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February 2022

14 | Attributes of top-performing Tax treatment of COVID-19
firms revealed homeowner relief payments

Top-performing accounting firms clarified
report per partner revenue, profit, Carried interest reporting FAQs
and compensation more than twice posted
those of all firms polled in the Inflation adjustments for 2022
2021 National Management of an IRS makes 2022 inflation
Accounting Practice (MAP) survey adjustments for retirement
from the AICPA Private Compa- accounts
nies Practice Section (PCPS).
36 | Technology Q&A
20 | 5 steps for conducting a This month’s column shows how to
personal skills audit do the following in Excel: automate
In order to grow in the right direc- routine data entry with Flash
tion, you first have to figure out Fill, spill data in dynamic arrays,
your starting point. and change data alignment with
Transpose.
24 | Full disclosure: When
tax transactions must be 41 | The Last Word
reported Through
Know when a transaction is at risk outsourced CFO
of being reportable to the IRS. and control-
lership ser-
COLUMNS vices, CPAs can
provide entrepre-
6 | Professional Liability neurs and small
Spotlight businesses with
Unresponsive clients pose a the support they
This month’s TOP STORIES professional liability risk need to succeed,
Here are some of the ways CPAs according to
8 | Embracing have addressed unresponsive clients, Ozlem Davis,
technology in the audit the risks associated with those CPA/CFF.
actions, and what may be a better
A digital-first approach to audit path.
engagements is helping firms improve
effectiveness and deliver more value to 32 | Tax Matters
clients. Here’s how firms are integrating Infrastructure Act’s tax provisions
technology with a goal of improving Second Circuit: SALT cap is not There are no CPE Direct self-study articles in
ON THE COVER AND ABOVE: IMAGE BY ANDRIY ONUFRIYENKO/GETTY IMAGES;
their services. unconstitutional this issue.

AICPA: Where to turn AICPA Technical Hotline Coronavirus tax resources

RIGHT: PHOTO BY MICHAEL CLUBB/AP IMAGES Or chat with us at www.aicpa.org 9 a.m.–8 p.m. ET, Monday–Friday to stay current on pandemic-related
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1-877-242-7212
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tax developments and communicate
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A&A implications of the pandemic. A live
AICPA Tax Section. A chat feature is
journalofaccountancy.com chat feature is also available. available. February 2022 | 3