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. 199, No. 1, January

Accumulated Earnings Tax: Deductibility of Paid but Contested Liabilities
To encourage corporations to pay dividends rather than accumulating earnings and allowing shareholders to avoid income taxes, the accumulated earnings tax imposes a penalty tax on earnings accumulated beyond the reasonable needs of a business under...
AICPA Launches Community Web Site for Business Valuation and Forensic & Litigation Services
The AICPA is committed to supporting its members who specialize in business valuation and forensic & litigation services (BV/FLS). Through member research and feedback, the AICPA learned that CPAs in BV/FLS believed that a sense of community was...
AICPA Offers New Government Auditing Guide
"Government Auditing Standards and Circular A- f 33 Audits" which includes the guidance on the latest OMB revisions. From the AICPA NEW YORK -- The AICPA is now offering "Government Auditing Standards and Circular A-133 Audits, "which includes...
Automate Excel Functions: Easy-to-Create Macros Can Take over Many Manual Processes
Macros, those do--it--yourself software programs, rank among Microsoft's most useful tools. They automate many computer tasks that you otherwise would have to execute manually--from the simple task of creating customized worksheets to the very complex...
Caveats to Selling Financial Services
Before you accept a fee or commission for providing financial services, think about it carefully. Your relationship with your client will change dramatically. This new, expanded relationship may provide additional revenues and help solidify client...
Class-Based Pensions: A Cost-Saving Alternative for Companies of All Sizes
In today's business climate, every company is exploring opportunities to minimize benefits costs while still providing value to its employees. Many are eliminating conventional pension plans and replacing them with less costly alternatives. Executives...
Commuting Expenses: What Is a "Metropolitan Area"?
The costs of traveling from one's residence to a fixed work location generally are considered commuting expenses and are not deductible. However, under revenue ruling 1999-7, such expenses are deductible when the travel is between the taxpayer's residence...
Create a Sound Investment Plan for Clients: Individual Investors Sometimes Prove to Be Their Own Worst Enemies. CPAs Can Help Them Avoid Repeating Common Investment Mistakes That Could Have a Dramatic Impact on Their Returns. to Help Clients Establish a Well-Thought-Out Investment Program, Advise Them To
[] Make a plan. Help the client develop an investment framework to guide future decisions. It should take into account his or her time horizon, risk tolerance, amount of investable assets and planned future contributions. Have clients set goals and...
Enter Data Simultaneously on Multiple Sheets
Enter data simultaneously on multiple sheets ...Trim the size of inflated spreadsheets ... A better way to color spreadsheet gridlines ... Solve the problem of incomplete uninstalls ... Display multiple Excel worksheet tabs ... Stop Windows from offering...
Explore the Art of Consultative Selling: Get Comfortable with Nonmanipulative Selling
Integrating financial planning into an accounting practice is a natural extension of the work CPAs perform for their business and individual clients. Unfortunately many practitioners are concerned that providing financial products and services will...
Exposure Drafts Outstanding
(This list was compiled as of December 1, 2004. 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 a final document has been...
From the Tax Adviser: Buying Long-Term-Care Insurance: A Security Blanket for Old Age
Long-term-care (LTC) planning focuses on meeting the financial, medical, housing and personal needs of individuals who can no longer function independently. Planning must address the level of care needed, where it best can be provided and how it will...
Institute Clarifies Independence Requirements
The AICPA Professional Ethics Executive Committee (PEEC) in November issued guidance in two parts to facilitate compliance with its rules governing the independence of members who provide nonattest services to attest clients. The two documents, AICPA...
In the Public Interest: A Conversation with the Chief Accountant of the SEC
As Chief Accountant of the SEC, Donald T. Nicolaisen, CPA, is charged with overseeing the commission's accounting and auditing policies and standard-setting initiatives at the national and international levels. He and his staff spent a November morning...
Looking Back: The Journal in 1905
Within the last decade accountancy has made rapid strides. Several states have formally recognized it as a profession by providing for examinations leading to the degree of certified public accountant. Five of the largest American universities have...
Official Releases: SOP 04-01
SOP 04-1 Space considerations prevent publishing here the appendix to SOP 04-1. Since the appendices often are important to understanding SOPs, readers are advised to obtain complete copies. To obtain a copy of SOP 04-1 (product no. 014941), contact...
Ohio Investment Tax Credit Struck Down
States often try to lure businesses Pinto their borders by offering attractive tax breaks. But beware: The Constitution gave Congress the power to regulate commerce between the states, and the U.S. Supreme Court has interpreted this to mean the states'...
Partnership Terminations
As the number of partnerships and LLCs taxed as partnerships increases, so too will the number that terminate due to failure or owner disagreement. The Internal Revenue Code contains only a simple statement about partnership terminations, but a recent...
Renewing a Great Profession: Esteemed Professions Initiate Change - for Their Own Good, for the Public Good and for the Sake of the Future
In preparation for the coming year, I have spent a lot of time pondering how much one individual can contribute to the advancement of an entire profession in the course of a single year. Every new AICPA chairman inherits initiatives from the past and...
Solve the Problem of Incomplete Uninstalls
Q. When I uninstall an application, using Windows Add/Remove Programs menu, I sometimes discover that not all the application's files are removed--a few laggards remain on my computer and I can't get rid of them no matter what I do. Any suggestions...
Stop Windows from Offering to Report Errors to Microsoft
Q. Although I am delighted that Windows XP is so much more stable than any earlier version of the Microsoft operating system, I'm quite annoyed when I experience an occasional application crash and a screen pops up and asks whether I want to automatically...
Tax Season Defanged: Year-Round Attention to Your Tax Preparation Practice Makes Busy Season Easier
Individual tax-return preparation is a small portion of most CPA firms' dollar volume, but tax season is the most visible part of an accountant's work. Although the momentum of busy season makes overall firm management simple in some ways (we make...
What CPAs Need to Know about Separately Managed Accounts: Affluent Clients Expect Greater Flexibility in Managing Their Investments
In today's fast-paced and rapidly changing professional services arena, it's becoming increasingly common for CPAs to broaden their offerings beyond traditional tax and accounting services into investment advice. One way to do this is with separately...
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