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. 185, No. 1, January

Accounting Fees Limited
According to Internal Revenue Code section 7430, if the Internal Revenue Service loses its case against a taxpayer in a tax dispute in which its position was not substantially justified, that taxpayer is entitled to recover reasonable administrative...
Accounting Software: The Road Ahead
In the accounting software business, about the only thing that's constant is change. The products get more powerful each year -- taking on more financial chores and doing them better and faster with each upgrade. But if you think the changes so...
Big Firms Merge; Smaller Ones Ponder
The business press was still publishing news stories on the proposed merger between Coopers & Lybrand and Price Waterhouse (see "And Then There Were Five," JofA, Dec. 97, page 10) when Ernst & Young and KPMG Peat Marwick seized the headlines...
Brave New World for the CPA Exam
During 1996, 122,000 candidates sat for the Uniform CPA Examination, but it was markedly different from the exam CPAs have been taking for 80 years. Because the exam is the gateway all CPAs must pass through, modifications in its content and administration...
Deducting Costs of Flights on Corporate Jets
The Internal Revenue Service has disallowed a company's deductions for the costs of using its aircraft to transport a company officer/ shareholder and spouse to and from vacation sites in the United States (technical advice memorandum (TAM) 9715001)....
Divesting Clients
Many firms seek to offer business planning and other consulting services to clients in addition to traditional engagements, but it can be very difficult to expand these offerings while trying to meet the deadlines and other requirements involved in...
Do We Understand Each Other?
In October 1997, the American Institute of CPAs auditing standards board issued Statement on Auditing Standards no. 83 and Statement on Standards for Attestation Engagements no. 7, both titled Establishing an Understanding With the Client. These standards...
Duty and Reliance
The South Carolina Supreme Court held that an accounting firm owes a duty to third-party investors in certain circumstances. The case began when Emb-Tex Corp. (ETC) retained Deloitte & Touche to audit its financial statements from 1982 to 1988....
Finance Reform Will Pick Up Again Next Year
House Banking Committee chairman James Leach (R-Iowa) said it was likely the House will act on a financial services modernization bill early this year. The Financial Services Competitiveness Act of 1997 (HR 10) would repeal the prohibitions in the...
Helping IRS May Not Help You
Any employer that withholds employment taxes from employees is required to remit them to the Internal Revenue Service on a timely basis when due. However, a struggling business often faces a dilemma. Should it * "Borrow" the withheld amounts to...
How Good Is Your Computer Insurance?
Is your computer system adequately insured? Your knee-jerk response probably is, "Of course. We're fully insured." But don't be so sure. If your organization has the kind of coverage that most CPA firms and businesses have, there's a good chance small,...
IASC Board Says No to Adopting FASB Financial Instruments Rules; Core Standards Will Be Delayed
The International Accounting Standards Committee board of directors rejected a proposal by the IASC executive committee and its secretary-general, Sir Bryan Carsberg, to adopt the Financial Accounting Standards Board's rules on financial instruments...
Managing Client Assets
During last fall's stock market turmoil, when millions of frenzied investors were calling their brokers on "Blue Monday" for reassurance and guidance, many Americans were on the phone with their CPAs. Why? Because a number of CPA-financial planners...
Marketing Clinic
Partners and firm managers often underestimate the value marketing contributes to a CPA firm's bottom line. Therefore, as a firm marketing director, its is imperative that you implement steps to track your marketing programs' results and consider...
Minority Issues at Forefront
The American Institute of CPAs board of directors approved a diversity commitment statement drafted by the minority initiatives committee. The committee hopes that the statement will become a model for CPA firms and for businesses where CPAs work....
Small Business Tax Solutions
What impact does the family-owned business exclusion -- signed into law by President Clinton on August 5, 1997, as part of the Taxpayer Relief Act of 1997 -- have on succession planning for family businesses? Family business start-ups began to...
Split-Dollar Life Insurance
The arrangement under which an employer and an employee share the costs and benefits of a cash value life insurance policy on the employee's life is known as split-dollar life insurance. Given that SDLI arrangements are not subject to the antidiscrimination...
The Audit from the Inside
CPAs in business and industry, whether they work for small companies or huge conglomerates, sooner or later encounter the external auditors. By carefully preparing for the annual audit, we have been able to spend less time with our auditors, save...
The Best Online Investment Sites
With the Internet, Wall Street can be anywhere you want it to be. The vast amount of online information will keep you in the loop no matter where you are located. The following list, in alphabetical order, contains some keys sites with informations...
Visionary: The CPA's New Role
"Neither a wise man nor a brave man lies down on the tracks of history to wait for the train of the future to run over him." - Dwight D. Eisenhower The discourse about how rapidly the world is changing and the need to retool ourselves for the Age of...
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