February 2002 - Journal of Accountancy

EXECUTIVE SUMMARY A CPA FIRM WITH A CLIENT filing for bankruptcy has a responsibility to serve the client as well as an opportunity to compete for some of the work on the case—and through it develop a specialty. The need for bankruptcy services is expected to grow for a while.

oes the IRS have the authority to assess restaurateurs for employer FICA taxes related to workers’ unreported tip income? In a recent ruling the Ninth Circuit Court of Appeals called this authority into question, parting ways with earlier decisions in the Seventh, Eleventh and Federal circuit courts. In the 2001

our boss asks you to make an important financial presentation to a group of potential shareholders who are not particularly adept at reading spreadsheets crammed with numbers. Although the financial information is collected and calculated in Excel, he wants the presentation to be viewer friendly and have more pizzazz than

n the aftermath of the September 11 tragedy, we’ve all reflected on the important things in life. My thoughts were on family, on friends and on my career—on the choice I made some 30 years ago to enter this great profession. Perhaps, as you reflected, you questioned the significance of

elson, a computer programmer for a financial institution in New Orleans, sat across the desk from his boss. Nelson flinched when the boss told him the news that he, an 11-year company veteran, was in trouble with the home office in Dallas because of irresponsible behavior. More than a year

EXECUTIVE SUMMARY GRAPHS IN CORPORATE ANNUAL REPORTS may have an altered vertical scale and often report a more favorable picture than warranted by the underlying financial information. Auditors can perform a real service for their clients by pointing out the existence of graphical alterations in financial statements and helping companies

EXECUTIVE SUMMARY FOR MANY COUPLES, THE MONEY THEY HAVE in employee benefit plans represents the most valuable asset accumulated during their marriage. Dividing these funds in the event of a divorce is a complex process fraught with serious tax implications CPAs need to be aware of to counsel divorcing clients.

EXECUTIVE SUMMARY A FOCUS GROUP CONSISTS OF clients and local business leaders can help a firm gather insights to manage practice development in a changing marketplace. It’s important to set clear objectives, select participants who represent the market and choose a neutral facilitator. FOCUS GROUPS REVEAL QUALITATIVE information—attitudes, opinions, feelings