Employee Benefits
CPAs evaluating health care plans for clients, fellow employees and themselves should investigate the plans financial health. No matter how attractive a plan sounds on paper, if it isnt financially viable it will cause headaches. Here are some tips on what CPAs should look for.
Tax
New rules make it possible for more taxpayers to deduct home office expenses. The Taxpayer Relief Act of 1997 expanded the definition of what constitutes a principal place of business, describing additional criteria that will let taxpayers deduct home office expenses if the office is the only place they perform substantial business activities.
Financial Reporting
An entity that enters into an insurance or reinsurance contract must determine whether deposit accounting treatment is warranted. Once thats been established, the entity should follow SOP 98-7 for guidance on how to account for the transaction.
Management Accounting
It's easy for corporate decision makers to get bogged down in details when presented with financial information, but the real danger is losing sight of the big picture. The solution: Pare financial reports down to the essentials by summarizing key information and focusing on variances.
Technology Workshop
A feature of Excel 97 called Web Query enables you to import from the Internet dynamic, real-time data such as stock quotes, currency exchange rates, money market rates, and even sports scores, into a spreadsheet for analysis. The Web Query function is set up in such a way that each time you open the spreadsheet, it automatically taps into the Internet and downloads the pertinent data.
In My Opinion
Over the years, accounting standards have gotten more complex as auditors, corporations and regulators have asked for more guidance. The former chairman of FASB explains that the challenge to todays standard setters, and the key to combating this creeping complexity, is to provide enough specifics to assure reasonably comparable application without going overboard on detail.
Personal Marketing
You don't need to fear public speaking. The right blend of preparation and practice will impart confidence and let you have a real influence on your audience.