16 Navigating NOCLAR

The practical application and additional pressure on the auditor in the field are important considerations of how NOCLAR could affect your practice as a CPA .

3 It ’ s Material : Outside the Box

To survive and thrive in today ’ s dynamic environment , CPAs need to think beyond their comfort zones and embrace innovation and creativity to increase their value for their firms and clients . DENISE LEDUC FROEMMING , CPA , CAE , MBA

10 Taxes and Special Needs

It ’ s important that the profession be aware of tax implications related to the cost of caring for individuals with special needs and what expenses related to that care are tax deductible . REGINA M . LEVY , CPA

8 Capitol Beat

12 Safe Harbor

For tax professionals who have had to review a client ’ s expenses for repair , acquisition or production of tangible property , the question of whether to capitalize or expense is one that continues to stump even the most experienced CPAs . NICHOLAS GALLETTA , CPA , AND CELIA LAU , CPA

19 Lease Accounting

Understanding the challenges of how to assess and account for lease modifications is crucial for companies to ensure compliance . GARY KRAUSZ , CPA / CFF

California

magazine . calcpa . org Volume 93 , No . 4 , October 2024

California Society of Certified Public Accountants

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2 CALIFORNIA CPA OCTOBER 2024 www . calcpa . org