July 2005 - Journal of Accountancy

A fair agreement makes all parties to it grumble equally, people say—so get ready to grumble. Proposals on how best to modify Social Security to ensure its long-term viability but not betray soon-to-retire baby boomers or overburden the young, proportionately smaller workforce are now front and center, thanks to President

EXECUTIVE SUMMARY THE AMERICAN JOBS CREATION ACT ADDED IRC section 409A and significantly changed the rules for nonqualified deferred compensation plans. For a deferral to escape current taxation, it must be subject to a substantial risk of forfeiture and must follow limited deferral and distribution rules. ALL NQDC ARRANGEMENTS MUST

EXECUTIVE SUMMARY SENIOR PARTNERS AT CPA FIRMS NEED TO PLAN how they will cash out of their practices. A firm’s revenues greatly depend on clients’ repeat business, so however partners choose to exit, maximizing value when they leave requires having knowledgeable, prepared successors who can keep clients during a transition.

EXECUTIVE SUMMARY COLLEGES AWARD FINANCIAL AID IN THE FORM OF scholarships, grants, loans and work-study awards based on the financial need of a student. The formula used to determine financial need is: financial need 5 cost of attendance (COA) 2 expected family contribution (EFC). THE EFC IS DEPENDENT ON THE

Key to Instructions To help readers follow the instructions in this article, we used two different typefaces: Boldface type is used to identify the names of icons, agendas and URLs. Sans serif type shows commands and instructions users should type into the computer and the names of files. ow would

EXECUTIVE SUMMARY THE NEW EXAM REPRESENTS STATE-OF-THE-ART technology and provides a platform on which the content can be continuously improved. PASS RATES FOR FIRST YEAR OF THE CBT have overtaken pass rates for the paper-based exam. The higher pass rates may result, in part, from more focused preparation by candidates