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. 74, No. 6, June

Accounting Firm Required to Release Names of Investors in Tax Shelter
A recent federal appellate court decision addresses whether accounting and law firms may protect the names of clients that participate in tax shelters. The Seventh Circuit case of United States v. BDO Seidman and John and Jane Doe [337 F.3d 802, certioari...
An Extraordinary Decision Leads to Extraordinary Changes
The future of extraordinary items is in question. The International Accounting Standards Board (IASB) is considering removing any disclosure of extraordinary items in financial statements, citing the difficulty of objectively separating the financial...
A Simpler 'Life' for Some Business Taxpayers
On December 4, 2002, the IRS announced an accelerated examination process for selected business taxpayers with assets exceeding $10 million. The Limited Issue Focused Examination (LIFE) is a simpler, streamlined method that restricts the scope of examination...
Balanced Scorecard and Government Entities
Moving Forward at the Illinois Department of TransportationGovernment entities are generally not considered to be models of good business management. The state of Illinois, however, is trying to change this perception. In 1999, Illinois began a strategic...
Balanced Scorecard Step-by-Step for Government and Nonprofit Agencies
Balanced Scorecard Step-by-Step for Government and Nonprofit Agencies By Paul R. Niven John Wiley & Sons, Inc.; 305 pp; $45 (hardcover); ISBN: 0471423289Reviewed by Gerald N. Tischfeld and the staff of The Alliance Group, LLCIn Balanced Scorecard...
Choosing the Best Tax-Favored Education Benefit Strategy
The IRC provides a variety of tax-favored benefits for funding education costs. Sorting through and comparing the usefulness of various tax provisions is part of the daunting task of accurately projecting the funds needed for future education costs and...
Components of the AICPA's Statements on Standards for Tax Services
Approximately 55% of all federal income tax returns and an even greater proportion of complex returns are prepared by tax professionals at a total cost that exceeds $11 billion annually. The role of a tax professional lies somewhere along a continuum,...
CPAs' Responsibilities: Article IV Objectivity and Independence
According to the CPA's Code of Professional ConductA member should maintain objectivity and be free of conflicts of interest in discharging professional responsibilities. A member in public practice should be independent in fact and appearance when providing...
Embracing the Evolution of Peer Review
One concern is that if the NYSSCPA and other state societies don't address peer review, the New York State Education Department and its counterparts in other states will.CPA firm peer review as a quality-control mechanism has always had its supporters...
Encouraging Employee Communication
Communication between managers and employees is an important issue in any organization. Employees want guidelines from their supervisors, and the management wants input from the entire team. Most companies have little trouble communicating downward,...
Going beyond Sarbanes-Oxley Compliance: Five Keys to Creating Value
Under the requirements of the Sarbanes-Oxley Act, executives must personally certify a public company's financial results (section 302) and soon will have to issue a report on the effectiveness of the company's internal controls over financial reporting...
Improving Professional Ethics
Steps for Implementing ChangeRecent financial accounting scandals have generated unwanted and unfavorable publicity for CPAs, including those working as comptrollers or chief financial officers. The plight of David Duncan, the lead audit partner at Arthur...
Inbox: Letters to the Editor
Safeguarding IndependenceI am very encouraged that The CPA Journal continues to run important articles on auditor independence. This vital subject needs to be in the forefront of every auditor's thinking.Peter Wyman ("Is Auditor Independence Really the...
New York Challenges 631(d) Treatment
New York State recently challenged the application of New York State Tax Law section 631(d) to tax income of nonresidents who have ownership equity in a resident limited liability company (LLC) that is taxed as a partnership for both federal and New...
Nondisclosure of Arbitrator Conflicts and the 'Evident Partiality' Standard
Arbitration's goals-efficient resolution of disputes and the avoidance of expensive litigation-are achievable only by ensuring the relative finality of arbitral awards. The Federal Arbitration Act (FAA) (9 USC section 1, et seq.), which governs U.S....
Regulation and Unintended Consequences: Thoughts on Sarbanes-Oxley
Financial regulation generally addresses two distinct types of risk: business risk (the variability of returns) and information risk (the possibility of a material misstatement in reports and disclosure provided to investors). The implementation of the...
Review and Revise Insurance Porfolios
Intense competition in the insurance industry means new and innovative insurance products are constantly available. Many individuals and business owners are taking advantage of these alternatives, and in some cases have realized savings of 30% to 40%...
Sarbanes-Oxley and Whistle-Blower Protections
Editor's Note: Part 1 of a series.One can only wonder how much damage would have been avoided if Enron employee Sherron Watkins had blown the whistle sooner.Discussion about the Sarbanes-Oxley Act has largely focused on corporate governance and accounting...
Security Safeguards over Wireless Networks
Any business with a wireless network must make certain that the integrity of data transmission and data files on it is assured. A detailed analysis of the security features of the wireless network is crucial in the evaluation and audit of any company...
Structuring Corporate Buy-Sell Agreements
Securing a Future for Closely Held CorporationsWithin a closely held corporation, shareholders are often concerned about what might occur if one of the owners dies. Will the deceased shareholder's family retain the economic value of the corporate interest?...
Taking Smart Risks
All of life is a risk of some kind. The issue is not whether to take risks, but rather how to take the right risks for the right reasons in pursuit of the right goals or objectives.Risks fall into five basic categories:* The risk that can be avoided...
The Seven Fatal Flaws of Performance Measurement
Performance measurement systems are used to establish specific goals, align employee behavior, and increase accountability. Organizations often use these systems to set targets for component units (e.g., individuals, profit centers, divisions, plants)....
Transitioning to the Fair Value Method
Changes in Accounting for Employee Stock OptionsSince 1995, when FASB issued SFAS 123, Accounting for Stock-Based Compensation, companies have had the option to use the fair value method of accounting for employee stock options. Until recently, however,...
Website of the Month: Eisner & Lubin LLP
Note: Although all accounting firms use their website to communicate similar information, the approaches taken vary considerably. This space periodically reviews websites for some of the larger public accounting firms, as well as for smaller firms that...
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