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. 3, March

8 Accounting and Auditing Issues You Can't Afford to Ignore: Financial Reporting Realm Has Seen Significant Changes
The past few years have seen monumental changes in the requirements that affect CPAs in accounting and auditing. They include a new global standard for how organizations report one of their most important metrics (revenue), long-awaited new accounting...
Accounting Firms Moving Slowly toward Cloud: MAP Survey Finds Firms Still Relying Heavily on Locally Installed Software
The future of accounting software may be in the cloud, but the present remains in the server room--at least for now. That's one of the pictures painted by the results of a new section of technology-related questions in the 2014 Management of an...
AICPA's Revised Confidentiality Rule and Sec. 7216: The Recently Revised AICPA Code of Professional Conduct Includes a New Confidential Client Information Rule under Section 1.700.001, Which Expands the Guidance on Maintaining the Confidentiality of Client Information
The general thought previously has been that if CPA tax practitioners were complying with Sec. 7216 and revisions of its related regulations that went into effect six years ago (Regs. Secs. 301.7216-1 through 301.7216-3), they were complying with the...
Cash Balance Plans for Professional Practices: Understand the Rules for This Leading Form of Retirement Benefit
Cash balance plans offer owner-employees in professional practices a vehicle to defer tax on income well in excess of the annual contribution limits of traditional Sec. 401(k) and profit sharing plans. This option has become increasingly valuable since...
Dependency Rules Can Trip Up Taxpayers
A recent Tax Court case (Hendricks, T.C. Memo. 2014-192) illustrates the problems taxpayers can face if they do not strictly adhere to the rules regarding dependents. The taxpayer involved was the noncustodial father of a minor child who lost the benefit...
Domestic Production Gross Receipts Not Derived from Free Phone App: A Bank Does Not Have Domestic Production Gross Receipts for Purposes of the Sec. 199 Domestic Production Activities Deduction When Customers Download Its Free Mobile Phone App
In a generic legal advice memorandum, the IRS Office of Chief Counsel concluded that a bank does not derive domestic production gross receipts (DPGR) from the disposition of computer software when it allows customers to download a free mobile phone...
Ethics, Reputation, and Compliance Gain as Corporate Priorities
Businesses are placing increasing emphasis on ethics and compliance, and the area is set to gain further importance in the near future. The demand for greater transparency from consumers and stakeholders across the world has pushed the areas of...
Final Rules Govern Reporting of Specified Foreign Financial Assets: The Regulations Provide an Exception for Dual-Resident Taxpayers Taxed as Residents of a Treaty Partner Country; IRS Requests Comments on Virtual Currency
Individuals who are required to report interests in foreign financial assets to the IRS received guidance in final regulations issued in December. The regulations finalize temporary regulations (T.D. 9567) issued in 2011, with some changes. Sec....
Finding Growth in FVS: A Recent Survey Highlights Business Development Opportunities for CPAs with Forensic Accounting and Business Valuation Practices
While tax work is seasonal, practitioners in forensic and valuation services (FVS) find that their business opportunities ebb and flow with the economy. Identifying and understanding opportunities, such as the recent rise of Big Data, can be key to...
Go Ahead, Take the Stage: These Presentation Pointers Can Help Even the Most Reluctant Public Speaker Thrive in Front of the Room
The ability to speak fluently in front of a group is indispensable, particularly for higher-ranking CPAs. Once all of the studies, reports, and statements have been prepared, it is frequently left up to the CPA to present the data. In addition, many...
How Small Businesses Can Keep Data Secure
A lack of resources and a false sense of security can make small businesses enticing targets for hackers. Lisa Traina, CPA/CITP.CGM A, president and owner of information technology security firm Traina & Associates in Louisiana, suggests ways for...
Minimum Essential Coverage, Other Health Care Reform Guidance Issued: The IRS Lists "Individual Mandate" Exemptions Not Requiring a Certificate from a Health Insurance Exchange
The IRS released a package of guidance on 2010's health care reform legislation, finalizing proposed regulations on minimum essential coverage (T.D. 9705), identifying the hardship exemptions from the Sec. 5000A individual shared-responsibility penalty...
MobileDay Makes Conference Calls Easier on the Road
MOBILEDAY MAKES CONFERENCE CALLS EASIER ON THE ROAD Have you had to dial in to a conference call from outside the office? What a pain! Check your calendar or, worse, your email for dialing details. Click on the phone number (if you're lucky!),...
New Challenges in a Delicate Process: Difficulties Presented by FASB's Going-Concern Standard May Lead Non-SEC Companies Away from GAAP Financial Statements
A new look-forward period, disparities with audit guidance, and a new triggering threshold are among the many challenges CPAs will have to consider as FASB's new going-concern standard takes effect. Some organizations may even choose to avoid using...
Other People's Money
Seemingly disparate services such as investment advisory, bill-paying, and estate planning all have a common denominator: the CPA's involvement with other people's money. Claim history of the AICPA Professional Liability Insurance Program has demonstrated...
Right to Purchase Land Is a Capital Asset: A Taxpayer's Sale of His Position in a Lawsuit Resulted in Capital Gain Rather Than Ordinary Income
The Eleventh Circuit held that a real estate developer's sale of his rights in a lawsuit regarding a land sale contract produced capital gain rather than ordinary income, reversing a holding of the Tax Court. According to the appellate court, the fact...
The Domestic Production Activities Deduction for Computer Software: Software Can Qualify for This Valuable Tax Break
Sec. 199 generally provides for an extra deduction of 9% of the income from certain production activities, in addition to the otherwise allowable deduction for production costs. The activities that qualify for this deduction are not limited to what...
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