In addition to the proposals offered in the letter “ A Social Security Solution ” ( JofA , Jan.06, page 12) and the article “ Promises to Keep ” ( JofA , Jul 05, page 41), I have one that brings the income tax system and Social Security together in
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Technology
The AICPA issued its annual ranking of the 10 technologies most likely to significantly affect practitioners, their clients and their employers in the coming year ( http://infotech.aicpa.org/resources/top++10+technologies/ ). For the first time, the AICPA invited members of ISACA to join the AICPA Information Technology (IT) section members and Certified Information
What’s in IT for You (and Your Company)?
EXECUTIVE SUMMARY The difficulty of calculating the return on an IT investment often has weakened the case for funding such initiatives. Financial managers and other decision makers expect requests for IT funding to be framed in an ROI or shareholder value format so they can compare them with other
ep_ex1
Exhibit 1 IT Contribution Model
Are You Entrepreneur Material?
NUMEROLOGY Are You Entrepreneur Material? Do you have what it takes to go it alone in business? If these characteristics match your own, then you could be ready to open your own firm. 1 | You think positively. Entrepreneurs are consistently faced with obstacles—and optimism helps overcome them. 2 |
AMT for Individuals
SOME PLANNING FOR INDIVIDUAL TAXPAYERS ince 1969 the Internal Revenue Code has included an alternative minimum tax (AMT), originally designed to prevent wealthy taxpayers from claiming so many deductions that they wound up paying little or no taxes. Under the AMT, taxpayers with large amounts of regular tax deductions and
Charts in Real Time
Just as a picture is worth a thousand words, so a chart is worth a thousand numbers. But a chart that updates automatically as its underlying data change is worth lots more. As you’ll see, Excel can do that with a little preparation. The principal function that transforms a static
…And Small Business Audits
Source: IRS, www.irs.gov .
Lock ’Em Up
Source: Survey of 1,152 employees, Vault, Inc. New York, www.vault.com , 2005.
Government Accounting
The Governmental Accounting Standards Board (GASB) issued Accounting and Financial Reporting for Pollution Remediation Obligations, an exposure draft (ED) that specifies five circumstances—any of which would require a government to estimate its obligations to address the current or potential detrimental effects of existing pollution ( www.gasb.org/exp/exdfpg.html ). The ED also
Facing the Facts on Fraud
Upon discovering fraud, 81% of companies launched internal investigations and informed their boards of directors. In financial misrepresentation cases, 89% of companies investigated, but only 84% of them informed their boards and only half told their audit committees. Surprisingly, despite the growing risk, only 21% of respondents expected to be
Employee Benefits News You Can Use
Here are some of the more important developments CPAs need to make their clients and employers aware of for 2006. Executive compensation rules under IRC section 409A. The American Jobs Creation Act’s new IRC section 409A makes sweeping changes to the tax rules governing nonqualified deferred compensation arrangements such as
Easier to Move About?
Source: Survey of 1,271 executives, TheLadders, New York, www.theladders.com , 2005.
The Last Word: Steve Dannenmann
Steve Dannenmann, CPA Glen Burnie, Md. Runner-up, World Series of Poker, 2005 I PLAY POKER EVERY WEEK with a group of close friends; sometimes I invite clients, too. It’s a great bonding experience. But I played in only one tournament, in Atlantic City, before I entered the World Series of
Can Estate Reduce IRAs’ Value for Tax Purposes?
gross estate includes the fair market value of all of the decedent’s property. IRAs are part of the gross estate, but beneficiaries of inherited IRAs do not report taxable income until after they receive distributions. The tax code classifies these items as “income in respect of a decedent” (IRD); both
Professional Issues
Women increasingly are attaining leadership positions in public accounting firms, and many more of them, as well as men, are taking advantage of the alternative career paths being offered by a growing number of firms. These are two of the findings of A Decade of Changes in the Accounting Profession:
The Road to Bankruptcy
A study of bankruptcy filings by Harvard University revealed that medical disability led to nearly half of the 1.458 million bankruptcy filings in 2001. According to Harvard Law School professor Elizabeth Warren, a good education, decent job and health insurance are “no guarantee a person won’t be wiped out by
Living Abroad—It’s Not Just the Money
BUSINESS TRENDS orty percent of accountants living abroad said “lifestyle” was the main impetus for deciding to relocate, according to Think Global Recruitment’s 2005 annual survey. Other motivational factors included financial benefits, work experience, weather and developing language skills.
More E-Filers Than Ever
Source: IRS, www.irs.gov .
Restrictions on the Right of Offset
ost businesses assume they can apply the right of offset to net a receivable and payable. Recently the Federal Circuit Court of Appeals limited the government’s right of offset. Although Pacific Gas and Electric (PG&E) filed its 1982 tax return on time, it subsequently filed an amended return requesting a
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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.
From The Tax Adviser
March 31, 2026
Current developments in taxation of individuals: Part 1
March 31, 2026
Current Developments in Taxation of Individuals: Part 1
March 6, 2026
