K athryn L. Garnett has won the Journal of Accountancy’s 2006 Lawler Award for the best article of the year. Her article, “ Social Security: What’s the Magic Age? ” (July 06, page 28), discusses the best time for CPAs and their clients to start collecting benefits to maximize financial
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Practical Training Tips for Smaller Firms
Implementing a training program in a smaller firm does not require a significant financial investment and can be done without hiring a trainer. A standardized training process can help ensure that all new employees coming into the firm are on the same page and improve retention. Consider these tips for
A Man of Principles
Your interview with Robert Pozen (“Seeking Clarity,” Oct. 07, page 30) was intriguing. My first question is: Who on the JofA staff interviewed him, and why was the byline not disclosed? The most insightful question was, “How can more principles-based standards work in the U.S….?” His answer was, “No one
TIGTA: Hobby Loss Rule Hobbled
The Office of the Assistant Secretary of the Treasury for Tax Policy will propose legislative changes to IRC section 183 to strengthen and clarify the hobby loss rule. The office agreed to do so at the urging recently of the Treasury Inspector General for Tax Administration, which faulted the statute’s
IRS to Study Like-Kind Exchanges
The IRS will study reporting and compliance issues regarding like-kind exchanges of property under IRC section 1031. The move comes in response to a September report by the Treasury Inspector General for Tax Administration that faulted the IRS for what it called little oversight of the method for deferring capital
Director of Media Relations Appointed
William Roberts, former White House reporter for Bloomberg News, was appointed director–Media Relations for the AICPA. Roberts will serve as the primary liaison with the Washington press and supervise public relations support for the Institute’s legislative, regulatory and tax programs. Roberts had covered Congress, the White House and the Pentagon
Shortcuts
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 column? Or, after reading an answer, do you have a better solution? Send them to me via e-mail at stanley.joatech@gmail.com or via regular mail at the Journal of
Stolen Without a Gun
by Walter Pavlo Jr. and Neil Weinberg Etika Books, 2007, 312 pp. For nearly four decades, I have been investigating, researching and writing about occupational fraudsters. From the mailroom to the boardroom, what these criminals have in common is the inability to commit fraud once and quit. So it was
A Moot Point (and a Half) for Exxon
When it comes to overpayment interest due them, most taxpayers probably wouldn’t quibble too much over a difference of 1.5 percentage points, especially if that margin applied only to compounding of previously earned interest. But Exxon Mobil isn’t most taxpayers. For it, that fraction was worth $140 million, for which
Banking
Well-managed and well-capitalized banks and savings associations with up to $500 million in total assets and CAMELS ratings of 1 or 2 may qualify for the extended 18-month on-site examination cycle (instead of the 12-month cycle) under final regulations issued by the major federal bank and thrift regulators. The
Highlights
The Center for Audit Quality issued a set of white papers to address issues practitioners may encounter as a result of the “liquidity crisis” spurred by deterioration in the markets for subprime mortgages and related securities. The CAQ Professional Practice Executive Committee said firms would benefit from the
Guide to ESOP Valuation and Financial Advisory Services (Second Edition)
by Robert F. Reilly and Robert P. Schweihs Willamette Management Associates Partners, 2007, 585 pp. The Guide to ESOP Valuation and Financial Advisory Services (Second Edition) expands and updates information from the first edition on employee stock ownership plans (ESOP) published in 2005. The book is based on a compilation,
Compensation as a Strategic Asset: The New Paradigm
by August J. Aquila and Coral L. Rice AICPA, 2007, 190 pp. Compensation is a complex matter for most firms, with money being only one aspect of the equation. This book begins with a look at recent (past 25 years or so) paradigm shifts that have contributed to changes in
Financial Reporting
The Private Company Financial Reporting Committee recommended that FASB delay the effective date of FIN 48, Accounting for Uncertainty in Income Taxes , for private companies. The PCFRC voted unanimously at its September meeting to recommend postponing the effective date until guidance is issued on FIN 48’s implications for pass-through
Audit All the Time
According to the Ernst & Young Global Internal Audit Survey , 44% of companies’ internal auditors have implemented a continuous auditing program to: Follow up on implemented recommendations Identify control deficiencies Monitor risks Identify potential fraud Why aren’t the other 56% of respondents using continuous auditing? The top
Smart Stops on the Web
SMALL OFFICE “A” FOR ADVICE www.sba.gov/services Whether you’re a CPA with small business or sole proprietor clients or you’re interested in leading your own firm, the Small Business Administration is here to help. This Smart Stop offers free online training in business planning and management, marketing and
Make Direct Marketing Pay Off
EXECUTIVE SUMMARY Direct marketing has become a popular and successful form of CPA firm marketing with the following potential benefits: The process encourages you to define a very specific target audience of prospects most likely to buy your services. The format enables you to develop a specific message
IRS Revises Measure of Ability to Pay
The IRS has updated the Collection Financial Standards used to determine a taxpayer’s ability to pay a delinquent tax liability. The changes went into effect Oct. 1. For bankruptcy purposes, the new tables are not effective until Jan. 1, 2008. The revised standards include some basic changes such as the
Navigating the Crossroads of Control and Independence
EXECUTIVE SUMMARY Statement on Auditing Standards no. 112, Communicating Internal Control Related Matters Identified in an Audit , introduced terms, definitions and guidance for identifying and evaluating control deficiencies and communicating significant deficiencies and material weaknesses. It requires an auditor to communicate in writing to a client’s
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