Fraud
Just by asking employees questions, auditors can learn a lot about a company’s dubious practices that otherwise might go unnoticed.
General Interest
Tax
The IRS has proposed much-needed changes to the IPIC method of accounting for inventory on a Lifo basis. Companies will now find it easier to predict the yearend Lifo adjustment, eliminating unwelcome volatility for high-margin businesses.
Technology Workshop
If you often repeat tasks such as opening the same spreadsheets or typing the same headers on new workbooks and documents, then you should think about creating shortcuts to do those jobs with a few mouse clicks. This article will show you how to do your work more efficiently.
Insurance Issues
Proposed IRS guidance will significantly change how clients can use split-dollar arrangements.
Charitable and Estate Planning
Taxpayers with charitable inclinations have a wide array of options available to them, but not all are right for everyone. The choice depends on a variety of factors, including the type of property to be donated, anticipated tax benefits, desired degree of involvement and the kind of organizations the taxpayer wants to assist. CPAs can help clients sort through the options.
Tax
Assurance / Auditing
Clients are asking CPAs to provide assurance on many kinds of information, much of it nonfinancial. To clarify and update the guidance for these engagements, the Auditing Standards Board has issued SSAE no. 10. This guidance also will help CPAs distinguish between attest and consulting engagements.
General Interest / Legal Issues / Worth Repeating
Judges are in the difficult position of deciding if unconventional expert testimony is cutting edge or crazy. How do they evaluate CPAs as experts?
Estate Planning
An estate plan leaving significant assets for a pet’s care—or making some other unusual bequest—may create a litigation target for family members. If the loved one your client wants to provide for is outside the norm, or has fur or feathers, there are solutions.