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. 188, No. 3, September

ABA Urges One-Stop Shopping
The legal profession is one step closer to allowing lawyers to partner and share profits with nonlawyers, such as CPAs. A special commission of the American Bar Association has recommended that the law profession rewrite its rules of conduct to allow...
AICPA Establishes a Language for Electronic-Based Financial Reporting
The AICPA recently laid the foundation for a bridge that will allow CPAs to move more readily from a paper to an electronic economy. Using XFRML (extensible financial reporting markup language), the AICPA high tech task force developed a prototype...
Diversity Is Good for Business
Two firms that have made minority recruitment a priority tell how it has helped them. Positive reinforcement is the name of the game, and corporate America is finding compelling business reasons to strengthen the nation's workforce diversity. Beyond...
How Midsize Companies Are Buying ERP
Deciding which enterprise resource planning software is right for your company. Although major vendors have been selling enterprise resource planning (ERP) software to billion-dollar companies for quite some time, the selection of products that...
How to Select the Right Accounting Software
How the underlying database influences price and effectiveness. Accounting Software Series on the Web This entire series of articles on accounting software appears on the AICPA Web page at www.aicpa.org/pubs/jofa/index/htm. Five years ago,...
Kick the Habit
At the same time Congress has pressed for antitobacco legislation and settlements against cigarette manufacturers, the IRS has been denying the deductibility of stop-smoking programs. In revenue ruling 79-162 (1979-1 CB 116), the IRS held that a taxpayer...
Locating the Right Rental Can Be as Easy As
Finding affordable office space to rent may seem--to a small business owner, firm or sole practitioner--like searching for a needle in a haystack. However, locating the right rental isn't so hard if you do your homework and get answers to some basic...
Not All Trusts Are Trustworthy
There's something about the word trust that makes people feel secure. In the financial world, however, the use of that word can be deceiving. Each year the IRS investigates fraudulent trust schemes that promise participants they will reduce or eliminate...
"Planning" for Disability
Having a qualified sick-pay plan in place can keep companies from falling into a tax trap. Ask any business owners if they would continue paying their own salary in the event they became sick or disabled and couldn't work, and the answer is likely...
Pricing IPOs: Science or Science Fiction?
A look at the intricate art of taking a company public. It's show time. After months of preparation, your company's initial public offering (IPO) will start trading this morning. You spent yesterday afternoon anxiously tracking the market. The investment...
Rating Tax Software
User satisfaction with products dips a bit. Although tax software preparers are satisfied with the products they used this year, their fondness has cooled somewhat from last year. On the other hand, customer support has improved, they say. These...
Shifting the Burden of Proof
Taxpayers will benefit only if they meet certain recordkeeping and substantiation requirements. What CPA hasn't been greeted by a shoebox overflowing with client tax records--some written on the back of cocktail napkins or on scraps of paper? Even...
Still Seeking the Ideal
Opening its door now to attract the best and brightest minorities will strengthen the profession for the future. Several obstacles put African-Americans, Hispanics and Native Americans at a disadvantage in the CPA profession. Each group faces unique...
Stopping Brain Drain
Encourage your best and brightest to stay happy and stay put. It is devastating for owners of small and midsize CPA firms, when, after investing time and money to train young staffers and groom them to become partners, employees leave for a job...
Tax Software Hits the Net
Professional tax preparers, fasten your seatbelts. CPAs, already buffeted by wrenching acquisitions that have left many of them software orphans, now face a new technological challenge: the Internet. Tax software vendors must meet the challenge or...
Unclaimed Property Audits
Possible windfall for states. One of the "hottest" areas in state and local tax practice centers on state audits of businesses for unclaimed property. Most states have laws under which, if property remains unclaimed for a specified time, it is presumed...
Washington Furor over Loan Loss Reserves
Are banks with generous loan loss reserves practicing conservative accounting or earnings manipulation? That's the heart of a Washington, D.C., brouhaha that prompted a House subcommittee to hold a heated hearing on accounting for loan loss reserves....
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