I found the article “ Social Security: What’s the Magic Age? ” ( JofA , Jul.06, page 28) informative, but I was a little offended. It assumed that a wife could have earnings only up to 100% of her husband’s earnings (see the chart on page 31). In the next
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International
As the direct result of December 2005 talks between SEC Chairman Christopher Cox and Committee of European Securities Regulators (CESR) Chairman Arthur Docters van Leeuwen, the two groups in August published and implemented a joint work plan on the application by international companies of international financial reporting standards (IFRSs) in
Highlights
In the most sweeping change to pension law since the Employee Retirement Income Security Act of 1974, Congress passed and President George W. Bush signed the Pension Protection Act of 2006 in August. Key provisions include the following: Increased funding requirements for single- and multi-employer defined benefit plans. The rules
Medical Reimbursement Plan for Employee-Spouse
TAX CASE mployees can exclude reimbursement they receive from their employers for medical expenses—and employers can deduct payments made to employees—only under certain conditions. There must be a bona fide employer-employee relationship and a proper plan, even if unwritten, that conforms to IRS guidelines for medical reimbursement plans. And covered
FYI
The SEC selected Mark W. Olson to be chairman of the Public Company Accounting Oversight Board until 2010. At the time of his appointment, he was a governor of the Federal Reserve Board. Although not a CPA, Olson also was a partner of Ernst & Young and its predecessor, Arthur
Substantial Equivalency Practice Privileges
EXECUTIVE SUMMARY Work and people now move easily across geographic lines, and qualified, licensed CPAs in good standing should be able to practice in more than one state or jurisdiction without undergoing a time-consuming, redundant licensing process in each. To allow CPAs a wider range of professional mobility and
International
The International Accounting Education Standards Board of the International Federation of Accountants (IFAC) released International Education Standard (IES) 8, Competence Requirements for Audit Professionals, which outlines the professional knowledge, skills, values and attitudes that auditors need to conduct financial statement audits. As of July 1, 2008, IFAC member bodies will
IRS Updates the “Dirty Dozen”
Source: IRS, www.irs.gov/newsroom/article/0,,id=154293,00.html , 2006.
Gone Vishing
CONSUMER ALERT here’s a new security scam in town. Voice phishing, or “vishing,” encourages victims to type their bank account or credit card numbers on their telephone keypads. Here’s how it works: People receive an e-mail or voice mail saying someone is illegally using their credit card or bank account
Accounting
For news from the AICPA and state societies, visit www.cpa2biz.com , which also offers online CPE, AICPA professional literature, practice management aids and links to state society Web sites. FASB and the International Accounting Standards Board (IASB) published a draft version of the first two chapters of an enhanced conceptual
A Lean Year
Source: Survey of 1,400 CFOs from U.S. companies with 20 or more employees, Robert Half International Inc., Menlo Park, Calif., www.rhi.com , 2006.
Get the Most Out of Word’s Find and Replace
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
Online Job Search Tips
TOP TEN 1 | Send your resume in the exact format requested by the employer. 2 | Follow up with a thank-you letter or e-mail. 3 | Try various keywords and different job search engines to get as many results as possible. 4 | If you’re currently employed, post your
The Best Use of Spare Cash
EXECUTIVE SUMMARY When individual clients receive an income tax refund, a bonus, an inheritance or another windfall or other extra cash, they have a number of options. The most prudent choices are investing, putting money in college savings or retirement accounts or paying off debts. By using the following
Tips for Starting a BV Practice
Business valuation is not an area of accounting to be entered into lightly. Statistics show there are many litigation claims against CPAs in the valuation area, mostly due to a misunderstanding of what services the CPA was to perform as part of the engagement and the CPA’s lack of formal
Cash Advances to a Corporation: Loan or Capital Contribution?
TAX CASE hen cash is transferred to a closely held corporation, is the transfer a loan or a capital contribution? The transfer is treated as a loan if there is an unconditional obligation to repay it. When there is a dispute, the courts look at factors such as the presence
The Valuation Landscape
Business valuation is a relatively new discipline. Financial valuation—the process of determining the value of a financial asset or liability—belonged first to those on Wall Street who focused on trading securities; the concept of business valuation, or valuing private companies, arrived on Main Street about 25 years ago by entering
Data Point
DATA POINT 41 Percentage of small business owners who said they are not on track with saving for a comfortable retirement, in an American Express Small Business Monitor survey in April.
Edit the Recently-Used-File List
When I’m out of the office, other accountants often use my computer, which by itself doesn’t bother me. What does disturb me is that a few clicks will reveal the names of the last nine files I’ve opened, and that invades my privacy. Short of password-protecting my computer, is there
Fraud: Small Business Clients at Risk
Small businesses are the most vulnerable to occupational fraud and abuse and suffer disproportionately larger losses as a result, according to the 2004 “Report to the Nation on Occupational Fraud and Abuse” prepared by the Association of Certified Fraud Examiners. Compounding the problem, small businesses are less likely to have
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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
