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October 2022

12 | What’s your fraud IQ? 30 | Tax Matters
How well do you know the types Developments in state income tax
of internal and external invoice nexus for remote sellers
schemes that might strike business-
es? Can you spot the red flags of an 38 | Technology Q&A
invoice scam? Test your knowledge This month’s column shows how
with this quiz. to use Excel’s COUNTIF and
COUNTIFS functions to determine
16 | How firms are seizing the how many items in a spreadsheet
ESG opportunity match criteria you define.
An SEC proposal has increased
opportunities for accounting firms in 40 | The Last Word
the environmental, social, and gov- Dominic R. Ortiz, CPA, CGMA,
ernance (ESG) space. To prepare for the CEO of the Potawatomi
these opportunities, firms must hire Hotel & Casino in Milwaukee, is
and train the right staff and quickly a dedicated finance professional
acquire the relevant expertise. with deep gaming and hospitality
experience.
22 | What CPAs need to know
about NFTs
From music revenues to ticket sales
to real estate, new uses for NFTs
are being explored all the time.
Learn the basics of this emerging
digital asset and how it generates
accounting events.
COLUMNS

This month’s TOP STORIES 4 | Professional Liability
Spotlight
6 | How to go easier on Fraud risk applies to all CPA firm services
Regardless of the services they
staff during busy season provide, CPAs can face professional SPONSORED REPORT
liability claims asserting that they Get your clients ready for tax season
Many firms have begun to abolish failed to detect a theft or fraud at Now is the time to get your practice
requirements for high-hour workweeks a client organization. Follow this and your clients ready for next year’s tax
during busy season. Here’s how they advice to help reduce your risk of filing season.
are doing it. facing such a claim. PAGE 36

RIGHT: PHOTO COURTESY OF POTAWATOMI HOTEL & CASINO ON THE COVER AND TOP LEFT: IMAGE BY WACHARAPHORN PHETPRADUB/EYEEM/GETTY IMAGES; Member Service Center AICPA Technical Hotline AICPA Tax Section
AICPA: Where to turn

1-877-242-7212
Visit www.aicpa.org/tax to
1-888-777-7077
Or chat with us at www.aicpa.org.
stay current on the latest tax
9 a.m.–8 p.m. ET, Monday–Friday
developments and access guidance,
us.aicpa.org/research/technicalhotline.html
Chat and phone service available
tools, and learning on key topics and
The hotline is available for questions about
9 a.m.–8 p.m. ET, Monday–Thursday
accounting, auditing, and attest. A live chat
and 9 a.m.–6 p.m. ET, Friday
trending issues.
journalofaccountancy.com feature is also available. October 2022 | 3