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The New Jersey Society of CPAs welcomes June M. Toth, CPA, CFF, CITP, CGMA, principal at WilkinGuttenplan P.C., as its 2024/2025 president on June 1, replacing outgoing president Edward G. O Connell, CPA, CGMA, CFF, CFE, a partner at Withum.

The Illinois CPA Society (ICPAS) released its 2024 Insight Special Feature, “Re-Decoding the Decline: An Updated CPA Pipeline Report.” Among all respondents surveyed, “time” emerged as the top-ranked challenge — or deterrent — to becoming a CPA.

At an NJCPA Accounting Educators Workshop on May 3, several of New Jersey's top accounting professors came together with accounting practitioners and the New Jersey Business & Industry Association to discuss what’s needed to entice more students to enter the accounting profession.

Non-public businesses with fiscal year ends beginning after Dec. 15, 2022, (or interim periods during 2023) should begin preparing for the adoption of Financial Accounting Standards Board ASC Topic 326 by developing policies and procedures. CPAs need to stay up on what has changed in the current expected credit loss (CECL) model and what is new such as forecasts.

Some people would rather skip holding people accountable so much that they would rather avoid having the conversation entirely and come up with a workaround. Here are some steps to have productive accountability conversations.

When employees feel genuinely content and engaged in their roles, their enthusiasm naturally extends to client interactions. The positive energy, dedication and passion they bring to their work invariably impact client relationships.

The NJCPA is actively supporting and advocating for initiatives that recognize accounting as a science, technology, engineering and mathematics (STEM) subject and that allow STEM K-12 grant funding to be used for accounting awareness and education.

With a surge in mergers and acquisitions (M&A) activity, accounting firms are more in demand from private equity. It should put a renewed spotlight on their profits, plans for expansion and what strategies work and don’t work during M&A.

Increasing the value of a business five years before a potential sale involves a multifaceted approach encompassing financial fortitude, operational excellence, strategic foresight and market positioning. Accountants serving as trusted advisors can guide their clients through these strategic initiatives.

CPA firms can effectively manage their cybercrimesecurity by staying informed, conducting regular risk assessments, implementing strong security measures, educating employees and preparing for potential breaches.

Valuation practitioners involved in dispute scenarios encounter legal and regulatory environments in addition to the general standards set forth by professional organizations, which is why it's important to have an understanding of relevant court rules, procedures and techniques.

Startups can have a lot of tax- and non-tax-related domestic and international issues. CPAs have the opportunity to provide value and become their trusted business advisor.

Two things practitioners seeking to provide audit and attestation services to clients in the crypto space, now or in the future, need to keep in mind are that stablecoins will drive attestation improvement and controls will play a large role in attestation.

As companies position their organizations to meet the challenges and opportunities presented by ESG, they need assistance with regulatory compliance, capital allocation, risk management, projections and financing — all within the CPA skill set.

A 1031 exchange is a valuable tool for deferring taxes and facilitating investment continuity, but it’s not a one-size-fits-all solution. It is important to choose a knowledgeable and trustworthy intermediary.

Although sales tax compliance is complex, businesses can effectively navigate the challenges with the right people, processes and technology.