When is a leap year not a leap year? Smart stops on ...




The Other Year 2000 Problem

Every CPA should be aware by now of the possible problems as computer systems head to January 1, 2000 (commonly referred to as the Year 2000 issue). However, there is another adjustment that has to be made—one that was last addressed in 1600. An exception to the quadrennial leap year rule occurs in century years to adjust for small changes. Therefore, 1700, 1800 and 1900 were not leap years. However, century years divisible by 400, such as the Year 2000, are exceptions to the exception: These are leap years.

This calendar adjustment could affect any programs that calculate interest over the course of a year, for example. Accountants may want to make sure any calendar programs recognize February 29, 2000, as a valid date.



SPONSORED REPORT

How to make the most of a negotiation

Negotiators are made, not born. In this sponsored report, we cover strategies and tactics to help you head into 2017 ready to take on business deals, salary discussions and more.

VIDEO

Will the Affordable Care Act be repealed?

The results of the 2016 presidential election are likely to have a big impact on federal tax policy in the coming years. Eddie Adkins, CPA, a partner in the Washington National Tax Office at Grant Thornton, discusses what parts of the ACA might survive the repeal of most of the law.

COLUMN

Deflecting clients’ requests for defense and indemnity

Client requests for defense and indemnity by the CPA firm are on the rise. Requests for such clauses are unnecessary and unfair, and, in some cases, are unenforceable.