The 2005 Arthur J. Dixon Memorial Award, the profession’s highest recognition for achievement in the area of taxation, was presented to Paul Farber, CPA) by Jeffrey R. Hoops, CPA, vice-chair of the tax executive committee, at the AICPA National Conference on Federal Taxes held in Washington, D.C. Farber, an attorney
Advertisement
The magazines
Bookmarks
The Ultimate Accountants’ Reference: Including GAAP, IRS & SEC Regulations, Leases, and More By Steven M. Bragg 774 pages; hardcover John Wiley; Hoboken, N.J. 2004 I n this one-volume desk reference, CPAs can find concise answers to important issues that arise during a typical business day.
401(k) As a Given
Source: Hewitt Associates, www.hewitt.com , survey of 450 large companies, 2005.
Reasonable Shareholder-Employee Compensation
I RC section 162(a)(1) allows companies to deduct from income a reasonable allowance for salaries or other compensation for services actually rendered. Determining whether the compensation paid to a shareholder-employee is reasonable is a factual question. In some cases high compensation is used to distribute profits and is not really
What Workers Want
SURVEY SAVVY Source: Survey of 1,400 CFOs of companies with 20 or more employees, Accountemps, Menlo Park, Calif., www.accountemps.com , 2004.
Leaders on Tap
TOP TEN The most important factors in growing and retaining leaders over the next 10 years will be 1. A formal leadership development strategy. 2. The support of top management. 3. A formal succession planning process. 4. Recognizing that leaders must develop other leaders. 5. A big enough budget. 6.
Tune Up Your Clients’ Benefit Programs
Even the best-oiled machines need a little energy boost sometimes. If your clients are large companies, review the pitfalls that could jeopardize the tax-favored status of their employee benefit plans. Make sure that agreements with service providers clearly disclose both direct and indirect fees, including float income, shareholder
To the Rescue
SIGN OF THE TIMES A s family members from New Orleans settled safely into his Houston home, CPA Richard Forrest was approached by a friend who wasn’t so lucky; he had lost touch with his 80-year-old parents as Hurricane Katrina battered the city. So like any good neighbor, Forrest fueled
Stop Identity Theft in Three Steps
NUMEROLOGY Your credit card bill arrives in the mail and you spot what might be a fraudulent charge—an item purchased in a place you’ve never been or something you know you didn’t buy. How do you correct the error? STEP 1. Call the credit card company immediately to inform them
Excel Shortcuts
Insert date: Ctrl+; Insert time: Ctrl+ Shift +; Insert date and time: Ctrl+; (space) Shift+;
Auditing
The AICPA governing council authorized the Institute’s board of directors to work with the public company auditing profession and others to implement a new approach to better address public policy issues affecting the public interest for U.S. audit firms registered with the PCAOB. The Institute will implement a framework for
Government Accounting
The Federal Accounting Standards Advisory Board issued an exposure draft (ED), Consolidated Financial Report of the United States Government Requirements: Implementing Statement of Federal Financial Accounting Concepts 4, Intended Audience and Qualitative Characteristics for the Consolidated Financial Report of the United States Government ( www.fasab.gov/pdffiles/consolfinancialreport.pdf ). The proposed standard would
Given Their Druthers
NUMEROLOGY When asked what they would do if money was no object and they had young children, 53% of executives said they would continue to work, but at a reduced load. 39% said they would devote themselves full-time to the family, opting to become stay-at-home parents. 9% said they’d continue
Different Standards for Nonpublic Companies?
Many members of the AICPA believe FASB-promulgated GAAP should not be applicable to nonpublic business entities (NBEs). The AICPA’s council now is asking FASB “to identify and implement a process that would evaluate, where appropriate, potential changes to recognition, measurement and disclosure differences from current GAAP as applied to public
Remodeling Sanity Tips
HOME FRONT Redoing your home can be exciting, but it also takes careful planning. Here’s some advice to keep you on track. Organize. Keep copies of all contracts, change orders, invoices, receipts and permits in a three-ring binder or expandable file folder, so all your important documents and good ideas
Practice Management
An AICPA Private Companies Practice Section white paper, “Best Practices in Recruiting and Retaining Talented Staff,” shows smaller firms how to attract and keep valuable employees ( http://pcps.aicpa.org/resources/staffing/recruiting+and+retention ). In a recent Institute survey of 500 firms, few had programs to help achieve these goals—though some firms, PCPS said, have
Tom Jones Quote
ON THE RECORD On the difficulty of developing international standards: “ We are under enormous pressure from all sides. I rarely address an audience that isn’t at least 50% hostile. Whatever we do, half the world wants it and half the world hates it. ” —Tom Jones, vice-chairman, International Accounting
Smart Stops on the Web
PFP SITES A Joint Venture www.airacira.org Here CPAs and financial advisers can get current and archive issues of the e-newsletter AIRA Journal with stories including Liquidations: Finding Value, Creating a Success as well as bankruptcy and tax cases for free. Visitors also can buy a copy of 2005 Bankruptcy Revisions:
Winning Women
In recognition of their professional achievements, 11 CPAs won the first Women to Watch Award, cosponsored by the AICPA’s Work/Life and Women’s Initiatives Executive Committee, the Illinois CPA Society and the New Mexico Society of CPAs. Illinois winners in the Experienced Leader category were Terri Bobek, partner, PricewaterhouseCoopers LLP, Chicago;
Taking Stock of Options
NUMEROLOGY FASB 123(R) is causing companies to move away from stock options. Incentives offered Companies under FASB 123(R) Companies not under FASB 123(R) Stock options 83% 93% Performance awards 71 55 Stock appreciation rights 10 1 Source: Survey of the 250 largest companies, Frederic W. Cook & Company Inc., New
Features
SPONSORED REPORT
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
