditing Knowledge Hub
New Jersey has a long history in the film and television industries, but it’s now seeing explosive growth. In just four years, spending by TV and film productions in New Jersey has grown from $50 million annually to $440 million. One of the things contributing to this growth is the state’s film and digital media tax credit. We talk to Dave Smith, vice chair of the New Jersey Motion Picture & Television Commission, about the tax credit and other efforts to make the state an appealing place for producers.
Resources:
- New Jersey Motion Picture & Television Commission
- New Jersey Film and Digital Media Tax Credit
The AICPA Auditing Standards Board recently approved new quality management standards. And various standards-setting bodies continue to issue regulations and guidance around environmental, social and governance (ESG) reporting. Find out what all of this means for your firm or company.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- New quality management standards approved by AICPA Auditing Standards Board
- NJCPA Accounting & Auditing Knowledge Hub
- NJCPA ESG Knowledge Hub
Jeremy Nau, CPA, joins host Dr. Sean Stein Smith, CPA, to discuss technologies that are impacting the accounting profession — and what current and future CPAs need to do to prepare for the future. They also discuss how firms can attract and retain professionals.
Resources:
- Connect with Jeremy Nau: LinkedIn | Twitter
- The Way Forward Knowledge Hub
- Blockchain and Cryptocurrency Knowledge Hub
In survey after survey, employers state that soft skills are either as important or more important than hard skills. But the term “soft skills” has gotten a bad rap over the years. A better term, according to Thomas Metelski - a CPA and the founder of Jump Coaching & Consulting - is enhanced people skills (EPS). Thomas shares how CPAs can use the five “As” to improve their EPS.
Resources:
- Article: Let’s Get Rid of the Term ‘Soft Skills’ by Thomas Metelski
- Learn more about Jump Coaching & Consulting
- Career Development Knowledge Hub
This episode covers recent FASB activity on accounting for crypto assets, AICPA guidance for auditors, findings from a recent audit quality survey and report, and more.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- FASB to Consider Setting Rules on Companies’ Crypto Accounting, Disclosure
- AICPA Technical Questions and Answers (TQAs) 9165.01-.03
- NJCPA Accounting & Auditing Knowledge Hub
Michael Bryan, CPA, is a familiar name to many New Jersey CPAs because of his position as the director of the New Jersey Division of Taxation from 2010 to 2015. Mike is now back at the Division heading up the audit division. Find out about the Division’s tax audit priorities, red flags that typically trigger an audit, the prevalence of tax fraud in New Jersey and the Division’s plans to modernize their IT systems.
Additional resources:
- New Jersey Division of Taxation website
- New Jersey Division of Taxation on Twitter
- State Tax Knowledge Hub
Learn about the AICPA’s recent audit quality survey, SEC updates on climate and ESG matters, new GASB standards and projects, and international accounting news.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Resources:
- AICPA audit quality survey
- SEC Extends Comment Period for Proposed Rules on Climate-Related Disclosures
- AICPA Practice Considerations of ESG-related matters in an audit of financial statements
- GASB chair works on improving standards for government accountants
- U.S. Sanctions Ban Provision of Accounting, Consulting Services to Russia
- U.S., Chinese regulators in talks for audit deal
NJCPA member Joe Tarasco, CPA, is back to share his insights on several key trends expected to impact CPA firms in the rest of 2022 and beyond. He weighs in on the Great Resignation, flexible work arrangements, employee skill development, succession planning, technology adoption, advisory services and more.
Resources:
- Learn more about Joe and Accountants Advisory Group
- Attend Joe’s session, “Trends in Public Accountant and Future Predictions,” at the NJCPA Convention & Expo, June 14-17 in Atlantic City
- Watch our previous episode with Joe, “The Surging CPA Firm M&A Market”
This episode covers changes to employee benefit plan audits, FASB’s proposed updates to reference rate reform guidance, important ERC accounting guidelines and PCAOB, SEC and U.S. DOL updates.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Additional resources:
- FASB Proposes Updates to Reference Rate Reform Guidance
- SAS 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA
- PCAOB proposed requirements for accounting estimates and using specialists
- U.S. Department of Labor: Compliance Assistance Release No. 2022-01 - 401(k) Plan Investments in “Cryptocurrencies”
- SEC Proposes Rules to Enhance Disclosure and Investor Protection Relating to Special Purpose Acquisition Companies, Shell Companies, and Projections
Steve Sweeney was the longest-serving Senate President in New Jersey history. But even though he’s now out of office, he hasn’t withdrawn from politics and public policy. The newly formed Steve Sweeney Center for Public Policy at Rowan University will be tackling tough issues that would reduce costs and improve efficiency in New Jersey, including multi-year budgeting, consensus forecasting, pension reform and school regionalization.
Additional resources:
- Steve Sweeney Center for Public Policy
- Sweeney Center on Twitter - @SweeneycenterR
- Steve Sweeney on Twitter - @SteveSweeney_NJ
Private equity is starting to make inroads among CPAs firms. With a history of unsuccessful attempts at outside ownership of CPAs firms, is private equity destined to the same fate? And will the strong M&A activity among firms continue? Host Dr. Sean Stein Smith, CPA, discusses this and more with Garrett Wagner, CPA, of C3 Evolution Group.
Additional resources:
- More about C3 Evolution Group
- Raising Capital Knowledge Hub
Learn about FASB’s newest ASU on financial instruments, the FASAB’s proposed new conforming amendments, Ukraine effect on audits, data security concerns, PCAOB guidance on the confirmation process and more.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Additional resources:
- FASB ASU 2022-02 – Financial Instruments – Credit Losses, Troubled Debt Restructuring and Vintage Disclosures
- Federal Accounting Standards Advisory Board (FASAB) Exposure Draft on Conforming Amendments
- PCAOB Highlights Key Considerations for Auditors Related to the Russian Invasion of Ukraine
- Professional responsibilities in data security for tax professionals
- PCAOB Observations and Reminders on the Use of a Service Provider in the Confirmation Process
- SEC 2022 Examination Priorities
- NJCPA Audits of Employee Benefits Plans Conference. May 19
- Free webinar: Oh My Fraud, May 10 or May 24
- Join the NJCPA Accounting & Auditing Standards and/or Cannabis interest groups
Private equity (PE) funding is a mystery to many CPAs and others in the business community. Yet, PE has exploded in growth over the past 40 years while public financing has dropped dramatically. PE expert Mike Lorelli of Faster Landings provides an overview of PE, common misconceptions, why there’s been a dramatic rise in PE investing and more.
Additional resources:
- Learn more about Mike Lorelli and Faster Landings
- Raising Capital Knowledge Hub
April 9, 2022, marks the 110th anniversary of the NJCPA’s first female member, Dora Roworth. To help commemorate her groundbreaking achievements, we talked with five female NJCPA members about what drove them to become CPAs, the role that women play in the accounting profession and the messages they have for the next generation. Featuring: Evelyn McDowell, CPA, associate professor at Rider University; Kathy Powers, CPA, CFO at Matheny Medical and Educational Center and the president-elect of the NJCPA; Sofia Cordero, CPA, senior manager at Mazars; Twinkle Tailor, CPA, director of financial planning and analysis at Prudential; and Doris Vazacopoulos, accounting student at Stevens Institute of Technology.
Additional resources:
- More about Dora Roworth
- Career resources for women in accounting
Get an update on FASB’s first ASU for 2022, which covers derivatives and hedging. Other topics include the AICPA’s recent exposure draft on audits of group financial statements and new ethics guidance for CPAs.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Additional resources:
- FASB ASU 2022-01, Derivatives and Hedging
- FASB EITF 21-A, Accounting for Investments in Tax Credit Structure Using Proportional Amortization Method
- Article: Lease accounting urgency ramps up for not-for-profits
- AICPA Exposure Draft on Audits of Group Financial Statements
- PEEC issues wide range of ethics guidance for CPAs
- Join the NJCPA Accounting & Auditing Standards and/or Cannabis interest groups
Host Sean Stein Smith, CPA, sits down with Blake Oliver, CPA, an accounting innovator, podcast host and founder of Earmark CPE, to talk about technology implications for the accounting profession. They discuss how technology has impacted accounting regulations and processes, as well as the top three things CPAs can do to leverage technology in their firms.
