TAX CASE RC section 6511(a) generally requires taxpayers to file a refund claim for a tax overpayment within three years from the time the return was filed or within two years from the time the tax was paid, whichever period expires later. If no return was filed, the two-year period
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U.S. Lags Behind
lmost half (48%) of the top executives of U.S.-based multinationals said the country lost ground during the past five years in terms of its economic competitiveness with other countries and in educating its people to meet global business challenges (46%). Contributing to the United States’ poor showing were the heavy
Money Laundering
The Financial Crimes Enforcement Network (FinCEN) issued guidance designed to assist mutual funds in complying with the suspicious transaction reporting requirement adopted in May. Under that rule mutual funds must file reports with FinCEN that identify and describe any transactions that might raise suspicions of illegal activity. “The suspicious
Eye on Franchising
Franchising is more popular than ever before. During the previous three years, nearly 900 new franchising concepts were launched, 500 of them in 2005 alone, according to a study by FRANdata of Arlington, Va. In fact, franchised businesses now account for nearly 10% of the nation’s private-sector economy and employ
FYI
The Financial Accounting Foundation announced the appointment of Carol A. Kraus, CPA, to represent the National Association of State Budget Officers on the Governmental Accounting Standards Advisory Council. GASAC serves as an advisory group to GASB, the body responsible for establishing and improving financial accounting and reporting standards for
The Risks of Being Global
EXECUTIVE SUMMARY Increased international trade regulations have led to greater risks for companies that do business abroad. How CPAs help companies manage these risks will vary based on the countries and products involved, the size of the company, the potential penalties and the company’s import/export structure. In going global, companies
Accounting
The International Association for Accounting Education and Research and KPMG invited proposals for research that will inform international accounting standards distinguishing liabilities and equity. The partnership’s Defining, Recognizing and Measuring Liabilities Research Program will sponsor up to five research projects with grants of $25,000 each. The Liabilities and Equity
Family Biz Proliferates
Small businesses run by an individual or a family with no other paid employees made up a large chunk of U.S. companies and are growing in number, according to a recent U.S. Census Bureau study. Such “nonemployer” businesses increased by more than 1 million between 2003 and 2004 to 19.5
Liability for Someone Else’s Sins: The Risks of Accounting Firm Alliances.
ccounting firms worldwide have for many years formed alliances, and there are good reasons to do so. A network of firms can capture marketing and promotional synergies and offer a broader range of accounting services to clients by expanding the availability of resources, expertise and geographic coverage. Moreover, with the
Ways to Stay Client-Focused
Before you meet with a client, relax. Deep breathing or sitting still with eyes closed for 60 seconds is often effective. Be prepared for client meetings and have an objective. Then be flexible enough to drop all plans. The point is to be ready to meet reality, not to try
Information Security? Bank on It
onsumers trusted banks more than other institutions to protect their personal records, according to a July 2006 survey conducted by the American Bankers Association. In fact, a full 60% of respondents identified banks as the most trustworthy with their personal information. Government agencies came in a distant second, receiving just
The Last Word: Andrea G. Cope
ANDREA G. COPE, CPA Partner, Burr, Pilger & Mayer LLP San Francisco, California COOKING HAS BEEN A PASSION, since I was about five years old. I can vividly remember Julia Child in one of her first PBS broadcasts. I was glued to the television watching this woman taking raw ingredients
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Ways Americans Spend Spare Cash
TOP 10 Paying off debts, credit cards and loans Savings Out-of-house entertainment New clothes Holidays and vacation Home improvements and decorating New technology Mutual funds and stocks Retirement fund Don’t know/Undecided (So it’s in the mattress?) Source: ACNielsen Online Consumer Confidence Study, www.acnielsen.com , 2006.
When Payments to an S Corporation Don’t Create Basis
TAX CASE o payments, either direct or indirect, to a subchapter S corporation always create an increase in the taxpayer’s basis? The Tax Court recently decided that they do not. Sid and Al Ruckriegel were 50% shareholders in Sidal Inc., a subchapter S corporation, set up in Indiana. They were
New Pension Act Affects Charitable Giving
espite its name, the recently enacted Pension Protection Act of 2006 also addressed a number of other areas of taxation. A segment of this law created some new rules for individuals who donate cash and certain other types of property to charities. MORE DOCUMENTATION For many years, the government has
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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
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Current Developments in Taxation of Individuals: Part 1
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