WHAT YOU SHOULD KNOW ABOUT DEFRAGGING YOUR HARD DRIVEQ. I know I’m suppose to defrag my hard drive every now and then so it runs more efficiently. But every time I start a defrag, the function runs for a few minutes, stops and then starts all over again. I also
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Accounting
For news from the AICPA and state societies, visit www.cpa2biz.com , which also offers online CPE, AICPA professional literature, practice management aids and links to state society Web sites. FASB issues Statement no. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, which replaces no. 121—an earlier pronouncement
How to Organize Your Insurance Practice
s a growing number of CPA firms build insurance practices, one key to a thriving venture is clear: The most successful firms focus their resources on just a few insurance strategies that will help clients accomplish tar-geted goals. They know the details of every insurance transaction, their client-base can meet
Related Corporate Redemptions
Related Corporate Redemptions Congress enacted IRC section 304 to prevent companies from trying to improperly withdraw earnings and profits from a company through the use of brother/sister corporations. Without proper attention to what section 304 forbids, unsuspecting taxpayers may be trapped in its web. Gary Combrink formed Cost Oil Operating
Securities
To help airlines and insurers quickly raise essential capital in the wake of the September 11 terrorist attacks, the SEC simplifies its securities registration process and sets up special telephone (202-942-2816) and e-mail ( cfhotline@sec.gov ) response systems to answer registrants’ financing and disclosure questions. ( www.sec.gov/news/press/2001-107.txt ) The SEC
The Streamlined Sales Tax Project
iterally thousands of state and local jurisdictions have the right to impose sales and use taxes, and each can determine the tax rate that applies within its borders and the transactions that are subject to tax. Especially for out-of-state vendors, this has meant a quagmire of different rules, varying rates,
CPA2Biz Enhancement Update
The following are recent additions to the array of products and services available at www.CPA2Biz.com : The Tax Resource Center at CPA2Biz provides tax information and resources for CPAs, the latest information on tax legislation, online and downloadable CPE courses, various third-party tax products, tax discussion forums and a special
Convert Decimals To Fractions
CONVERT DECIMALS TO FRACTIONSQ. Thanks for your advice in the September 2001 issue on converting fractions in Excel into decimal values. But how about those of us who need to do the reverse—that is, convert decimal values into fractions? Can Excel do that? A. Sure can, and here’s how it’s
Privacy
Federal Trade Commission Chairman Timothy J. Muris pledges to substantially boost resources for protecting consumer privacy in all commercial venues, including the Internet. The FTC’s enforcement plan calls for a national “do-not-call” list of telemarketing prospects, improved handling of consumers’ privacy-related complaints, enforcement of current limitations on telemarketers’ sales practices
Myths That Stymie Efficient Billing
A seldom taught and underrated skill, effective billing is a vital cog in the cash-flow machinery of firm success. Partners’ billing styles may vary widely, but resolving outdated notions and standardizing your firm’s approach can yield advantages. These include reducing professional liability exposure, achieving consistent and equitable prices, maintaining adequate
Getting the Most From a Gallon
Source: IRS, www.irs.gov .
Technology
A new survey by Financial Executives International and the Computer Sciences Corporation says that, as a result of the economic slowdown, companies are reevaluating and scaling back their e-commerce technology projects, outsourcing more information technology services and spending less on discretionary IT projects. ( www.fei.org/download/2001-FEI-CSC-Survey.pdf )
Strategic Planners Lead the Pack
EXECUTIVE SUMMARY THERE’S NO COOKIE-CUTTER STRATEGIC PLAN that works for all firms, but all strategic plans encompass clear initiatives that enable a practice to analyze the effectiveness of alternative actions and logically link tasks and relationships designed to move an organization in a particular, or perhaps new, direction. FIRST, CLARIFY
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Exhibit 1:The Euro Trends Downward
A Road Map to Risk Management
EXECUTIVE SUMMARY SUCCESSFUL BUSINESSES TAKE CALCULATED RISKS to achieve objectives. Companies must measure these risks, try to minimize them and—if possible—use them to their advantage. The CPA—as internal or external adviser—is the professional best suited to help them manage risk. CURRENT BEST PRACTICES follow these steps in the risk management
Seniors Need Long-Term Care Advice
A survey of 500 people age 65 and older found serious deficiencies in their understanding of how Medicare covers nursing home care. Sixty-three percent of respondents didn’t know basic facts about Medicare nursing facility benefits. *For people entitled to Medicare, a benefit period starts the day they enter a
Stop A CD From Automatically Starting
STOP A CD FROM AUTOMATICALLY STARTING Q. I have a couple of CDs that start automatically when I slip them into the computer, and I like that. But I also have one that automatically begins an install process, and I don’t like that; it’s a real nuisance. How can I
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Exhibit 1: Asset Retirement Obligation Measurement
Fees for Future Services
Fees for Future Services Generally, accrual basis taxpayers include payments they receive for future services in gross income in the year of receipt. Revenue procedure 71-21, however, allows deferral of amounts a company receives in a tax year for services it will perform by the end of the following tax
Government Accounting
The U.S. Department of Health and Human Services (HHS) plans to consolidate the 53 different accounting systems it uses to track the nearly one billion Medicare claims it pays each year. HHS says that by 2010 the project will have reduced costs by approximately $1.2 billion. ( www.hhs.gov/news/press/2001pres/20010927.html )
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