Resources:
- Earmark CPE
- Cloud Accounting Podcast
- Join the NJCPA Emerging Technologies Interest Group
Is Governor Murphy’s $49 billion proposed budget for New Jersey’s 2023 fiscal year good or bad for New Jersey residents and business owners? While there are no new taxes or tax increases, is this level of spending sustainable? And what are the prospects that major changes will be made as the proposed budget is scrutinized by the Legislature? Tune in to the latest episode of the IssuesWatch Podcast when two public policy experts weigh in on all of these questions and more.
Additional resources:
- Governor Murphy’s budget address
- Budget at a Glance
- NJCPA statement in response to the proposed budget
- Results of NJCPA member poll about proposed budget
This episode includes FASB updates and reminders regarding goodwill, going concern and more, as well as an important single audit reminder for healthcare entities that received COVID relief funding.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Additional resources:
- FASB ASU 2014-15: Presentation of Financial Statements – Going Concern
- Join the A&A Standards Interest Group
- Upcoming A&A CPE programs
The accounting profession is grappling with a staffing shortage. Is the issue that CPAs are leaving firms to work in corporate accounting? Are fewer people pursuing accounting careers? Is the 150-hour requirement an impediment? In part two of our interview with former CPA Caleb Newquist, he provides his perspective and recommendations based on his years working in the profession and as a journalist covering the profession.
Links and resources:
- Listen to part 1
- CPA Pipeline Knowledge Hub
- Diversity, Equity and Inclusion Knowledge Hub
Our latest episode includes FASB updates on inventory, goodwill and government assistance; a reminder about pass-through entity tax accounting; an AICPA peer review alert on engagements outside the peer review year window and clarification on SEC-registered broker/dealers; important cybersecurity considerations during an audit; and the top five focus areas from the Deloitte Audit Committee Practices Report.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Additional resources:
- FASB ASU 2021-10 – Government Assistance
- AICPA peer reviewer alert, February 2022
- Deloitte Audit Committee Practices Report
In 2009, Caleb Newquist left his public accounting career and became the founding editor of a website that has become a one-of-a-kind, irreverent voice of the accounting profession. Hear about his journey, his observations about the profession and his new venture producing a true-crime fraud podcast with a CPA/comedian (yes, there is such a person!).
Links and resources:
- Oh My Fraud podcast
- Gusto
- Going Concern
Is the accounting profession making progress on diversity, equity and inclusion (DEI)? What factors separate leaders from laggards? Are there tools and processes to assist? Host Sean Stein Smith, CPA, gets answers to these questions from Withum’s Bill Bradshaw, and they discuss the top three ways CPAs can improve DEI at their firm or company.
Resources:
- Diversity, Equity and Inclusion Knowledge Hub
- Free webinar on April 25 or 28: Diversifying Accounting Talent: Actionable Solutions for Progress
The AICPA and SEC have issued numerous updates and proposed rule changes ranging from compliance audits to peer review to enhancing private fund investor protection and more. Get the details in this 10-minute rundown.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Additional resources:
- AICPA TQA addresses health care accounting for items free of charge received for distribution
- AICPA exposure draft to amend standards for compliance audits
- Clarified peer review standards approved by Peer Review Board
- SEC proposed rule change on private equity and investment advisers
- SEC proposed rule change relating to cyber risk management for investment advisers
- SEC proposed rule change on shortening the settlement cycle
PPP forgiveness, cannabis, mergers and acquisitions — how does the banking industry weigh in on these and other pressing issues? Hear from John McWeeney and Mike Affuso of NJBankers, the premier organization representing New Jersey’s banking industry, about how banks have adapted to the pandemic, the status of PPP loans and forgiveness, lending trends, serving the cannabis industry, and how mergers and acquisitions have impacted banks.
Get important tax updates on all things crypto, including determining ordinary income versus capital gains; tax treatment for mining, staking and rewards; crypto trading; wash sales; broker reporting; and more.
Additional resources:
- A primer on the tax treatment of block rewards
- March 2 webinar: Crypto Tax Overview, Regulatory Update & FAQs
- March 30 webinar: A Deeper Dive on Crypto Taxes – DeFi, NFTs and Stablecoins
- Additional crypto articles, resources and events
NOTE: To earn nano CPE credit for this episode, visit https://njcpa.org/nano.
Our latest 10-minute episode addresses accounting for pass-through entity taxes, accounting for digital assets, identifiable intangible assets, tips for challenging revenue recognition circumstances, PCAOB updates, SEC non-GAAP reporting guidance and more.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Additional resources:
- Digital assets, intangibles among priorities on FASB’s new research agenda
- FASB Project Update: Identifiable Intangible Assets and Subsequent Accounting for Goodwill
- Revenue recognition: Tips for challenging circumstances
- SEC Final Rule: Conditions for Use of Non-GAAP Financial Measures
- Webinar: Accounting and Auditing Update – Feb. 18 or Feb. 23
- NJCPA Convention & Expo, June 14-17
For decades, the accounting profession has pursued diversity, equity and inclusion (DEI) initiatives. Unfortunately, little progress has been made. Darryl Jackson, director of diversity, equity and inclusion at the Institute of Management Accountants (IMA), talks with us about a multi-phase research project into actionable solutions to achieve greater DEI in the accounting profession.
- IMA’s diversity research
- DEI Knowledge Hub
- Free webinar: Diversifying Accounting Talent: Actionable Solutions for Progress – April 25 or April 28
Two important NJCPA-backed bills passed during New Jersey’s hectic lame duck session. Can we keep that momentum up with two other bills we’re supporting? And what’s the outlook for other legislation impacting the state’s business community? We discuss all of this and more with one of New Jersey’s most expeienced lobbyists: Dave Smith, partner at Princeton Public Affairs Group.
- NJCPA Legislative Action Center
- IssuesWatch Live: New Jersey Budget Analysis, March 14 or 18
- NJ-CPA-PAC
As we head into tax season, questions and issues are arising about the taxation of crypto assets. In this 10-minute episode, Sean Stein Smith, CPA, provides an update on the tax obligations tied to the burgeoning crypto category of non-fungible tokens (NFTs).
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
The latest 10-minute A&A episode covers a range of updates from GASB, PCAOB, SEC, FASB and the Center for Plain English Accounting.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Additional resources:
- GASB to consider going concern
- PCAOB staff guidance on Form AP, Auditor Reporting of Certain Audit Participants, and Related Voluntary Audit Report Disclosure Under AS 3101
- Journal of Accountancy article: Audit tips for a pandemic-changed environment
- FASB proposes to enhance transparency around supplier finance programs
Make sure you dot your Is and cross your Ts as you prepare for tax season. This episode covers:
- Three post-year-end tax planning opportunities
- Overview of key 2022 tax filing deadlines
- Best practices for tax season preparation
NOTE: To earn nano CPE credit for this episode, visit https://njcpa.org/nano.
This episode recaps Brad’s top accounting and auditing topics for 2021 — SPAC restatements, ESG, quality management, risk assessment, accounting for government grants and lease accounting — and some important reminders about audit reports and engagement letters.
This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano.
Additional resources:
- Accounting & Auditing Knowledge Hub
- ESG Knowledge Hub
The Bipartisan Infrastructure Law, signed into law in November, is reported to bring more than $12 billion in federal aid to New Jersey. Prominent Washington lobbyist Rob Zucker of Winning Strategies talks with us about what this money could mean for the Garden State’s bridges, tunnels, roads, public transit and other infrastructure initiatives. We also discuss the looming Build Back Better bill.
Get an update on recent tax changes as well as tax planning strategies that individuals and businesses can implement before the end of the year, including:
- Net investment income tax
- Retirement contributions
- Charitable contributions
- Estate and gift tax
- Debt debts and worthless stocks
- Net operating losses
- Business tax credits, including the employee retention tax credit
This episode covers CECL, accounting and auditing issues related to digital assets, cybersecurity disclosures, DOL’s upcoming review of employee benefit plan audits, COP26 results, accounting for income taxes and more.
NOTE: To earn nano CPE credit for this episode, visit https://njcpa.org/nano.
Related links:
- FASB reconsiders accounting for troubled debt restructuring by creditors
- Federal Accounting Standards Advisory Board (FASAB) Interpretation 11, Debt Cancellation: An Interpretation of SFFAS 7, Paragraph 313
- AICPA Practice Aid: Accounting for and Auditing of Digital Assets
- Breaking down COP26 announcements and their implications
- FASB ASU 2019-12, Income Taxes
- Naked credits and the interest expense limitation
There’s no disputing that technology plays a bigger role at CPA firms than ever before. But are CPAs keeping up? There were some surprising — and not-so-surprising — results in our recent member survey on the topic. We discuss those results, as well as technology developments that are on the horizon, with Brandon Marks and Nick Rigali of OWG, an NJCPA member benefit provider of IT consulting services.
