Advertisement
The magazines

Changing Your Identity In Office

Q. My division was reorganized and relocated. We now have a new name and I’ve been moved to a different computer, which raises some problems. I recall that when I first loaded Microsoft Office, I was asked to enter my name and my organization’s name, which became a default of

gla_ex2

Exhibit 2  

A Different Opinion on Buybacks

Contrary to the FERF study findings reported in “Survey Says Stocks Show Large Gains in Buybacks” ( JofA, Oct.00, page 23), stock buybacks indicate poor management and an alarming indifference to the shareholders’ interests. It’s hard to believe that a stock buyback, which entails paying out millions or billions of

gla_ex5

Exhibit 5  

Research Summary 8: The Effects of Formal Sanctions on Auditor Independence

his study investigated practicing auditors’ perceptions of the likelihood of facing sanctions as a result of an aggressive auditor reporting decision. Participants were given an audit case in which an auditor succumbed to client pressure to issue an unqualified opinion on a set of financial statements, even after having had

New Capital Gains Rules

or as long as the income tax has been around, capital gains and losses have been subject to special rules and taxed differently than other income from capital. But the rules governing the rate of taxation and the time the assets need to be held to qualify for long-term treatment

When a Service Is Not a Service

IRC section 448(d)(2) imposed a flat tax rate of 35% on the taxable income of qualified personal service corporations, prohibiting them from using the graduated tax rates of 15% to 35% available to most corporations. A qualified personal service corporation is defined as one where substantially all activities involve the

Pencils Down, Computers Up—The New CPA Exam.

EXECUTIVE SUMMARY AFTER DECADES OF USING THE Uniform CPA Examination to test CPA candidates, the profession is seeking a totally new exam that is being designed by a committee representing many areas of the accounting profession. THE NEW EXAM WILL DIFFER IN ADMINISTRATION. Paper will go and in its place

Financial Reporting

Levitt ends his tenure at SEC ( www.sec.gov/news/press/2000-192.txt ). FASB tentatively decides against write-downs of preexisting goodwill ( www.rutgers.edu/Accounting/raw/fasb/news/nr122000.html ). SEC, standard setters recommend reporting financial instruments at fair value ( www.sec.gov/news/speeches/spch436.htm ; www.rutgers.edu/Accounting/raw/fasb/news/nr010501.html ) FASB’s derivatives group adds to guidance on Statement no. 133 ( www.rutgers.edu/Accounting/raw/fasb/ ). FASAC survey

gla_ex4

Exhibit 4  

Auditing

Chief accountant says SEC will enforce new independence rules ( www.sec.gov/news/speeches/spch445.htm ). SEC answers frequently asked questions on auditor independence ( www.sec.gov/offices/account/audinfaq.htm ). GAO: Many federal agencies are mismanaged, unprepared for audits ( www.gao.gov/pas/2001/d01241.pdf ).

gla_ex3

Exhibit 3  

Optional Mileage Rate Increased for 2001

According to the IRS, if you own or lease an automobile used in your trade, business or profession, the new optional standard mileage rate is 34.5 cents per business mile, up from 32.5 cents in 2000. The mileage allowance is in lieu of a separate deduction for lease payments, depreciation,

Smart Stops on the Web

Compare Quotes Online www.insuremarket.com This site offers quotes for personal insurance coverage that includes auto, home, disability, health and life. Quotes also are available for insuring your business and for group-term life and supplemental health insurance for employees. You can save researched quotes in your personal insurance portfolio on the

Follow Fraud to the Likely Perp

s CPAs it is important to understand both the methods and motivations at play when otherwise ethical executives participate in fraudulent financial statement schemes. According to a 1999 study by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), in three-quarters of fraud cases the chief executive officer is

gla_ex29

Exhibit 29 Tip: If your inventory database has fields that you don’t want displayed on the Web site (such as product costs), delete them as follows: Click on Edit List and Remove.  

boes_ex2

Exhibit 2: Hidden Tax—Case 1 The hidden tax is 9.3% of the base tax. *Base tax represents tax due if there were no hidden taxes.  

boes_ex5

Exhibit 5: Hidden Tax—Case 4 The hidden tax is 44,722% of the base tax. *Base tax represents tax due if there were no hidden taxes.  

SPONSORED REPORT

Tools for finding CAS clients

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 31, 2026

Considerations for intergenerational split-dollar arrangements

March 6, 2026

Navigating the Form 1099-DA reporting maze