In response to a Public Company Accounting Oversight Board (PCAOB) request for comments (PCAOB release no. 2003-05), the auditing standards board recommended amendments to standards included in the PCAOB’s interim professional auditing standards ( http://cpcaf.aicpa.org/Resources/Sarbanes+Oxley/Archive+-+AICPA+Submits+Recommendations+on+Auditing+Standards+to+PCAOB.htm ). The ASB also proposed issuance of a new auditing standard, Retention of Records Relevant
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Court Says Unallocated Support Payments Are Alimony
TAX BRIEF Generally, whether a payment is alimony depends on IRC section 71(b). Alimony and separate maintenance payments (collectively referred to as alimony) are taxable to the recipient and deductible by the payor. When a taxpayer makes support payments under a court order issued pending a divorce, the parties
They’re Covered.
Source: Customer Focus 2002: Direct Marketing Survey, Vertis, Baltimore.
Customize Drop-Down Menus
Q. Thanks to you, I now know how to add and remove items in my toolbar, but how do I do the same thing to my drop-down menus? A. That’s a good question. Editing your drop-down menus makes them more efficient since they’ll include only functions you regularly use. Begin
Automatically Install Windows XP Updates
Q. I understand that from time to time Microsoft sends, via e-mail, updates and bug fixes for its operating system. How do I find out about them? A. Windows XP has an automatic update feature. To engage it click on Start , Control Panel , System , the Automatic Updates
Don’t Overlook Government Accounting.
Out of a love for the work I had performed as a bookkeeper, I began to study accounting and earned my accounting degree at a relatively “old” age. When researching positions in the profession, I quickly discovered the horrendous hours and travel requirements often demanded of accountants in both industry
Reasonable Compensation
Determining what constitutes reasonable compensation is a long-standing issue for C corporations. IRC section 162(a)(1) allows a deduction for reasonable compensation for personal services actually rendered. The IRS views unreasonable salaries as disguised dividends, making them nondeductible by C corporations and taxable to the shareholder. This means employee shareholders are
Technology
The AICPA, XBRL US and XBRL International sponsor a conference on development and use of the extensible business reporting language (XBRL). Speaking at the gathering ( www.xbrlusaseattle.com ), which takes place November 3–7 in Seattle, will be representatives from accounting organizations around the world, professional services firms, financial institutions and
Losses Trust Deducted Were Not From Passive Activity
IRC section 469(a)(1) defines a passive activity as one involving the conduct of any trade or business in which the taxpayer does not materially participate. In section 469(a)(2), the statute describes a taxpayer as any Individual, estate or trust. Closely held C corporation. Personal service corporation. In general, the IRS
Employed Job Seekers Find the Time
Source: Survey of 150 executives, Accountemps, Menlo Park, California, www.accountemps.com , 2003.
The Profession’s Roots.
or S. Scott Voynich, a CPA’s most important asset is his or her reputation for honesty and fairness. It’s not that the new chairman—who assumed his post in October at the Institute’s annual meeting—doesn’t recognize the value of competence. As managing partner for the last 15 years of Robinson, Grimes
A Better Way to Split Data from an Excel Cell
In the July 2003 Tech Q&A (page 84), we told you how to combine data from two Excel cells into one and how to separate data into two cells. Nancy Locke, a CPA from Jacksonville, Florida, suggests another way to split a name in one cell and put it into
A Good Deal Depends on Preparation
EXECUTIVE SUMMARY A SPECIALIST SUCH AS A CPA/ABV can optimize results for owners who want to sell to an outsider for the maximum the market will reasonably bear. HOW THE CLENT WILL USE A BUSINESS VALUATION (BV) determines the procedures a CPA/ABV will follow to produce the end result. At
Follow the Greenback Road
ith a sixth-grade education, legendary gangster Al Capone thought he was smart enough. By the time he was 26, “Scarface” had 1,000 employees and a weekly payroll of $300,000. In the 1930s, when the average American worker made about $2,400 annually, Capone was raking in more than a hundred million
In Excel, Cell Names Spell Speed, Safety
Key to Instructions To help readers follow the instructions in this article, we use two different typefaces. Boldface type is used to identify the names of icons, agendas and URLs. Sans serif type indicates commands and instructions that users should type into the computer and the names of files. hich
A Simpler Approach to Keeping Employees
In reading “ Meyners Pays for Performance ” ( JofA , Jul.03, page 41), I felt the firm engaged in overkill in transforming its compensation system. Our firm has adopted a much simpler approach. It includes a 7% override of gross billable revenue (less $15 per tax return to cover
How to Create a Blank Screen Pause in PowerPoint
Q. When I give a PowerPoint presentation, there are times I want to pause and expand on a point I’m making without my last screenshot distracting my audience’s attention. How can I do that? A. There are several ways. To display a blank black slide, either hit the B key
A Fast Way to Increase Type Size
Key to Instructions To help readers follow the instructions in this article, we use two different typefaces. Boldface type identifies the names of icons, agendas, URLs and application commands. Sans serif type indicates instructions and commands that users should type and file names. Q. Is there an easy way
How to Respond to Invitations to Turn Off Spam
Q. I get a lot of spam—that is, uninvited and unwanted e-mail—much of which are advertisements. Some of the ads contain a link to click on to stop future mail from that sender. Is it safe to accept that invitation? A. Frankly I’m not sure. I’ve read conflicting recommendations on
AICPA Comments on IRS Currency Transaction Proposal
The Institute’s tax executive committee submitted recommendations on IRS-proposed revisions to section 987 of the Internal Revenue Code that require a taxpayer to recognize exchange gain or loss—upon receiving a remittance from a qualified business unit (QBU)—by apportioning its basis in the QBU to each remittance and then recognizing exchange
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FROM THIS MONTH'S ISSUE
Building a better CPA firm: Stepping up service offerings
A key step in business model modernization is determining how to implement services that satisfy clients and employees.
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2025 tax software survey
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