- Learn more about OWG and the benefits they provide to NJCPA members
- Join the NJCPA Emerging Technologies Interest Group
- Visit our Technology Planning Knowledge Hub
Whether a student is looking to begin an accounting career or a working professional has their eyes on a coveted CFO or partner position, Jerry Maginnis, CPA, has the inside tips and hands-on know-how to make those dreams a reality. Listen to our discussion with Jerry about his new book, Advice for a Successful Career in the Accounting Profession: How to Make Your Assets Greatly Exceed Your Liabilities.
Find out how to save 40 percent on the book – https://njcpa.org/CareerAdviceBook
This episode covers several lease accounting updates; a new FASB ASU on governmental assistance disclosures; reminders about CECL; AICPA changes to quality management standards; and more.
NEW: This episode qualifies for nano CPE credit! Find out more at https://njcpa.org/nano.
Additional resources:
- FASB ASU 2021-09: Leases – Discount Rate for Lessees That Are Not Public Business Entities
- FASB ASU 2021-10: Government Assistance – Disclosures by Business Entities About Government Assistanct
- AICPA proposed ethics code revisions to address certain SEC rule changes
The commercial real estate industry is deep into a second year of pandemic adjustments. While office buildings are experiencing vacancies and downsizing as employees continue to work remotely, the demand for warehouse space has never been higher. Hear from Walter Sierotko, executive vice president and chief lending officer at Provident Bank, about the current state of the commercial real estate market in New Jersey.
Learn more about Provident Bank at https://provident.bank or on Twitter @ProvidentBank
This episode covers important guidance on lease accounting issues related to related-party leases; FASB’s proposal to amend interim disclosure requirements; FASB’s practical expedient for equity-based compensation; AICPA’s proposal to align accounting and review standards with new audit quality management standards; and more.
NEW: This episode qualifies for nano CPE credit! Find out more at https://njcpa.org/nano.
Additional resources:
- FASB Proposes Changes to Interim Disclosure Requirements
- FASB Provides Practical Expedient to Private Companies that Issue Equity-Classified Share-Based Awards
- SEC: The Importance of High Quality Independent Audits and Effective Audit Committee Oversight to High Quality Financial Reporting to Investors
- Dec. 1 webinar: Trend Report: Employee Benefit Plan Audits and Peer Review
The Nov. 2 New Jersey election was one like no other. Why were the polls so wrong? Which big public policy issues factored into the vote? What’s the outlook for the next four years? Ben Dworkin, director of Rowan University's Institute for Public Policy & Citizenship, breaks it all down for us.
This episode focuses on what auditors need to know about the AICPA’s new standard on risk-based auditing: SAS 145 – Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement. Other topics include the tightening up of remote auditing procedures; highlights of recent FASB and Financial Accounting Standards Advisory Council meetings; and PCAOB’s preview of 2020 inspection observations.
Additional resources:
- SAS 145
- 2021 FASB Investor Outreach Report
- PCAOB Staff Update and Preview of 2020 Inspection Observations
- Accounting & Auditing Conference, Nov. 9
- Auditing Standards Update with Renee Rampulla, Dec. 1
- Join the NJCPA Accounting & Auditing Standards Interest Group
After a pandemic-related slump, merger and acquisition activity among CPA firms is red hot. What’s driving M&A transactions today? Is it a buyer’s market or a seller’s market? And what’s the outlook for the next few years? NJCPA member Joe Tarasco, CPA, of Accountants Advisory Group answers these questions and more about the rebounding M&A market nationwide and here in New Jersey.
Related links:
- Accountants Advisory Group services for NJCPA members – https://njcpa.org/marketplace
- M&A classified ads – https://njcpa.org/classifieds
Take 10 minutes to get an update on the latest accounting and auditing news from the FASB, AICPA and PCAOB. FASB updates are related to revenue recognition, fair value and equity security sale restrictions, the 2022 GAAP financial reporting taxonomy and the results of a recent Private Company Council meeting. Other topics include the AICPA’s proposed changes to peer review, PCAOB staff guidance on audit evidence and PCAOB’s move to strengthen the lead auditor’s oversight of other auditors.
- FASB Proposes Improvement to Fair Value Guidance for Equity Securities - https://www.fasb.org/cs/Satellite?c=FASBContent_C&cid=1176177298509&pagename=FASB%2FFASBContent_C%2FNewsPage
- Proposed Technical and Other Conforming Improvements for the 2022 GAAP Financial Reporting Taxonomy - https://www.fasb.org/cs/ContentServer?c=Document_C&cid=1176177632103&d=&pagename=FASB%2FDocument_C%2FDocumentPage
- Proposed Changes to AICPA Standards for Performing and Reporting on Peer Reviews - https://www.aicpa.org/content/dam/aicpa/research/exposuredrafts/peerreview/downloadabledocuments/pr-clarified-standards-ed.pdf
- Evaluating Relevance and Reliability of Audit Evidence Obtained from External Sources - https://pcaob-assets.azureedge.net/pcaob-dev/docs/default-source/standards/documents/evaluating-relevance-and-reliability-of-audit-evidence-obtained-from-external-sources.pdf?sfvrsn=48b638b_6
- PCAOB Solicits Additional Public Comment on Proposed New Requirements for Lead Auditor’s Use of Other Auditors - https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-solicits-additional-public-comment-on-proposed-new-requirements-for-lead-auditor-s-use-of-other-auditors
- Attend the Accounting & Auditing Conference, Nov. 9 - https://njcpa.org/conferences
- Join the Accounting & Auditing Standards Interest Group – https://njcpa.org/groups
The New Jersey Legislature returns in November. What can we expect? Will we see movement on the Business Alternative Income Tax (BAIT) clean-up bill and other issues important to Garden State CPAs and the business community? Top New Jersey lobbyist Dale Florio gives us his insight on what might be accomplished during the lame duck session and the new legislative session that begins in January 2022. He also discusses the prospects for the Nov. 2 election in which the Governor and all 120 seats in the Legislature are up for vote.
- Legislative issues impacting New Jersey CPAs - https://njcpa.org/advocacy
- New Jersey CPA Political Action Committee - https://njcpa.org/pac
Our latest 10-minute accounting and auditing update provides a speed round on various FASB, AICPA, CAQ and PCAOB updates:
- FASB ASU 2021-06 - https://www.fasb.org/cs/Satellite?c=Document_C&cid=1176177037677&pagename=FASB%2FDocument_C%2FDocumentPage
- FASB Disclosure of Supplier Finance Program Obligations - https://www.fasb.org/jsp/FASB/FASBContent_C/ProjectUpdateExpandPage&cid=1176175475663
- FASB Exposure Draft: Fair Value Measurement of Equity Securities Subject to Contractual Sale - https://www.fasb.org/jsp/FASB/Document_C/DocumentPage?cid=1176177297732&acceptedDisclaimer=true
- AICPA SAS 134 – Auditor Reporting and Amendments - https://www.aicpa.org/content/dam/aicpa/research/standards/auditattest/downloadabledocuments/sas-134.pdf
- CAQ – How Climate-Related Risk Considerations Intersect with the Audited Financial Statements - https://www.thecaq.org/news/center-for-audit-quality-resource-highlights-how-climate-related-risk-considerations-intersect-with-the-audited-financial-statements/
- AICPA Exposure Draft: Unpaid Fees - https://www.aicpa.org/content/dam/aicpa/interestareas/professionalethics/community/exposuredrafts/downloadabledocuments/2021/2021-September-unpaid-fees.pdf
- AICPA Exposure Draft: Accounting Standards Implementation Services - https://www.aicpa.org/content/dam/aicpa/interestareas/professionalethics/community/exposuredrafts/downloadabledocuments/2021/2021-september-accounting-standards-implementation.pdf
- PCAOB Solicits Additional Public Comment on Proposed New Requirements for Lead Auditor’s Use of Other Auditors - https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-solicits-additional-public-comment-on-proposed-new-requirements-for-lead-auditor-s-use-of-other-auditors
- PCAOB Adopts Rule to Create Framework for HFCAA Determinations - https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-adopts-rule-to-create-framework-for-hfcaa-determinations
- U.S. Department of Labor to assess employee benefit plan audits - https://www.njcpa.org/article/2021/09/14/dol-to-conduct-audit-quality-assessment-of-2020-plan-year-filings
Additional resources:
- AICPA Ethically Speaking Podcast - https://www.aicpa.org/interestareas/professionalethics/ethically-speaking.html
- Oct. 6 Webinar: What CPAs Need to Know About ESG – https://njcpa.org/plus
- ESG Knowledge Hub – https://njcpa.org/hub/esg
- Join the NJCPA Accounting & Auditing Interest Group – https://njcpa.org/groups
On September 20, NJCPA CEO and Executive Director Ralph Albert Thomas sat down with Jack Ciattarelli, Republican candidate for New Jersey Governor — and member of the NJCPA — to discuss issues important to the business community and the CPA profession. Find out Mr. Ciattarelli’s vision for New Jersey when it comes to the state budget, taxes, business policies, infrastructure improvements, pension funding and more.
