The IRS’s revenue ruling 2006-1 clarifies that income from commodity-index derivatives contracts does not help a mutual fund qualify for the usual tax benefits ( www.irs.gov/pub/irs-drop/rr-06-01.pdf ). The service will apply its newly announced position prospectively so that funds will have enough time to adapt to it and communicate it
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Eugene O’Kelly Quote
AS QUOTED “Too often, commitment was measured by how many hours you were willing to work. But commitment is best measured not by the time one is willing to give up, but by the energy one wants to put in.” —Former KPMG chief executive Eugene O’Kelly in his new book,
Well-Made Matches
Source: Survey of178 managers and senior executives, NFI Research, Madbury, N.H., www.nfiresearch.com , 2005.
Fewer Refunds, Higher Total
Source: IRS, www.irs.gov .
Clarification
CPA Richard Forrest, cited in our January Top Line column (page 14) for his helicopter exploits in hurricane-battered New Orleans, is a partner at Forrest and Kelley LLP, a Houston law firm specializing in helping accounting firms. His son, Richard Forrest II, is with the Houston accounting firm of Gainer,
Small Business Software Grows Up
EXECUTIVE SUMMARY Microsoft’s introduction this year of its small business accounting software is challenging the two leading competitors—QuickBooks and Peachtree—to step up their efforts with products that are ever-more technologically powerful. The competition will be intense because “Microsoft Small Business Accounting (MSBA) is technologically more advanced than either QuickBooks or
Two-Stage Deals
A sequenced transition can smooth a firm’s ownership transfer. EXECUTIVE SUMMARY Although it’s not the only way to go about succession planning, a two-stage deal offers a transitioning CPA an opportunity to imbed a practice into a successor firm’s infrastructure while maintaining a considerable amount of autonomy for an agreed-on
Risky Business
Source: Survey of more than 300 executives from various industries; Grant Thornton, Chicago, www.grantthornton.com , 2005.
Access Format Painter via the Keyboard
There is. But, like many Microsoft shortcuts, it’s hard to find. If you click on F1 for information you won’t find even a clue that such a shortcut exists. The icon tool operates like the keyboard shortcut, except without the mouse. Highlight the area you want the format copied and
collins2
Peachtree Products Users supported Suggested retail price Peachtree First Accounting 2006 1 user $99.99* Peachtree Accounting 2006 1 user $199.99* Peachtree Complete Accounting 2006 1 user 5 users $299.99* $699.99 Peachtree by Sage Premium Accounting 2006 1 user 5 users $499.99* $999.99* Peachtree (Online Accounting) 1 user Multiuser
E-mail Blind Copy (Bcc) Addresses Are Secure
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 the names of files and the names of commands and instructions that users should type into
Retirement
The Treasury Department and the IRS made final regulations under IRC sections 401(k) and 401(m) that allow sponsors to design retirement plans in which employees can make designated Roth IRA contributions. As a result, workers can choose to make all or part of their 401(k) deferrals on an after-tax basis,
Government Accounting
The Governmental Accounting Standards Board (GASB) published a Guide to Implementation of GASB Statement No. 44 on the Statistical Section, which explains in question-and-answer format how the comprehensive annual financial reports of state and local governments should present trend information on financial results, major revenue sources, outstanding debt, economic and
Advances to S Corporations
Shareholders who lend money to an S corporation can deduct losses in excess of the stock basis. Recently the Tax Court considered how to compute the amount of deductible loss and the effect of a debt repayment. Fleming S. Brooks owned 51% and Fleming G. Brooks owned 49% of the
Planning for Trouble
From Smart and Simple Financial Strategies for Busy People by Jane Bryant Quinn. Copyright 2006 by Berrybrook Publishing, Inc. Reprinted by permission of Simon & Schuster, Inc. Jane Bryant Quinn is the voice of personal financial planning for a generation of Americans. On the following pages the author of a
Four Principles of Investing
NUMEROLOGY Source: BetterInvesting, www.betterinvesting.org .
CPA Salaries Then and Now
CPA SALARIES THEN AND NOW While I appreciate what the JofA has done for CPAs over the last 100 years, I wish the anniversary edition had provided one more piece of information. The issue did not provide information on how our salaries compare with that of our peers 100 years
Ole Miss Professor Honored
LIMELIGHT ale L. Flesher, Arthur Andersen Alumni Professor of Accountancy and associate dean of the University of Mississippi, is the first person to win the newly created Thomas J. Burns Biographical Research Award, which was presented at the Academy of Accounting Historians Hall of Fame conference at Ohio State University.
Succession Planning
The AICPA’s PCPS Firm Practice Center is offering practitioners a free white paper, “Preparing for Transition: The State of Succession Planning and How to Handle the Process in Your Firm,” that describes best practices and shows firms how to benchmark their succession plans against those of their peers ( www.aicpa.org/pcps
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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.
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
