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. 210, No. 3, September

2010 Tax Software Survey
[ILLUSTRATION OMITTED] The Journal of Accountancy and The Tax Adviser conducted a survey of AICPA members who prepared 2009 tax returns for a fee to determine which tax preparation software products were the most popular, what aspects of those products...
Advice to Clients in Uncertain Markets
In the "flash crash" on May 6, 2010, the Dow Jones Industrial Average dropped nearly 1,000 points only to recover more than 600 points by the market close. On the heels of the financial crisis of 2008, this incident only exacerbated investors' concerns....
Best Practices for Exempt Organizations and Form 990: New Questions Provide the Opportunity for CPAs to Guide and Educate Nonprofit Directors and Officers
EXECUTIVE SUMMARY * Exempt organizations required to file Form 990, Return of Organization Exempt From Income Tax, are likely to find that the expanded and revised version of the form instituted for 2008 and following tax years asks whether they...
Blue-Ribbon Panel Narrows Field for Private Companies Financial Reporting: IFRS-Based Models Are Eliminated from Consideration as Public Input Is Sought
[ILLUSTRATION OMITTED] A blue-ribbon panel tasked with providing recommendations on the future of U.S. accounting standards for private companies by the end of this year is focusing on models that are based on current U.S. GAAP but that would result...
Comments Requested on Expanded Payment Information Reporting
The IRS requested comments on 2012-effective amendments to IRC [section] 6041 expanding requirements to report on Form 1099 business payments totaling $600 or more to any person in a calendar year. The amendments were made by the Patient Protection...
Corporate Finance Staffing Survey
Accounting is well suited to weather economic downturns. After all, bad economy or good economy, tax returns need to be prepared and audits completed. But what about CPAs in industry? The JofA partnered with the AICPA/UNC Kenan-Flagler Business...
Currency Option Not a Contract in "Major/minor" Shelter
The Tax Court held that a foreign currency call option is not a foreign currency contract under the plain language of the IRC [section] 1256 contract mark-to-market rules. Thus an unrealized loss existing on the date that a foreign currency option...
Dealing with Clients in Financial Distress
[ILLUSTRATION OMITTED] Managing receivables is difficult in the best of times, and these challenges have been made even more difficult by the current economic environment. But there are several steps your CPA firm can take. Get a handle on billing...
Determining Ownership Changes When Stock Prices Fluctuate
In an effort to limit loss trafficking, Congress enacted IRC [section] 382 to limit the use of corporate net operating losses (NOLs) following an ownership change, which is defined generally as a greater than 50% change in stock ownership among certain...
Financial Regulatory Reform: What You Need to Know
[ILLUSTRATION OMITTED] The Dodd-Frank Wall Street Reform and Consumer Protection Act, which became law in July, will create new regulations for companies that extend credit to consumers, exempt small public companies from Sarbanes-Oxley section...
Maximizing the Section 199 Deduction: Starting This Year, the Domestic Manufacturing Deduction Increases to 9% of Income from Eligible Activities
EXECUTIVE SUMMARY * The domestic manufacturing deduction under IRC [section] 199 became fully phased in for tax years beginning in 2010, at 9% of income from qualified production activities. Thus, more businesses may find it worthwhile to calculate...
New Life for Charitable Lids: Two Recent Court Victories Give Formula Clauses More Power in Estate Plans
EXECUTIVE SUMMARY * The IRS has opposed "charitable lid" strategies to limit estate and gift taxes, but recent taxpayer victories in the Tax Court and Eighth Circuit Court of Appeals have opened a door for CPAs to at least explore them with clients...
Pensions Get Funding Relief
President Barack Obama signed HR 3962, the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010, on June 25. The act allows single-employer plans to elect to amortize over a longer period pension shortfalls caused...
Products on the Web
The trend of moving toward the Internet continues as vendors that traditionally offered desktop versions of their product introduced Web-based versions. Last August Intuit announced its plans for ProLine Tax Online Edition, a new SaaS professional...
Son Liable for Father's Unpaid Taxes
The Tax Court affirmed an IRS determination that a son is liable for his father's unpaid taxes as the transferee of his father's Florida condominium. Florida's Uniform Fraudulent Transfer Act (FUFTA) did not protect the son from the liability. When...
The Federal Reserve, the Office of the Comptroller of the Currency, the Office of Thrift Supervision and the FDIC Issued Final Guidance to Ensure That Incentive Compensation Arrangements at Financial Organizations
The Federal Reserve, the Office of the Comptroller of the Currency, the Office of Thrift Supervision and the FDIC issued final guidance to ensure that incentive compensation arrangements at financial organizations take risk into account and are consistent...
The Last Word
I am fortunate to have a successful practice comprised of a partner and 12 staff members; we work with high-income individuals in the Los Angeles area. I am also fortunate to have had both local and national television exposure. And I owe these things...
Two-Year Limit on Equitable Relief Petitions Upheld
The Seventh Circuit Court of Appeals reversed the Tax Court and upheld IRS regulations restricting to two years the period in which taxpayers can petition under IRC [section] 6015(1) for equitable innocent spouse relief from joint and several liability....
Why Choose Accounting: With CPAs More in Demand Than Ever, It's No Secret That Accounting and a CPA Certification Can Open the Door to Hundreds of Opportunities. but How Do You Decide Which Path Is Best for You? (New & Noteworthy)
The Inside Track to Careers in Accounting, a new resource from the AICPA for students and those new to the profession, is designed to help you navigate and explore the numerous opportunities available to CPAs. Authors Stan Ross and James Carberry begin...
Wider Material Participation Rules Could Increase Self-Employment Tax
In three recent cases, the Tax Court and Court of Federal Claims have held that a member of a limited liability company (LLC) or a limited liability partnership (LLP) should be treated as a general partner rather than presumptively as a limited partner...
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