Our latest 10-minute accounting and auditing update addresses FASB’s adoption of the 2021 SEC reporting taxonomy; lease standard reminders; the Center for Audit Quality’s guidance about external auditors’ responsibilities with regard to illegal acts; and significant upcoming changes to employee benefit plan audits.
Mentioned in this episode:
- 2021 SEC Reporting Taxonomy - https://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1176175722790
- Illegal Acts: The External Auditor’s Responsibilities - https://www.thecaq.org/illegal-acts-the-external-auditors-responsibilities/
- EBP audits set for major changes, more transparency - https://www.journalofaccountancy.com/news/2021/sep/ebp-audits-changes-transparency.html
With 2021 marking the 100th anniversary of the first Black accountant to be licensed as a CPA in the United States, various organizations have come together to produce a year-long national awareness campaign to recognize Black CPAs and push for greater progress to be made in achieving diversity, equity and inclusion in the CPA profession. Hear from Crystal Cooke, the director of diversity and inclusion at the American Institute of CPAs, about the Black CPA Centennial celebration; what firms and individuals can do to enhance the recruitment and advancement of Black CPAs; and her advice for Black prospective CPAs.
- Black CPA Centennial – https://BlackCPACentennial.cpa
- AICPA diversity and inclusion initiatives and resources – https://aicpa.org/diversity
- NJCPA Diversity, Equity and Inclusion Knowledge Center – https://njcpa.org/diversity
- Diversity, Equity and Inclusion Conference, Oct. 21 – https://njcpa.org/conferences
This 10-minute episode includes updates on FASB, AICPA and PCAOB issues, including accounting for the employee retention credit; revenue recognition; lease accounting; reporting and attestation of environmental, social and governance (ESG); and audits of broker-dealers.
Mentioned in this episode:
- Revenue, lease accounting still challenge private companies - https://www.journalofaccountancy.com/news/2021/aug/revenue-lease-accounting-still-challenge-private-companies.html
- ESG Reporting and Attestation: A Roadmap for Audit Practitioners - https://www.thecaq.org/esg-reporting-and-attestation-a-roadmap-for-audit-practitioners/
- 5 steps to successful ESG reporting - https://www.fm-magazine.com/news/2021/aug/steps-to-successful-esg-reporting.htm
- PCAOB Annual Report on Interim Program Related to Audits of Brokers and Dealers - https://pcaob-assets.azureedge.net/pcaob-dev/docs/default-source/inspections/documents/2020-broker-dealer-annual-report.pdf?sfvrsn=d8914df5_4
If you've ever wondered how polls work and whether they’re actually reliable, this is the episode for you. Join us for a fascinating discussion with one of the most respected pollsters in the country - Patrick Murray, director of Monmouth University Polling Institute - as he gives us the scoop on how polling works and what current polling is telling us about President Biden, COVID vaccines and the New Jersey gubernatorial election.
- Monmouth University Polling Institute – Website: https://monmouth.edu/polling-insitute | Twitter @MonmouthPoll
- Patrick Murray on Twitter @PollsterPatrick
- Contribute to the NJ-CPA-PAC: https//njcpa.org/pac
The latest 10-minute accounting and auditing episode includes updates on Financial Accounting Standards Board (FASB) and American Institute of CPAs (AICPA) issues, including:
- FASB approved the Private Company Council’s Practical Expedient to Measure Grant-Date Fair Value of Equity-Classified Share-Based Awards
- What CPA firms need to know about the AICPA proposed Statement on Quality Control Standards
- AICPA issued a technical question and answer on the Shuttered Venue Operators Grant and Restaurant Revitalization Fund Grant accounting by recipient
- Bitcoin basics for nonprofits: Accepting and valuing crypto asset gifts
What’s the latest on New Jersey’s cannabis regulations — and what do CPAs need to know to serve clients in the industry? A panel of experts weighs in.
- More cannabis-related news and events – https://njcpa.org/topics/cannabis
- NJ Cannabis Insider – https://njcannabisinsider.nj.com
- NJ CannaBusiness Association – https://newjerseycannabusiness.com
We’re excited to add a bi-weekly accounting and auditing update to the IssuesWatch Podcast. These 10-minute episodes are hosted by Brad Muniz, CPA, partner in charge of accounting and auditing at SobelCo.
This inaugural episode addresses:
- FASB: ASU 2021-05 – Leases
- AICPA: SAS 144 – Use of Specialists and the Use of Pricing Information | Accounting and Auditing for Digital Assets Practice Aid | CPA Evolution
- Accounting for the NJ BAIT
- SPAC restatements
- NJCPA: Aug. 24 webinar: 2021 Single Audits: New Triggers Resulting from COVID-19 Funding | Accounting & Auditing Standards Interest Group
Recent data suggests that we’re witnessing a nationwide decline in both new CPAs and college accounting program enrollments. Why is this happening, and what can be done about it? Do the profession and the CPA license have a branding problem? Are accounting firms and companies doing anything to adapt? We discuss all of this and more in an eye-opening conversation with Todd Shapiro and Kari Natale from the Illinois CPA Society.
- Access the Decoding the Decline report at icpas.org/cpapipeline.
This was one of the most unusual budget seasons in New Jersey's history! Instead of being several billion dollars short, as was projected when the fiscal year 2021 budget was being drafted, the state has seen a $10 billion surplus. Listen to our interview with NJBIA's Chris Emigholz to find out where all of that money is going.
If you or your clients need help creating a business plan, accessing grants, contacting the New Jersey Division of Taxation, or navigating permitting or other regulatory requirements, be sure to learn about the New Jersey Business Action Center. Executive Director Melanie Willoughby discusses the advocacy, assistance and resources the NJBAC provides to business owners for free.
IssuesWatch #Podcast #njbac #newjersey #nj #njbusiness #njbusinesses
Hear a lively discussion about pressing New Jersey issues from a panel of seasoned journalists. This episode includes highlights from the New Jersey Business and Economic Roundtable hosted at the NJCPA Virtual Convention on June 18. Hear what our panelists — Tom Bergeron of ROI-NJ, John Reitmeyer of NJ Spotlight News and Rhonda Schaffler of NJ Business Beat — have to say about the state budget, outmigration, the commercial real estate market, property taxes, the upcoming elections and more.
As New Jersey emerges from the pandemic, many questions remain about the economic recovery of the state's individuals and businesses - as well as the state's budget and finances. We sat down with Senator Steven Oroho - the only CPA in the state legislature - to discuss the economic outlook, the $6.4 billion New Jersey is receiving from the American Rescue Plan, state taxation of remote workers and more.
What are the top issues impacting CPAs nationwide? There’s no one more qualified to provide insight than Barry Melancon, CPA, CGMA, president and CEO of the American Institute of CPAs. We talk to him about tax deadlines, possible tax increases, prospects for the U.S. economy and the rising trend across the country to minimize professional and occupational licensing rules as well as to tax professional services.
Hear more from Barry at the NJCPA Virtual Convention, June 15-18.
There’s a lot going on right now in politics and economy impacting New Jersey businesses. So we turned to Tony Russo, president of the Commerce and Industry Association of New Jersey, to weigh in on the state budget, the $6.4 billion heading our way from the American Rescue Plan, the upcoming elections, the state’s new tax incentive programs and more.
The past year has been devastating for many small businesses. Holly Wade, the executive director of the National Federation of Independent Business (NFIB) Research Center, discusses the overall outlook for the small business sector, vital aid that’s available from the American Rescue Plan and ongoing challenges facing small businesses.
