The statement describes specific circumstances that would prompt the agencies to issue a cease and desist order against a regulated institution that fails to establish and maintain a BSA compliance program or to correct a previously identified problem. The statement also clarifies formal and informal enforcement actions regulators may take.
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“Reasonable Certainty” for a Theft Loss Deduction
The Internal Revenue Code often requires the calculation of amounts that are less than absolute but more than mere guesses. IRC § 165 allows taxpayers to deduct theft and other casualty losses but requires them to take reasonable action to recover those losses. If a claim for
Love the New Look
I just read the August issue of the Journal of Accountancy online. Just wanted to let you know that I like the new format. Thomas D. Pietras, CPA Columbia, S.C. Editor’s note: The Journal of Accountancy Online also has a new Web address: www.journalofaccountancy.com .
State Societies
The Virginia Society of CPAs received the inaugural Commonwealth Community Service Award for its community outreach program, “Financial Fitness—Improving the Financial Health of Virginians” (www.financialfitness.org). The North Carolina Association of CPAs created a new financial literacy initiative through its Young CPA Gulf Coast Service Camp. This effort will give young
Fashioning a Fraud
EXECUTIVE SUMMARY Businesses must clearly define the roles and responsibilities of employees who sign expense reports and those who process the reports. That should eliminate confusion about whether a manager’s signature means that the individual is authorizing the expenses as reasonable business expenses or signifies that the
Useful Information
The smallest, lightest projector for the traveling CPA: Toshiba’s TDP-FF1AU LED projector measures 5.5 by 2.2 by 4.0 inches and weighs 1.1 pounds (1.7 with its battery). Be advised that it needs a darkened room to produce a good image. It comes bundled with a 23-inch folding projection screen. Price:
The Cost of Computer Crimes
Consumer Reports projects that U.S. consumers lost more than $7 billion to viruses, spyware and phishing schemes over the last two years. Source: Consumer Reports’ 2007 State of the Net survey, www.consumerreports.org/security.
Professional Issues
To receive a copy of the guide, e-mail womensinitiatives@aicpa.org or download it at www.aicpa.org/download/career/wofi/0666-331_WLWIECs_Off-Ramping_Program.pdf.
An Ounce of Prevention
Sarbanes-Oxley programs that address both compliance and business objectives can help companies trim the costs of section 404 compliance. The 404 Institute’s third annual Benchmark Study found that companies with low compliance costs and more effective outcomes reported a: Higher degree of centralized transaction processing and control. Higher percentage of
Customize The Menus In Your Toolbar
» Key to Instructions To help readers follow the instructions in this article, we used two different typefaces: Boldface type is used to identify the names of icons, agendas and URLs. Sans serif type shows the names of files and the names of commands and instructions that users should type into
Great Article, Bad Headline
Nicholas Mastracchio Jr.’s article (“ Value Proposition,” June 07, page 82) is the best-ever article published to promote our profession. “Why Hire a CPA?” is a much better title than “Value Proposition.” Elina Chu, CPA San Francisco
Assessing Fraud Risk
Every organization faces some risk of fraud from within. Fraud exposure can be classified into three broad categories: asset misappropriation, corruption and fraudulent financial statements. Answering the following 15 questions is a good starting point for sizing up a company’s vulnerability to fraud and creating an action plan for lessening
A Secret to Share
As a follow-up to Ken Weber’s Checklist, “ Dirty Little Secrets of 401(k) Plan Fees” (May 07, page 34), I had noticed the expense ratios as disclosed for the fund choices in my company’s 401(k) plan were significantly higher than the expense ratios for the same funds available to the
Data Points: 33 and 25
33Percentage of U.S. private companies that expect to change hands in the next 10 years. 25Percentage of those businesses that expect to do so within the next two years. Source: Grant Thornton International Business Report , www.internationalbusinessreport.com .
The Envelope, Please
These days, Americans do everything from paying bills to buying groceries online, but when it comes to confidential business communications, maybe we like things the old-fashioned way. An International Communications Research survey commissioned by Pitney Bowes, a mailstream technology company, found that 86% of consumers prefer to receive bills, bank
NPO Compensation in the Spotlight
EXECUTIVE SUMMARY Intermediate sanctions impose a penalty tax on key employees of certain tax-exempt organizations who receive unreasonable compensation, and on managers who approve it knowingly. Intermediate sanction regulations provide a framework of appropriate policies and procedures regarding compensation for tax-exempt organizations. Intermediate sanction rules require organizations
The Word on IRD
Probably for the same reason people tend to put off making their wills, taxpayers often neglect to plan for the effects on their heirs of income they were entitled to receive but didn’t live long enough to see. So-called “income in respect to a decedent” (IRD) includes,
A Pink Slip and a Vest
In a revenue ruling, the IRS further standardized a benchmark it first proposed in 1991 for determining when a partial termination of a defined contribution retirement plan under IRC section 411(d)(3)(A) has occurred. The provision comes into play often when employers downsize, as in the scenario of the ruling, 2007-43,
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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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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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