It’s a Wrap

BY CHERYL ROSEN

SIGN OF THE TIMES

f business at his Tampa tax practice ever slows down, CPA Rick Corbett always has another career option available. He can be a professional “wrapper.”

Corbett was one of eight finalists invited by Scotch brand tape to vie for the title of “Most Gifted Wrapper” in a national competition that pitted four amateurs against four department-store professionals. The 50-year-old Corbett—whose white beard makes him look a little like a young Santa Claus—says his CPA penchant for perfection has made him the family gift wrapper since he was a kid. “Like most accountants,” he says, “I like to have everything just so.” When it comes to gift wrapping, though, he forgoes his usual focus on standards and custom-designs each package. There’s just one rule: Ribbon only; never pre-packaged bows.

Corbett’s wife and her five best friends entered his name in the contest, using verse reminiscent of “’Twas The Night Before Christmas.” (“He put down his pencils and IRS codes/And turned his attention to ribbons and bows…”) The Scotch folks judged the contestants on how well they wrapped a television, a saxophone and a Vespa scooter; the winner—unfortunately not Corbett—got the three prizes and bragging rights.

—Cheryl Rosen

SPONSORED REPORT

Revenue recognition: A complex effort

Implementing the new standard requires careful judgment. Learn how to make significant accounting judgments and document them and collaborate with peers for consistent application.

VIDEO

How to Excel pivot a general ledger

The general ledger is a vast historical data archive of your company's financial activities, including revenue, expenses, adjustments, and account balances. J. Carlton Collins, CPA, shows how to prepare data for, and mine data with, PivotTables.

QUIZ

News quiz: Taking an economic snapshot and looking to the future

Recent news included IRS actions that affect individuals and partnerships and a possibly influential move by a Big Four accounting firm.Take this short quiz to see how much you know about the news.