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. 76, No. 5, May

CPAs as Forensic Accountants in Divorce Engagements
Marriage has become a delicate venture. According to the U.S. Census bureau, about nine out of 10 people will marry sometime in their lives, but about half of first marriages will end in divorce. And while some marriages end peacefully, with both sides...
End of the Myth: CPAs Do Have to Write
The importance of writing and communication proficiency in accounting cannot be overemphasized. Most employers consider this skill set to be crucial when hiring, often viewing it as more important than a high grade-point average. Effective writing is...
Executive Roadmap to Fraud Prevention and Internal Control: Creating a Culture of Compliance
Executive Roadmap to Fraud Prevention and Internal Control: Creating a Culture of Compliance By Martin T. Biegelman and Joel T. Bartow Published by John Wiley & Sons, 2006; ISBN: 0471739278 416 pages, $39.95 (Hardcover)Martin Biegelman and Joel Bartow...
GAAP Requirements for Nonpublic Companies
New Views on 'Big GAAP' Versus 'Little GAAP'The accounting profession has long struggled with the idea that the financial reporting needs of small, closely held businesses often differ from those required by large, publicly traded companies. In formulating...
Individual Retirement Accounts and Bankruptcy
Two recent developments with regard to bankruptcy are substantially changing the landscape regarding the attractiveness of IRA rollovers for employees with large accounts in tax-qualified plans.Until now, there has been inconsistency among jurisdictions...
IRS Issues Proposed Regulations on the Domestic Production Activities Deduction
The Domestic Production Activities Deduction under IRC section 199 originated with the American Jobs Creation Act of 2004. On January 19, 2005, IRS Notice 2005-14 provided interim guidance on IRC section 199. In response to more than 80 public comment...
Litigation Risk Management
Has the CPA Become the CYA?There is a growing awareness in our society of the responsibilities of certified public accountants and the role CPAs play in maintaining the integrity of our economic system. As our visibility has increased, however, so has...
Motivation in the First Accounting Course
In any undergraduate business curriculum, the first accounting course has several purposes. Most important, it introduces potential business and accounting majors to a new body of knowledge. The first course is also a recruiting tool for the accounting...
New York Introduces Security-Training Tax Credit
On August 16, 2005, Governor Pataki signed Chapter 537 of the Laws of 2005 (A8410/S5431-B), an act creating a new "security training tax credit" for New York State. A qualified building owner who is subject to any of the following taxes shall be allowed...
New York State Sales Tax and the Choice of Business Entity
Protection from personal liability is often a large factor in the choice of business entity. Asset protection plays a large role in structuring financial and business affairs. The risks associated with sales tax liabilities are often overlooked, but...
Revisiting the Ripple Effects of the Sarbanes-Oxley Act
Almost four years have passed since the Sarbanes-Oxley Act of 2002 (SOX) was legislated and implemented. In "Ripple Effects of the Sarbanes-Oxley Act" (February 2004 CPA Journal), the authors identified and discussed foreseen, and unforeseen consequences...
Scoring the CPA Exam
The AICPA's decision to change the CPA exam from a pencil-and-paper-based test to a computer-based test (CBT) in 2004 was an excellent move forward in the exam's evolution. CBTs offer several benefits over their hard-copy counterparts: They are easier...
S Corporations and Salary Payments to Shareholders
A Major Issue for the IRSThe IRS has modified the "notice of acceptance of S corporation status" that it sends to corporations that have made the subchapter S election. The IRS no longer simply tells a corporation that it now qualifies as an S corporation....
Social Security: The Past, the Present, and Options for Reform
Social Security is one of the most popular, broadly subscribed, and positively perceived federal government programs. The system plays an important role in the American economy, and it functions as both a retirement savings plan and a redistribution...
The Demise of Social Security
After reading in the August 2005 CPA Journal ("Social Security: Safety Net in Need of Repair") that "Even if no changes are made in the law governing Social Security, the Trust Fund will be able to pay promised benefits until 2042," we were so startled...
The History of Major Changes to the Social Security System
Social Security's financial woes are making headlines; both Congress and the President are publicly considering an overhaul of a system that has existed for 70 years but will face challenges in the coming decades. This study presents a brief history...
The Roth 401(k) and Financial Planning Strategies
Increased Eligibility and Flexibility for Different Taxpayer NeedsAn IRC section 401(k) plan is a portable retirement vehicle where contributions are made on a pretax basis, earnings are allowed to accumulate tax-deferred, and all plan proceeds are taxed...
Website of the Month: AccountingStudents
Accounting majors, instructors, and practicing accountants will find www.accounting students.com a useful resource for beginning Internet searches on a variety of accounting topics. Although the website is designed for students, both educators and practicing...
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