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June 2022

18 | Is it time to rethink your COLUMNS
firm’s physical footprint?
The rise of remote work has led 4 | Professional Liability
organizations to consider moving, Spotlight
downsizing, or going completely Rogue behavior: Risks your CPA firm
virtual. Consider these factors should avoid
carefully before making such a Claim experience of the AICPA
move. Professional Liability Insurance
Program has demonstrated that
24 | Goodwill triggering event rogue behavior, especially at the
alternative provides relief to partner level, can lead to profes-
some companies sional liability claims.
Learn how FASB’s goodwill
accounting alternative for evaluat- 44 | Tax Matters
ing triggering events can make Changes to Form 1099-K
financial reporting easier for pri- Value of split-dollar arrangement is
vate companies and not-for-profit not its cash surrender value
This month’s TOP STORIES entities beyond the pandemic. Supervisory penalty approval must
only precede assessment, not first
6 | Boldly stepping 30 | Code of conduct changes formal notice
into the future address NOCLAR, unpaid 48 | Technology Q&A
fees, loans, assisting clients
Get to know Anoop Natwar Mehta, with standards This month’s column shows how to
the 2022–2023 AICPA chair. A In February 2022, the AICPA use the SUMIFS function in Excel
first-generation Indian immigrant Professional Ethics Executive when you have more than one
with a background in management Committee adopted revisions to condition.
accounting in the science field, Mehta the AICPA Code of Professional
will focus on diversity, trust, and Conduct and two new interpre- 50 | The Last Word
growing the pipeline during his tenure tations of the “Integrity and Tim Keefe, CPA, CGMA, talks
as chair. Objectivity Rule.” Learn more about why accountants are vital to
about these changes. the work of not-for-profits.
12 | 5 ways accounting firms
can better support LGBTQ+ 36 | Tax advice for clients who
employees day-trade stocks SPONSORED REPORT
Creating a real sense of belonging Day traders may benefit from mak- Better decision-making with data analytics
for LGBTQ+ employees benefits ing a mark-to-market election, but This special report provides insights on
individuals, clients, firms, and the certain requirements must be met the value data analytics can offer.
profession. to be eligible. PAGE 42

ON THE COVER AND ABOVE: PHOTOS BY ERIC KANYE/AP IMAGES AICPA: Where to turn AICPA Technical Hotline Coronavirus tax resources

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June 2022 | 3
journalofaccountancy.com A&A implications of the pandemic. A live AICPA Tax Section. A chat feature is