A new system of securities regulation for smaller public companies that would make scaled regulation available to a much larger group of smaller public companies. Modified eligibility requirements so companies with a public float below $75 million can take advantage of the benefits of shelf registration. A new exemption from
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Academic Recognized for Achievement in Accounting Education
Dan S. Deines, CPA, Ph.D., received the Institute’s 2007 Distinguished Achievement in Accounting Education Award at the AICPA spring council meeting. AICPA Chair Jimmy Williamson presented the award. Deines, the Ralph Crouch KPMG Chair in Accounting at Kansas State University, also recently received a grant from the Kansas Society of
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Highlights
The PCAOB adopted Auditing Standard no. 5, An Audit of Internal Control Over Financial Reporting That Is Integrated With An Audit of Financial Statements, to replace Auditing Standard no. 2. The new standard is designed to increase the likelihood that material weaknesses in internal control will be
IRS Issues Guidance on Monetary Penalties
The IRS published guidance in Notice 2007-39 to outline how it will wield its new statutory authority to impose monetary penalties on taxpayer representatives for violations of Circular 230. The amendment to 31 USC §330 empowers the Service to levy monetary penalties for violations occurring after Oct. 22, 2004. The
Pundits and Politicians Take the Stage
A number of high-profile speakers presented at the Institute’s spring council meeting prior to council members’ visits to the Hill. Karl Rove, deputy chief of staff and senior adviser to President Bush; Terry McAuliffe, former chair of the Democratic National Committee and chair of the Hillary Clinton for President Exploratory
Share Files, Printer on an Office Network
Since you already have a network, adding file- and printer-sharing is a snap. Let’s start with file-sharing. Open Explorer and select a folder you want to be able to share with the two other computers and right-click on it. Select Properties and the Sharing tab. Then, under Network sharing and
All in the Family
EXECUTIVE SUMMARY Multifamily office (MFO) services have long been offered by a variety of financial services providers. Increasingly, CPA firms have made this provision of comprehensive wealth management and personal services to select client families a major facet or even cornerstone of their practice. For many
Tune Up for High-Performance Wealth
Each year, individuals and business owners should evaluate their wealth management initiatives to make sure they have the appropriate portfolio for their age and investment goals. Practitioners should emphasize the following key points to help clients maximize their saving potential. Maximize retirement plan contributions. The 401(k)/403(b) maximum
AICPA Tax Division to Teach Quality Control
The AICPA Tax Division’s proposed Statement on Standards for Tax Services no. 9, Quality Control, will provide a basis of an educational effort by the Tax Division. The proposed standard was exposed for public comment in December 2005. After reviewing the comments, the AICPA Tax Executive Committee decided early this
Filings Tumble Following Bankruptcy Reform
In the first full year the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was in effect, bankruptcy filings fell 70% to 617,660, the lowest number since 1988. Filings involving business debts totaled 19,695, down 50% from almost 40,000 in 2005, while non-business filings dropped 71%, from more than
10 Minutes to Impress
According to a survey of hiring managers, it takes just minutes to form a positive or negative opinion during the initial interview, despite spending on average 55 minutes and 86 minutes meeting with staff and management-level applicants, respectively. “The opening minutes of the conversation often set the tone for the
Turn the Spotlight on Tax-Friendly Benefit Options
Young employees are in the dark when it comes to retirement planning, and as a result, potential tax savings are slipping through their fingers, according to a taxpayer survey by CCH and Harris Interactive. Employees ages 18 to 24 were least likely to use company-sponsored 401(k) plans—participation rates sit at
Counting Escrows
The First Circuit Court of Appeals has upheld the Tax Court in Burke v. Commissioner , 99 AFTR 2d 2007-941. In so doing, the courts underscored the IRS’s position that distributed income from a partnership must be recognized as taxable income even when it is held in escrow by the
Fraud
The federal Identity Theft Task Force launched a new Web site at www.idtheft.gov that outlines the Task Force’s Strategic Plan for preventing identity theft, assisting victims of identity theft crimes and prosecuting identity thieves. The Strategic Plan was developed with input from 17 federal agencies. The Task Force, which was
Feeling the Tax Sting
Mutual fund investors were hit hard in 2006, paying the IRS more than $23.8 billion on their reinvested distributions. Equity fund shareholders paid more than 60% ($14.4 billion) of the total tax burden on their capital gains. Investment companies distributed $418.5 billion last year, surpassing the previous record high of
Keeping Secrets
You may be able to keep a secret, but how confident are you that your computer is up to the task? As a CPA, you’re entrusted with loads of confidential information, and your professional reputation depends on your discretion. But your computer may be vulnerable to someone
No Gain, Some Pain for Another Lottery Winner
The Second Circuit Court of Appeals joined other courts holding that a taxpayer’s sale of rights to future installments of lottery winnings is ordinary income and not capital gain. Shirley Prebola won $17.5 million in the New York State Lottery. The winnings were to be paid in 26 annual installments.
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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
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Current Developments in Taxation of Individuals: Part 1
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