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. 211, No. 2, February

Burnt Offering Rejected
The Tax Court denied a deduction for a house donated to a fire department for burning in a training exercise, saying its value was decreased by restrictions on its disposition to less than the benefit to the owner from its demolition. Theodore Rolls...
CPAs Envision Opportunities
[ILLUSTRATION OMITTED] The JofA spoke with CPAs about the proposed recommendations for the creation of U.S. GAAP with exceptions and modifications for private companies and how such a shift might affect accounting firms and private companies. ...
Dashboard Your Scorecard: Unleash the Power of Excel for Visual Data Analysis
[ILLUSTRATION OMITTED] Dashboard reports created in Microsoft Excel are powerful, flexible and easy to design. In much the same way that an automobile dashboard graphically displays numerous measures of performance from the gas level to oil pressure,...
Fifth Circuit: IRS Lacked Diligence in Notifying Taxpayer
The Fifth Circuit reversed and remanded a Tax Court decision in a case the Tax Court had dismissed for lack of jurisdiction due to the taxpayer's late filing of her petition contesting the IRS' denial of innocent spouse relief. The appellate court...
How the IRS Examines Repair and Maintenance Costs
Taxpayers are generally allowed to deduct the cost of making incidental repairs to their property used in carrying on any trade or business under IRC [section] 162 and Treas. Reg [section] 1.162-4 However, to be deductible currently, a repair cost...
Increase Productivity with Multiple Monitors: How and Why to Make Them Work for You
CPAs who use dual monitors are finding that the addition of a third or fourth monitor also pays dividends. As the number of applications CPAs depend on expands, so does the need for more screen real estate. While a CPA's two primary monitors are typically...
Multistate Tax Considerations for S Corporations
[ILLUSTRATION OMITTED] Many S corporations do business in multiple states and must file income or other tax returns in them. Many states have been more aggressive in going after out-of-state companies doing business in their states. Many of these...
Partnership Interests Aren't Simple Gifts for Charities
Partnership interests (including interests in limited liability entities treated as a partnership) represent a potentially valuable gift to charities and private foundations, but with greater potential complications than gifts of stock. CPAs can alert...
Ponzi-Scheme Losses: Indirect Investor and State Tax Issues: IRS Guidance Provides Little Tax Benefit for Thefts That Hit Retirement Funds
EXECUTIVE SUMMARY * More than two years after the revelation of Bernard Madoff's massive fraud, Ponzi schemes continue to come to light. Some have targeted investors of modest means, including workers' retirement accounts. * The IRS has provided...
Some Forbearance Payments Deductible, Some Not
The Tax Court held that a corporation could deduct forbearance payments made to its shareholders in return for their promise not to exercise their stock redemption rights under the first two of several agreements. However, the court also held that...
Standards Overseer to Consider Proposal for Private Company Financial Reporting
FASB's parent organization, the Financial Accounting Foundation (FAF), this month is expected to discuss a report recommending a new standard-setting board to establish exceptions and modifications to U.S. GAAP for private companies. This discussion...
Statement on Auditing Standards - Analytical Procedures (Redrafted)
Statement on Auditing Standards (SAS) Analytical Procedures (Redrafted) supersedes SAS No. 56, Analytical Procedures (AICPA, Professional Standards, vol. 1, AU sec. 329). CONTENTS Introduction Scope of This Statement on Auditing Standards/1 Effective...
Statement on Auditing Standards - Opening Balances - Initial Audit Engagements, Including Reaudit Engagements
Statement on Auditing Standards (SAS) Opening Balances--Initial Audit Engagements, Including Reaudit Engagements supersedes SAS No. 84, Communications Between Predecessor and Successor Auditors, as amended, except paragraphs .03-. 10 and .14 (AICPA,...
Statement on Auditing Standards - Reports on Application of Requirements of an Applicable Financial Reporting Framework
Statement on Auditing Standards (SAS) Reports on Application of Requirements of an Applicable Financial Reporting Framework supersedes SAS No. 50, Reports on the Application of Accounting Principles (AICPA, Professional Standards, vol. 1, AU sec. 625)....
Statement on Standards for Attestation Engagements - Reporting on Compiled Prospective Financial Statements When the Practitioner's Independence Is Impaired
(Amendment to Statement on Standards for Attestation Engagements No. 10 section 301, Financial Forecasts and Projections [AICPA, Professional Standards, vol. 1, AT sec. 301 par. 23]) 1. The purpose of this amendment is to revise paragraph .23 of...
The Last Word
[ILLUSTRATION OMITTED] Oltmanns: PwC sends the ballots--almost 6,000--directly to the members of the Academy They come back to us directly, and about five days before the Oscars, Rick and I assemble a small group of four PwC professionals to assist...
Who Would Run Your Firm? Practice Continuation Agreements Help Plan for the Worst
EXECUTIVE SUMMARY * Just as you need to have insurance to protect your health, car and life, you need an insurance policy to protect your practice. A practice continuation agreement (PCA) can do just that. * It is important to have a practice...
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