The CPA Journal

The CPA Journal is a monthly refereed accounting journal. It has been published by the New York State Society of CPAs since 1930.Subjects for The CPA Journal inlcude accountants and accounting. Carolyn Morrisroe is the managing editor and Anthony H. Sarmiento is a contributing editor.

Articles from Vol. 79, No. 10, October

20 Questions about Tax Resources on the Internet
1. What fee-based research sites offer comprehensive tax information resources?Fee-based tax research sites offer extensive law libraries; those available to paid subscribers include me following:* BNA Tax & Accounting (www.bnatax. com)* CCH (tax.cchgroup.com/default)*...
Can Early Harvests Reap Greater Gains?
Should a Prospective Change in Tax Policy Influence an Investment Strategy?When asked what the stock market would do, J.P. Morgan famously asserted, "It will fluctuate." The same is true of tax rates, and, as with the markets, their fluctuations can...
Fair Value Is Here to Stay
The fair value guidance in SFAS 157, Fair Value Measurements, does not represent, as many perceive, a radical departure from previous accounting rules. SFAS 157 is the result of a natural evolution that has been taking place for more man 30 years.Many...
Growing PEO Industry Continues to Raise Its Standards
With 400 member-companies operating in 50 states, the National Association of Professional Employer Organizations (NAPEO) has successfully fostered the growth and development of the PEO industry. As this $68 billion industry has gained momentum, operational...
How Safe Is Your Laptop?
According to the Computer Security Institute's (CSI) 2008 Computer Crime and Security Survey, laptop theft is the third most popular computer crime, behind viruses and hacking (www. dccstoc.com/docs/9484795/CSI-Computer-Crime-and-Security-Survey-2008)....
Liability Exposures in Providing Accounting Services to Contractors
Many industries have the potential to expose accountants to unique liability risks. The contracting industry has traditionally been subject to the following conditions, which have created economic hardships for the contractor and liability exposure for...
Like-Kind Exchanges of Mixed-Use Property
Spotlight on Bed and Breakfast InnsUnder IRC section 1031, a taxpayer's exchange of real property used in a trade or business or held for investment for other like-kind property will generally result in nonrecognition of gain. In some situations, a taxpayer...
Measuring Financial Stress on State and Local Governments
A Proposal for Early DetectionA recent GASB exposure draft 03D) proposes that government accountants disclose in the comprehensive annual financial report any substantial doubt about the ability of a government entity to continue as a going concern....
New York Criminal Tax Investigations
Strategies Used by the Special Investigations UnitAs many tax professionals are by now aware, the New York State Department of Taxation and Finance (DTF) has been reorganized to include a new bureau called the Office of Tax Enforcement. This new bureau...
Planning Ahead for IFRS 1
Initial Adoption of LTRS by U.S. CompaniesOn November 14, 2008, the SEC issued its proposed road map addressing when and under what circumstances U.S. public companies might be permitted or required to adopt International Financial Reporting Standards...
Replacing Retiring Partners
Succession Planning in Today's EconomyThe gap between accounting firm owners' need for successors and the available pool of partner-level talent will continue to widen due to demographic changes as baby boomers age and retire to be replaced by a smaller...
Small Businesses: Know Thy Enemy and Their Methods
The 2008 Association of Certified Fraud Examiners' (ACFE) Report to the Nation on Occupational Fraud and Abuse (www.acfe.corrv'documents/2008-rrtn.pdf) demonstrates that small-business owners continue to worry about fraud. The biennial study reported...
Teaching: A Win-Win Opportunity for Practitioners
For practicing accountants who have considered returning to academia to teach, now may be the ideal time to make the jump. Current economic conditions and job pressures are luring many people back to the classroom. Accounting program enrollments are...
The Long Arm of the Law: The Regulatory Reach of New York's Accountancy Reform
On January 27, 2009, Governor David A. Paterson signed into law a sweeping reform to the law regulating the CPA profession in the state of New York. These changes, which became effective July 26, 2009, have far-reaching effects both inside and outside...
Time for Change in State Government
The machinery of New York State's government has broken down and is badly in need of repair.To be fair, New York is not the only state with such problems. California, for instance, is plagued by initiative and reform issues gone wild, leading to a lack...
Website of the Month: Casualty Actuarial Society
The Casualty Actuarial Society's (CAS) website, at www.casact.org, is a good source of information on risk management, as well as other current topics such as valuation. In addition to broad ERM coverage, the website's resources should be of particular...