July 2008 - Journal of Accountancy

EXECUTIVE SUMMARY The first step in developing a wealth harvesting plan is to identify the client’s departure objectives, focusing on four categories: providing for the client and the people and causes they care about; ensuring a smooth and successful succession; protecting assets; and developing tax-smart strategies. It takes a variety

EXECUTIVE SUMMARY With the release of Prop. Treas. Reg. §§ 1.72-6(e) and 1.1001-1(j) in October 2006, the Treasury and IRS have signaled their intent to recognize gain or loss at the time of exchange of property other than money for an annuity contract. Previously, taxpayers may have recognized such gain

     EXECUTIVE SUMMARY Lean accounting concepts are designed to better reflect the financial performance of a company that has implemented lean manufacturing processes. These may include organizing costs by value stream, changing inventory valuation techniques, and modifying financial reports to include nonfinancial information. Value stream management (VSM) is a

   Information security is a dynamic field and, although accounting professionals have become much savvier on the subject, keeping track of the latest best practices can be a daunting task. How current are you? Take this quiz on information security basics to find out. 1. Because no single antivirus program

     Thirty years ago, Krista McMasters applied for a job at Clifton Gunderson’s office in Danville, Ill. She was fresh out of the University of Illinois undergraduate accounting program. Despite good grades, she heard nothing back. McMasters had job offers from other firms, but she persisted with Clifton Gunderson

EXECUTIVE SUMMARY Accounting for currency translation risks can be very complex. This article addresses only the basics and provides some tools to help the reader understand the issues and find resources. Globalization has changed the old accounting rule that debits equal credits. Net income became just one part of comprehensive

     EXECUTIVE SUMMARY Private foundations must distinguish between what are sometimes called mission–related investments and program–related investments (PRIs). PRIs enable private foundations to make venture capital–type investments that might otherwise be penalized under the IRC as “jeopardizing,” that is, risky. Mission–related investments, although not technically defined, nonetheless have their