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. 195, No. 4, April

AICPA Conferences 2003
NEW! AICPA Beyond Budgeting Conference Presented by AICPA and Beyond Budgeting Roundtable. Sponsored by APQC, CAM-I and Texas Society of CPAs April 28-29, 2003 Hyatt Regency DFW Dallas, TX CPE Credits: 16 (main), 12 (optional workshops)...
Amnesty for Offshore Tax Evasion: April 15 Is the Last Chance to Avoid Certain Penalties
The IRS's offshore voluntary compliance initiative is a one-time amnesty program applicable generally to taxpayers who underreported their 1999, 2000, 2001 and/or 2002 taxable income using payment cards (debit, credit and charge cards) issued by foreign...
Before the Deluge-And After: CPAs Can Help Clients Prepare to Pick Up the Pieces When Mother Nature Hits Hard
At the eastern edge of North Dakota, the Red River flows north toward Canada, forming the state's border with Minnesota. The city of Grand Forks sits in the Red River Valley, north of Fargo and south of Winnepeg, on the North Dakota riverside just...
CFOs for Hire: The Rewards and Pitfalls of Being an Itinerant Executive
By any objective measure, CPA Cynthia Jamison had built an enviable career. After two years in public accounting, a couple of years as a consultant and several more in corporate accounting, planning and treasury, Jamison secured a series of jobs as...
Corruption: Causes and Cures; Auditors Can Help Detect and Deter Bribery and Kickbacks
You'll never catch Burgin," television investigative reporter Marsha Halford said to me during an off-camera interview regarding rumors of bribery in the Mississippi senate. "He is the smartest and most corrupt politician in the state." The Federal...
Eighth Circuit Shifts Burden of Proof to IRS
Under IRC section 7491, in any court proceeding the IRS has the burden of proof with respect to any factual issue relevant to determining a taxpayer's liability for any income, self-employment, gift, estate and generation skipping transfer taxes if...
Ethics Ed Proposes Independence Rule Revisions. (Highlights)
An exposure draft from the AICPA professional ethics executive committee proposes revisions to certain provisions of Rule 101--Independence--that pertain to nonattest services, loans and leases. The most significant changes would apply to members providing...
Exposure Drafts Outstanding
Exposure Drafts Outstanding (This list was compiled as of March 1, 2003. For exposure drafts issued after that date, consult The CPA Letter. Note: The policy for updating the list of exposure drafts is that a document should remain on the list until...
Fear, Greed and the Madness of Markets: The Decisions Investors Make
"I can calculate the motions of heavenly bodies, but not the madness of people," Sir Isaac Newton wrote in 1721. His words were as much a lament as an acknowledgment of his own limitations: Newton was one of many investors who had lost their shirts...
Golden Business Ideas
With a Little Help From Your Friends Several large business competitors--airlines and telephone companies, for example--maintain mutual-aid agreements to help one another in the event a disaster strikes a key facility. There's no reason why small...
Hot Stuff: What You Need and What You Don't: Your Technology Setup May Be Sufficient for Your Needs
Ready for some good news? For the past decade or two, your office technology goal probably was to stay reasonably current--or at least avoid obsolescence. That was a challenge because nearly every year many of your critical applications underwent upgrades...
Management Is Responsible, Too; Practical Advice to Help Corporations Prevent, Detect and Deter Fraud
The audit standard issued by the AICPA auditing standards board (ASB) in October 2002--SAS no. 99, Consideration of Fraud in a Financial Statement Audit--does something no audit standard has ever done. It contains a document titled Management Antifraud...
Maximize Your Global IP: Strategic Planning Helps Multinational Companies Enhance Profits and Avoid Pitfalls
As companies seek earnings growth and sources of investment capital, it becomes critical for them to manage resources more productively. In today's global economy, many enterprises rely extensively on developing and effectively exploiting their intellectual...
Mind Your E-Mail Manners
Most of us are guilty of it: We use lowercase letters and sparse punctuation throughout our e-mails with little regard for the beginnings and ends of sentences or even paragraphs. However, using good manners, proper English and sensitivity to bring...
More about Payroll Fraud. (Letters)
I read with interest "Keep Ghosts Off the Payroll" (JofA, Dec.02, page 77) and would like to share what our firm discovered a number of years ago while conducting some basic auditing procedures for a local business. The payroll clerk in this particular...
Official Releases: Ethics Interpretations and Ruling
Ethics Interpretations and Ruling Ethics interpretations and rulings are promulgated by the executive committee of the professional ethics division to provide guidelines as to the scope and application of the rules but are not intended to limit...
Shareholder Legal Fees
With the increased number of legal problems corporate officers, directors and shareholders face, it's important to understand the correct tax treatment of legal fees a corporation pays on their behalf. Kenneth Guarino created Capital Video Corp....
Smart Stops on the Web. (the Internet)
COMPUTER TECHNOLOGY SITES IT Lessons and Links www.toejumper.net Dedicated to offering troubleshooting guidance, this Web site provides information on crashproofing and maintaining PCs, as well as speeding up computer functions. CPAs also...
Takes Issue with Report Cited. (Letters)
It is more than disappointing the J0fA chose to publish unsubstantiated allegations made against ExxonMobil in a study by Claros Consulting ("Is Disregard for the Environment Bad Business?" JofA, Jan. 03, page 55), especially without seeking our comment...
Technology Q&A
Print multiple worksheet areas with a single click ... how to open a "stuck" file ... transforming ZIP codes to five digits from nine ... put an Excel snapshot into Word ... save "scraps" on your desktop ... a quick way to add in Excel ... working...
The A to Z of Keeping Staff: Few Firm Employees Leave without a Good Reason - Here's How Not to Give Them One
"How you gonna keep 'em there at the firm, after staff want to go free" could be a new managing partner refrain according to the numbers in the yearly AICPA staffing survey. To cross-check those findings (see "Here for the Duration?" at left), I asked...
To Accountants Who Want to Impress Clients: Join an Exclusive Group of Professionals Who Receive Business-Building Tips, Client-Service Strategies and Critical Product Information Directly from Intuit. (Intuit-Sponsored Advertisement)
An impressive 2.6 million business professionals use QuickBooks[R] financial software. And that's just one of the many Intuit[R] solutions on the market. Chances are, a few of your clients rely on these tools. In order for you to lend TRUE value...
Treasury Clarifies Third-Party Transfers
Under IRC section 1041, taxpayers recognize no gain or loss on property transfers between spouses during marriage or related to a divorce. The section's intent is to treat spouses as a single economic unit and defer (but not eliminate) any tax on appreciation...
Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.