“Some hedge fund managers and private equity managers are taking home more than $100 million a year in what is called ‘carried interest’ income…being taxed at the long-term capital gains rate of 15%. They are not paying the higher rate for ordinary income. Now, professional athletes, Silicon Valley executives and
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Saver’s Credit a Well-Kept Secret
Many individual taxpayers who could claim the Retirement Savings Contributions Credit don’t know to do so, ignorance the IRS could remedy by highlighting the incentive, said leaders of the Senate Finance Committee. Besides targeting advertising to the low- to modest-income filers the credit is intended to benefit, the IRS should
Financial Reporting
The SEC Advisory Committee on Improvements to Financial Reporting will study the causes of complexity and recommend to the SEC how to make financial reports clearer and more beneficial to investors, reduce costs and unnecessary burdens for preparers and better utilize advances in technology to enhance all aspects of financial
Pension Protection Act Changes Valuations for Tax Purposes
EXECUTIVE SUMMARY The Pension Protection Act of 2006 changed tax valuation matters that affect how appraisals of non-cash contributions are considered by the IRS. The IRS now has greater authority to impose penalties on appraisers who value property at an amount that the IRS later disputes.
Professional Guidance in Business Valuation: Applying SSVS1
EXECUTIVE SUMMARY CPAs perform valuation services for numerous purposes, including transactions, financings, taxation planning and compliance, intergenerational wealth transfer, ownership transition, financial accounting, bankruptcy, management information, and planning and litigation support . SSVS1 applies to all members and is effective for engagements to estimate value accepted
Smart Stops on the Web
BUSINESS VALUATION BURNING BV QUESTIONS www.go-iba.org/blog This site from the Institute of Business Appraisers hosts a discussion group between its members and Rand M. Curtiss, FIBA, MCBA, ASA, chairman of the American Business Appraisers National Network. Its question-and-answer format covers a range of topics relating to the
A Bid for Fair Value
EXECUTIVE SUMMARY Zions Bancorporation developed Employee Stock Option Appreciation Rights Securities (ESOARS) as a market-based pricing technique for expensing stock options under FASB Statement no. 123(R). ESOARS auctions may be able to achieve a lower expense for Statement no. 123(R) purposes than other option-pricing models such
Make New Friends
After-hours outings may improve your social life and boost your job performance. Nearly two-thirds (63%) of employees and 57% of executives polled said that office productivity improves when co-workers are friends outside of the workplace. How much does it help? Almost one-quarter (22%) of employees said befriending colleagues had a
International
IFRIC 14 provides general guidance on how to assess the limit in IAS 19 on the amount of the surplus that can be recognized as an asset. It also explains how the pension asset or liability may be affected when there is a statutory or contractual minimum funding requirement. No
Government Accounting
Assets —resources with present service capacity that the government presently controls. Liabilities —present obligations to sacrifice resources that the government has little or no discretion to avoid. Deferred outflow of resources —a consumption of net assets by the government that is applicable to a future reporting period.
Government Accounting
The ED is available at www.fasab.gov/exposure.html or by calling 202-512-7350. Comments are requested by Aug. 6.
Wading Into Litigation Support
EXECUTIVE SUMMARY CPAs can provide valuable services as litigation support consultants in lawsuits involving business damages. This analytical role allows CPAs to enter the litigation support business before taking on the greater challenge of being an expert witness. Before accepting an engagement, the CPA should ask
Who Pays 401(k) Fees?
38% Participant via investment product fees 37% Plan sponsor 12% Participant via direct charge 5% Participant via additional reduction to investment returns 4% Direct fees paid by both sponsor and participant 4% Other Source: Investment Company Institute’s The Economics of Providing 401(k) Plans: Services, Fees, and Expenses, 2006, www.ici.org .
No “Red Magic” for Heinz
Many companies engage in stock buyback programs, or redemptions, often for financial reasons but occasionally for tax purposes. In May, the Court of Federal Claims denied a $42.5 million refund sought by processed-food manufacturer H.J. Heinz Co. for a claimed loss relating to a redemption. In the early 1980s, Heinz
Compliance
A study by Lord & Benoit, a firm specializing in SOX compliance, identified what it described as the 10 leading material weaknesses among 148 companies with revenue of less than $100 million. Companies with effective internal controls were excluded from the study. Nearly two-thirds of the companies with material weaknesses
Eight Special Women in Accounting
Among the AICPA-donated volumes at Ole Miss are two binders containing photographs of individuals appearing in the JofA or at accounting conventions from 1887 to 1979. Of the 446 individuals featured, eight are women—Christine Ross, Ellen Libby Eastman, Miriam Donnelly, Mary E. Murphy, Helen Lord, Helen H. Fortune, Mary E.
Ideas That Really Work to Recruit and Retain Staff
Does your firm have a consistent hiring message and formalized training program for new hires? CPA and consultant Steve Erickson developed 10 tips to help firms in achieving their hiring and retention goals. Increase focus and efforts. Make recruiting a year-round focus, engaging both partners and employees in the process.
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How to protect nonprofits from hidden fraud risks
CPAs can help not-for-profits spot the red flags of common schemes, so they can take steps to tighten controls and reduce exposure.
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