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The New Jersey Society of CPAs (NJCPA) hosted CPA Day at the State Capital: Advocacy Reimagined on Oct. 28, which included meetings with key lawmakers at the State House and a luncheon at the Historic Trenton Masonic Temple.

Accounting firms and CFOs face unique challenges and oppor­tunities, necessitating a shift in leadership strategies. Transformational leadership — a model emphasizing vision, inspiration and change — is well-suited to navigate these complexities.

Succession planning should be an everyday event, not a series of events taking place just prior to partner retirements. By running their practices as a business, accounting firms can achieve financial stability, operational efficiency and strategic growth.

CPAs are in possession of their clients’ most sensitive personal and financial details, so it’s no surprise they’ve become prime hacking targets. Steps need to be implemented to ensure better data protection.

New Jersey high school teachers and college professors gathered last month to discuss challenges and solutions to the accounting talent shortage. From firm offshoring implications to image and teaching style, a variety of issues were addressed.

With the ever-changing accounting and auditing pronouncements, there will likely be an increase in litigation against CPAs. The In Pari Delicto Defense (IPDD) is a protection in professional liability claims asserted against public accounting firms.

The integration of financial planning services not only enhances the value prop­osition for clients but also positions CPA firms for sustained growth and profitability. Case studies show how it's done.

Although accounting for the income tax in a business combination is complex, analyzing the tax structure, financial statements and tax attributes can be a great starting point to navigate the reporting nuances and considerations.