The National Public Accountant

The monthly journal of the National Society of Public Accountants. Articles cover industry trends, regulations, legislation, and current issues affecting the practice of public accountancy.

Articles from Vol. 45, No. 10, December

2000 Presidential Election Closest in U.S. History
There are two measures of Presidential elections. First is the popular vote and the second is the controlling question of Electoral College votes. The election of the United States President in the year 2000, in the totality, must be considered the...
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Amendments to the Bankruptcy Rules
EFFECTIVE DECEMBER 1, 2000 On April 17, 2000, the U.S. Supreme Court issued proposed amendments to the Federal Rules of Bankruptcy Procedure and ordered that they be transmitted to Congress. Assuming no changes are made to the proposed amendments...
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Day Trader Income Reporting: IRS Takes New Position
Q. Has there been any change in the treatment of "Day Traders?" A. YES! I hope this is the final interpretation on this issue. As you know, there has been a lot of controversy around day trader income reporting. In the October issue of the National...
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Establishing Tax Basis in Personal Residence: Ten Reasons Why Records Should Be Maintained
Discontinuance of Form 2119 (Sale of a Personal Residence) and the introduction of sections of the Taxpayer Relief Act (TRA) have led to the suggestion that homeowners can reduce their record-keeping chores. The implication is that few taxpayers will...
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How to Select a Staffing Firm
The accounting field has long turned to temporary staffing firms for assistance during peak workloads resulting from monthly, quarterly and year-end closings. However, as the labor market has tightened, the industry has increased its reliance on these...
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Innocent Spouse Revisions: IRC 6015 Offers Hope for Spouses
Practitioners and their clients have been provided with a new road to follow in the pursuit of an innocent spouse claim. New Code Section 6015 and IRS announcements mandate a national standard procedure for review of innocent spouse claims. [1] A new...
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NSA Influences Congress and Is Applauded by Commissioner Rossotti
NSA was invited by the House Ways and Means Committee to offer testimony regarding its position on the Internal Revenue Service's budget. Dr. William (Bill) Stevenson, chairman of the Federal Taxation Committee, suggested that Bryan Gates, member of...
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Pension Expense? What Pension Expense?
The large increases in most equity market measures over the past few years have helped the net income of many firms that would not necessarily be expected to benefit from the stock market. A large part of this benefit is due to the earnings of the...
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Stock Options: Repricing Issues
Stock tock options are pervasive in the business world today. Their influence in attracting and retaining employees is substantial. During market downturns, many companies are repricing their options to make them more attractive. The Financial Accounting...
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The Accountant's Role in Helping Management Better Control Environmental Remediation Liabilities
Over the last few decades, burgeoning environmental laws have pressured companies to internalize the costs of cleaning up the environment. The growing list of polluting items from the Environmental Protection Agency (EPA), the increasing costs of court...
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The Audit Report: A "Misunderstanding Gap" between Users and Preparers
DEFINITION The critical, litigious environment which characterizes auditing today can he traced to the audit expectation-performance gap. Defined as the gap between society's expectations of auditors and auditor's perceived performance, it appears...
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The Expanded Home Office Deduction Rules Make It Easier for the Taxpayer to Qualify
Every year, thousands of people perform some type of business activity in their homes. Until 1993, many of these people who had home offices qualified for tax deductions. [1] In 1993, the U.S. Supreme Court interpreted IRC Sec. 280A in such a manner...
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The Privilege and Perils of Public Accounting
If you feel as if there are not enough hours in the day to read all the current information on tax law changes, it's understandable. To stay up-to-date in this continually evolving field, public accountants need to track temporary, proposed and final...
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