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. 214, No. 6, December

2012 MAP Survey: Signs of Recovery: Revenue Growth and Partner Compensation Rise among Accounting Firms
[ILLUSTRATION OMITTED] Accounting firms aren't all the way back to where they were before the Great Recession, but they are making progress. That's one of the many findings of note in the 2012 National Management of an Accounting Practice (MAP)...
A Quest for Relevance: New Framework for SMEs Balances Costs and Benefits in Financial Reporting
EXECUTIVE SUMMARY * The new Financial Reporting Framework for Small- and Medium-Sized Entities that is being developed by the AICPA will focus on historical cost and provide CPA practitioners who are working with small business clients more options...
Business Etiquette in China
Faux pas and misunderstandings can easily doom a U.S. business deal in China. To improve chances of a successful venture in China, Len Jui, CPA, a partner at KPMG in Beijing who was educated in the United Kingdom and the United States and worked for...
Covered Opinion Rules Would Be Eased
The IRS released proposed regulations that would eliminate the complex rules in Circular 230, Section 10.35, governing covered opinions (REG-138367-06). To replace them, the proposed regulations would expand the requirements for written advice under...
Documenting Charitable Contributions
At this time of year, many charities see an upsurge in donations, and the federal tax deduction for charitable contributions is a significant incentive. The Tax Court recently highlighted how an apparently slight oversight in documentation can upend...
Impairment Testing: Effectively Using the Qualitative Assessment: Evaluate All Options to Reduce Costs and Complexity
EXECUTIVE SUMMARY * The addition of a qualitative assessment for impairment testing under recent Accounting Standards Updates may reduce complexity and costs for many companies. * The determination as to whether a qualitative assessment will...
Instructions Address Portability Election
The IRS posted revised instructions to Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, with guidance for electing the portability of a deceased spouse's unused estate and gift tax exclusion amount. The instructions also...
Managing Public PTIN Information
Once the IRS began requiring tax return preparers to register and obtain preparer tax identification numbers (PTINs), third parties began requesting their registration information because much of the information was subject to public release under...
No Extended Assessment Period for Innocent S Shareholder
The Office of Chief Counsel (OCC) advised in Chief Counsel Advice (CCA) 201238026 that the assessment period is not extended for the personal tax liability of a shareholder who did not take part in the fraud reflected on his S corporation's Form 1120S,...
Online Travel Companies Not Liable for Occupancy Taxes
The Sixth Circuit affirmed a district court's judgment in favor of defendant online travel companies (OTCs) for alleged violations of local tax laws. The district court had held that the OTCs were not liable for collecting occupancy taxes. It is...
Outsourcing Treasury Management
The global financial crisis transformed corporate priorities, pushing financial risk management high up the list--a shift that has elevated the profile and broadened the role of the executive who is often responsible for managing that risk: the corporate...
Snyder's Challenge: Reinvigorating Michigan: Governor Brings a CPA's Management Perspective to the Public Sector
When Rick Snyder saw the cover of the first comprehensive annual financial report for Michigan produced on his watch as the state's governor, he smiled and reacted with feigned horror. "So what am I?" he asked State Budget Director John Nixon. "Chicken...
Spousal Payments Are Not Child Support
The Tax Court held that spousal support payments received by a taxpayer from her ex-husband prior to the fourth and final support reduction were alimony payments, not child support, since the final reduction was not clearly associated with a contingency...
The Last Word
I'm incredibly proud of working for Godiva. I have a lot of pride around the brand, because I think it's the best. I can go to parties and talk to people, and they know the brand. There's definitely a very strong positive reaction to the brand, and...
What's Your Fraud IQ?
[ILLUSTRATION OMITTED] Trying to uncover evidence of fraud in a data set of millions of records is somewhat akin to searching for a needle in a haystack. Fortunately, the successful employment of data analysis techniques can clear away most of the...
Year Tax Planning: CPAS Can Help Clients Cope with Multiple Tax Hikes Scheduled to Take Effect in 2013
EXECUTIVE SUMMARY * The Bush tax cuts are scheduled to expire at the end of 2012, causing tax rates to increase dramatically beginning in 2013. A number of new tax provisions related to the health care law, such as the 3.8% surtax on net investment...
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