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. 208, No. 4, October

ARRA Changes 2009 Estimated Tax Rules
For tax years beginning in 2009 only, the American Recovery and Reinvestment Act of 2009 (ARRA) reduced the amount of estimated tax that individual taxpayers with income from small businesses must pay. As 2009 draws to a close, practitioners should...
Charitable Remainder Trust Update: IRS Keeping Close Watch on Popular Estate Planning Tool
EXECUTIVE SUMMARY * Charitable remainder trusts (CRTs) are a favored way for donors to receive a charitable deduction of the present value of a future donation while retaining an annuity or unitrust income. * CPA tax advisers should be aware...
Disclosure Consent under (Section) 7216: IRS Rules Effective Jan. 1,2009,delineate More Strictly Tax Return Preparers' Duties to Safeguard Taxpayer Information from Unauthorized Disclosure or Use. IRC (Section) 7216 Imposes Criminal Penalties on the Unauthorized Use of Taxpayer Information
The requirements are closely tailored to the type of information, the party using it, and whether that party is inside or outside the United States. In assessing your firm's procedures and policies and how well they comply with these requirements,...
ESOP Redemptions Not Deductible as Dividends
The Third Circuit Court of Appeals joined the Eighth Circuit in ruling that even if cash payments to redeem employee stock ownership plan (ESOP) accounts are otherwise deductible dividends within the meaning of IRC [section] 404(k), an employer is...
Fifth Circuit Remands Research Credit Case
The U.S. Court of Appeals for the Fifth Circuit vacated a district court decision that had disallowed a taxpayer's research tax credit. The Fifth Circuit held the lower court had not used the proper definitions of "discovering information" and "process...
Interpreting IFRS: Understanding the Role of the International Financial Reporting Interpretations Committee
EXECUTIVE SUMMARY * IFRIC is the interpretative body of the International Accounting Standards Board (IASB) that reviews newly identified financial reporting issues not specifically addressed in IFRS or issues where unsatisfactory or conflicting...
Lessons Learned from the Financial Crisis: Personal Financial Planning Specialists Discuss the Altered Investment Landscape
[ILLUSTRATION OMITTED] Since the onset of the economic crisis last fall, many CPAs who are personal financial planning specialists have been working overtime to reassure clients overwhelmed with fear about the future and safety of their investments...
Losses from Interests in LLCs and LLPs Not Presumptively Passive
The Court of Federal Claims recently ruled that an interest in a Texas limited liability company (LLC) was not a limited partnership interest held as a limited partner for purposes of the passive loss rules and therefore losses from the interest should...
Optimism Grew Again in Q3, Spread across Industries
[ILLUSTRATION OMITTED] Heightened optimism among CPA financial executives seems to indicate the worst of the recession is in the past, but the consensus is growing that the U.S. economy is still a ways off from achieving a full recovery While optimism...
Phone Tax Challenge Reinstated
A panel of the U.S. Court of Appeals for the District of Columbia ruled that taxpayers could challenge under the Administrative Procedure Act (APA) the IRS' method of refunding long-distance telephone excise taxes. The 2-1 decision in Neiland Cohen...
Recovery Act Reminder for 2009
Given the breadth and variety of tax relief provisions in the American Recovery and Reinvestment Act (ARRA) of 2009, PL 111-5, one or more could affect your clients' individual returns for the 2009 tax year. Many are intended to provide relief for...
Related Parties Must Share Employee Stock Options Costs
A panel of the U.S. Court of Appeals for the Ninth Circuit held that employee stock option (ESO) costs incurred by one company participating with related companies in a cost-sharing agreement (CSA) in the late 1990s must be allocated among the research...
Tax Software Survey: Here Are Highlights of the JofA's 2009 Tax Software Survey, Conducted Jointly with the Tax Adviser. Nearly 10,000 AICPA Members Responded
www FULL RESULTS ONLINE More detailed results are available at journalofaccountancy.com Enter 20091824 in the search box. The Web site has complete responses for each product, including many questions not shown here, such as ease of learning the...
Teach Young CPAs Well: Partners, CFOs Must Instill Leadership Skills to Find Their Successors
[ILLUSTRATION OMITTED] On the day Barry Melancon passed the CPA exam, two partners in the small Louisiana firm where he worked did something that paved the path to his role as president and CEO of the AICPA. First, the managing partner told him...
The AICPA Professional Ethics Executive Committee (PEEC) Released Exposure Drafts of Revisions to Guidance regarding the AICPA Code of Professional Conduct (the Code)
The AICPA Professional Ethics Executive Committee (PEEC) released exposure drafts of revisions to guidance regarding the AICPA Code of Professional Conduct (the Code). The EDs make clarifying revisions to an ethics ruling under Rule 301, Confidential...
The Generation-Skipping Transfer Tax: A Quick Guide: Boil Down the Complexities to Avoid Costly Errors in Your Clients' Estate Plans
EXECUTIVE SUMMARY * Despite its fearsome reputation, the generation-skipping transfer tax (GSTT) is straightforward in its provisions and worth the attention of CPA planning advisers, especially in the currently unsettled political climate. *...
The U.S. Economic Crisis: Root Causes and the Road to Recovery: Return to Prosperity Requires Reversal of Excessive Consumption, Low Savings Trends
EXECUTIVE SUMMARY * The root cause of the economic crisis is excessive consumption accompanied by record low savings rates and huge budget and current account deficits. * Thawing credit markets alone will not mean a rapid economic recovery in...
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