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. 36, No. 6, June

Avoiding the 100% Penalty
Avoiding the 100% Penalty For the businessman and his accountant, banker and attorney, the 100% penalty under Section 6672 of the Internal Revenue Code(1) can be a terrifying prospect if a business goes sour. Under Section 6672, a "responsible person"...
Looking Good: IRS Takes Steps to Improve Service
LOOKING GOOD IRS Takes Steps to Improve Service Significant improvements have been made in the way the IRS service centers are doing business. These improvements will result in less hassle for tax practitioners as well as provide relief from...
NSPA Testimony on Tax Aspects of the Budget
CAPITOL CORRIDORS NSPA Testimony on Tax Aspects of the Budget I appear before you today on behalf of the Federal Taxation Committee of the National Society of Public Accountants. NSPA represents some 23,000 independent accountants who provide accounting,...
Postretirement Benefits Other Than Pensions
DEBITS & CREDITS Postretirement Benefits Other Than Pensions The new standard on postemployment benefits other than pensions has finally arrived. The final version includes numerous differences from the exposure draft, some of which are major....
Recruitment Strategies for Small Firms
Recruitment Strategies for Small Firms Recruiting and retaining the best and brightest college graduates for careers in the accounting profession will continue to be a challenge well into the 1990s. Changes in demographics, the needs of the profession...
Ten Tips for Effective Networking
Ten Tips for Effective Networking All things being equal, people will definitely do business with, and refer business to, individuals they know, like and trust. Networking is simply the ability to develop and cultivate a large and diverse group of...
The 3 Faces of Liability
The 3 Faces of Liability A California toy manufacturing company was formed in the mid-1980s to create sophisticated toys. The company was initially immensely sucessful marketing "Teddy Ruxpin" talking bears and "Laser Tag" toy guns. The success was...
The FTC's Restraints on the Ethical Practices of Accountants
The FTC's Restraints on the Ethical Practices of Accountants It has been 10 months since the Federal Trade Commission (FTC) finalized the order in its complaint against the American Institute of Certified Public Accountants (AICPA) regarding restraints...
The Split Purchase Option for Small Businesses
The SPLIT Purchase Option for Small Businesses For more than 60 years, a taxpayer has been able to claim straight-line amortization deductions for the purchase price of a term interest or life estate. It is well-established that the underlying property...
Time Value of Money
Time Value of Money Last month we discussed the analysis of capital investments using methods which compared the rate of return or the payback period for various assets. Neither of these methods considers the time value of money or the concept of...