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Twenty-five students from Essex County College’s Division of Business learned first-hand how the accounting profession is more than simply understanding numbers at an NJCPA pipeline initiative event in October at the offices of SAX LLP in Parsippany.

AI and automation tools are not the only types of technology transforming the accounting industry. Cloud computing is continuing to help firms scale and operate in a remote environment while data analytics tools are configuring and leveraging data points faster than ever before.

Financial planning, and specifically the evolving areas of financial wellness and well-being, require that CPAs and accountants remain diligent at growing as professionals in the field. Integrating subjective and objective metrics with a focus on well-being offers a more nuanced understanding of financial wellness.

M&A sell-side transactions require careful planning and a deep understanding of the legal issues involved. CPAs and tax professionals are in a unique position to help companies navigate these complexities, particularly when it comes to managing tax liabilities

A popular route for U.S. investment among high-net-worth foreign citizens has increasingly become domestic private equity funds. CPAs with an international practice are now frequently confronted with clients who want to know how making this investment could affect their U.S. tax exposure.

Advisory services offer a significant opportunity for CPA firms to grow their practices and provide more value to clients. By pricing services based on the benefit to the client, turning one-time engagements into recurring work, one can create a sustainable revenue stream.

It’s crucial to provide clients with informed and competent guidance as part of an overall retirement planning strategy. By leveraging a CPA's expertise, you can help clients make well-informed decisions that optimize their financial outcomes.

Advancing in a firm requires aligning with its values, strategic thinking and integrity. True leaders collaborate for collective success, supported by sponsors and coaches who champion their growth.

The potential liability from data being stolen or the network being down is not easily defined as every hack is different. It is best to get ahead of the potential loss and educate your team so that they are better prepared to identify and mitigate threats appropriately.

Accounting firms, particularly smaller ones, should familiarize themselves with the AICPA's new Ethics Interpretations to ensure compliance and avoid impairing independence when offering these non-assurance services to attest clients. These changes will take effect over the next few years.

Information about cases that the IRS Criminal Investigations unit in New Jersey is currently working on.

Starting a new job can be difficult for some individuals; however, one can succeed in this new endeavor by taking notes, asking questions, communicating, being organized, exhibiting teamwork and being proactive.

Flexible work opportunities have dramatically increased since 2020, and they are here to stay. Younger generations of workers already have increased expectations for flexible work opportunities, and the benefits for employee health and wellbeing are undeniable.

A lack of accountants is affecting businesses and CPA firms. The shortage is also affecting local governments, which have a shortage of “in house” accountants and external auditors.

For those NFPs that expend more than $750,000 of federal funds and are subject to the various requirements of the Uniform Guidance, there are some significant changes that are in effect. In addition to Uniform Guidance, other topics to keep up on include crypto, leases and credit losses.

Relocating to Florida (or other states with lower or no state income tax) offers a unique opportunity for substantial savings but requires careful planning to avoid potential tax liabilities stemming from a taxpayer’s former residence in a high-tax state during their employment.

The combined financial statements for the NJCPA and affiliates (NJCPA Education Foundation and NJCPA Scholarship Fund) for the year ended May 31, 2024, have been published.