October 2003 - Journal of Accountancy

his year practitioners generally were less happy with their tax-preparation-software products and services than last year. That’s the conclusion of an informal survey that the National Association of Tax Professionals (NATP) took this summer of its members. More than 1,000 NATP members participated in the survey, reporting their experience with

ecoming a fraud examiner—a.k.a. a financial detective—is not for everyone. Detectives—either in law enforcement or in the private sector—typically have distinct personality traits (see “ America’s Original Private Eye ”): They’re as good with people as they are with numbers and they are inclined to be aggressive rather than shy

EXECUTIVE SUMMARY CONGRESS PASSED THE JOBS AND GROWTH TAX RELIEF Reconciliation Act of 2003 to boost consumer spending and increase business capital expenditures. The act accelerates previously passed rate reductions, lowers long-term capital gains tax rates, reduces the tax on qualified dividends and provides increased IRC section 179 and bonus

EXECUTIVE SUMMARY CPAs’ SPECIALIZED SKILLS put them in a unique position to help divorcing individuals and their attorneys organize financial issues related to property settlements and support awards. Some practitioners are developing a domestic-relations-consulting niche. CPAs ANALYZE FINANCIAL DATA according to a range of statutes, regulations, rulings and case law.

EXECUTIVE SUMMARY IN CERTAIN INSTANCES CPAs SHOULD CONSIDER preparing and reporting on financial statements using an “other comprehensive basis of accounting” (OCBOA). Tax-basis and cash-basis, including modified-cash-basis, financial statements are the most widely used OCBOA statements. A MAJOR ADVANTAGE OF OCBOA STATEMENTS is that many clients and external users understand

SPECIAL REPORT An Insider’s View of the New, Computerized CPA Exam B eginning in April 2004, a computerized version of the Uniform CPA Examination will replace its paper-based predecessor. While CPA candidates can take the test in its current format only twice a year—in May and November—the computerized exam will

EXECUTIVE SUMMARY DURING THE 1997 TAX SEASON, Atlanta firm Habif, Arogeti & Wynne LLP (HA&W) suffered so many technical problems that afterward about one-third of its professionals left. The firm decided to revamp its tax function and better manage its resources by developing a technology plan. The initiative led to