October 2006 - Journal of Accountancy

Data from more than 2,000 AICPA Tax Section members responding to the JofA annual tax software survey help you decide which product is best for you.

PA firms are in the business of measuring business; in our world success is measured mainly by how much money the partners make. Pundits, consultants, journalists and partners usually define a firm’s “greatness” by purely economic metrics such as size, growth, employees and net income per partner. Those metrics seem

  EXECUTIVE SUMMARY Following 9/11 companies of all sizes increased their purchases of business aircraft to make travel easier and more convenient for employees and executives. CPAs should be aware of the tax, financial, operational and regulatory issues involved in acquiring and operating a business aircraft. The first step is

  EXECUTIVE SUMMARY The matching concept is often used to test whether a particular accounting method clearly reflects income. However, the IRS’s requirement that one taxpayer’s revenue match another’s expense may not be upheld by the courts unless the situation is governed by a specific statutory or regulatory rule. Transactions

  EXECUTIVE SUMMARY The most valuable service trusted CPA investment advisers bring to clients is a clear direction. A business plan helps provide a road map—a sound investment approach based on the tenets of prudent investing—and the discipline to stay the course. A PFP-niche business plan should contain a mission

  EXECUTIVE SUMMARY More family law attorneys are recommending their divorce clients hire a single, neutral CPA to help handle the transition from their shared financial life to their new independent lives. Using a neutral CPA often keeps the divorcing parties out of court. A neutral accountant gathers documents, makes