The National Public Accountant

The monthly journal of the National Society of Public Accountants. Articles cover industry trends, regulations, legislation, and current issues affecting the practice of public accountancy.

Articles from Vol. 46, No. 1, February

106th Congress Adjourns after Negotiating Three Major Tax Acts with President Clinton
The 106th Congress adjourned on December 17, 2000, and passed two tax bills containing over 60 provisions in its last hours. The legislation did not contain any significant tax cuts. The most noteworthy effort in that regard--H.R. 26 14--sponsored...
412 (I) Plans Can Get Large Tax Deductions for Your Clients
Do you have clients who need the maximum allowable tax deduction? Do you know any high-salaried entrepreneurs who are concerned about their retirement? Do any of your clients have over-funded Defined Benefit (DB) plans? If you answered yes to any of...
Acounting for Transfers to Non-Profits That Raise or Hold Contributions for Others: An Overview of SFAS No. 136
Introduction Donors often make contributions to non-profit organizations that, as their primary mission, raise or hold contributions for others (e.g., federated fundraising organizations, community foundations, and institutionally related foundations)....
Amortization of Organization Expenses Misconceptions and Common Errors
Corporations are artificial beings created by acts of incorporators who come together to form the corporate entity. The incorporation process typically results in the incurrence of costs, commonly called organizational expenditures, which are incidental...
Corporate Strategies to Structure Stock Redemptions in Closely Held Corporations
How does a closely-held business provide capital for future growth and additional shareholders when the older shareholders retire or no longer remain active in the business? Attracting future shareholders poses a problem. As a practical matter, shares...
Current Planning Is Required for the Elective Deemed Sale and Repurchase of Assets as of the Beginning of 2001
Investors and unincorporated business owners have an opportunity to elect to treat any capital assets or [section] 1231 assets as if they were sold and repurchased at their fair market value at the beginning of 2001. The intent of this provision is...
Easy Ways to Get Organized and Increase Your Daily Productivity
Ask any accountant to name the most challenging task of the day and they're sure to tell you that staying continually organized and productive ranks as number one. And it's no surprise. Since accounting is extremely paper intensive, with much of the...
Fraud Detection in Audits of Not-for-Profit Organizations
Statement on Auditing Standards [SAS] No. 82 entitled Consideration of Fraud in a Financial Statement Audit was issued by the Auditing Standards Board [ASB] to provide guidance for auditors in determining their professional responsibilities related...
Gain a New Clients & Reduce Income Taxes with a VEBA
Tax professionals may not be aware, but their clients can probably take advantage of a VEBA to obtain tax deductions well in excess of, and in addition to, those provided by their retirement plan. VEBAs, while not well known, have been in existence...
Interpersonal SKills: The New Essential in Accounting
Today's employers want more than just good accountants. They seek accountants who exhibit the desire and ability to interact with others in their department, as well as with individuals from different areas in the firm. As a result, strong interpersonal...
Nsacct.org-Your One Stop Source This Tax Season
As I began writing this column, I was experiencing a bit of writer's block trying to compose my introductory paragraph. Then I received an e-mail alert. The subject line read, "Your Award Results." Last week, NSA submitted the web site for an award,...
Pension Plan Limitations
Q. What are the pension plan limitations for 2001? A. IRS issued IR-2000-82 with the cost-of-living increases, as man-dated by Section 415 of the IRC. Effective January 1, 2001, the limitation on the annual benefit under a defined benefit plan...
Re: Recordkeeping -- Common Requirements for Personal Taxes
We previously explained the importance of keeping records in order to properly prepare your tax return and substantiate claimed items in the event of an audit. (Despite a popular misconception that the IRS Reform Act of 1998 shifted "the burden of...
SFAS 109 Accounting for Income Taxes: An Overview with Examples
The standardization of accounting for income taxes has been a subject of concern for many years. Statement of Financial Accounting Standards (SPAS) No. 109 issued by the Financial Accounting Standards Board (FASB) is the new pronouncement to help simplify...