EXCEL SHORTCUTSFormat numbers: General—Ctrl+Shift+~ Currency—Ctrl+Shift+$ Percentage—Ctrl+Shift+% Date (d, m, y)—Ctrl+Shift+# Work in a range: Select current range—Ctrl+* Move to range border—Ctrl+arrow Move down—Enter Move up—Shift+Enter Move right—Tab Move left—Shift+Tab Stanley Zarowin is a contributing editor to the JofA. His e-mail address is stanley.joatech@gmail.com. Do you have technology questions for this
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D.C. Circuit Switches Position in Murphy
The Court of Appeals for the D.C. Circuit recently reissued its opinion in Murphy, Marrita v. IRS (see “ Tax Matters,” JofA, Feb. 07, page 70). The original opinion was released in August 2006, and vacated in December 2006, after the IRS requested a rehearing en banc. The request was
The Worries of the World
According to the Grant Thornton International Business Report , 56% of business leaders worldwide felt their stress levels increase over the last year. The tensest leaders were found in countries with emerging economies, including mainland China (84%), Taiwan (82%), India (79%) and Russia (76%). The least stressed over the past
AICPA Introduces Its New Valuation Standard
Business valuation is an integral part of a number of CPA practice areas and many groups within the AICPA will be affected by the standard, AICPA Statement on Standards for Valuation Services no. 1, Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset. The Business
Tina Klocke, CPA
Chief financial bear, Build-A-Bear Workshop Inc., St. Louis I am the chief financial bear at Build-A-Bear Workshop . I am surrounded by stuffed animals at Build-A-Bear Workshop World Bearquarters in St. Louis, where employees can bring their dogs and children to work. Our offices are decorated as
Is Your Software Illegal?
If it is, your business could face serious legal, financial and technological risks. According to the Business Software Alliance, small businesses paid more than $11.4 million in fines to settle software piracy claims in 2006, and they face the greatest risk for software piracy, not only due to their lack
Highlights
The SEC approved the PCAOB’s Auditing Standard no. 5, An Audit of Internal Control Over Financial Reporting That Is Integrated With An Audit of Financial Statements, clearing the way for the measure to replace Auditing Standard no. 2. The new standard is designed to increase the likelihood that
Nexus and FIN 48: States of Flux
The reporting requirements of FASB Interpretation no. 48 have exacerbated an already vexing matter for many CPAs and taxpayers—the uncertainty surrounding the tax issue of nexus. Much of that uncertainty derives from inconsistent adjudication of nexus issues by state courts and the absence of recent guidance from
Matching Asset Values for Income and Estate Tax
Two recent cases confirm that the income tax basis of inherited property is the same as the amount agreed upon for estate tax purposes. The Second and Ninth circuit courts of appeals held that two brothers, as heirs of their father’s estate, must use as their income tax basis the
Headaches and Stretched Agendas for Audit Committees
A survey of 282 audit committee members—sponsored by KPMG’s Audit Committee Institute (ACI) and the National Association of Corporate Directors—reveals that while oversight of accounting judgments and estimates and SOX 404 compliance remain the top priorities of audit committees, the panels are increasingly focused on information technology risks. Only 15%
Forced Home Sale Can Result in Income to the Borrower
When the real estate market was booming, homeowners either borrowed heavily to buy in at the top or took out home-equity loans, which added to their debt. Now that the real estate market has cooled, some homeowners are waking up to an unpleasant reality: They can’t make
Select A Customized Worksheet With A Mouse Click
The easiest solution I can think of is very low-tech. I would just create a template of a single file that contains 12 worksheets—each custom-designed to match one of the 12 you need. You then can store that file so you can evoke any of the custom designs with just
Small Biz Burdens
Small businesses in the U.S. face a heavy burden when complying with income and employment tax laws, according to preliminary results of an IRS survey of compliance burdens Among the tax activities performed by businesses with less than $10 million in assets—including recordkeeping, working with a paid professional, completion and
What’s In A Name? The Key To Following Directions
That’s true, you can’t tell the players without a program. I wonder, for example, how many readers can even identify the monitor’s desktop, which is often referred to in instructions. Answer: It’s the screen that appears after a computer is fully started up but before any applications are launched, or,
Settlement Doesn’t Legitimize Sham
The U.S. District Court of New Hampshire ruled that a taxpayer couldn’t claim losses stemming from partnerships’ transactions that lacked economic substance, even though a settlement with the IRS had allowed some of their claims. Richard Nault invested in several agricultural limited partnerships between 1984 and 1986 that reported significant
S Corporation Profits or Payday
EXECUTIVE SUMMARY CPAs can help their clients determine what is a reasonable salary to pay shareholder employees (SEs) of S corporations, thus satisfying an IRS priority to collect proper amounts of employment taxes. Distributions, including “disguised distributions” such as a loan to an SE by the corporation or in-kind
IRS Adopts Westpac
The IRS said it will follow the ruling of the Ninth Circuit Court of Appeals in Westpac Pacific Food v. Commissioner (97 AFTR2d 2006-3014) concerning timing of recognition of volume trade discounts paid as cash advances. Westpac, a West Coast partnership of grocery retailers, received advances from manufacturers in exchange
Fraud
The Financial Crimes Enforcement Network (FinCEN) released a new report that breaks down the geographical dispersion of Suspicious Activity Report (SAR) filings by financial institutions between April 1, 1996, and Dec. 31, 2006. The report, SAR Activity Review—By the Numbers , showed the rate of increase of SAR filings by
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