- Learn more about NFIB at http://nfib.com
The vast majority of New Jersey residents and business owners have never heard of the Energy Master Plan. Well, they should start paying attention, because it could cost them tens of thousands of dollars. Get an overview of the plan and hear from our experts — Regina Egea of Garden State Initiative and Mike Butler of the Consumer Energy Alliance — about why important modifications are needed to protect New Jerseyans from costly expenses while still maintaining the important goals of the plan.
- Learn more about New Jersey’s Energy Master Plan at nj.gov/emp.
- Learn more about Garden State Initiative at gardenstateinitiative.org or on Twitter @GSI_NewJersey.
- Learn more about Consumer Energy Alliance at consumerenergyalliance.org or on Twitter @ceaorg.
In this episode, NJCPA President Alan Sobel, CPA, outlines the ongoing issues with the implementation of the New Jersey Business Alternative Income Tax, the NJCPA’s ongoing efforts to get the issues rectified and what members can do in the meantime.
- Learn more about the NJ BAIT at https://njcpa.org/bait.
Two public policy experts help us analyze Governor Murphy’s $45 billion proposed budget for New Jersey’s 2022 fiscal year. Is the budget good or bad for New Jersey residents and business owners? Is this level of spending sustainable? And what are the prospects that major changes will be made as the proposed budget is scrutinized by the Legislature? Tune in to find out.
- Learn more about our sponsor, First Commerce Bank - https://www.firstcommercebk.com
Wage and hour regulations in New Jersey are among the toughest in the nation, and the pandemic has increased the potential that employers could inadvertently violate the rules. Kathleen Caminiti, Esq., a wage and hour expert with Fisher Phillips, explains the five major areas all employers need to be aware of in order to avoid making expensive mistakes.
- Learn more about Kathleen Caminiti and Fisher Phillips at https://fisherphillips.com.
- See also:
- With more NJ residents working from home, lawmakers say we need a study: https://www.njspotlight.com/2021/02/with-more-nj-residents-working-from-home-lawmakers-say-we-need-a-study/
- Wage and Hour Issues to Keep in Mind as Your Practice Goes (or Stays) Virtual: https://www.njcpa.org/article/2021/02/02/wage-and-hour-issues-to-keep-in-mind-as-your-practice-goes-(or-stays)-virtual
- More employment law articles and events: https://njcpa.org/topics/employmentlaw
Are you wondering how the stock market could be doing so well when the economy is in such peril? So were we! So we turned to Paul Robertson, senior portfolio manager at AllianceBernstein, to shed some light.
- Attend our webinar with Paul Robertson on Feb. 18, 22 or 24. https://njcpa.org/plus
- Learn more about AllianceBernstein at https://alliancebernstein.com
Is there a level playing field for New Jersey’s Black and brown businesses? How have these businesses weathered the pandemic? And what do they need to succeed in the future? We talk to two people who have their fingers on the pulse of these topics and more: John Harmon, president and CEO of the African American Chamber of Commerce of New Jersey, and Carlos Medina, president and CEO of the Statewide Hispanic Chamber of Commerce of New Jersey.
What can businesses expect during the first year of the Biden Administration? New Jersey political analyst Ben Dworkin, director of Rowan University’s Institute for Public Policy & Citizenship, weighs in on Biden’s American Rescue Plan, business policies, taxes, funding for Gateway and other infrastructure projects, and more.
- Follow Ben Dworkin on Twitter at @RowanIPPC
- Learn more about the Rowan Institute for Public Policy & Citizenship at https://sites.rowan.edu/academic-affairs/rippac/index.html
Congress passed a $900 billion coronavirus relief bill on Dec. 21. A day later, President Trump voiced his displeasure with some of the measures in the bill. While it remains to be seen whether any amendments will be made to the bill, here’s a rundown of the business and individual relief measures currently in the bill – including a new round of PPP loans, direct stimulus payments to individuals, extension of unemployment benefits and a number of tax provisions.
Employers have a plethora of pandemic-related regulations, rules and guidance to comply with. Pete Isberg, vice president of government affairs for ADP, gives us a rundown on issues such as PPP loan forgiveness, expiring FFCRA and CARES Act provisions, state taxation of remote workers, and expectations for more relief under the Biden administration.
To say that 2020 has been a challenging year for New Jersey businesses would be a massive understatement. An already challenging business environment became exponentially more challenging when the coronavirus pandemic caused widespread shutdowns earlier this year. From restrictions and closings, to supply chain issues, to workplace safety and staffing, the issues that business owners have had to grapple with are numerous. Listen to our sobering and insightful conversation with Michele Siekerka, president and CEO of the New Jersey Business and Industry Association, about how New Jersey business owners are coping — and how things are looking for 2021.
New Jersey voters recently approved the legalization of adult-use cannabis – but that was the just first step in getting this promising new industry off the ground. Learn about the legislative and regulatory efforts underway, including the NJCPA’s proposal to level the playing field from a tax standpoint.
It’s been a wild ride and one for the history books! Listen to our insightful and passionate conversation with Bill Pascrell III about the election process, the delayed results and predictions for the future. Bill shares his unique perspectives which are built on a long career as an advisor to state and federal candidates, an election law attorney and a lobbyist.
This is an election season like no other. The differences on the issues and in the personalities of the two presidential candidates are as stark as black and white. And there are some very consequential congressional races as well. With so much at stake, we’re bringing you expert insights from Washington lobbyist Rob Zucker on everything from current polling numbers to the timing of election results to the implications of those results.
It’s no secret that President Trump and Vice President Biden have starkly different positions on many issues. And with so many issues to talk about, taxes don’t often make the list. But the disparate tax policies of the two presidential candidates warrant attention. Listen as two tax experts from Crowe break down the candidates’ positions on individual tax, corporate tax, energy, payroll, retirement and healthcare.
We’re not going to mince words: New Jersey’s FY21 budget is a disaster. The $37.2 billion budget covering Oct. 1, 2020, to June 30, 2021, includes significant spending increases over last year, $700 million in tax hikes — including an expansion of the millionaires tax and an extension of the CBT surtax — and $4.5 billion in borrowing. Listen as Chris Emigholz, vice president of government affairs at the New Jersey Business and Industry Association, breaks it all down and clears up confusion around some of the numbers.
How are tax crimes investigated and prosecuted? And what should a CPA do when he or she believe tax fraud is taking place? Find out in this episode when we talk with IRS Special Agent Robert Glantz about IRS Criminal Investigation and NJCPA member Joseph Scutellaro, CPA, about professional conduct issues for CPAs.
- IRS Criminal Investigation
- AICPA Code of Professional Conduct
- New Jersey State Board of Accountancy Rules of Professional Conduct
Due to the coronavirus pandemic, New Jersey’s 2019/20 fiscal year was extended for three months to Sept. 30, 2020. On Aug. 25, Governor Phil Murphy issued his proposed budget for the abbreviated 2020/21 fiscal year. This budget covers Oct. 1, 2020, through June 30, 2021. Among other things, the budget includes:
- $4 billion in borrowing
- $1.25 billion in cuts and savings
- $1 billion in tax increases, including an expansion of the top individual tax rate to those earning more than $1 million and restoration of the 2.5-percent CBT surtax
On September 9, Jeff talked with Richard Keevey and Dale Florio — who helped us analyze the Governor’s original budget proposal back in March just as the pandemic was ramping up. They took an in-depth look at the budget and its political prospects.
To learn more about the budget, visit njcpa.org/njbudget.
As New Jersey continues to battle through the coronavirus pandemic, there are numerous legislative and public policy issues impacting the state’s business community. This episode provides a rundown on the following issues: allowing more businesses to reopen; liability protection for businesses; a move to use the workers’ compensation fund for coronavirus claims; a “spyware” bill that could be harmful to New Jersey businesses; and new funding for New Jersey Economic Development Authority programs. Also, hear an update on a possible CPE deadline extension for New Jersey CPAs.
Links mentioned in the episode:
- New Jersey Business Coalition letter to Governor Murphy
- Workers’ compensation bill (A-3999)
- “Spyware” bill (A-702)
- New Jersey Economic Development Authority programs
- IssuesWatch Live: New Jersey Budget Analysis, Take Two – Sept. 9, 14 and 17
The process of becoming a certified public accountant is a rigorous one – and for good reason. CPAs are trusted professionals for the businesses they work for and the clients they serve. But with rapid changes in the business world, new skills and competencies are being sought by those hiring CPAs.
