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1. Guidance issued on markdown allowances and margin protection payments  

BY Paul Bonner
Final rules clarify retailers’ treatment of vendor discounts in inventory valuation. Final regulations restate and clarify retailers’ computation of ending inventory value, including the application of common vendor discounts. The amendments to Regs. Sec. 1.471-8 are intended to render that section’s provisions in plainer language and provide rules for how sales-based vendor allowances and vendor markdown allowances and margin protection payments are taken into account under the retail-inventory method.

2. Jeopardy and termination assessment cases  

BY William D. Hartsock, Esq.
In some circumstances, the IRS may resort to a series of procedures known as jeopardy or termination assessment and collection. If the IRS believes that the collection of an unassessed liability is in jeopardy, it may take steps to begin collection proceedings without following the normal assessment and collection procedures (see Internal Revenue Manual (IRM) §

3. Making manager: The key to accelerating a career in public accounting   CPEDirect

BY Chris Baysden
Jessica Kober, CPA, knows the challenges that young accountants are going through as they try to carve out a career in public accounting. “Public accounting is a very humbling field,” said Kober, 30, who works in the Long Beach, Calif., office of Windes Inc., a CPA firm with about 150 employees.Young accountants, even those who may have been star students in college, will have a lot to learn and must take plenty of constructive criticism to heart.

4. Motivation and preparation can pave the path to CFO   CPEDirect

BY Maria L. Murphy, CPA
Demand for talented and experienced CPAs is high. As CPAs consider their career paths, many aspire to become a CFO in industry. A limited number of these positions are available, and the competition is intense.How can candidates best prepare themselves for the CFO role? Here is what some successful CPAs who have attained the position have to say.SKILLS AND KNOWLEDGECPAs with designs on a CFO position need to distinguish themselves with skills that go far beyond the basic foundation of accounting competencies.

5. Second act: Consulting   CPEDirect

BY Ken Tysiac
After temporarily leaving the workforce to care for his terminally ill wife, Thomas Rhine, CPA, CGMA, went back to work—for himself.Rhine was in his mid-50s in 2005 when his wife, Barbara, became ill. He quit his job as CFO at Wilmington College (now Wilmington University) in Delaware to be her full-time caregiver.

6. Are social media posts protected? What all employers need to know about the NLRB and social media  

BY Laura Lapidus, Esq., and Sarah Beckett Ference, CPA
We’ve all read news at one time or another about labor issues or disputes between company management and union employees. Many employers with nonunionized workforces, such as CPA firms, don’t think these stories are relevant to them and pay little attention to decisions by the National Labor Relations Board (NLRB), the federal agency that enforces the National Labor Relations Act (NLRA).

7. Expanding your app-titude  

BY Greg LaFollette, CPA/CITP, CGMA
IF THIS, THEN THAT (IFTTT): CREATE “RECIPES” FOR SUCCESS IFTTT (rhymes with “gift”) is a free internet service that allows you to “connect” disparate platforms by triggering an action on one platform based on something that happens on another. It supports well over 100 “channels.” A channel is IFTTT’s term for a platform.

8. Student who overcame adversity earns Medal of Inspiration Award  

Lucien Butler, a graduate student at Utah State University, received the Medal of Inspiration Award from Beta Alpha Psi, an honor organization for financial information students and professionals.The award, sponsored by the AICPA, is bestowed upon a student who has experienced extreme hardships in his or her life and who has demonstrated an unusually high level of success despite that adversity.

9. Slicers vs. SUMIFs  

BY J. Carlton Collins, CPA
Q: Our accounting system produces a report containing a large table of inventory information, which I export to Excel, where I then want to look up values according to multiple columns of criteria. I use this data to plan my weekly orders. For example, from the following table, I might want to calculate how many large gray flannel shirts we have available to sell, or how many total T-shirts we have in stock from a specific vendor.

10. Pricing issues for midsize and large firm sales  

BY Joel Sinkin and Terrence Putney, CPA
It’s no simple task for accounting firm owners to figure out how much they should be paid when they are looking to sell. The job is especially complex for firms with at least five owners.The reasons for that are examined in this article, the second in a three-part series on calculating the price that should be paid for owners’ equity in accounting firms.
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