Journal of Accountancy

A monthly publication of the American Institute of Certified Public Accountants focusing on the latest news and developments related to the field of accounting, and written for CPAs and other accounting professionals.

Articles from Vol. 191, No. 4, April

Be a Standout on the Web
EXECUTIVE SUMMARY * A WEB SITE IS A VALUABLE DIRECT MARKETING TOOL when it has action-oriented copy and graphics, reader involvement devices and promotional offers that prompt readers to respond. * FOCUS ON WHAT CLEARLY SEPARATES YOUR FIRM from...
Counseling Older Clients
EXECUTIVE SUMMARY * AS AN INCREASING PERCENTAGE OF AMERICANS reaches age 65, counseling older clients will become a more important part of a CPA's practice. * WORKERS AGE 65 OR OLDER CAN RECEIVE FULL Social Security benefits regardless of earnings;...
CPA Internet Portal Gears Up for Launch
With financial and technological backing from strategic partners, the AICPA and the state societies are about to enter the information highway's express lane through a Web site that will bring CPAs and their clients closer to each other and the world...
Day-Trader Deja Vu
In January the JofA ran a second article by Marc I. Lebow, P. Michael McLain and Wayne Schell regarding the taxation of day traders (see "Day Trading and Self-Employment Taxes," page 80). This was in response to a number of queries about two articles...
Doing Business Internationally
As the business world goes global, CPAs are advising clients more frequently on how to take advantage of opportunities to market their products and services abroad. Here are some steps a company should take before entering the international market....
External Auditors' Reliance on Internal Auditors' Work
How fees influence planning decisions. This study investigated whether clients' fee pressures on audit engagements affected audit managers' decisions on how much to rely on work performed by a client's internal auditors. It also examined whether...
Facing the Future
EXECUTIVE SUMMARY * DON'T BE QUICK TO UPGRADE to the hot new technology. Those who rush to be at the forefront often pay a high price because the newest and hottest technology is usually the most expensive and the most vulnerable to initial design...
Family Limited Partnerships Funded with Personal Use Property
Historically, CPAs have dissuaded estate planning clients from funding family limited partnerships with personal use property, such as a primary or secondary residence. In the past the IRS has attacked the transfer of such property to a family limited...
FTC, SEC Make Consumer Privacy a Priority for Many CPAs
New federal regulations require providers of certain financial services to protect the privacy of nonpublic personal information they collect from their clients. The FTC and SEC issued these rules pursuant to the Graham-Leach-Bliley Act of 1999....
Independence and Public Perception: Why We Need to Care
Rule 101 of the AICPA Code of Professional Conduct has long required CPAs who perform any attest services to be independent of their clients. Recently the SEC has also issued new rules applicable to SEC registrants. Underlying both the AICPA and SEC...
Installment Method Again Available for Accrual-Basis Taxpayers
A controversial provision was partially repealed. In December 1999, legislation repealed the availability of installment-method reporting for accrual-basis taxpayers. (See "Installment Sale Reporting for Accrual-Method Taxpayers--Gone But Not Forgotten?"...
Lease Termination Costs
Taxpayers frequently enter into leases to guarantee access to a particular asset at a fixed price. Due to market changes, some leases can become financially burdensome. In such cases a taxpayer can either continue the lease or try to terminate it....
Supreme Court Rules on COD Income and S Corporation Stock Basis
For a number of years, taxpayers, the IRS and the courts have disagreed about the proper treatment of S corporations that have cancellation-of-debt (COD) income and are insolvent. Recently the U.S. Supreme Court ruled in a taxpayer's favor. David...
Tax Planning for Expatriates
Minimizing taxes on employees working internationally. The need for corporate tax planning, particularly for companies with international operations, is fairly obvious, and information on the various strategies is readily available. CPAs will find,...
The Auditor's Objectivity Vis-a-Vis Material Misstatements
Can standards yield undesirable results? Independence and objectivity are hallmarks of the auditing profession. However, auditors are subject to economic incentives to please clients that could lead them away from perfect independence and objectivity...
The Automated Spreadsheet
EXECUTIVE SUMMARY * A SPREADSHEET CAN ALERT YOU to significant changes in data in a network database or on the Internet. * TO TRIGGER THE ALERTS, all you need is a computer that's linked to the Internet and the special code to command your spreadsheet...
Top 10 Audit Deficiencies
EXECUTIVE SUMMARY * CPAs CAN LEARN HOW TO BETTER DETECT financial statement fraud by understanding the mistakes others made in cases where the SEC imposed sanctions on auditors for their association with fraudulently misstated financial statements....
Want to Add to Your Professional Portfolio? the Proposed Global Credential - an Option for CPAs
Businesses today expect professional service providers to offer a broad business perspective and deliver value-added solutions to an expanding array of opportunities. There is a clear market need for professionals who can manage a rapidly changing...
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