The Federal Accounting Standards Advisory Board (FASAB) issues an exposure draft of Statement of Federal Financial Accounting Standards (SFFAS), Heritage Assets and Stewardship Land: Reclassification from Required Supplementary Stewardship Information. The proposed standard would move such assets and land to a “basic information” reporting category. Currently SFFAS 8, Supplementary Stewardship
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A Whistle-Blower’s Statement Needed.
I agree with the basic issues in “ Streamlining Ethics Enforcement ” ( JofA , Aug.03, page 51). However, I believe we need to focus more on prevention of ethical conflicts rather than enforcement. As a member of our major professional organizations—the AICPA, Financial Executives International (FEI) and the Institute
How to Take the Revised CPA Exam
SPECIAL REPORT How to Take the Revised CPA Exam An online tutorial helps candidates prepare for the new, computerized test. BY DIANE BABUIN B eginning April 5, 2004, the CPA examination no longer will involve paper test booklets, pencils and essay questions. Replacing them will be a computerized version of
Funding Medical Expenses
axpayers needing to fund large and/or ongoing medical expenses should explore tax-minimizing ways to pay them beyond deducting them under the 7.5% of adjusted-gross-income threshold. Potential alternative funding vehicles are described below. CPAs should become familiar with such mechanisms to aid eligible clients. CAFETERIA PLANS IRC section 125 cafeteria plans
Help Clients Keep 401(k) Plans Up to Date
Often the responsibility to review a company’s retirement plan falls on its accountant. CPAs can use this checklist to help their employers or clients determine whether they should update their 401(k) to meet participants’ needs. The following suggestions address plan investments, administration, communications and, more important, the sponsor’s fiduciary responsibility.
They’ve Made Your Bed, Now Pay for It.
Source: Americans for Tax Reform, www.atr.org , 2003.
What Uncle Sam Got
Source: IRS, www.irs.gov , 2003.
Golden Business Ideas
Quality Improvement Programs Trap: When announcing a quality improvement plan, be careful not to denigrate the current process. Doing so can be considered an insult by the staff. Make it a point to invite employees to actively participate in the redesign even if you brought in a team of expert
Tax Notes
Tn The IRS proposed regulations that explain the tax consequences to partnerships of contributions of contracts accounted for under the long-term contract method. In addition the proposal described the impact of transfers of interest in—and distributions from—partnerships holding such contracts ( www.irs.gov/taxpros/article/0,,id=112047,00.html ). The proposed regulations, which also list the
Fewer Returns Filed by Phone
Source: IRS, www.irs.gov , 2003.
Webcast
Arresting Financial Fraud: The Inside Story From The FBI A FREE Interactive Webcast By The AICPA Live Webcast! November 6, 2003 1 – 2:55 pm ET Recommended CPE: 2 credits www.cpa2biz.com/CS2000/Products/CPA2BIZ/Arresting+Financial+Fraud: Presented by: AICPA FBI The public has recently been inundated with media reports of accounting scandals at the likes
Tax Services After Sarbanes-Oxley
EXECUTIVE SUMMARY THE PASSAGE OF SARBANES-OXLEY LEFT MANY TAX practitioners wondering where they fit in under these new rules. The act did not list most tax services as one of the prohibited nonaudit services but said firms could perform such functions for audit clients with audit committee approval. THE ACT
Accounting Students Win Competition
The winners of the 2003 Accountemps/AICPA student scholarships are Molly Garvin of the University of Texas at Austin and Jeffrey Koga of the University of Wisconsin, Oshkosh—each of whom will receive $2,500 grants. Douglas Reese of Northern Illinois University won honorable mention and a $1,000 award. Representatives from Accountemps and
Materiality Considerations
EXECUTIVE SUMMARY FEW ISSUES INVOLVING THE PREPARATION of financial statements in conformity with generally accepted accounting principles have been more elusive and difficult to address and resolve—or of greater importance—than materiality. It also has proved challenging in planning and conducting financial statement audits in accordance with generally accepted auditing standards.
California Municipal Official Named Best Government CPA
Gerald A. Silva, San Jose city auditor, accepts the AICPA’s 2003 Outstanding CPA in Government Award from Costa Triantaphilides, chairman of the AICPA government performance and accountability committee, as AICPA project manager for new finance Pamela Green looks on. Since 1985, when Silva became the California city’s chief auditor, his
Fill a Page with Dummy Text
Q. When putting together a report, I use dummy text to test how a certain font or layout fits on a page. For years I’ve been creating the type and saving it from one report to the other. I heard there’s a way to get Word to create dummy text
Bankruptcy and S Corporation Pass-Through
Although there are some signs the economy is improving, many businesses continue to fail. Recently the Tax Court considered the effect of an S corporation’s selling an asset while in bankruptcy. All S corporation shareholders contemplating filing for corporate bankruptcy need to consider the potential tax outcome of such a
In the Money?
EXECUTIVE SUMMARY AS A RESULT OF THE CSX DECISION, SOME COMPANIES may be due refunds of Social Security, Medicare and unemployment taxes they had made on severance payments to separated employees following a layoff or termination. The court ruled such amounts are supplemental unemployment compensation benefits (SUCBs) and thus are
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
Auditing
The SEC defers until January 1, 2005, a requirement that auditors of nonpublic broker-dealers register with the Public Company Accounting Oversight Board (PCAOB) ( www.sec.gov/rules/other/34-48281.htm ). The Sarbanes-Oxley Act of 2002 required auditors of financial statements of public companies or “issuers,” as defined in the act, to register by October
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