October 2007 - Journal of Accountancy

A record number of CPAs responded to our fourth annual professional tax software survey in which we invited AICPA members to disclose, among other things, what tax-preparation software they use and how they evaluated various aspects of their products. In past years, only members of the Tax Section were included

       Robert Pozen is chairman of MFS Investment Management and was recently appointed chairman of the new SEC Advisory Committee on Improvements to Financial Reporting (CIFiR). He recently answered questions from the JofA.* * Mr. Pozen’s comments do not necessarily reflect the views of the committee, other committee

       EXECUTIVE SUMMARY A merger process should include planning for a de-merger and establishing a sound agreement if a de-merger subsequently becomes necessary. De-merger agreements define how to treat specific issues if a de-merger has to take place. Items to consider addressing in a de-merger agreement include: Protecting

       EXECUTIVE SUMMARY Intermediate sanctions impose a penalty tax on key employees of certain tax-exempt organizations who receive unreasonable compensation, and on managers who approve it knowingly. Intermediate sanction regulations provide a framework of appropriate policies and procedures regarding compensation for tax-exempt organizations. Intermediate sanction rules require organizations

       EXECUTIVE SUMMARY Businesses must clearly define the roles and responsibilities of employees who sign expense reports and those who process the reports. That should eliminate confusion about whether a manager’s signature means that the individual is authorizing the expenses as reasonable business expenses or signifies that the

Every organization faces some risk of fraud from within. Fraud exposure can be classified into three broad categories: asset misappropriation, corruption and fraudulent financial statements. Answering the following 15 questions is a good starting point for sizing up a company’s vulnerability to fraud and creating an action plan for lessening

       EXECUTIVE SUMMARY FASB Interpretation no. 48 (FIN 48), Accounting for Uncertainty in Income Taxes, sets the threshold for recognizing the benefits of tax return positions in financial statements as “more likely than not” (greater than 50%) to be sustained by a taxing authority. The effect is most