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. 6, June

Adding Significant Value with Internal Controls
Every company-an accelerated filer completing the second year of Sarbanes-Oxley (SOX) 404 compliance, a private company wanting to enhance internal-control quality, or a nonaccelerated filer looking at initial compliance efforts for 2007-wants to get...
Assessing Materiality
A New 'Fuzzy Logic' ApproachTwo difficulties that auditors face in assessing materiality are the need to make a binary decision (material versus not material) and the need to weigh certain qualitative factors in doing so. This article shows how a "fuzzy...
Collection Due Process and Bankruptcy
Analyzing Cases and the Internal Revenue CodeRecent cases decided by the U.S. Tax Court have established its jurisdiction over Collection Due Process (CDP) cases that involve taxpayers/debtors filing bankruptcy. The decisions also validate prior rulings...
Could Sarbanes-Oxley Benefit Non-SEC-Registrant Audits?
Reacting to the accounting abuses observed at Enron, the writers of the Sarbanes-Oxley Act of 2002 (SOX) felt a need to enhance the independence of SEC financial statement audits by shifting responsibility for audit oversight and auditor selection to...
Economic Damages under New York Wrongful Death Statute
Under our system of laws, wrongful death is a civil wrong (tort), which is remedied by the courts with payment of compensation (damages). The intention of the guilty party's payment to the decedent's distributees is to right the wrong sustained.Applicable...
Ignorance of the Law Is Not a Defense
In this digital age, most of us have installed software on a computer. It's basically the same process every time. After downloading a program off the Internet or loading a CD, you click "Next" through a series of screens before arriving at the ubiquitous...
Inbox: Letters to the Editor
Grinding the Sarbanes-Oxley 'Ax'I read with interest "The Sarbanes-Oxley 'Ax,'" by Ron Marden and Randy Edwards (April 2005). Aside from the one individual mentioned in the article, I have had no success in finding sec endorsement/enforcement of section...
Intermediate Sanctions and Exempt Organizations
Increased IRS Scrutiny of Excess-Benefit TransactionsThe IRS has stepped up its scrutiny of compensation packages and employee benefits in tax-exempt organizations and is using IRC section 4958 to sanction "disqualified persons" and organizational managers,...
IRS Guidance on Home Sales
Applying the Sale-of-Residence Exclusion and the Like-Kind Exchange Deferral to the Same TransactionIRS Revenue Procedure 2005-14 provides guidance on applying both IRC section 121, regarding the exclusion of gain on the disposition of a principal residence,...
Is Income from Business Entity Formations Worth It?
Issues Include the Unauthorized Practice of LawThe Internet has made it very easy for CPAs to assist clients in forming business entities and filing for incorporation, traditionally viewed as legal services. But before CPAs consider jumping into this...
Mark-to-Market Accounting: "True North" in Financial Reporting
Mark-to-market Accounting: "True North" in Financial Reporting By Walter P. Schuetze, edited by Peter W. Wolnizer Published by Routledge; 2003; ISBN 0-415-29955-1; 348 pages (hardcover); £75Depending on the audience, "fair value accounting" is either...
Mediated Settlement of a Native American Land Claim
The Federal District Court for the Western District of New York recently approved the settlement of a land claim by the Seneca Nation of Indians (SNI) against the State of New York, a case involving complex accounting issues and in which the federal...
Minimizing Self-Employment Tax of LLC Managing Members
Although a limited liability company (LLC) is rapidly becoming the entity of choice for most new closely held businesses, the self-employment (SE) tax treatment of LLC members, who are classified as "partners" for federal income tax purposes, remains...
Retirement at 62: Is Receiving Social Security Early Worth It?
Millions of Americans are approaching one of the most important financial decisions of their lives: to begin receiving Social security benefits at age 62, or defer those benefits until older. Retirees can receive a reduced monthly benefit at age 62,...
The 150-Hour Requirement: Perceived Impact on Quality and Image of the Profession
The 150-hour requirement remains one of the most studied and discussed topics in accounting education. Papers calling for an advanced degree in accountancy can be traced back to the 1880s, but only within the past 20 years have most states legislated...
The Chilling Effect of SARBANES-OXLEY: MYTH OR REALITY?
When Congress passed the Sarbanes-Oxley Act of 2002 (SOX) in response to Enron and other corporate misdeeds, apparently little thought was given to ils impact on start-ups and early-stage companies and their initial public offerings (IPO). From 2000...
The GAAP between Public and Private Companies
A Band-Aid for Standards Setting?The Sarbanes-Oxley Act and the creation of the Public Company Accounting Oversight Board (PCAOB) prompted speculation, and, in some cases, trepidation, about the advent of differences between generally accepted accounting...
Website of the Month: AccountingPage
AccountingPage, www.accounting page.com, bills itself as "a comprehensive index of web-based tax and accounting resources," which is an accurate description. While the portal appears to be targeted to practicing accountants, accounting students and anyone...
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