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. 219, No. 1, January

2014 MAP Survey: Firms Tech It Up a Notch; Usage Rates Rise for Cloud-Based Software, Video Conferencing, and Digital Payments
About the Survey The MAP survey tracks firms in seven revenue categories, from the smallest firms, which have revenue of less than $200,000, to the largest firms, which boast revenue of $10 million or higher. The survey was open from May until August....
Achieve Elite Status
Mark Divine was a driven, accomplished Manhattan CPA when he shifted into his second career as a Navy SEAL. In his Wall Street Journal best-seller The Way of the SEAL, Divine shares lessons and insights from his distinctive viewpoint as a businessman,...
Build Business with "Cost-Cutting" Reviews: With a Good Plan and Execution, Microengagements Can Payoff for Clients and Small Firms
Michelle Kinnee's friends jokingly call her the "Coupon Lady," because she is known for finding deals. Her co-workers at Albero, Kupferman & Associates LLC, a Delaware-based CPA firm, call her by a much cooler nickname--the "Savings Ninja." Kinnee...
Charitable Trusts and the Streamlined Exempt-Status Application
It is not unusual for a tax adviser to suggest that a client involved in estate tax planning leave some assets to a charity. Clients who would like to see their charitable endeavors perpetuated are frequently inclined to set up a charitable entity,...
Defined Contribution Plans Can Offer Deferred Annuities to Older Participants: The IRS Confirms That Target Date Funds Restricted by Age Can Comply with Nondiscrimination Requirements
Under guidance released in October, qualified defined contribution plans will be allowed to provide lifetime income to plan participants by offering funds including deferred annuities among their assets, even if some of the funds are available only...
Drawing the Line: Providing Tax Advice Related to the Affordable Care Act
As a CPA, do you shudder or smile when you hear the words "Affordable Care Act"? Nearly every individual and business will need to address the new health care rules in the Patient Protection and Affordable Care Act (PPACA), PL. 111-148, when preparing...
Eighth Circuit Weighs in on Soil Conservation Payments: A Taxpayer Not Engaged in the Farming Business Who Received Payments from a Government Soil Conservation Program Did Not Thereby Have Self-Employment Income
A split decision of a three-judge panel of the Eighth Circuit held that U.S. Department of Agriculture (USDA) Conservation Reserve Program (CRP) payments were not self-employment income to a nonfarmer landowner, reversing a prior decision of the Tax...
Expanding Your App-Titude
A monthly look at mobile apps that can make the CPAs job and life better PERCH PROVIDES BIRD'S-EYE VIEW OF THE COMPETITION As trusted business advisers, CPAs are constantly looking for ways to help our clients. Small business owners are usually...
GASB Pension Changes: Are You Ready? New Rules Affect State and Local Government Preparers and Auditors - and Pension Plans
New reporting requirements for state and local governments offering defined benefit pension plans significantly increase the extent to which government employers, pension plans, and the related auditors must coordinate their efforts. In some cases,...
Getting into the Swing of Tax Season: Follow through with Preparation and Resources
Tax preparers and their clients might be experiencing an uneasy deja vu as the 2015 tax filing season opens, perhaps late. As of the beginning of December, the situation recalled the close of 2012 and the "fiscal cliff' dilemma, which was temporarily...
How Health Care Data Security Rules May Affect You: CPAs Need to Understand Their Responsibilities under HIPAA to Avoid Potentially Severe Civil and Criminal Penalties
CPAs working in many capacities are affected by changes in federal law that expand the requirements for maintaining patient health care data security: * When providing consulting services to health care entities, CPAs may receive protected patient...
How to Meet the Challenge of the Open Workforce
Companies across the globe are embracing the "open workforce" model, a trend that has been fueled by globalization and digitization. Firms increasingly rely on external staff as well as their permanent in-house employees to meet their business needs....
How to Mind Your Manners in the Middle East: CPAs Who Do Business in the Region Need to Know the Cultural Rules
The way business is done in the Middle East, generally defined as the region that stretches from Egypt to Turkey to Iran, reflects a cultural history that goes back more than 10,000 years. Considered the birthplace of civilization and the Jewish, Christian,...
IRS Proposes Scrapping COD Nonpayment Testing Period: The Service Says the 36-Month Period for Reporting Cancellation-of-Debt Income Is Ineffective and Prone to Confusion
Because the IRS believes that requiring the filing of Form 1099-C, Cancellation of Debt, at the expiration of a 36-month nonpayment of debt testing period "creates confusion for taxpayers" and does not increase tax compliance, the Service released...
Notice Defines Terms for Economic Substance Doctrine: "Similar Rule of Law" Is Limited to the Same Factors and Analysis as under the Codified Economic Substance Doctrine for an Accuracy-Related Penalty
The IRS provided guidance defining "transaction" for purposes of applying the Sec. 7701(o) economic substance doctrine and "similar rule of law" for purposes of the Sec. 6662(b)(6) accuracy-related penalty (Notice 2014-58). The economic substance...
QLACs Protect against Outliving Retirement Savings
With longer retirements due to increasing life expectancies, today's retirees have to worry about outliving their retirement savings. Recently issued regulations (T.D. 9673) allow a new type of annuity contract, the qualified longevity annuity contract...
Repair Regulations' De Minimis Safe Harbor Is Set Too Low: The Institute Asks the IRS for an Increase in the Threshold
Jeffrey Porter, CPA, then-chair of the AICPA Tax Executive Committee, wrote to Andrew Keyso, IRS associate chief counsel, in October, raising the AICPA's concerns about the low amount of the de minimis safe-harbor threshold in the tangible property...
Scrubbing Facebook
Q I will graduate this year with a degree in accounting, and I understand that potential employers might review my Facebook account as part of the interview process. With this in mind, I've gone through my account and removed potentially embarrassing...
Tax-Efficient Investing in Gold: Maximize After-Tax Returns of Buying and Holding the Precious Metal
Gold has lured investors for centuries for its rarity and beauty, which explains why nearly half of gold demand worldwide is by the jewelry industry (World Gold Council, Gold Investor, Vol. 7, September 2014, page 8). Another 32% of gold demand is...
The Last Word
Our foundation is a public nonprofit organization that focuses on history, education, and entertainment to create world-class visitor experiences. We operate lodging, entertainment, and recreation services in Medora, the gateway community to Theodore...
When Clipboard Freezes
Q Occasionally my Windows 8 computer refuses to copy and paste additional content, and I find that I must reboot to restore the copy-and-paste functionality. Can you tell me how to avoid or fix this problem? A You don't need to reboot your computer...
Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.