TAX MATTERS Source: IRS, www.irs.gov .
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Financial Reporting
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. FINANCIAL REPORTING Following the World Trade Center’s destruction, airlines, hotels, insurers and other financial services companies wrestle with financial
Duplicate Data In Worksheets
» Key to Instructions To help readers follow the instructions in this article, we used two different typefaces: Boldface type is used to identify the names of icons, agendas and URLs. Sans serif type shows the names of files and the names of commands and instructions that users should type into
Worry About Health Costs
TAX MATTERS Source: Survey of 250 benefit specialists nationwide, the International Society of Certified Employee Benefit Specialists, Brookfield, Wisconsin, www.iscebs.org , 2001.
Filing—Like the Beat—Goes On … and On.
MONTHLY CHECKLIST SERIES Even in the digital age, paper documents support many important tasks. Files are reference materials and records, and the reason for filing is to allow access to information. Here are a few pointers on managing the paper that you have to keep handy. Always alphabetize. No matter
Report Fraud On The Internet
Q. One of my clients has fallen victim to fraud on the Internet. He notified the local district attorney, but is there something else I can advise him to do? A. Yes, there is a new federal agency dealing specifically with cyber crime. It’s the Internet Fraud Complaint Center (IFCC),
Smart Stops on the Web
BANKING SITES The New Banking Hours—24/7 www.usaccessbank.com This e-bank offers its customers the same services they would find at any traditional institution—certificates of deposit, interest checking, overdraft protection and savings accounts—as well as bill payment and brokerage services. Customers also have access to other online resources such as the Free
Demystify An Error Message
Q. Every time I get an esoteric error message in Excel, I puzzle over its meaning—let alone what, if anything, I can do about it. I realize that often Windows will correct itself when I reboot the computer, but I would like to know what went wrong. Can you help?
Legal
LEGAL Despite the destruction of the SEC’s northeast regional office at 7 World Trade Center in the September 11 attacks, Chairman Harvey L. Pitt promises thorough processing of all that office’s investigations. ( www.sec.gov/news/testimony/092001tshlp.htm )
Bentley Professors Nab Award for Top Course
Professors Dorothy Feldman, Robert Koulish, Karen Osterheld and Jay Thibodeau of Bentley College in Waltham, Massachusetts, working in conjunction with KPMG, won the AICPA and American Accounting Association’s Collaboration Award for their new course, The Role of Community Service in a For-Profit Organization. The citation recognizes significant collaborative efforts between
FYI
FYI The Treasury Department and IRS provide administrative tax relief for individual and business taxpayers who were prevented from meeting their federal tax obligations as a result of the September 11 terrorist attacks. The relief applies to all affected taxpayers, regardless of where they reside. ( http://ftp.fedworld.gov/pub/irs-news/ir-01-81.pdf ) The Social
sol_ex1
Exhibit 1: Computing an NOL
Deducting Fringe Benefits
Deducting Fringe Benefits Many companies provide their employees with fringe benefits. Congress has imposed income inclusion requirements on employees and deduction limits on employers. Recently, in a case of first impression, the Eighth Circuit Court of Appeals decided whether the income and deduction must be equal. Sutherland Lumber–Southwest Inc. allowed
International
INTERNATIONAL The International Accounting Standards Board (IASB) seeks additional comments on its July 2000 discussion paper, Accounting for Share-Based Payment, which advocated fair-value reporting of stock and options paid to employees. Because it would reduce their reported profits, companies around the world strongly oppose the IASB’s proposal. Comments are due
zaro_ex3
Exhibit 3: How Respondents Handled Electronic Filing Vendor Tax program Percentage of respondents offering electronic filing Eligible returns transmitted electronically Percentage of respondents charging separate fee for the service Percentage of respondents who will offer electronic filing for 2001 Percentage of those who plan to charge a separate fee next
Debt Discharge Allocation Lacks Substantial Economic Effect
Under IRC section 761(c), partners are allowed to amend their agreements as long as such changes are made by the time the partnership information return is due (not including extensions). Furthermore, under section 704(b), allocations of items such as income, gain, loss, deduction or credit provided for in a partnership
Technology Cuts Back Business Execs’ Travel.
TAX MATTERS Source: Survey of 150 executives at the 1,000 largest companies. Accountemps, Menlo Park, California, www.accountemps.com .
zaro_ex2
Exhibit 2: How Users Rate Their Tax Software Satisfaction 1=very dissatisfied and 5=very satisfied Plan to use product next year Vendor Tax program Number of surveys received Average number of 1040 returns filed Program Network Support Average rating of program last year Yes No
Tax Issues for Nonresident Aliens
any foreign nationals working in the United States may have a problem: They inadvertently could become resident aliens. This change in status can have serious tax ramifications—a resident alien might be taxed on his or her worldwide income and be subject to U.S. estate and gift taxes. In addition, becoming
Securities
SECURITIES The SEC issues staff legal bulletin no. 14, Shareholder Proposals, to address issues pertaining to the 1934 Securities Exchange Act’s rule 14a-8, which governs inclusion of such documents in stock issuers’ proxy materials. The bulletin explains how the SEC applies the rule and reviews companies’ requests for “no-action” letters
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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
