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. 69, No. 6, June

AICPA Guidance Issued on Y2K Disclosures for Government
As reported in April's News & Views, GASB has amended Technical Bulletin 98-1, which sets forth the requirements for disclosure of Year 2000 issues in financial statements of state and local governments. The purpose of the amendment was to enable...
Attorneys and CPAs: Cooperation or Confrontation?
In Brief Friend or Foe? CPAs are by now well versed in practicing in a changing professional environment. The financial realities that triggered the sea change in the accounting profession are now beginning to bear on the legal profession as well. Ironically,...
Avoiding the Implementation Costs of SFAS No. 130
CPAs and financial statement preparers faced the implementation of up to three new FASB standards in calendar year 1998: SFAS No. 130, Reporting Comprehensive Income; SFAS No. 131, Disclosures About Segments of an Enterprise and Related Information;...
Buying, Selling, and Merging a CPA Practice: Part 2
A FIRM THAT DECIDES IT NEEDS A SUBSTANTIAL CASH PAYMENT should not waste time with a potential acquirer that is simply looking to merge two firms. Editor's Note: this is the second in a two-part series discussing the practical concerns of buying and...
Capitalization vs Expense
After INDOPCO (92-1 USTC 50,113), the IRS took a piecemeal approach to providing guidance about capitalization. Early guidance benefited the taxpayer, such as Rev. Rul. 9662 (1996-2 CB 9) on training costs and Rev. Rul. 92-80 (1992-2 CB 57) on advertising...
COSO Study Released
Most financial reporting fraud in public companies occurs in small corporations, those with well under $100 million in assets, according to a recent study. Fraudulent Finandial Reporting 1987-1997 was released by the Committee of Sponsoring Organizations...
Creation of Life Insurance Trusts
Irrevocable Transfer. An individual must relinquish all present and future ownership interests in the insurance policy in order for the proceeds to be excluded from the estate. Thus, the transfer to the trust must be irrevocable and the insured must...
Employers' Reimbursement and Allowance Plans: What's Permissible and What's Not
IRC section 67 limits the deductibility of business-related expenses to the excess of two percent of the employee's adjusted gross income unless the expenses are incurred under an accountable reimbursement and other expense allowance plan. Requirements...
Gifting IRC Section 403(b) Assets
THE EASIEST WAY TO DONATE ASSETS is for the participant to name the tax-exempt employer as the designated beneficiary of the account. What happens when a participant in a 403(b) plan wishes to donate the assets in the account to his tax-exempt employer?...
Managing Customer Risk
Every time you (or anyone in your organization) communicates with a customer or client, a risk arises. You may provoke a variety of reactions: Dissatisfaction-by not fulfilling needs or expectations Satisfaction-by meeting needs and expectations Delight-by...
Millennium Series
MILLENNIUM SERES BEGINS THIS MONTH Accounting can surely be traced back to entries on cave walls-the number of animals tracked on a given day or the number of buffalo hides needed for winter. Tax preparers must have practiced during the Roman Empire...
New COBRA Regulations Issued
The IRS recently issued final and additional proposed regulations on the COBRA group health plan continuation coverage rules. Highlights includenew flexibility for employers in determining which group health plans and separate benefits provided within...
Preparing Financial Graphics: Principles to Make Your Presentations More Effective
In Brief All You Need Is a Spreadsheet Graphics are especially helpful for the preparation and interpretation of summary financial data. Prepared properly,, the) serve to highlight trends and focus the reader on important information. While some graphics-specific...
The Commercial Rent Tax Nightmare
The New York City commercial rent or occupancy tax (CRT has been watered down over the past few years through rate reductions and increased exemptions. But for businesses that still pay the CRT, it remains one of the most detested taxes on the books....
The Internationalization of FASB
The deadline for comments on the restructuring of the International Accounting Standards Committee (IASC) was April 30. FASB issued an extensive evaluation of the proposal, concluding that the plan did not go far enough. The IASC restructuring proposal...
The IRS's New Approach to Financial Status Audits
Financial status audits assist the IRS in locating unreported income by comparing the amount of income reported with the lifestyle and the type and value of assets a taxpayer enjoys. These audits have been used by the IRS for many years. Nevertheless,...
The Profession, for Better or for Worse: This Is My Quest
The first in a series of articles commemorating the past, present, and fu:re of the CPA profession, from a variety of perspectives, as it approaches the new millennium. IN BRIEF No Plans for Retirement Eli Mason remains active as the senior partner in...
The Role of CPAs as NASD Arbitrators
As ADR continues to grow, the need for qualified nonjudicial decision makers increases. CPAs can play an important role as arbitrators and decision makers. Parties choosing arbitration need impartial experts to hear the facts of the case, evaluate witness...
Unmarried Couple's Property Settlement Tax-Free to Recipient
In Reynolds v. Comm'r, the Tax Court recentIy ruled that a property settlement between an tried couple when the relationship ended was not taxable to the recipient even though there are no statutes governing such a settlement. Reynolds is important because...
Who Uses Mediation and Arbitration, and Why
PAs reading the business press are aware that there is frequent mention of disputes resolved by mediation and arbitration. In late 1998, PricewaterhouseCoopers LLP, Cornell University, and the Foundation for the Prevention and Early Resolution of Conflict...
Wiley's Student GAAS Guide
WILEY'S STUDENT GAAS GUIDE By Dan M. Guy and Douglas R. Carmichael John Wiley & Sons, Inc., $55.95 ISBN: 0471298530 Reviewed by Vincent J. Love, CPA, Kramer & Love The title of this book is deceptive. It leads a reader to assume it only covers...
Year 2000: Preparedness Guidelines for Small Mid-Size Companies
In Brief Do It Now Many enterprises with large, complex computer systems are already testing to see whether their efforts to fix Y2K problems have worked. But what about the small and mid-size entity that has been ignoring or denying the fact that its...
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