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. 7, July

2003 Max Block Award
Stuart D. Buchalter and Kristin L. Yokomoto have won the 2003 Max Block Distinguished Article Award, which each year recognizes the most outstanding work published in The CPA Journal. The award-winning article, "Audit Committees' Responsibilities and...
Accounting for Special Purpose Entities Revised: FASB Interpretation 46(R)
Special purpose entities (SPE), also referred to as off-balance-sheet arrangements, were used as far back as the 1970s, when many companies engaged in securitization. Originally, these transactions served a legitimate business purpose: to isolate financial...
A Close Look at the SEC's Automation of Form ID
As the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system approaches its 20-year anniversary in September 2004, the SEC has removed one of the remaining vestiges of paper processing. As of April 26, 2004, anyone needing EDGAR access codes...
A Hard Look at Tax Software: 2004 Survey of New York State Practitioners
In an expanded survey of New York State CPA firms, the authors find a high level of satisfaction with tax software for the third consecutive year. New ratings for entity tax preparation software are similar to those for individual software for the current...
Calculating and Reporting Use Tax in New York
The compensating use tax (the use tax) has existed quietly as a component of the sales tax system. It recently attracted new attention when New York State incorporated a self-assessment provision on its 2003 personal income tax return forms. New York...
Computer Fraud: Analyzing Perpetrators and Methods
Robust economic growth carries with it the potential for corruption. Evidence that this potential has become reality for many businesses can be found in a 2003 survey by the Computer Security Institute, which showed that 56% of businesses reported some...
Computer Monitoring and Surveillance
Balancing Privacy with SecurityInformation security and employee privacy are important issues facing all organizations. E-mail monitoring software will grow significantly in the next five years, from $139 million in sales (2001) to $662 million (2006),...
Controlling Internet Use in the Workplace
Despite the great benefits the Internet gives businesses, managers also need to control what their employees access and how they use it. Many times, Internet access is an open invitation to waste time. Many employees increasingly participate in Internet...
Disposal of Old Computer Equipment
A Mounting Environmental ProblemMost organizations have been collecting obsolete computers for years. The U.S. Environmental Protection Agency (EPA) has estimated that 45 million computers will become obsolete annually by 2005. California, Massachusetts,...
Fifth Circuit, Reversing Tax Court, Clarifies Valuation of Privately Held Corporations
In Estate of Dunn [301 F.3d 339 (2002), rev. 79 TCM 1337 (2000)], the Fifth Circuit ruled that the full amount of the corporate income tax on the sale of assets can be subtracted when using the asset-based method to value a privately held corporation,...
Financial Debacles and State Regulation
Boards of Public Accountancy and the 'Cascade Effect' of Sarbanes-OxleyThe AICPA, the U.S. Congress, and state regulatory agencies have taken the need for reform in the accounting profession seriously as a result of recent financial debacles. The AICPA...
Growing Effective Committees
Although the increasing number of members who joined NYSSCPA committees as its new year began on June 1 doesn't surprise me, the number who serve on two or more committees does, given how overscheduled and overcommitted I know Society members are.Although...
Investing in Technology for the Small Business
Small businesses remain the main engine of economic growth, generating about half of U.S. gross domestic product and representing 99% of the nation's employers, employing roughly half the private sector workforce, and creating the vast majority of new...
Network Security and Password Policies
Passwords are the most common authentication for accessing computer systems, files, data, and networks. But are they really secure? Most of us use them every day, change them frequently, and perhaps even see them posted in plain view on employee monitors.The...
Points to Consider on Tip-Reporting Agreements
A substantial number of employees in the service sector earn a large proportion of their earnings from tips, including restaurant employees, valet parking attendants, hair salon workers, casino employees, and bartenders. The IRS has long held the belief...
Proctecting against Threats to Enterprise Network Security
Life has been revolutionized by computer networks and the Internet. Vital sectors of the economy depend upon networks and the Internet for their existence. The financial, health, and government sectors, for example, all rely on networks for their daily...
Professional Responsibilities: Due Care
A member should observe the profession's technical and ethical standards, strive continually to improve competence and the quality of services, and discharge professional responsibility to the best of the member's ability.Due care is the fifth principle...
Protecting Information Privacy When Retiring Old Computers
In August 2002, the United States Veterans Administration Medical Center in Indianapolis replaced approximately 140 desktop computers with new models. Some of the old computers were donated to educational institutions and the state of Indiana, while...
Sarbanes-Oxley and 'Segregation of Services'
Editor's Note: Part 2 of a seriesAuditors are retained by publicly held companies to "skeptically" review operational results. Most service industries would crumble if they didn't support their customers, but not so with accounting. Due in large part...
The National Taxpayer Advocate
Relief Options Include Taxpayer Assistance OrdersRecognizing the complexity of tax law, both substantive and procedural, the IRS for many years has sought to promote taxpayer compliance and aid taxpayers that experience problems when dealing with the...
The Personal Touch
The Personal Touch By Terrie Williams, with Joe Cooney Warner Books, ISBN: 0-446-67158-4; $13.95 U.S./$18.95 CANIn a conversation with a retained search firm executive, he told me about a very senior financial position he was trying to fill. He made...
Using CRM Software Effectively
Although most CPA firms use Microsoft Outlook to manage their contacts, Outlook lacks the capability to use the stored information for business growth. When employees manage their own contact information and share it unsystematically, data-quality issues...
Using Technology Alliances to Broaden a Client Base
Accountants are often expected to provide forward-thinking problem-solving and advice on a broad range of issues, including technology-from choosing accounting software to automating business processes to securing financial data from outsiders. Technology...
Website of the Month: Financial Wonder
Financial Wonder (www.financialwonder.com) offers free online access to corporate budgeting calculations. To provide anonymity, no user registration is required for the basic forecasting functions, and data is not stored on the website. Although designed...
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