The CPA Journal

The CPA Journal is a monthly refereed accounting journal. It has been published by the New York State Society of CPAs since 1930.Subjects for The CPA Journal inlcude accountants and accounting. Carolyn Morrisroe is the managing editor and Anthony H. Sarmiento is a contributing editor.

Articles from Vol. 67, No. 6, June

Accounting and Taxation Aspects of the Year 2000 Problem
The Year 2000 Problem raises a number of accounting, auditing, and taxation issues. Should such costs be expensed or capitalized for accounting purposes? If expensed, would the answer be different if the software were replaced with completely new software?...
ACSEC Issues Draft Statement on Start-Up Activities Costs
In April 1997, the AICPA's Accounting Standards Executive Committee (AcSEC) exposed for public comment a proposed statement of position (SOP) to provide guidance to all nongovernmental entities on financial reporting of costs of start-up activities....
A Marketing Moment-Turning Leads into Clients
Marketing programs create leads. ut leads do not convert to new business without management and sales techniques. Here are ideas to help you convert leads to clients: Take Action Not following up with leads immediately causes potential sales conversions...
ASB Issues Three Exposure Drafts
On March 7, 1997, the Auditing Standards Board (ASB) issued three exposure drafts of proposed statements on standards. The comment period for the three exposure drafts ends June 16, 1997. The proposed statement on auditing standards, Communications Between...
Avoiding Estate Planning Malpractice
The fees are high, but so are the risks. In Brief Ten Trouble Spots The practice of estate planning by CPAs can be highly leveraged. Because the amounts are large and tax rates high, effective tax planning can justify high fees. However, if mistakes...
Client Service Culture
When you ask CPAs in public practice about their firm culture, the first thing you will hear from many of them is their dedication to client service and how attending to client needs is the focal point of what their firm is all about. Saying that You...
Evaluating Performance in Professional Accounting
WHAT ABOUT EVALUATING the performance of a CPA who is expected to use professional judgment, whose job requirements are numerous and complex, and whose work is frequently not tangible and difficult to measure? Making sure the performance evaluation process...
Insurance Agents and Brokers-What Is GAAP?
The first guidance on accounting for specialized transactions applicable to insurance agents and brokers was contained in a proposed industry accounting guide issued by the AICPA in August 1991. The proposed guide generally provided thatcommission revenue...
Internet Marketing: Evidence of a Viable Medium
In 1978 the AICPA voted to remove the portions of Rule 502 in the Code of Ethics which severely limited the types of advertising the CPA could do. Although hesitant at first, advertising has become a commonly employed mode of marketing for some CPAs....
KPMG Participates in Volunteerism Summit
KPMG Peat Marwick participated in the Presidents' Summit on volunteerism on April 27-29 in Philadelphia. KPMG was selected for the summit on the basis of its "World of Spirit Day," a community service program the firm is planning nationwide for September....
New Independence Standards Board Announced
The AICPA and the SEC on May 21, 1997, jointly announced the formation of a new standards setting body to deal with the issue of auditor independence for companies whose securities are registered with the SEC. The new body is called the Independence...
New Legislation Means Some Relief for Investment Advisers
On October 11, 1996, President Clinton signed the Securities Reform Bill into law. Title IlI of this bill, the Investment Advisers Supervision Coordination Act "IASCA" or the "act," provides regulatory relief for investment advisers and increases uniformity...
New Rules on S Corporation Distributions
IN BRIEF The Order Makes a Difference The 1996 tax legislation changed the ordering rules for distributions from S corporations and the corresponding adjustments to shareholder basis in stock and debt. The rationale behind the change in tax policy is...
New Standards for Performing Peer Review
In Brief Fine Tuning the Self-Regulatory Process In response to the issuance of new quality control standards and the maturity of the program itself, the AICPA Peer Review Board issued new standards to update the Standards for Performing and Reporting...
New Tax on "Excess Benefit" Transactions
PHYSICIANS ARE NOT TO be automatically considered disqualified persons for purposes of the new act. The Taxpayer Bill of Rights 2 introduces a dramatic change to the way the IRS exercises enforcement authority over tax-exempt organizations. A new IRC...
Paving the Way for the NYSSCPA: The Institute of Accounts
Editor's Note: 1997 marks the 100th anniversary of the incorporation and founding of the New York State Society of CPAs, the first state society of CPAs. The following provides additional background into the formation of that society and the profession...
Pension Distribution Planning and Qualified Domestic Trusts
Significant professional literature currently exists regarding the advantages of a qualified pension plan or IRA participant naming a spouse as "designated beneficiary." However, much less literature exists regarding the effects of naming a noncitizen...
Preparing to Sell Your Business? New Jersey, New York, and GAAP Can Help
Generally, when a New Jersey S corporation shows a net loss from operations, such loss deduction passes through to its stockholders for Federal income tax purposes, provided they have adequate basis equal to or exceeding the amount of the loss. If this...
The Bottom-Up Mission Statement: A Competitive Strategy for Midsized Accounting Firms
The business environment for accounting firms has been altered radically: technological advances, increased liability exposure and insurance premiums, new reporting requirements under GAIT and NAFTA, expanded support for tax law simplification, and rapidly...
The New Fraud Audit Standard
Equipping the Auditor SAS No. 82, Consideration of Fraud in a Financial Statement Audit, clarifies but does not expand the auditor's responsibility to detect and report upon financial statement fraud. Specifically the new standarddescribes fraud and...
The Situs of a Trust
Pursuant to New York State law, and New York is often a representative state, if a resident individual establishes a trust, that trust is deemed to be a "resident" trust. A trust established while the grantor is alive is known as an "inter vivos trust,"...
The Year 2000 Problem
Suppose you detect an enterprise-threatening computer virus that has thoroughly infiltrated an information system; indeed, suppose you determine this virus infects virtually every file and program and many hardware components. Further, suppose you establish,...
U.S. Supreme Court Struggles with Estate Tax Accounting Issue
In a plurality decision, the U.S. Supreme Court held that an estate tax marital or charitable deduction need not be reduced when part of the administration expenses are paid out of the income from assets destined for the marital or charitable trust....
Valuation of Intangible Contract Rights
Accountants may be called on to advise clients or employers about the economic analysis of intangible assets such as contracts and contract rights. There are many reasons to analyze intangible assets. These reasons generally can be grouped in the following...
What Exactly Is Rule 144?
PURCHASERS WHO ARE NOT control persons are generally free of most limitations, provided they have held their shares for a continuous two-year period. Congratulations. Today, the company you and your partner created one special evening at a restaurant...
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