The AICPA suggested modifications to proposed regulations concerning children claimed as dependents by parents who are separated or divorced. REG-149856-03, released in May, amends Treas. Reg. § 1.1152-4, which specifies support, custody and parental status requirements for children to qualify as dependents of parents who are divorced, separated or live
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Denise Stubbs, CPA
Manager–Litigation Support, Morrison, Brown, Argiz & Farra LLP, Fort Lauderdale, Fla. As a forensic accountant, I feel like a modern-day Nancy Drew. I am an accountant, investigator and therapist, all wrapped up into one. In the family law division of litigation support, our main focus is to help clients
Award Honors Outstanding CPAs in Government
Susan S. Coffey, CPA, AICPA senior vice president–member quality and state regulation, presented the Outstanding CPA in Government Awards at the Institute’s 24th Annual National Governmental Accounting and Auditing Update Conference in Washington, D.C. The awards recognize CPAs working in federal, state and local government who have made significant contributions
Users Grade Tax Software
A record number of CPAs responded to our fourth annual professional tax software survey in which we invited AICPA members to disclose, among other things, what tax-preparation software they use and how they evaluated various aspects of their products. In past years, only members of the Tax Section were included
Get The Embarrassing Oops! Out of Memos
What happened is not that uncommon. In fact, several political upheavals and even lawsuits were triggered when ill-advised e-mails revealed hidden text—material that was supposedly edited out before it was sent. What we’re dealing with here is information in e-mails and word-processing documents—collectively called metadata— which can include anything from
Block Microsoft’s “Encountered A Problem” Pop-Up
I think the risk is small, but that doesn’t mean there’s no risk. The U.S. Department of Energy’s Computer Incident Advisory Capability says that when your computer sends a “memory dump” to Microsoft, it sometimes could contain data from your hard disk. If you wish to stop being bothered by
Bill Targets Taxation of Nonresidents
States could face new limits on how they impose income taxes on nonresidents if a House proposal becomes law. Under the terms of the Mobile Workforce State Income Tax Fairness and Simplification Act of 2007 (HR 3359), introduced by Rep. Henry C. Johnson Jr., D-Ga., a state or locality could
Financial Reporting
If FASB were to take on the joint project, its objective would be to develop a common standard that would address recognition, measurement, presentation and disclosure requirements for insurance contacts. The project would provide guidance for both the issuer and the holder of an insurance contract. The IASB is working
“Transactions of Interest” Regs Finalized
Proposed regulations under section 6011 concerning disclosure of reportable transactions, which include the new category of “transactions of interest,” have been finalized. In general, the final regulations apply to transactions entered into on or after Aug. 3. However, the provision regarding transactions of interest applies to transactions entered into on
Auditing
For news from the AICPA and state societies, visit www.cpa2biz.com, which also offers online CPE, AICPA professional literature, practice management aids and links to state society Web sites. The majority of investors (56%) said SOX was a good idea; 5% said it was a bad idea; and 30% said SOX
Generation Gap
I am responding to the sidebar by Bob Dias (“ Keeping Current Can Help Firms Overcome Recruitment and Retention Challenges,” Aug. 07, page 39), and the chart included at the bottom of the sidebar. As a CPA in my mid-50s and owning my own public firm with only two professional
Seeking Clarity: Robert Pozen
Robert Pozen is chairman of MFS Investment Management and was recently appointed chairman of the new SEC Advisory Committee on Improvements to Financial Reporting (CIFiR). He recently answered questions from the JofA.* * Mr. Pozen’s comments do not necessarily reflect the views of the committee, other committee
Gauging Security ROI
The InformationWeek /Accenture Global Information Security survey asked more than 1,100 business technology professionals, “How does your company measure the value of your security investments?” Fewer worker hours spent on security-related issues—43% Better protection of customer records—35% Decline in breaches—33% Decline in amount of network downtime—33% Improved protection of intellectual
Smart Stops on the Web
TAX BIG RESOURCES FOR SMALL BUSINESSES www.irs.gov/businesses/small Whether you own a small business or work for one, this IRS site sorts out tax-related information so you don’t have to. There’s an A–Z index that lets you search by business type or by subject. It lists the
Untying the Knot: Planning for a De-Merger
EXECUTIVE SUMMARY A merger process should include planning for a de-merger and establishing a sound agreement if a de-merger subsequently becomes necessary. De-merger agreements define how to treat specific issues if a de-merger has to take place. Items to consider addressing in a de-merger agreement include: Protecting
Pot Parsed From Deductible Expenses
As a general rule, it is illegal to traffic in marijuana, although California and some other states have legalized the use of marijuana for medical treatment. A California nonprofit benefit corporation that supplied medical marijuana to its members recently failed in its bid to deduct marijuana-related expenses but won a
A Better Way
A BETTER WAY The April column reported a technique for maintaining an Excel cell reference when copying a cell’s formula to a different location. Reader Dhan Brar, finance manager of Kern Health Systems, Bakersfield, Calif., suggests an easier way, if you want to move the cell rather than copy it.
Accounting for Uncertainty
EXECUTIVE SUMMARY FASB Interpretation no. 48 (FIN 48), Accounting for Uncertainty in Income Taxes, sets the threshold for recognizing the benefits of tax return positions in financial statements as “more likely than not” (greater than 50%) to be sustained by a taxing authority. The effect is most
International
The EDs follow, with comment deadlines in parentheses: ISA 530 (Redrafted), Audit Sampling (Oct. 31). ISA 510 (Redrafted), Initial Audit Engagements—Opening Balances (Oct. 31). ISA 805 (Revised and Redrafted), Engagements to Report on Summary Financial Statements (Nov. 30). ISA 800, (Revised and Redrafted), Special Considerations—Audits of Special Purpose Financial Statements
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