The Consulting Services Executive Committee of the AICPA issued in June a new professional standard on valuation services, Statement on Standards for Valuation Services no. 1, Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset. The standard provides guidelines to CPAs for developing estimates of
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Hiring the Best and the Brightest
High employee turnover increases costs and hurts productivity. It is also preventable. The best way to avoid spending the time, energy and money it takes to find a replacement is to hire the right person the first time. To build a solid finance team, know what you
Eyeing the C-Suite
Controllers take note: You’re eight times more likely to reach CFO status by internal promotion than outside hire. Among Fortune 500 CFOs promoted to their position, 33% were previously controllers, 19% were treasurers and 14% were senior financial generalists. But in companies where the CFO was recruited externally, the position
Office of Strategy Management Gets New Director
Karin Wiberg is the new director of the Office of Strategy Management for the AICPA. She will manage strategic planning processes and monitor organizational performance to help the Institute adapt to changes in the CPA profession while achieving its objectives. Prior to joining the AICPA, Wiberg was strategic planning director
Sweet Charity
Firms that tout employee volunteer programs could have a leg up when it comes to recruiting young CPAs. According to the 2007 Volunteer IMPACT survey by Deloitte & Touche USA LLP, 62% of Generation Y employees said they would prefer to work for companies that give them opportunities to contribute
CPAs Rock Out for Education
Washington state CPAs let loose after a long tax season at the second annual CPA Battle of the Bands, which featured performances from five Seattle-area accounting bands. Participating groups included Disregarded Entity, Industry Audit Guys, Terminal Liability, and the University of Washington’s Beta Alpha Psi band, Facial Depreciation, which wowed
The Red Carpet Treatment
EXECUTIVE SUMMARY Statistics show strong job prospects for CPAs are likely to continue well into the next decade. The U.S. Department of Labor’s Bureau of Labor Statistics (BLS) anticipates employment for accountants and auditors to grow by at least 22% between 2004 and 2014. Sarbanes-Oxley compliance,
Managed Accounts
EXECUTIVE SUMMARY A growing number of companies are beginning to offer employees professionally managed accounts for 401(k) assets. In these managed accounts, an independent investment manager handles investment decisions, makes portfolio changes as needed based on each participant’s specific needs and risk tolerance, and rebalances the
Is It Alimony?
In a ruling against the IRS, the Tax Court underscored that while alimony must be made under a divorce or separation instrument to be deductible, the payer doesn’t have to be legally obligated to make the payments. Under IRC § 71, cash payments made under a divorce or separation agreement
Fraud
Study authors Robert Tillman and Michael Indergaard of St. John’s University based their analysis on a sample collected by the Government Accountability Office of 834 companies that issued restatements between Jan. 1, 1997, and June 30, 2002. The study, Control Overrides in Financial Statement Fraud, found that 374 companies, or
Assigning Credit Where It’s Due
The article “ Avoiding FASB 123(R) Pitfalls” (May 07, page 74) was very informative. However, I wonder: In Exhibit 1, the very first journal entry, compensation expense is debited, but what is credited? Is it additional paid-in capital, or possibly “options outstanding”? If it is APIC, wouldn’t this be confused
The Calm After the Storm
Thank you to authors Paul B.W. Miller and Paul R. Bahnson for helping demystify the FAS 158 requirements (“ Perfect Storm Prompts Changes in Pension Accounting,” May 07, page 36). This article was very well written, and the examples, along with the journal entries, helped me understand this complex issue
Put the Proof on Paper
A pair of recent Tax Court memos emphasized the longstanding rule of Welch v. Helvering, 290 U.S. 111 (1933), that taxpayers have the burden of proof when challenging an IRS determination. If the IRS audits a return, it is entitled to not take the taxpayer’s word on expenses, deductions and
Proposed New Form 990 Released
Form 990, Return of Organization Exempt From Income Tax, will have a new format the IRS hopes to roll out for the 2008 tax year, in the form’s first overhaul since 1979. The changes are designed to aid transparency, with the first page of the 10-page form (one more than
Life Is Short, Art Is Long: Maximizing Estate Planning Strategies for Collectors of Art, Antiques and Collectibles
by Michael Mendelsohn Wealth Management Press, 2006, 421 pp. Accountant, financial planner and outsider art collector Michael Mendelsohn has composed a pleasant read with a purpose. His premise: Most people collect something, and over time many of those collections come to represent important client wealth that should be included in
Self-Taught CPAs
Entry-level professionals are likely to navigate the career ladder on their own, according to a poll of more than 1,400 CFOs. A majority (58%) of executives said it was uncommon for their company to assign mentors, either formally or informally, to new hires in their accounting and finance departments. Only
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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
