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. 66, No. 8, August

Arthur Andersen's School of the Future
Will today's children have the motivation and wherewithal to become the lifelong learners who will successfully make the transition from the Industrial Age to the Information Age into the 21st century? "Not unless there is a fundamental change in the...
A Spreadsheet for Netting Property Transactions at Year End
Net gains on casualty or theft of personal properties are included in capital gains and losses. A net loss is available as an itemized deduction to the extent it exceeds 10% of AGI And so it goes. Like items must be netted and moved along the chain until...
Bankers' Acceptance Financing-The Link to Financing Global Market Activity
Bankers' acceptance (/A) financing in the last decade has increased more than tenfold, to a large extent reflecting the expansion of U.S. dollar-denominated trade transactions. This has brought about change in the practices of banks that create B/As,...
Book Review: A Goal Is a Dream with a Deadline
BOOK REVIEW: A GOAL IS A DREAM WITH A DEADLINE By Leo B. Helzel JD, CPA, and friends Published by McGraw-Hill, Inc., 197 pages $12.95 Review by Alexander A. H. Bohtling, CPA, retired from Deloitte & Touche, LLP Most of us dream of accomplishing great...
Constructive Dividend Problems on Loans to Shareholders
The credit is to cash. But what about the debit-loan or dividend? Many owners of closely held C corporations look to "their" corporations to obtain needed funds. To avoid taxation, these borrowings are initially or even subsequently recorded as loans....
Continuous Process Improvement: A Dilemma for Auditors
Recent developments in management techniques, such as total quality manmagement (TQM) and reengineering or more generally, continuous process improvement (CPI), pose a serious dilemma for auditors. The dilemma arises as a result of reduced internal controls...
Coping with Nonprofit Accounting Rules
Many nonprofit organizations and their accountants feel the disclosure requirements of SFAS No. 117, Financial Statements of Not-for-Profit Organizations, may distort the results of their operations. However, the statement provides a great deal of flexibility...
Correction
In the process of editing the article"Implementing SFAS No. 121 for the Impairment of Real Estate"by Abraham E. Haspel appearing in the July issue of The CPA Journal, the word use was substituted for the word sale in a sentence in the paragraph on page...
CPA Centennial Series: Eric Louis Kohler-1892-1976
[Editor's note: This is the fourth article in a series commemorating the 100th anniversary of the first CPA licensing law, the issuance of the first CPA certificates, and the first CPA exam. The articles were solicited and compiled by the AICPA in recognition...
CPAs as Advisers to Entrepreneurs
The Entrepreneurship and Personal Enterprise program, associated with Cornell University, has embarked on a series of studies on entrepreneurship, with the objective of helping to start, manage, and grow businesses. The first study, "Creating a New Venture?...
Firm Culture and Partner Compensation
[Editor's note: This is the second in an ongoing series of commentaries by Journal editor Michael Goldstein on firm culture and its importance in setting a tone for success.] Does a firm's culture determine what its compensation system will be like or...
Implementing FASB 116: Accounting for Discounted Cash Pledges
Perhaps no single sentence in SFAS Statement No. 116, Accounting for Contributions Made and Contributions Received, is more controversial and ambiguous than the one beginning paragraph 20: The present value of estimated future cash flows using a discount...
IRS Identifies Five Collection Agencies for Pilot Project
Last year, Congress required the IRS to test the concept of using private collection agencies to collect delinquent taxes. Cases to be included in the pilot program include failure to deposit employment taxes. On June 17, the IRS announced that it had...
New Office Etiquette Dilemmas
How can I share office space and not drive my co-workers crazy?" "What should I wear on casual days?" "Some people hate voice mail; what can I do so they won't hate mine?" Questions like these are emerging for many who are pondering the rules of office...
News IRS Collection Standards for Allowable Expenses
The IRS has introduced new procedures for determining a taxpayer's ability to pay tax liabilities. A basic understanding of these new rules is critical for any practitioner who represents a client before the Collection Division of the IRS, since reliance...
Partners in Accounting Firms Respond to Their Critics
In this panel discussion, partners are given the opportunity to say what their firms have done and are doing to improve audit quality and thereby quiet the critics. Have they done enough? You be the judge. In recent years there have been a number of...
Physical Fitness and the CPA
As CPAs, we enjoy the rewards of being part of a profession. These include job satisfaction, prestige, continual challenge, and monetary reward. These come, however, at the expense of long hours, stressful situations, and an essentially sedentary lifestyle....
Practicing Public Accounting in an Unlicensed, Unregulated Environment
One of the most important reasons services performed by CPAs have added value, is the framework of licensing and ethics in which they are performed. A major issue facing users of CPA services is whether a CPA employed by an unlicensed, commercial organization...
Say, "Ahhh.": Diagnosing Client Health-An Emerging Opportunity for Auditors
With the growth in financial auditing leveling off, the search is on for ways to improve and expand the traditional audit. The two most noticeable directions of this search are the effort to improve the usefulness of audits to users and attempts to add...
Selling an Accounting Practice
What do you have to contemplate when the time comes to sell your accounting practice? Among other things the author discusses personal considerations, transition problems, how to choose a successor (the buyer), and structuring the transfer The seller...
Some Thoughts on the Uniform CPA Examination
The uniform CPA examination is entry into the profession. The first exam was given 100 years ago this December In some ways it hasn't changed that much over the years; but with technological advances and the recent rapid pace of change in the profession,...
State Taxes in Cyberspace Are Up in the Air
State taxing authorities may be preparing for battle with Internet merchants. Althouph it certainly doesn't seem that anyone, including the tax man, can interfere with the sheer force behind Internet growth, electronic commerce is destroying the states'...
Tax Court Rules Taxpayer's Depression Not Disability for Early Withdrawal Penalty
Dwyer v. Commissioner, the Tax Court ruled that a taxpayer diagnosed with a biochemical depression was not disabled for purposes of avoiding the 10% penalty on early distributions from a qualified retirement plan. Dwyer is important because a number...
The Alimony Deduction and Non-Residents
New York State has lost another round in their never-ending attempt to deny nonresidents of New York State the deduction allowed for alimony paid, in the Matter of the Petition of Christopher H. Lunding et al. v. Tax Appeals Tribunal of the State of...
The Interactive Yellow Book
I recently attended a multimedia symposium where most of the presenters were from academia. Many of the presentations described how multimedia could be used in the classroom to enhance the students' classroom learning experience. The classroom model...
The Maze through Elder Care Planning and a Checklist to Guide You
Your client phones and informs you that his mother, who lives in a Florida condo on Social Security, and has $200,000 in assets, just had an operation, but will not be able to care for herself. What should he do? As our population gets older, this question...
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