That’s where the CPA Evolution initiative comes in.
In this episode, broadcast on Facebook LIVE on August 4, 2020, Colleen Conrad from the National Association fo State Boards of Accountancy (NASBA) and Julia Woislaw from the AICPA discuss the proposed CPA Evolution model, its benefits, and the next steps.
View the PowerPoint slides at https://drive.google.com/file/d/1FjqxqHPoOPGFi9jnJB-uEk-lqTs9vhwa/.
Learn more at https://evolutionofcpa.org.
It’s no secret that the impact of the coronavirus pandemic on the economy has been significant and largely negative. But what about the financial markets? In this episode, Jeff Hanson, CPA – a financial planner with Traphagen CPAs & Wealth Advisors – discusses the short- and long-term impact of the pandemic on the financial markets. Have the markets followed the economy? Which markets have been impacted more than others? What’s the outlook for the coming year? Tune in for answers to these questions and more.
Many New Jersey businesses have been negatively impacted by the coronavirus pandemic. And those that are open, or preparing to reopen, have many issues to consider and rules to comply with. Fortunately the New Jersey Business Action Center (NJBAC) – a business advocacy team within the New Jersey Department of State – can help with the answers. Find out about the free services they provide and how you can talk or chat live with their representatives.
- Chat with an NJBAC representative: cv.business.nj.gov
- Call NJBAC: 1-800-JERSEY-7
- Listen to our previous episode about the NJBAC
The coronavirus pandemic has had a devastating impact on New Jersey’s businesses as well as the state budget. In this episode, Jeff talks with Senator Steven Oroho and NJ Spotlight budget reporter John Reitmeyer about the fiscal and economic health of the state.
Sponsored by Provident Bank. Learn more at www.provident.bank.
Listen as two noted economists – Daniel Bachman, Ph.D. of Deloitte and James Hughes, Ph.D. of Rutgers – discuss the short- and long-term impact of the coronavirus pandemic on both the national and New Jersey economies. How long will it take to get back to pre-crisis levels? How many businesses are expected to survive and how many will go out of business? How long will the economic fallout from the crisis last? Hear their expert opinions on these topics and more.
The NJEDA's Small Business Emergency Assistance Grant Program just received $50 million in additional funding. Jeff talks with Tim Sullivan, CEO of the NJEDA about this second phase.
Business owners are facing numerous financial hardships in light of the COVID-19 pandemic. To help New Jersey businesses cope, the New Jersey Economic Development Authority (NJEDA) launched a variety of programs and services, from grants and loans to payment moratoria and fee waivers. On May 13, Jeff talked with Tim Sullivan, NJEDA Chief Executive Officer. They discussed those programs, as well as other NJEDA resources.
On May 4, 2020, Jeff was joined by NJCPA members Melissa Dardani, CPA, and Zachary Cohen, CPA. They discussed the student loan debt relief measures enacted in response to the coronavirus pandemic on both the national and New Jersey levels.
Learn more about student loan debt at njcpa.org/studentloandebt.
On April 30, 2020, NJCPA’s Jeff Kaszerman was joined by Mike Affuso, executive vice president and director of government relations at the New Jersey Bankers Association to discuss the highly anticipated second round of Paycheck Protection Program funding. Mike provided some guidance from the banking community on what applicants should know, possible hurdles that may be encountered and more.
For more PPP news, visit njcpa.org/caresact.
The rollout of the U.S. Small Business Administration’s coronavirus relief programs, including the Paycheck Protection Program (PPP), has raised plenty of questions among CPAs and business owners.
In this edition of IssuesWatch LIVE, Jeff talks with Al Titone, the New Jersey district director of the SBA, about the next round of PPP funding and answers to your questions.
- Watch the full webinar: https://youtu.be/UaVJSCGwHNQ
- U.S. Treasury guidance on CARES Act: home.treasury.gov/policy-issues/cares/assistance-for-small-businesses
- SBA resources for New Jersey: sba.gov/nj
- NJCPA coronavirus news and information: njcpa.org/coronavirus
In our third live broadcast on financial and tax issues surrounding the coronavirus pandemic, NJCPA’s Jeff Kaszerman was joined by Ray Cantor, vice president of government affairs at the NJ Business & Industry Association (NJBIA).
The program covered:
- The New Jersey tax deadline extension – what is and isn’t extended
- New information about unemployment insurance for the self-employed, independent contractors and gig workers
- New Paycheck Protection Program loan options for the self-employed and general partners
For more information, visit: http://www.njcpa.org/coronavirus/links.To submit a question, email feedback@njcpa.org.
In this edition of IssuesWatch LIVE, NJCPA's Ralph Albert Thomas and Jeff Kaszerman are joined by Laura Gunn of the New Jersey Chamber of Commerce. They focus primarily on the New Jersey Economic Development Authority's new loan and grant programs as well as an overview of the CARES Act. * For more information, visit: http://www.njcpa.org/coronavirus/links. * To submit a question, email feedback@njcpa.org.
News about the coronavirus crisis is coming at us at dizzying speeds. Sometimes it’s hard to know what’s important and what isn’t. In this Facebook Live recording, NJCPA’s Ralph Albert Thomas and Jeff Kaszerman provide updates on issues important to CPAs and businesses. They focus on what’s happening both in New Jersey and at the national level.
- For more information, visit: http://www.njcpa.org/coronavirus/links.
- To submit a question, email feedback@njcpa.org.
Governor Phil Murphy has issued his proposed $41 billion budget for New Jersey’s next fiscal year. Hear a brief overview of the budget, which includes an expansion of the millionaire’s tax, an increase in the cigarette tax, an increased contribution to the public worker pension fund and more. Also, hear about the results of our member poll about the budget proposal and it’s impact on New Jersey’s economy.
New Jersey business owners now have an easier way to dissolve or reinstate their business. The New Jersey Department of the Treasury is offering a temporary program to help businesses return to good standing with the state without the cumbersome filing process typically associated with reinstatement or dissolution. It’s a great opportunity for businesses to either clean up their records or to expeditiously regain their legal status in the quickest, most-efficient way possible. The director of the New Jersey Division of Revenue and Enterprise Services, Jim Fruscione, tells us all about the program and how CPAs can help their clients take advantage of it.
See also:
- nj.gov/njbgs
The race to become the next President of the United States is on. But first we have to get through the nationwide primary elections, a process which can often be confusing. In this episode, we break it all down. We look at the primary process itself – caucuses, primaries, delegates, super delegates, why New Jersey’s primary is so late – and the strengths and weaknesses of the candidates. Learn all of this and more when you listen to our discussion with Bill Pascrell III of Princeton Public Affairs Group.
- Follow Bill Pascrell III on Twitter
The road to legalization of sports betting in New Jersey was quite a bumpy ride. It wasn’t something that happened through the normal legislative process. Rather it was the result of a David versus Goliath legal and political battle that was waged by former New Jersey Senator Raymond Lesniak for more than a decade. He talks to us about that battle and the economic impact sports betting has had on New Jersey.
- Read Beating the Odds: The Epic Battle the Brought Legal Sports Betting Across America
- Learn more about the Lesniak Institute for American Leadership
- Follow Senator Lesniak on Twitter
On Monday, Jan. 13, 2020, New Jersey Governor Phil Murphy signed into law the Pass-Through Business Alternative Income Tax Act. This new law allows flow-through businesses in New Jersey to elect to pay income taxes at the entity level instead of at the personal income tax level. Since there is no limit on deductions on the federal level for state and local taxes paid by businesses, this new law stands to save New Jersey business owners an estimated $400 million annually. Learn more about how this idea became law and what CPAs and business owners need to know to take advantage of it.
NOTE: Edited Jan. 16, 2020, to remove reference to "sole proprietorships."
Would you believe there’s a New Jersey government agency that will advocate for your business when you have to deal with other government agencies? In this episode, we explore a little-known gem called the New Jersey Business Action Center. The center helps new businesses get started and existing businesses grow by answering questions and solving problems they have with New Jersey laws and regulations, permitting, exporting and more. And best of all, there is no cost to use the center’s services.
Contact the New Jersey Business Action Center:
- nj.gov/njbusiness
- 1-800-JERSEY-7
Allegations of bribery! International intrigue! Dramatic revelations! We’re not talking about the latest blockbuster movie – we’re talking about the impeachment investigation of President Donald Trump. Washington lobbyist Robert Zucker talks to us about how the impeachment process works, what’s happened so far and what might happen next.
