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. 71, No. 12, December

AIMR Report on Analyst Objectivity Outlines Key Pressures, Calls for Market Support
In the late fall, attention focused again on the role that analysts' recommendations play in the volatility of markets. The issue of possible conflicts of interest-analysts' personal investments in companies whose stock they recommend, or their employers'...
An Assessment of Accounting Portals
Rounding up the cream of the crop In Brief Sites for CPAs Follow Different Strategies The CPA Journal asked Paul Warner, who has edited "The CPA and the Computer" department for many years, to review and make a personal assessment of as many web portals...
A New Sense of Purpose for the CPA
Many new issues have entered our business and personal lives in the wake of the events of September 11, most of them revolving around safety and security. Terrorism, in many subtle ways, insinuates into our lives, eroding faith in our institutions and...
A Practical Guide to Arbitration for CPAs
THE CPA IN MEDIATION AND ARBITRATION THE ARBITRATION CLAUSE should contain language setting forth the administration and rules under which the arbitration will be conducted. Arbitration is the ideal tool in the alternative dispute resolution (ADR) toolbox...
Contrarians or Soothsayers?
Do historical dissents augur future consensus? IN BRIEF FASB Dissenting Votes TeN a Tale An extremely informative section of each Statement of Financial Accounting Standards records the dissents registered by FASB members. They often highlight an essential...
CPA2Biz and Application Services
CPA2Biz, the recently launched web portal, aspires to meet the technology and business solution needs of both CPAs and their clients. An outgrowth of the AICPA Vision Process, CPA2Biz is intended to provide particular assistance to small CPA firms and...
Establishing and Operating Taxable Subsidiaries
NOT-FOR-PROFIT ORGANIZATIONS LIKE ALL OTHER TAXABLE CORPORATE ENTIIES, the subsidiary must pay federal and state taxes to the extent that it generates taxable income. An important planning tool for tax-exempt organizations is the use of taxable subsidiaries...
Federal and State Tax Relief for September 11 Victims
IRS Notice 2001-61 provides the details for the tax relief offered to taxpayers affected by the terrorist attacks of September 11. President Bush issued federal disaster declarations on September 11 and September 13 that cover Bronx, Kings, New York,...
Global Demand for the CPA Exam
POPULATION GROWTH AND ADVANCES IN TRANSPORTATION and communications have made the world smaller, and the global economy daily becomes more of a reality. One aspect of globalization significant to the accounting profession is the movement toward global...
If I Could Do It over Again
Editor's Note: Continuing to answer the question I posed in May--"If you could do it over again, would you still be an accountant?"this month's guest editorial comes from Barry B. Seidel, CPA, a partner of Marks Paneth & Shron LLP as well as a former...
IRS Exempts Small Taxpayers from Inventory Accounting
The IRS announced in Revenue Procedure 2000-22 that qualifying taxpayers with $1 million or less in average annual gross receipts will no longer be required to use the accrual method of accounting for inventories. Designed to simplify bookkeeping for...
Management Service Agreements Involving Bond-Financed Space
Earlier this year, the IRS issued two documents that will be of interest to hospitals with outstanding tax-exempt bonds. They provide additional guidance and flexibility in the permissible terms of certain management service agreements entered into with...
Managing Effective Disaster Recovery
MILLENNIUM SERIES If the terrorist attacks of September 11 have not already altered the way that businesses view security and disaster planning, the assessments and events in its aftermath are heightening personal and professional awareness of the effects...
MDP Update: Recession, MDPS, and the CPA
The tragic events of September 11 have pushed the country into a recession and simultaneously forced banks to further tighten their credit criteria for businesses. Many businesses that had been doing okay now find themselves facing falling revenues and...
New Coalition Promotes Ethnic Philanthropy in New York
With recent grants from the AXA Foundation and the WK. Kellogg Foundation, the Coalition for New Philanthropy has raised more than $1 million to finance its threeyear initiative to encourage and promote long-term, strategic philanthropy among African...
Planning Materiality in Audits of Nonprofit Organizations
THE INVERSE OF THE PETE RATIO REVEALS THE AMOUNT that the organization must receive to spend $1 on programs. The assessment of materiality in planning and completing an audit of a nonprofit organization is inherently difficult. The for-profit world's...
Qualified Retirement Plans and the 2001 Tax Act
EMPLOYEE BENEFIT PLANS The 2001 Tax Act (Economic Growth and Tax Relief Reconciliation Act of 2001) makes extensive changes to qualified retirement plans, most of which take effect in 2002. Plan sponsors need to review the new provisions, which include...
Research Studies Show Differing Views on Regulation FD
AIMR: Regulation FD Means Less Information for Everyone A year after its implementation, SEC Regulation Fair Disclosure (Regulation FD) has provided investment professionals and small investors with the same information, and it has also given many companies...
The N.Y. Industrial or Manufacturing Business Credit
The industrial or manufacturing business (IMB) credit, enacted in the 2000 New York State Budget Act, is a refundable credit equal to the sum (or pro-rata share of the sum) of the gross receipt taxes under sections 186-a, 186-c, and 189-a of the N.Y....
Wiley Not-for-Profit Accounting Field Guide, 2001
WILEY NOT-FOR-PROFIT ACCOUNTING FIELD GUIDE, 2001 By Marie DiTommaso and Richard F. Larkin Published by Wiley, $24.95, ISBN 0-471-38903-X, 264 pp., paperback This book, designed to fit easily into a briefcase or pocket, is a quick reference to the unique...
Withholding Basics for Foreign Parnters
FLOW-THROUGH ENTITIES Under IRC section 1446, U.S. partnerships with foreign partners must generally withhold income tax on the foreign partners' effectively connected taxable income. U.S. partnerships are partnerships organized in one of the fifty states...
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