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January 2023

22 | Build your skills for a career 32 | Tax Matters
in ESG The research credit: Payroll tax offset
Professionals explain how they Taxpayer’s charitable deduction for
made the transition into the key, artwork donation denied
fast-growing ESG practice area.
40 | Technology Q&A
Learn how to calculate double-
declining balance depreciation for
tax purposes in Excel using the
variable-declining balance function.
Plus, learn about aliases and shared
mailboxes in Outlook.
46 | The Last Word
Tayiika M. Dennis, CPA, principal
This month’s TOP STORIES at CliftonLarsonAllen, focuses
on improving the image of the
accounting profession as chair of
6 | CPAs rev up for a the California Society of Certified
new tax season Public Accountants.

ON THE COVER AND ABOVE: PHOTO BY SSTOP/GETTY IMAGES; CENTER: IMAGE BY HOWLETTERY/GETTY IMAGES; RIGHT: PHOTO BY MARK VON HOLDEN/AP IMAGES
With the sunset of most pandemic relief
provisions, preparing tax year 2022 re- 26 | The rise of the cash balance
turns may be more straightforward than pension plan
in recent years, but several issues could Become familiar with this
still cause complexities. Plus: The JofA’s increasingly popular type of
annual quick guide, highlighting dollar pension plan and its advantages
thresholds, tax tables, standard amounts, for successful small business
credits, and deductions. owners who want to accelerate
their retirement savings.
14 | Initial direct cost and
deferred rent under COLUMNS
FASB ASC 842
FASB ASC Topic 842, Leases, and 04 | Professional Liability
Topic 840, Leases, treat initial direct Spotlight
cost and deferred rent differently. Client breakups can create malpractice
This example of how journal entries risk
would be recorded for a lease under When clients divorce, CPAs
both standards helps illuminate should take steps to avoid getting
those differences. caught up in their dispute.

AICPA: Where to turn

Member Service Center AICPA Technical Hotline AICPA Tax Section
1-888-777-7077 1-877-242-7212 Visit www.aicpa.org/tax to
Or chat with us at www.aicpa.org. 9 a.m.–8 p.m. ET, Monday–Friday stay current on the latest tax
Chat and phone service available us.aicpa.org/research/technicalhotline.html developments and access guidance,
9 a.m.–8 p.m. ET, Monday–Thursday The hotline is available for questions about tools, and learning on key topics and
and 9 a.m.–6 p.m. ET, Friday accounting, auditing, and attest. A live chat trending issues.
feature is also available.

journalofaccountancy.com January 2023 | 3