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May 2022

12 | What’s your fraud IQ? 34 | Tax Matters
How well do you know the types of No step-up in basis for private
investment schemes perpetrated by foundation’s assets
scammers and con artists? Test your Eleventh Circuit: Judicial
knowledge of investment scams in extinguishment proceeds formula
this month’s Fraud IQ quiz. invalid
IRS levy trumps decedent’s children’s
16 | Can a CPA firm loan staff to claim to money held in usufruct
an attest client?
Understand the changes to the 38 | Technology Q&A
AICPA Code of Professional Con- This month’s column answers two
duct’s independence rules relating technology questions: first, how to
to loaning staff to an attest client. build custom functions in Excel
The changes converge the Code using LAMBDA; second, how to add
with provisions in the Interna- color to Excel workbooks.
tional Code of Ethics for Professional
Accountants. 42 | The Last Word
J’Maine Chubb, CPA, CGMA,
22 | Adopting a child: Tax shares his path to becoming the
planning considerations CFO of the Houston Airport
Adoptive parents can benefit from System.
a CPA’s advice about adoption tax
subsidies and incremental tax costs
that accompany a change in family
income.

This month’s TOP STORIES COLUMNS

6 | Smart strategies 4 | Professional Liability
Spotlight
that prepared these Small actions, big fallout: Lessons
firms for a tough labor from large claims
market Learn how even small actions or
offhand conversations can lead
Some firms have seen surprising success to serious complications, as these
hiring and retaining employees despite real-life claims against CPAs in
the tight labor market. Learn how the AICPA Professional Liability
they’re doing it. Insurance Program demonstrate.

ON THE COVER AND ABOVE: IMAGES BY AKINBOSTANCI/ISTOCK; RIGHT: PHOTO BY BRANDON THIBODEAUX/AP IMAGES AICPA: Where to turn AICPA Technical Hotline Coronavirus tax resources

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The hotline is available for questions about
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and 9 a.m.–6 p.m. ET, Friday
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available.
May 2022 | 3
journalofaccountancy.com A&A implications of the pandemic. A live AICPA Tax Section. A chat feature is