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. 220, No. 5, November

ABLE: A Tax Planning Tool for People with Disabilities
With proposed "reliance" regulations (REG-102837-15) having been issued on the new qualified ABLE (Achieving a Better Life Experience) programs, these tax-advantaged accounts for eligible disabled taxpayers can soon begin providing tax savings for...
Blazing a Path to Success for the Profession: AICPA Chairman Tim Christen Takes Pride in People as He Advocates for CPAs to Shape the Professions Future through Change
Tim Christen, CPA, CGMA, likes to talk about the day he looked out the window of his office and watched a very young CPA candidate get out of his car and walk awkwardly through the parking lot. With each step, the young man picked up one foot higher...
Converting from C to S Corp. May Be Costlier Than You Think: Where Gifting or Bequeathal Is Contemplated, Higher Gift and Estate Tax Could Be the Result
In their article "Now Is the Time: Converting a C Corporation to an S Corporation or LLC" (The Tax Adviser, Aug. 2012, page 534), authors Michael Lynch, David Casten, and David Beause-jour present a compelling argument in favor of electing flowthrough-entity...
How to Debug Excel Spreadsheets: These Techniques Can Help Find or Fix Errors Hidden in Hundreds, or Even Thousands, of Rows, Columns, and Formulas
CPAs are often tasked with vetting or working with numbers in a spreadsheet. And while accountants are well-trained to identify and correct accounting errors, spreadsheets bring the danger of many other types of errors. Field audit results compiled...
IRS Proposes Rule Updates and Clarifications to Penalty for Nondisclosure of Reportable Transactions: Changes Conform with Amendments to Sec. 6707A Made by the Small Business Jobs Act
The IRS issued proposed regulations that would update and clarify the rules regarding the penalty for failure to disclose reportable transaction information. Sec. 6707A imposes a penalty for failing to include on any return or statement any information...
Maximize Proceeds in Accounting Firm Sales
Common misconceptions can cost CPAs dearly when they sell a public practice. Fortunately, better options are available. The largest asset for many CPAs is their ownership interest in an accounting firm. Unfortunately, CPAs often agree to sell their...
Recent Research Brings New Insights into Fraud Prevention and Detection
According to a recent Kroll report, 70% of businesses reported at least one fraud in 2013-14. Research on fraud prevention provides findings and best practices for CPAs who work to prevent such crimes. This article summarizes recent research on fraud...
Recruiting Remains a Challenge for Finance Decision-Makers
The search for top-notch employees is vexing some finance decision-makers, many of whom say competition for talent is increasing or remains an obstacle. That's according to a survey by the AICPA, which said employee and benefit costs are a major...
Startup Costs: Book vs. Tax Treatment: Here's What Practitioners Need to Know about the Different Treatment of These Costs for Financial Accounting Purposes and Tax Purposes
New businesses, which are vital to a healthy economy, usually incur costs before they begin active conduct of their intended business operations. These costs are frequently generically referred to as startup costs of a business. Typical examples of...
Strategic Planning for NFPs: Bob Mims, CPA, CGMA, Controller and Director of Investments at Ducks Unlimited, and Mary Legakis Engel of the Management Coach Provide Tips Not-for-Profits Can Use to Make Their Strategic Planning Successful
Pick a strategic-planning team. It's important for the team to represent the whole entity. Groups that are not represented may feel left out and fail to embrace the plan. Representation from finance is critical because the finance leader has a broad...
The Dangers of Dabbling: Ensure That Firm Staff Have the Proper Experience and Training to Take on an Engagement
To meet evolving marketplace needs, CPAs often look to diversify their service offerings. However, undertaking a new service or providing service to a client in an industry with which the CPA is unfamiliar, frequently referred to as "dabbling," can...
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