A self-canceling installment note (SCIN) is a debt obligation that by its terms is extinguished at the death of the seller-creditor, with the remaining note balance canceled automatically. The advantage of a SCIN over an ordinary installment note is that, if the seller dies before the debt is paid, the
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Turn Excel Into a Financial Sleuth
One of our small business clients—we’ll call him Bob—recently expanded his one-store, family-run retail operation into a four-store chain. As many small business owners have to do, Bob had to relinquish some hands-on control when his business grew. He had to hire new employees for each store, and he worried
Move Whole Paragraphs Up or Down
Q. Is there an easy way to move whole paragraphs to different places in a document without going through the whole highlighting process? A. There is, and it’s a real time-saver. In fact, I don’t think it’s documented in any of the Microsoft help files—or at least I haven’t found
How Low Can It Go?
Source: Tax Policy Center, www.taxpolicycenter.org .
Taxpayer Precluded From Itemizing Deductions for AMT
Congress enacted the alternative minimum tax (AMT) provisions found in IRC sections 55 to 59 to establish a floor so individuals would pay some tax regardless of the exclusions, deductions and credits otherwise available to them under the regular income tax statutes. The AMT provisions accomplish this goal by eliminating
Retention of CPA Employees
It’s sad the accounting profession has taken so long to realize it has been driving away its employees. I entered the profession in 1989 at a time when new employees were expected to remain quiet and put up with whatever was thrown their way. Training often was, “Do this—this is
Professional Issues
The AICPA peer review board seeks members’ comments on an exposure draft (ED) proposing revisions to the standards for performing and reporting on peer reviews. The proposal includes, for example, revisions to the objectives of system reviews, transparency of reporting and type of peer review required. If adopted, the revised
Growth Spurs Hiring
Source: Robert Half International Inc., www.roberthalf.com , 2003.
How to Tame Health Care Costs
t’s no exaggeration to call the continuing double-digit rise in health insurance premiums a crisis. In recent years employers of all sizes have faced premium increases of 12% to 15%. Some hikes have even gone as high as 30%. In 2002 the average national increase was 12.7%, up from 4.8%
Banking
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. In a joint statement bank and thrift regulators say they do not expect to apply Sarbanes-Oxley Act corporate governance
Golden Business Ideas
Smart Belt-Tightening Cost cutting is like dieting. If you do it sporadically, not only is it ineffective, but in the long run, you’re likely to put on more weight. Likewise, sporadic corporate belt-tightening is more likely to result in production backlogs, low-quality output, missed shipments, angry customers and diminished employee
Tax Notes
The AICPA tax executive committee in April commented on regulations the IRS and the Treasury Department had proposed regarding the deduction and capitalization of expenditures for acquiring, creating or enhancing intangible assets ( www.cpa2biz.com/ResourceCenters/Tax/ ). The committee said that “in general, the proposed regulations substantially simplify and resolve the numerous
An Opinion on Dividend’s Taxation.
There is no factual evidence that dividends are double-taxed. To claim they are is a complete falsification indulged in by many who would know better if they examined the facts. Dividends are taxed only once to stockholders. The income taxes the corporation pays are completely different than those paid by
Investment Tax Planning for Retirement
EXECUTIVE SUMMARY FOR CLIENTS DREAMING OF A FINANCIALLY SECURE retirement, CPAs need to offer assistance on which savings vehicles—qualified and nonqualified—will help them reach their goal. This decision involves both tax and nontax considerations. CLIENTS PREPARING FOR RETIREMENT HAVE a wide variety of savings vehicles available to them including 401(k)
Shortcuts
Scroll mouse functions with Microsoft Internet Explorer 6: Return to previous page: Shift+scroll wheel down. Go forward: Shift+scroll wheel up. Scroll mouse functions with Outlook: Decrease font size: Ctrl+scroll wheel up. Increase font size: Ctrl+scroll wheel down. Keyboard shortcuts that work with Favorites in Internet Explorer: To add the current
Letters To The Editor
Letters to the Editor The JofA encourages readers to write letters on important professional issues in addition to comments on published articles. Because space is limited, letters submitted for publication should be no longer than 500 words. Please include telephone and fax numbers. JofA e-mail address: JOAED@aicpa.org .
Employer Benevolent Funds
ecent events and legislation have sparked tremendous interest in employer benevolent funds, which help employees who are victims of natural disasters, national emergencies, financial hardships or family crises. Because the funds must adhere to strict rules to maintain tax-exempt status, their major concern is determining whether workers requesting aid qualify.
Smart Stops on the Web
SMART STOPS ON THE WEB Articles Aplenty www.investment-index.com Financial planners, consultants and CPAs can read articles on investment topics—such as “Aggressive Wealth Building Strategies,” “Characteristics of Successful Investors” and “Franchise Legal Considerations”—at this Web site. Users also can tap its online resources that include links to a financial dictionary, “Cruelty-Free
Dumping the AMT Would Be Costly
Source: Tax Policy Center, www.taxpolicycenter.org .
The New Accounting Environment
EXECUTIVE SUMMARY NEW ACCOUNTING REGULATIONS BROUGHT ABOUT by Sarbanes-Oxley and SAS no. 99 will force many companies to change how they do business. Compliance with these and other rule changes will expand the burden of corporate CPAs. ONE NEW REGULATION THAT WILL AFFECT ALL public companies is the proposed NYSE
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