EXECUTIVE SUMMARY THE IRS RELEASED REVENUE PROCEDURE 2000-22 and revenue procedure 2001-10 to give small businesses some much needed guidance on choosing or changing their accounting method for tax purposes. REVENUE PROCEDURE 2000-22 ALLOWS ANY COMPANY —sole proprietorship, partnership, S or C corporation—that meets the sales test to use the
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The magazines
Accountants Should Not Discriminate
The author of “A Nice Niche—If You Minimize Liability Risk” ( JofA, Feb.01, page 49) warns practitioners to accept only the most ethical and upright potential clients. Similar advice is commonly given to auditors. The result is that the most experienced, resourceful accountants service the most solid, trusted clients. In
Financial Reporting
FASB report recommends measures to lessen redundancies in GAAP, SEC disclosure requirements ( accounting.rutgers.edu/raw/fasb/news/nr030601.html ; accounting.rutgers.edu/raw/fasb/brrp/brrp3.html ). FASB offers guidance on accounting for transfers, servicing of financial assets ( accounting.rutgers.edu/raw/fasb/news/nr021501.html ). Corporate annual reports, disclosures to receive more SEC scrutiny ( www.sec.gov/news/speech/spch464.htm ). SEC to propose rule on electronic reporting
Timing Is of the Essence
hen companies get desperate to show earnings or reduce losses, sometimes they resort to fraudulent timing differences to show phony profits. By recognizing these often simple schemes CPAs can usually detect material financial statement frauds early, before they become catastrophic. There are five basic methods companies use to create bogus
Build a Bridge to the Internal Audit Department
EXECUTIVE SUMMARY THE RENEWED FOCUS ON AUDIT COMMITTEE OVERSIGHT of the financial reporting function can assist outside auditors in preventing financial statement irregularities. Auditors now have an opportunity to develop a relationship with the audit committee that may promote frank communication in a way that their usual relationship with management
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Exhibit 3: Meeting Length
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Exhibit 4: Proposals Reviewed
Smart Stops on the Web
For the Benefits Specialist www.iscebs.org The International Society of Certified Employee Benefit Specialists conducts annual surveys of its membership on various employee benefits and compiles and publishes the results on this site. Topics range from employer-sponsored prescription drug programs to retirement issues. Pension Plans Discussed Here www.dol.gov/dol/pwba The Department of
Limited Partnership and LLC Can Be Shareholders of S Corp
A corporation electing under IRC section 1362 to be taxed as an S corporation is subject to various ownership restrictions, including the requirement that shareholders must be individuals (section 1361(b)(1)(B)). Although very limited exceptions to this rule exist for entities such as estates and trusts, they do not address whether
Legal
BDO Seidman not liable under state law for its bankrupt audit client’s fraud, says New York Court of Appeals ( www.courts.state.ny.us/ctapps/decisions/11opn.pdf ).
Make Your Own Custom Commands
Key to Instructions To help readers follow the instructions in this article, we use two different typefaces. Boldface type is used to identify the names of icons, agendas and URLs. Sans serif type indicates commands and instructions that users should type into the computer and the names of files. Q.
FYI
SEC upgrades its Web site to include segment designed specifically for accountants ( www.sec.gov/news/press/2001-22.txt ). California state controller offers amnesty from interest due for unclaimed property ( www.sco.ca.gov/col/ucp/amnesty/index.htm ). Institute of Internal Auditors revises red book of standards, practice advisories ( www.theiia.org/ecm/guide-stand.cfm?doc_id=119 ). IFAC publishes acclaimed management accounting articles. Journal
Sale and Leaseback of Real Property
he IRS carefully scrutinizes transactions between closely held corporations and their controlling shareholders to make sure such transactions benefit the corporations, not simply the shareholders. One strategy that could provide tax and financial advantages to both a corporation and its controlling shareholder is a sale and leaseback of real property
International
IFAC issues public sector exposure draft on events that occur after the reporting date. Comments are due by May 31 ( www.ifac.org/Guidance/EXD-Download.tmpl?PubID=98044113798449 ). IFAC exposure draft addresses segment reporting for public entities. Comments are due by May 31 ( www.ifac.org/Guidance/EXD-Download.tmpl?PubID=980441403101013 ). Public sector disclosure of financial instruments is the subject
Adding The Cents Symbol
Q. Why is there no cents () symbol on the computer keyboard? I have to use it often, and it’s a pain having to go to Insert, Symbol , and then searching for the icon. A. It was a senseless omission, but I do know some easy and fast ways
How to Evaluate an Insurance Policy
With interest rates and other pricing factors fluctuating, the number of life insurance policies that don’t perform as originally projected is increasing. Since clients often look to CPAs for advice on how to make sure their policies continue to protect them, practitioners need to know what steps to take in
Counseling Older Clients
EXECUTIVE SUMMARY AS AN INCREASING PERCENTAGE OF AMERICANS reaches age 65, counseling older clients will become a more important part of a CPA’s practice. WORKERS AGE 65 OR OLDER CAN RECEIVE FULL Social Security benefits regardless of earnings; those under age 65 will lose benefits if they earn too much.
CPA Internet Portal Gears Up for Launch
W ith financial and technological backing from strategic partners, the AICPA and the state societies are about to enter the information highway’s express lane through a Web site that will bring CPAs and their clients closer to each other and the world of e-commerce. The site, cpa2biz.com, is the product
Rotate The Data In Excel
Q. Every now and then, after working on a spreadsheet for some time, I realize it would work better if I transposed the rows and columns—just rotating the data by 90 degrees. It’s a lot of trouble transposing the information, so usually I just plod along. But since Excel can
Earned Income Still No. 1
Source: IRS, www.irs.gov .
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How to find the right CAS clients
The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
From The Tax Adviser
March 31, 2026
Current developments in taxation of individuals: Part 1
March 31, 2026
Current Developments in Taxation of Individuals: Part 1
March 6, 2026
