The article “The Death of LIFO?” (Jan. 09, page 44) incorrectly described inventory valuation under U.S. GAAP. The article should have stated that GAAP values inventories at the lower of cost or current replacement cost, which is subject to a ceiling of net realizable value and a floor of net realizable value minus a normal profit margin.

 The article “States Bite Into Broken Gift Cards” (Dec 08, page 76) included within Exhibit 3, “States That Generally Exempt Gift Cards from Escheat Laws,” an incomplete description for Pennsylvania’s requirements. The note for Pennsylvania should have said “if no fees or expiration, after Dec. 31, 2000, and not for general usage.” A copy of Pennsylvania’s unclaimed property legislation, including the exemption for qualified gift cards, may be found at


Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.