July 2008

PERSONAL FINANCIAL PLANNING

Wealth Harvesting: More Than Just Retirement or Succession Planning

Guiding small business owners through the steps of developing a business exit plan can be complicated. If you help your clients solve the larger, more personal issues first, the technical aspects of tax and retirement planning fall into place.

TAX / PERSONAL FINANCIAL PLANNING

Watch Out for Private Annuities

An exhange of property for a private annuity was once a favored strategy for removing property from an estate while deferring the annuitant’s income tax liability. But this treatment is no longer available for income tax purposes under proposed regulations that have the effect of treating private and commercial annuities alike. CPAs need to examine alternative treatments, especially in a situation where private annuities have been commonly employed: to pass wealth from one generation to the next.

TECHNOLOGY WORKSHOP

Test Your Information Security IQ

Staying current on best practices in information security can be a daunting task, but falling behind can create greater exposure to risk. Take this 10-question quiz on information security to evaluate your command of the basics.

TAX / WEALTH MANAGEMENT

Capital With a Conscience

Making grants and investments that help good causes—that’s what private foundations do. But foundations must distinguish between socially responsible investing—sometimes called mission-related investments—on the one hand, and program-related investments on the other. What’s the difference? Plenty, if foundations and their managers want to avoid penalties and steward assets efficiently

BUSINESS & INDUSTRY

Unleash the Power of Lean Accounting

Many companies have pursued lean manufacturing as a key strategy for profit growth. But most have kept in place traditional measurement and management tools, preventing them from fully realizing the broad benefits of lean. The finance team at Watlow Electric Manufacturing Co. discovered how to unleash the full power of lean through the implementation of lean accounting

CORNER OFFICE CONVERSATIONS

Successor Readies to Take the Lead

Krista McMasters, the incoming CEO of Clifton Gunderson, discusses human resource challenges facing the profession, efforts to get more women into leadership roles and her vision for the firm where she began her career 30 years ago.

INTERNATIONAL / FINANCIAL REPORTING

Currency Translation Adjustments

Corporate earnings and continued volatility in currency exchange rates have increased the impact of currency translation in financial statements. This article reviews currency translation accounting and provides tips for using Excel to analyze currency translation effects in financial statements.