In this episode, we talk with NJ Spotlight reporter John Reitmeyer about the controversial issue of creating a state-owned bank in New Jersey. Governor Murphy recently issued an executive order establishing a State Bank Implementation Board tasked with creating an outline of what types of loans such a bank would issue and how it would operate. Listen to learn more about the details as well as what those who support the idea and those who oppose it are saying.
- Gov. Murphy’s executive order
- Follow John Reitmeyer: NJ Spotlight | Twitter
29: New Jersey’s Economy: Good or Not So Good?
In this episode we talk with Michael Lahr, director of the Rutgers Economic Advisory Service, about New Jersey’s economy: where it stands now and where it may be headed. In particular, we look at the state’s fiscal and tax environments in comparison with our neighboring states.
The rules and regulations that govern CPAs in New Jersey — the Accountancy Act and the New Jersey State Board of Accountancy regulations — have recently gone through long-awaited updates. If you’re a New Jersey CPA, or aspiring to become one, listen in as NJCPA Chief Learning Officer Jim Hardenberg, CPA, and State Board member Jack Dailey, CPA, highlight the most significant changes.
Additional resources:
- 6 Things to Know About the State Board's New Regulations
- 6 Things to Know About Changes to the Accountancy Act
- Accountancy Act statutes
- New Jersey State Board of Accountancy regulations
- AICPA/NASBA standards
- Search NJCPA CPE events
- Track your CPE with the NJCPA CPE Tracker
- Questions? Contact us at education@njcpa.org or 973-226-4494
It’s the one-year anniversary of the IssuesWatch Podcast! Here we give you a look behind the curtain at how the podcast has evolved, what host Jeff Kaszerman likes the most - and least - about it, and what you can look forward to in future episodes.
Americans owe a staggering $1.6 trillion in student loans – more than both credit cards and auto loans. So it’s no wonder that NJCPA members and others are calling this a crisis. Hear about how we got here and what the NJCPA is trying to do about it.
- NJCPA student loan debt initiatives:
- CPAs Agree U.S. Student Loan Debt is a Financial Crisis
- NJCPA statement in support of the Employer Participation in Repayment Act of 2019
- 10 Tips for Being a Smart Student Loan Borrower
- Student loan debt news
- NJCPA CPA Exam Fee Lottery
- Congressman Tom Malinowski: website | Twitter | Facebook | Instagram | YouTube
Anyone who has ever had to deal with providing health insurance for their employees is aware of the enormous impact health care issues have on the bottom line. Chrissy Buteas, chief government affairs office at the New Jersey Business & Industry Association (NJBIA), talks with us about health care legislative and policy issues on both the state and federal levels that are impacting New Jersey businesses.
- NJBIA: website | Twitter | Facebook | LinkedIn
- Contact Chrissy Buteas: Email | LinkedIn
Is Congress dysfunctional? Are tariffs hurting the country? Will the SALT deduction cap ever go away? Find out the answers to these questions and more during our discussion with Rob Zucker, a partner at Winning Strategies Washington with 25 years of political and public policy experience. As a South Orange native with many New Jersey clients, Rob is tuned in to the national issues that are of particular interest to Garden State residents and business owners.
- Learn more about Winning Strategies Washington: website | Twitter | Facebook
- NJCPA advocacy initiatives
The legal liability environment in New Jersey has been bad for decades, and it’s been getting worse over the past two years – especially in the area of employment law. Alida Kass, president of the New Jersey Civil Justice Institute, discusses with us what factors have led the American Tort Reform Foundation to rate New Jersey as a “Judicial Hellhole.” How did we get here, who’s at fault, and what do business owners need to be aware of to protect themselves from serious risks? Listen to find out.
- More about Alida Kass
- New Jersey Civil Justice Institute: website | Twitter | Facebook
- More about American Tort Reform Foundation’s ranking for New Jersey
- Employment law news and resources
- NJCPA legislative updates
Many people are aware of New Jersey’s $38 billion state budget. But when you add in municipalities, schools, counties and utilities, total government spending in New Jersey skyrockets way past that. Regina Egea, president of Garden State Initiative (GSI), takes us through GSI’s eye-opening research into the true cost of government in New Jersey, where all the money goes and what – if anything – can be done to reign in spending.
- Adding It All Up research series
- Garden State Initiative: Website | Twitter | Facebook | LinkedIn
Governor Murphy recently signed a $38.7 billion budget for New Jersey’s 2019/20 fiscal year. In this episode, Andrew Musick from the New Jersey Business and Industry Association provides an overview of the budget: what was included, what was excluded and what was line-item vetoed by the Governor. And, since we cover politics as well as policy, some of the politics of how this budget came to be.
- More about the budget
- New Jersey Business and Industry Association
Even though legislation to legalize adult-use cannabis in New Jersey has stalled, there is still a vital tax issue that needs to be resolved. It is crucial that the state decouples from the federal law governing cannabis — Internal Revenue Code 280(E) — so that cannabis business owners will be able to deduct ordinary and necessary expenses in the same manner as their non-cannabis counterparts. NJCPA member Melissa Dardani, CPA, discusses why 280(E) was created, the impact if New Jersey does not decouple from it, how this issue has been handled in other states and how New Jersey is planning to tax cannabis.
- Read more about the status of cannabis legalization in New Jersey
- Join the NJCPA Cannabis Interest Group
Hear from Senator Steven Oroho, Assemblyman Roy Freiman, NJTV business correspondent Rhonda Schaffler and NJCPA CEO Ralph Albert Thomas about the current business and living environment in New Jersey and what could be done to improve the state’s economy. Their commentary is from the IssuesWatch Live: Business & Economic Roundtable session at the NJCPA Annual Convention & Expo on June 14.
See also:
- More about Senator Oroho: website | Facebook | Twitter
- More about Assemblyman Freiman: Facebook | Twitter
- More about Rhonda Schaffler and NJTV: Twitter | NJTV website | NJTV Facebook
- View the full Business & Economic Roundtable session
In this bonus episode, we continue our conversation with Congresswoman Mikie Sherrill, a Democrat representing New Jersey’s 11th Congressional District. She discusses the serious infrastructure issues in New Jersey and what Washington could do to help; trade relations with China; the partisan environment in Washington; and more. For part one of our conversation with the Congresswoman, listen to episode 16.
- Follow or contact Congresswoman Sherrill: Website | Facebook | Twitter | Instagram
Listen to our conversation with political analyst Ben Dworkin, director of the Rowan Institute for Public Policy, about the policy and politics underlying the current hot issues in the state capitol. He weighs in on the proposed expansion of the millionaires tax, the reality of meaningful pension reform, the prospects of the budget being passed by the June 30 deadline and more.
- More about the budget
- Pension reform information
- Cannabis legalization news
- Path to Progress legislation
- Register for IssuesWatch broadcasts
“Not only is the Gateway Tunnel project the most important project in New Jersey, it’s the most important infrastructure project in the nation right now,” says Congresswoman Mikie Sherrill, a Democrat representing New Jersey’s 11th Congressional District. Listen as she discusses the Gateway Tunnel project, other vital infrastructure and transportation issues, and her efforts to fight the SALT deduction cap.
- Follow or contact Congresswoman Sherrill: Website | Facebook | Twitter | Instagram
- Bill co-sponsored by Congresswoman Sherrill to increase SALT deduction cap
- In other news: New Jersey Senate President introduces sweeping “Path to Progress” legislative package
A conversation with Congressman Josh Gottheimer, a Democrat who represents New Jersey’s 5th Congressional district, about his efforts to repeal the state and local tax (SALT) deduction cap. The Tax Cuts and Jobs Act implemented a $10,000 cap on SALT deductions, and that has hit New Jersey particularly hard.See also the results of a recent poll of NJCPA members about tax season, including the impact of the SALT deduction cap.
New Jersey’s tax incentives programs have been in the news a lot lately. Governor Murphy is recommending major changes to the current programs, which expire in June. He is looking to shift much of the incentives from big corporations to smaller, innovative companies, and he wants a cap of $400 million on all the programs combined. This episode includes a discussion with two New Jersey public policy experts about the existing tax incentive programs and the proposed changes.
- NJCPA survey results on tax incentives
- More on the proposed budget
- IssuesWatch Podcast Episode 8: A Discussion with Tom Bracken about New Jersey’s Tax Incentive Programs
New Jersey has a $150 billion unfunded liability for its pension and health benefits for public employees. In this episode, we discuss the measures included in Governor Murphy’s proposed budget – a $3.8 billion payment to the pension fund and $800 million is cost savings by making changes to the health benefits programs – as well as what else could/should be done to address this mammoth liability that currently comprises 22 percent of the state budget.
