Journal of Accountancy Podcast

CFOs and other leaders have been forced to adapt to challenging and fast-moving circumstances as a result of the COVID-19 pandemic. Tom Hood , CPA/CITP, CGMA, the executive vice president of business growth and engagement for the Association of International Certified Professional Accountants, reflects on what finance leaders have learned in the past year and previews two of his sessions at the up...

The IRS has issued updated guidance on several aspects of the employee retention credit. April Walker, CPA, CGMA, lead manager on the Tax Practice & Ethics team at the AICPA, touches on the highlights, including filing options for claiming the credit, an extension of penalty relief, and several key questions that have yet to be resolved. What you'll learn from this episode: What recent IRS notices...

Two featured speakers at the AICPA & CIMA CFO Conference , Josh Linkner and LaRae Quy, are sharing previews of their conference sessions in this episode. Linkner discusses how organizations can foster creativity, even in supposedly noncreative jobs, and how that creativity can lead to everyday innovation. Quy, an author and former FBI agent, shares details on the importance of mental toughness. Wh...

Ben Nemtin, the keynote speaker May 5 at the AICPA & CIMA Employee Benefit Plans Conference , thought he was going on a two-week road trip with some friends 15 years ago. That trip lasted years, changing his life and those of many others they encountered. Nemtin also shares why it's more important these days to talk about mental health, along with some of the inspiration he got from seeing complet...

African Americans are still underrepresented in the accounting profession: Only 2% of CPAs are Black. In this second part of a two-episode podcast, we look at what the profession can do to increase the number of Black CPAs. Guests Ruth Harris, the first Black female CPA in Virginia, and Frank Ross, one of the founders of the National Association of Black Accountants (NABA), share their experiences...

The requirements for Paycheck Protection Program applicants who are not-for-profits are different from those for for-profit businesses. Dave Moja, CPA, a member of the AICPA Not-for-Profit Advisory Council, explains some of those differences and more about completing Form 990 and Form 941 . Also, hear a section of a two-part podcast series that documents the triumphs and struggles of some of the f...

In this first part of a two-episode podcast, we take a look at the remarkable accomplishments of Black CPAs in the 20th century, featuring the testimony of two CPAs who witnessed Black CPA history firsthand: Ruth Harris, the first Black female CPA in Virginia, and Frank Ross, one of the founders of the National Association of Black Accountants (NABA). Theresa Hammond, Ph. D., author of A White-Col...

Alistair Nevius, J.D., the JofA 's editor-in-chief, tax, explains the differences between IRS announcements on March 17 and March 29 regarding the postponement of 1040 tax filing and payments from April 15 to May 17. He highlights what's changed, what hasn't, and one question regarding how the IRS will handle estimated tax payments on a 2020 return filed after April 15. Also, to prepare for the op...

Some individual taxpayers still have forms to complete and payments to make by April 15. That's one reason the AICPA believes that the IRS extension from April 15 to May 17 didn't go far enough. Ed Karl, CPA, CGMA, the AICPA's vice president–Tax Policy & Advocacy, explains the reasons that the AICPA believes more relief should be given and why a June 15 date is more appropriate. The episode also m...

When it comes to applications for Paycheck Protection Program loans or PPP loan forgiveness, a one-size-fits-all approach to assisting clients won't work. Some clients will need more help than others, and there are ethical implications for how CPAs provide that assistance. Iryna Klepcha, CPA, and Toni Lee-Andrews, CPA/PFS, CGMA, of the AICPA's Professional Ethics Division discuss some of the ethic...

Risk management has always been important, and it came to the forefront for many organizations in 2020. A new risk heat map tool from the Association of International Certified Professional Accountants can help measure and manage risks. Lori Sexton, CPA, CGMA, a senior technical manager for management accounting, explains some of the features of the tool and how those features can expand an organi...

"With women in particular, small moments matter." Those are the words of Lara Abrash, CPA, chair and CEO of Deloitte & Touche LLP, about how seemingly inconsequential decisions can have a big effect on how women advance in the workplace. Hear more of Abrash's thoughts on promoting diversity and on why the time was right for Deloitte to publish a new report on its workforce composition. What you'll...

On March 1, the IRS issued guidance on the employee retention credit . April Walker, CPA, CGMA, lead manager on the Tax Practice & Ethics team at the AICPA, explains the highlights of that guidance, including how the credit interacts with PPP loans. Also, Ken Witt, CPA, CGMA, senior manager for management accounting and member engagement at the AICPA, shares the important details of the latest AIC...

