The AICPA participated in two meetings on the competitiveness of U.S. capital markets in Washington in March. The first, hosted by Treasury Secretary Henry M. Paulson on March 13, included an open discussion among 45 of the nation’s top business and association executives on whether the U.S.
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Data Point: 70
Percentage of all new hires who will be women or minorities in 2008. Source: Bureau of Labor Statistics, www.bls.gov .
Time to Rethink Your 401(k) Plan?
EXECUTIVE SUMMARY The PPA has made it easier for plan sponsors to automatically enroll employees in a retirement plan by eliminating the worry over state withholding laws. It delineates a new safe harbor automatic enrollment provision that starts the automatic deferral at 3%, raising it by
E-Filing Lags
Since about 54% of individual taxpayers e-filed in 2006, it seems unlikely that a congressionally mandated goal of 80% for this year will be met, the IRS Oversight Board said in its annual report to Congress. The board suggested extending the goal to 2012. E-filing declined in 2006 among individuals
A Taxing Workload
NUMEROLOGY Americans worked an average 116 days last year to pay their taxes, with federal taxes accounting for 77 days and state/local taxes, 39 days. How does this measure up against your other major expenses? Housing and household operation: 62 days Health and medical care: 52 days Food: 30 days
Optimizing Company Cash: A Guide for Financial Professionals
by Michèle Allman-Ward and A. Peter Allman-Ward AICPA, 2007, 271 pp. Cash flows, liquidity, the banking system and other touchstones of business finance are laid out in this comprehensive and easy-to-follow guide to cash management, with copious exhibits and examples. Of particular interest to practitioners in this increasingly specialized field
Incentives for Businesses in Distressed Communities
Since the mid-1990s, Congress has tried to help businesses operating in certain low-income and economically disadvantaged areas. This has taken the form of tax credits and deductions for businesses that locate in, and hire residents from, those areas. These inducements may be of interest to companies looking
Create a Custom Envelope
I wouldn’t dismiss Word’s envelope function. It’s very useful and can be customized easily by clicking on the Options button (see screenshots). But if you want even more customization—such as an added graphic —I suggest creating a template that can be evoked with a single click. Here’s how:
Credit Security Benefits All
BUSINESS TRENDS Increase workers’ productivity by protecting their credit? That’s exactly what employers hope to do when they add identity theft protection to their list of offered benefits. ID theft victims spend, on average, 40 hours repairing their credit history and personal funds, most of which must be done during
Get Ready for Vista
et ready, accountants! Like it or not, your basic Microsoft computer tools—from the operating system to all the workaday applications—will soon be history. Replacing them will be the recently introduced Vista operating system and Office 2007, which includes, among other things, Word, Excel, Access, Outlook and
Halt Pre-Approved Chaos
CONSUMER ALERT Tired of piles of “pre-approved” credit card offers filling your mailbox? Chances are if you use a credit card, you’re included on credit bureaus’ mailing lists, which are sold to outside parties for pre-screened credit card offers, marketing purposes and insurance solicitations. Under the Fair Credit Reporting Act,
In the Line of Duty
The Second Circuit Court of Appeals ruled against a military veteran’s income-exclusion claim, affirming the Tax Court’s distinction of taxable disability benefits versus exempt benefits paid for a service-connected injury. William D. Reimels was exposed to Agent Orange during service in Vietnam in the 1970s. He then worked in the
Nigerian Scammers 1, County Treasurer 0
THE WORLD’S DUMBEST FRAUDSTERS Many Americans have received an e-mail or letter from Nigeria, claiming that the recipient can receive huge funds from an “over-invoiced” government contract or a wealthy individual who died without a will. In actuality, these are advance fee swindles where the victim must pay phony charges
Intangible Value: Delineating Between Shades of Gray
EXECUTIVE SUMMARY Intangible assets are a big part of contemporary business, and many executives think innovation and related intangible assets now represent the principal basis for growth. CPA/ABVs and CFOs need to be able to value intangible assets for reasons that include the sale of a
XBRL
The Canadian Securities Administrators (CSA), the council of the securities regulators of Canada’s provinces and territories, has launched a voluntary Extensible Business Reporting Language (XBRL) filing program. Under the program, participating companies will begin filing their financial statements in XBRL this month. The XBRL statements will be available to the
IRS, B&D Tool Up for Trial
By reversing a district court’s grant of summary judgment that originally favored the taxpayer (see “Tax Matters,” JofA, March 05, page 88), the Fourth Circuit Court of Appeals opened the door for further interpretation of the “sham transaction” rule as it relates to contingent liability transactions. The case, involving Black
Happy Customers Open Their Wallets
SURVEY SAVVY According to the American Customer Satisfaction Index (ACSI), customer satisfaction for the fourth quarter of 2006 peaked at 74.9 on a 100-point scale, the highest level recorded since its initial measurement in 1994 and up almost 2% from 2005. Satisfaction in the finance and insurance sector registered at
Horse Sense Applied to Startup
In its first ruling of 2007, the Tax Court concluded that a woman could deduct expenses of for-profit horse boarding and training that later grew into a business. Had the IRS prevailed, taxpayers who engaged in a for-profit activity with the hope it would grow into a full-fledged trade or
See Double By Design
I believe your decision to go with a dual monitor arrangement is wise. You’ll find they will make your work proceed smoother and faster. In fact, if you have a laptop in addition to a desktop, you can link the laptop monitor to the desktop instead of buying a new
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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