- Learn more about the budget at njcpa.org/njbudget.
- Read the Path to Progress report at pathtoprogressnj.org.
The most contentious issues in Governor Murphy’s proposed budget for New Jersey’s 2019/20 fiscal year is the expansion of the millionaire’s tax. It calls for extending the top 10.75-percent income tax rate to those making more than $1 million. This move is estimated to bring in $475 million. But with both the Senate President and Assembly Speaker opposed to it, does it stand a chance of being implemented? And if it does, will it drive high-income New Jerseyans out of the state? Hear an analysis from Richard Keevey, distinguished executive in residence at the Rutgers School of Planning and Public Policy and a lecturer at Princeton University, and Dale Florio of Princeton Public Affairs Group.
In other news: Bill to help pass-through business owners passes Assembly Committee | Bill to shorten malpractice filing period passes Assembly Judiciary Committee | Governor signs bill that forbids arbitration agreements in employee contracts
On March 5, Governor Phil Murphy presented his proposed budget for New Jersey’s 2019/20 fiscal year. This episode provides a brief overview of the budget proposal, including the expansion of the millionaire’s tax, what’s being done to address public workers pensions and health benefits, and changes to the tax incentive programs.
- For an in-depth analysis of the budget and it’s political prospects, tune in to our panel discussion on March 21, March 27 or April 1.
- To get more details about the proposed budget, and the NJCPA’s response to it, click here.
- For more about the pension and health benefits crisis, listen to episode 2.
- For more about the state’s tax incentive programs, listen to episode 8.
Governor Murphy signed a bill on Feb. 4 to raise New Jersey’s minimum wage to $15 per hour by the year 2024. In this episode, we conclude our talk with John Reitmeyer who, in his role as budget and public policy reporter for NJ Spotlight, has covered the topic extensively. If you haven’t heard part one, listen to episode 9. In episode 10, we talk about the possibility of property tax increases as towns absorb the higher minimum wage; what we’ve seen in other states that have raised their minimum; and what – if anything – John thinks should have been included in the bill that wasn’t.
In other news: Legislation to protect members of professional boards is continuing to be pushed by NJCPA | NJCPA proposed changes to New Jersey’s tax code if cannabis is legalized | NJCPA continuing to support a bill that would allow pass-through entities to be taxed on an entity level in New Jersey | Register for our free IssuesWatch broadcast about Gov. Murphy’s proposed budget on March 21, March 27 or April 1.
Governor Murphy signed a bill on Feb. 4 to raise New Jersey’s minimum wage to $15 per hour by the year 2024. In this episode, we talk with John Reitmeyer who, in his role as budget and public policy reporter for NJ Spotlight, has covered the topic extensively. Hear what John has to say about the pro and con arguments for the minimum wage bill; whether businesses might cut jobs, hours and benefits as they try to absorb the higher wage rate; the possible implications to consumers in the form of higher prices for products and services; and some of the exemptions, or carve-outs, that did and didn’t make it into the final bill.
In other news: Accountancy Act bill signed into law | A bill opposed by NJCPA that would ban all arbitration employment agreements has been passed by the New Jersey Legislature | Updates to the New Jersey State Board of Accountancy regulations are open for comments through March 8 | Legislation to remove the SALT deduction cap and restore the 39.6 percent tax bracket was unveiled on Feb. 11
New Jersey’s tax incentive programs have been in the news lately after a highly critical audit of the Economic Development Authority’s administration of the programs. In this episode, we speak with Tom Bracken, president and CEO of the New Jersey Chamber of Commerce, about the current programs and what could be changed to make them more effective and impactful.
See also: State Comptroller’s audit of the EDA’s tax incentive programs | Results of a recent NJCPA member survey about the New Jersey’s tax incentive programs | NJCPA’s response to Governor Murphy’s State of the State address | Minimum wage legislation | Results of NJCPA cannabis survey
In this episode, we sit down with Alan Sobel, CPA, of Sobel & Co. in Livingston about an idea he had to save New Jersey pass-through entity owners significant money in light of the Tax Cuts and Jobs Act. Legislation based on that idea is currently pending in the New Jersey Legislature and is expected to pass.
A discussion with Marc Pfeiffer, assistant director at the Bloustein Local Government Research Center, about New Jersey's property taxes: why they're so high and what - if anything - can be done to reduce them.
Note: We will be taking a short break for the holidays. Our next episode will be published on January 15, 2019. Happy Holidays!
Senator Sweeney discusses prospects for legalizing adult-use cannabis. Legislation passed by joint Senate/Assembly committee on Nov. 26 (njcpa.org/topics/cannabis) | Should an increased minimum wage include carve-outs for teenagers and seasonal workers? Sweeney says yes, Gov. Murphy says no. | Sweeney discusses Path to Progress report (njpathtoprogress.org) recommendations to consolidate school districts | Update on NJ tax amnesty program (njcpa.org/taxamnesty)
Path to Progress report (njpathtoprogress.org) | Entire Q&A session with Senator Sweeney (njcpa.org/issueswatch)
NJCPA endorses Path to Progress pension and benefits reforms (njcpa.org/advocacy) | Review of tax recommendations in Path to Progress report (njpathtoprogress.org) | NJCPA members’ ranking of those recommendations | Input from Tom Bracken, president of the New Jersey State Chamber of Commerce, about potential impact of small business tax credits | Bill drafted by the NJCPA would provide Section 1202 capital gains tax breaks to certain NJ companies (njcpa.org/advocacy) | Q&A with Senate President Steve Sweeney on Nov. 8 (njcpa.org/issueswatch) | Two pro-CPA bills progressed in the legislative process (njcpa.org/advocacy) | NJ tax amnesty program to begin Nov. 15 (njcpa.org/topics/statetax).
Two pro-CPA bills passed the Senate Commerce Committee on Oct. 15 (njcpa.org/advocacy) | Review of pension and benefit reforms recommended by Senate President Sweeney’s Economic Growth and Fiscal Policy Workgroup (njpathtoprogress.org) and what the political outlook is for these recommendations | NJCPA event with Senator Sweeney on Nov. 8 (njcpa.org/issueswatch) | Revised New Jersey accountancy regulations should be published soon in the New Jersey Register (njcpa.org/njsba) | Director of the New Jersey Division of Taxation says tax amnesty program should begin sometime in November (njcpa.org/topics/statetax).
In this first episode of our new IssuesWatch Podcast, we provide an overview of the current legislative landscape in New Jersey, a look back at what has happened this year and thoughts about what to expect in the coming months.
This year, we’ve seen the good, the bag and the ugly. In general, Governor Murphy has been more willing to sign non-business-friendly bills than his predecessor Chris Christie was. While the NJCPA fully supports equal pay for equal work, the state’s new gender parity law includes onerous provisions that could encourage frivolous lawsuits. The corporate business tax rate was raised, and new combined reporting requirements were established. Recently, clean-up legislation for the combined reporting regulations was modified at the last minute to include provisions that the NJCPA – and business community at large – strongly opposed. And there is a new tax rate for New Jerseyans earning more than $5 million. Looking ahead, we expect anti-arbitration and minimum wage legislation to pass. (The NJCPA supports a higher minimum wage as long as certain exemptions are included.) And since the 2019 New Jersey budget included a number of non-recurring revenue lines, we anticipate that the 2020 budget could include some tax hikes.
But it’s not all bad. On the positive side, three bills the NJCPA strongly supports have advanced recently. A bill to update and modernize the state’s Accountancy Act passed legislative committee on Sept. 13 A bill that would provide liability protection for people serving on the State Board of Accountancy and other professional licensing boards also passed committee on Sept. 13. And legislation drafted by NJCPA member Shaune Scutellaro that would provide Section 1202 capital gains tax breaks for certain New Jersey companies was passed by the Senate on Oct. 1.
Our next episode will be released on Tuesday, Oct. 23. In the meantime, visit njcpa.org/advocacy for updates, and subscribe to IssuesWatch Podcast today so that each episode is automatically delivered to you.
Hello and welcome to the NJCPA's IssuesWatch Podcast. This podcast will discuss important developments in the New Jersey Legislature that have an impact on CPAs and the business community. We'll be bringing you new episodes every two weeks to keep you ...