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. 5, May

Another Resource for Ethics Programs. (Letters)
As a 29-year member of the AICPA, I applaud the article, "Ensuring Ethical Effectiveness" (JofA, Feb. 03, page 28). The article provided valuable information about the requirements in the Sarbanes-Oxley Act for publicly traded companies to disclose...
A Shopper's Guide to Web-Based Tax Research: How to Select the Cyberservices That Best Fit Your Needs
EXECUTIVE SUMMARY * TAX RESEARCH HAS ENTERED THE 21st CENTURY as Web-based services duplicate all the traditional paper-based products. Cybervendors provide fast searches for pertinent information and give practitioners an easy way to handle those...
Balance Sheet Becomes Breeding Ground for Fraud
The balance sheet used to be the backwater of financial statement fraud. Now, though, balance sheet frauds have become more complex and the potential rewards much greater as the balance sheet has grown in importance and as the fraudsters have devised...
ESAs vs. QTPs: Easing the Costs of Education
While taxpayers have focused lately on the benefits of IRC section 529 qualified tuition plans (QTPs), Coverdell Education Savings Accounts (ESAs) offer an attractive alternative. A taxpayer can establish an IRC section 530 ESA (formerly known as an...
Exposure Drafts Outstanding
Exposure Drafts Outstanding (This list was compiled as of April 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...
Get the Most out of Training Day: Be Systematic about Finding Trainers Who Understand Your Business
EXECUTIVE SUMMARY * A CPA FIRM THAT'S EXPANDING, with more staff at various professional levels and perhaps scattered among different offices, may find it increasingly difficult to manage its training through its human resources department. *...
Health Care Costs on the Rise: How Companies Are Coping
EXECUTIVE SUMMARY * THE COST OF PROVIDING EMPLOYEES WITH HEALTH insurance coverage is increasing at a double-digit rate. Businesses are seeking to solve the problem by decreasing their premium contributions, changing the products they offer or the...
How to Profit by Safeguarding Privacy: CPAs Can Help Businesses Boost Customer Relations and, at the Same Time, Meet Regulatory Requirements
EXECUTIVE SUMMARY * PROTECTING THE PRIVACY of personal information is no longer optional for organizations that collect, use and distribute it. Federal law now requires entities to take responsibility for safeguarding the data they gather from customers...
In Favor of Electronic Filing. (Letters)
When I first read the letter "Prefers Paper Filing" (JofA, Mar. 03, page 11) I was stunned. I thought it proposed preparing tax returns "the old fashioned way" with pencil and paper, or at least without the benefit of technology. I read it again, and...
Invalid Partnership
Since the Treasury Department adopted what are known as the check-the-box regulations, CPAs have been confident that unincorporated entities with two or more owners would be treated as partnerships unless they elected corporate treatment. The Circuit...
MACRS Reclassification Not Change in Accounting Method
IRC section 446(e) requires that a taxpayer secure IRS consent to change its method of accounting. Treasury regulations section 1.446-1(e)(2)(i) specifies that a taxpayer do this before computing its income under the new method. The rule also requires...
Reach Out-To Get That Job
Maintaining an active network of professional contacts and references can enhance your employment prospects if you suddenly find yourself in the market for a job. The best way to land a new position is by reaching out to your friends, family, former...
SEC Strengthens Audit Committees
In April the SEC adopted as final rules that prohibit the nation's stock exchanges from listing the securities of any public company not in compliance with the audit committee requirements of section 301 of the Sarbanes-Oxley Act of 2002. Under...
Smart Stops on the Web. (the Internet)
TAX SITES Keep Current on Legislation www.atr.org The Americans for Tax Reform (ATR) Web site offers practitioners and taxpayers background information on current and proposed tax policies in site sections including Legislative alert and Speeches...
Taxation of Pending Claims: How to Handle Liabilities When Selling or Restructuring a Business
EXECUTIVE SUMMARY * A CORPORATION THAT IS SOLD OR RESTRUCTURED faces significant uncertainty about how the government will tax contingent liabilities such as environmental, tort and similar obligations. This is particularly true for taxable transactions...
Technology Q&A: Overcome Defrag Stall ... Fix an Intermittent Hard Disk Error ... Learn How to Use the Ruler in Word ... Control a Runaway Mouse ... Add More Disk Storage Space ... Shortcuts
Key to Instructions To help readers follow the instructions in this article, we use two different typefaces. Boldface type identifies the names of icons, agendas, URLs and application commands. Sans serif type indicates instructions and commands...
The World's Dumbest Fraudsters: More Proof That Truth Is Stranger Than Fiction
In Wichita, Kansas, police arrested a 22-year-old male who tried to pass two counterfeit $16 bills at an airport hotel. And in St. Louis, a bus carrying five passengers was involved in an accident. However, when the police arrived, 14 more people were...
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