March 2007 - Journal of Accountancy

         EXECUTIVE SUMMARY The U.S. government is the biggest buyer in the world. CPAs can help clients build business by learning the federal procurement process and advising on how to compete successfully for a share of government business. Companies first must obtain a data universal number (DUNS)

         ince being sworn in as the 28th SEC chairman in August 2005, Christopher Cox has pursued an ambitious agenda of trying to protect the investing public while making government regulation more tolerable for industry. Cox served in Congress from 1989 to 2005, including terms as chair

       One of the most powerful features of Excel is the array—a formula designed to act simultaneously on sets of two or more values in order to calculate other values. Yet, because arrays appear to be forbidding, few CPAs use them. This article is designed to dispel arrays’

         EXECUTIVE SUMMARY When advising clients on the choice of business entity, CPAs should consider the advantages and disadvantages of each type. If more than one entity is involved, CPAs should also determine whether clients can deal with the complexity of the resulting structure. The many issues

         EXECUTIVE SUMMARY In its most recent guidance for compliance with Sarbanes-Oxley section 404 requirements for smaller entities, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) has provided principles and examples of effective internal control. Titled Internal Control Over Financial Reporting—Guidance for Smaller Public Companies,

         EXECUTIVE SUMMARY Faced with a major piece of new business, many clients find they instantly need more equipment, space, inventory, people and working capital. They must obtain capital quickly while simultaneously managing the other, physical aspects of the total opportunity. Many entrepreneurs are accustomed to pushing

        EXECUTIVE SUMMARY Clients who want their beneficiaries to avoid probate often place assets in trust. Many CPAs are reluctant to take on being a trustee, which is a time-consuming responsibility. An alternative is to be a third-party “trust protector” alongside a professional trustee. CPAs are highly

         EXECUTIVE SUMMARY Health spending accounts offer opportunities for employees to save and pay for health care with pretax contributions. Three basic types are flexible spending arrangements (FSAs), health reimbursement arrangements (HRAs) and health savings accounts (HSAs). FSAs are typically funded by pretax payroll deduction and are