Do you know the name John Wesley Cromwell Jr.? Do you know the specific businesses targeted recently for Paycheck Protection Program loan applications? This express version of the JofA podcast gives you more on those topics, along with details on an accounting alternative related to goodwill impairment that FASB is expected to issue soon. Cromwell became a CPA 100 years ago, and his story as the f...

Earlier in February, numerous amendments to the 2021 fiscal year budget resolution were voted on by the Senate. One of those nonbinding amendments, which passed unanimously by a voice vote, could lead to a lessening of an administrative burden for many employers and employees. The amendment related to mobile workforce legislation , introduced by Sen. John Thune, R-S.D., and supported by Sen. Sherr...

A recent survey showed that a majority of couples have experienced relationship stress because of finances. So, how can couples openly communicate about money? Mike Landsberg, CPA/PFS, shares a few reminders. Also, Sara Lord, CPA, a member of the AICPA Auditing Standards Board (ASB), expands on the board's recent exposure draft related to quality management . The comment period on the ED runs thro...

The onset of COVID-19 meant that more people became online shoppers out of necessity. Ordering groceries by phone or computer also means more of us are putting potentially sensitive information online. Robert Westley, CPA/PFS, shares advice to avoid becoming a victim of identity theft, expanding on the tips in a recent Journal of Accountancy article . Alistair Nevius, J.D., the JofA 's editor-in-c...

Paycheck Protection Program (PPP) loans and the start of tax season are two topics squarely on the minds of CPAs these days. This episode analyzes the Jan. 25 update by the U.S. Small Business Administration (SBA) about processing second-draw loan applications and looks at what recent IRS announcements mean for tax season. Kari Hipsak, CPA, CGMA, a senior manager at the Association of Internationa...

Earlier, Eileen Sherr, CPA, CGMA, MT, a director of the AICPA's Tax Policy & Advocacy team, discussed prospects for reversing by legislation the IRS's position regarding deductibility of business expenses paid with loan proceeds from the Paycheck Protection Program (PPP) that are ultimately forgiven. Now, that legislation has been enacted, by the Consolidated Appropriations Act, 2021 (CAA), P.L. 1...

Accountants played a crucial role in helping millions of organizations, most of them small businesses, receive $525 billion in Paycheck Protection Program loans last year. Now, the PPP is back and businesses will again be looking to CPAs for advice and assistance in accessing the program, which provides forgivable loans that borrowers can use for payroll and other essential expenses as the COVID-1...

In late 2020, Robert Half's Paul McDonald delved into the hiring outlook for 2021 . The second part of that conversation addresses the ways organizations can keep those already on staff during COVID-19. McDonald, Robert Half's senior executive director, says the businesses that already had strong culture in place were better equipped to adapt to COVID-19. He offers advice for managers, details on...

As the year draws to a close, many clients are pursuing charitable giving. Mike Landsberg, CPA/PFS, partner at Homrich Berg in Atlanta, discusses what he's seeing in terms of charitable giving this year, how the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, has affected giving, and how clients can use giving to save on taxes while contributing to causes that matter to t...

Eileen Sherr, CPA, CGMA, MT, director of the AICPA's Tax Policy & Advocacy team in Washington, D.C., discusses recent IRS guidance regarding the tax treatment of loans under the U.S. Small Business Administration's Paycheck Protection Program (PPP). This guidance holds that the amount of a PPP loan that is forgiven under the SBA's procedures is not included in the loan recipient taxpayer's gross i...

The COVID-19 pandemic has caused unprecedented hiring freezes, job losses, or furloughs in 2020. While the outlook on hiring remains somewhat unsteady, there are reasons for optimism, according to Paul McDonald, the senior executive director at staffing firm Robert Half. In this episode, McDonald discusses the roles and certifications that are in demand, how remote work's rapid rise has affected o...

Kelly Richmond Pope, CPA, CGMA, Ph. D., is an accountant and a professor. She's also a storyteller and TEDx speaker. Keeping people engaged is a better way to educate, said Pope, an associate professor at DePaul University's School of Accountancy and MIS in Chicago. In this episode, Pope discusses another way to keep learners engaged: gamification. Turning learning into a game helps with the recal...