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October 2012
Ethics IQ quiz
ETHICS

CPAs are required to maintain the highest standards of ethical behavior, as laid out in the AICPA Code of Professional Conduct. It’s not an easy task, in part because the code is ever-changing. How well do you know the ethical expectations of your profession? Take this quiz and find out.

Plan now for inside buyouts
MANAGEMENT ACCOUNTING / TAX
For business owners considering a sale, inside buyouts present several timetested options. The potential tax cliff means that the time to act on these succession plans is now.
PERSONAL FINANCIAL PLANNING
An SEC regulation requires registered investment advisers to provide clients with detailed, narrative written disclosures. CPAs who make referrals or retain advisers should review these disclosures. This article outlines the requirements and includes five due-diligence questions to answer and “next steps” to take.
MANAGEMENT ACCOUNTING

Executives, spooked by devastating “black swan events” during the financial crisis, are increasingly examining what-if scenarios to stress-test risks in a potential strategy or to refine contingency planning.

PROFESSIONAL ISSUES / EDUCATION
An unprecedented initiative to address a significant and growing shortage of doctoral graduates in tax and auditing has resulted in 114 scholars studying at universities this fall, with the first class of Ph.D.s poised for graduation this spring. Read about the mission, goals, and faculty demographics behind the $17 million Accounting Doctoral Scholars Program effort.
PROFESSIONAL ISSUES / EDUCATION

Practitioners contemplating teaching must weigh the differences in becoming professionally qualified versus academically qualified.

TAX
Responding to the difficult economy, the IRS has liberalized the requirements to qualify for installment agreements and offers in compromise. This article explains the new rules and how they can help taxpayers who cannot pay their taxes in full.
TAX / EMPLOYEE BENEFITS
Companies can establish “carve-out” retirement plans to compensate executives whose benefits may otherwise be limited by IRS requirements that employee benefits be nondiscriminatory.
PROFESSIONAL ISSUES / EDUCATION
A major initiative focused on strengthening the future of accounting education has resulted in seven broad recommendations, each with specific action items and objectives. See what the Pathways Commission recommended and how its leaders hope to effect change.

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