T he AICPA announced the winners of the 2005 Elijah Watt Sells Awards, which are presented annually to the candidates earning the highest cumulative scores on the four sections of the Uniform CPA Exam. They are (in alphabetical order): Steven C. Anderson, a candidate from Ohio; Melissa Bylsma, Illinois; Mark
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CPAs will no longer have to send initial or annual privacy notices to their clients. At the urging of the AICPA and others, Congress passed a provision introduced by Rep. Mark Kennedy (R-Minn.) and co-sponsored by Rep. Collin Peterson (D-Minn.) that amends the Gramm-Leach-Bliley Act. Sens. Mike Enzi (R-Wyo.) and
The Future of Corporate Sustainability Reporting
EXECUTIVE SUMMARY To satisfy the information needs of external and internal stakeholders, more organizations are measuring and reporting on their social and environmental performance. CPAs can play an important role in providing the needed information and helping to verify its accuracy. Corporate sustainability reporting (CSR) involves reporting financial and nonfinancial
Make Every Minute Count
CPA firms often end up writing off time they should be charging to their clients. How can you get more done in less time and avoid spinning your wheels? Follow these simple tips. Filter out low-value information. Thirty-nine percent of executives squander between a half and one full day per
The Economics of Ergonomics
EXECUTIVE SUMMARY Sound ergonomics makes economic sense. The goal of ergonomics is to boost productivity by increasing employee performance and comfort and reducing injuries and errors. CPA firms that attend to staff members’ comfort and health are rewarded with greater work performance and job loyalty. A neat, clean and comfortable
Say “Good Morning” To Windows Every Day
I’ve heard that Windows can be scheduled to start up on its own every morning. While I can program my coffee maker to automatically brew a pot every morning, I can’t figure out how to get my PC to be up and running when I come to work. Can you
When Are Wages Not FICA Wages?
TAX CASE ny cash or noncash remuneration received for employment, unless specifically exempt, is considered wages subject to the FICA tax. FICA wages can include amounts received by the employee after the employment relationship has ended. For example, the courts have held that awards for back pay and future pay
Financial Reporting
A new Financial Accounting Standards Board rule requires employers to fully recognize pension and other postretirement plan obligations on their financial statements. FASB Statement no. 158, Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans, requires employers that are business entities to recognize on their balance sheets an
Lawyers, Bankers Lose Out
While it should come as no surprise to CPAs, a recent survey found that the nation’s small business owners overwhelmingly favored their accountants—over their bankers or lawyers—for business advice. Nearly 82% of respondents said they turned to their accountant for advice. Lawyers came in second with 14%, while only 4%
A Solution For Track Changes Problems
I confess I don’t like Track Changes , but I especially hate it when one of my colleagues sends me a document she reviewed with Track Changes and her comments are so long I can’t print them because they don’t fit in the margins. Any suggestions? You’re right; Track Changes
Weather Any Storm
EXECUTIVE SUMMARY Sound contingency plans can prevent or minimize damage in a crisis. Although natural disasters are the most obvious and dramatic, firms also should be prepared to resume business after a fire or theft, or the loss of a key firm member. Business continuation insurance can pay for time
Caution: AutoRecover Is Not An Automatic Save Function
After I spent an hour working on a Word document, I had a power failure and the computer closed down. But when I got it running again and opened the file, all my new work was missing. I don’t get it. I have autosave enabled and it didn’t do its
Institute Lends a (Financial) Hand
The AICPA Foundation has awarded AACSB International—The Association to Advance Collegiate Schools of Business—a $25,000 grant to fund scholarships to help experienced accounting professionals transition to university teaching positions. The AACSB Bridge Program, a five-day intensive seminar to help senior business leaders prepare for faculty positions in business schools, was
International
The International Federation of Accountants (IFAC) launched an Internet portal for accountants employed in business and industry. The site ( www.ifacnet.com ) provides one-stop access to previously hard-to-find articles, guidance and tools. Thirteen accounting organizations, including the AICPA, together with IFAC, have agreed to share their electronic resources through
Data Point
$2.4 Trillion Total assets of 401(k) plans at the end of 2005. The average account balance increased 50% from 1999 to $102,014. Sixty-eight percent of assets were invested in equities. Sources: Investment Company Institute/ Employee Benefit Research Institute.
Home Office Deductions
EXECUTIVE SUMMARY In general, the home office must be used exclusively and regularly as the principal place of business or to meet and deal with customers in the normal course of the business. If the taxpayer is an employee, the home office must be maintained as a convenience to the
Questions For The Author?
Stanley Zarowin, a former JofA senior editor, is now a contributing editor to the magazine. His e-mail address is stanley@zarowin.com . Do you have technology questions for this column? Or, after reading an answer, do you have a better solution? Send them to contributing editor Stanley Zarowin via e-mail at
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How to find the right CAS clients
The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
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