The First Circuit upheld a district court’s holding that money allocated to a noncompete agreement was not for “personal goodwill” when a business’ sale agreement didn’t specifically identify it as such. When a business is sold, it is not uncommon for a portion of its sale price to be attributable
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The magazines
A Handy Guide for Creating Custom Headers and Footers
Q: A colleague showed me how to add the path and file name to an Excel spreadsheet, and that’s real handy. But the Header screen (see screenshot below) leaves much to be desired: It doesn’t tell what each of those 10 icons does. Sure, I can figure it out from
Different Rules for Different Workers?
Most companies strive to maintain work/life balance, but a recent survey by CareerBuilder.com suggests they might not always be balanced in their approach to who benefits from these policies. According to the survey, more than 21% of workers who have never been married believe their companies show favoritism to married
Banking
U.S. Comptroller of the Currency John Dugan said the “incurred loss” model banks use to account for loan losses may need to be changed to a more countercyclical approach that would allow provisions to be made earlier in the credit cycle when times are good. Dugan, who is the administrator
What’s Your Fraud IQ?
As the economy struggles, businesses and individuals are hanging on to their money more tightly than ever. With fewer resources available and reserves dwindling, becoming a victim of fraud during a recession could prove financially disastrous. However, a little awareness can go a long way in protecting hard-earned assets from
Mechanic Gets Bumped Again
The Seventh Circuit Court of Appeals upheld a Tax Court opinion that had denied former airline mechanic David Wilbert’s deductions for travel expenses incurred when he accepted assignments in various cities to keep his job under the airline’s employee “bumping” arrangement. Although the court was sympathetic to the taxpayer’s situation,
Design a Personal Paper Calendar in Outlook
Q: When I’m not at my computer, I experience what I call calendar withdrawal. Sure, I could carry a little pocket paper calendar, but then I’d have to keep it synced with Outlook. No, thank you. And unlike our president, I’m not about to go high-tech with a data phone.
Beware: The Save AutoRecover Info Option Does Not Save Permanently
Q: I run XP and Office 2003, and I was rummaging through the Options menu (click on Tools, Options), and in the Save tab I came across an option to Save AutoRecover info every:. And then it gives you the choice of how frequently you want it to save. Huh?
Looking Through the QSub Election
The Tax Court denied a taxpayer’s claim that the interest expense deduction for IRC § 265 qualified tax-exempt obligations (QTEOs) held by a qualified subchapter S subsidiary (QSub) bank is exempt from IRC § 291(a)(3) financial institution preference item limitations. Petitioners Jerome and Doris Vainisi together owned 100% of an
Movin’ On Up
Getting your name and work honored are keys to moving up the corporate ladder. Here are some tips to get that extra boost to get ahead: Get out of the office. Go to conferences. Share your ideas in discussions and meetings. Read up about the conference theme so you’ll have
Highlights
The PCAOB and SEC issued guidance on the registration of auditors of nonpublic broker-dealers. Until recently, auditors of nonpublic broker- dealers were not required to register with the PCAOB as a result of a series of SEC exemptions dating back to 2003. The latest SEC order, issued in December 2006,
Small Retirement Plans Face Funding Dilemma
Many traditional defined benefit pension plans are underfunded due to market declines. As a result, barring congressional action, they could face future excise taxes ranging from 10% to 100% of the underfunded amounts as mandated by the Pension Protection Act of 2006 (PPA). Funding liabilities are especially difficult for smaller
Concerns From an Auditor’s Standpoint
Editor’s note: This is a sidebar to “Valuations for Financial Reporting in Today’s Market,” May 09. Having never done a valuation, I have an alternative view from the valuation panel participants since I am from the audit and accounting side. I have been working with Dixon Hughes PLLC’s valuation
Auditing
The AICPA’s Auditing Standards Board released a proposal redrafting Statement on Auditing Standards (SAS) no. 39, Audit Sampling (AICPA, Professional Standards, vol. 1, AU sec. 350), according to the board’s clarity drafting conventions and to converge with International Standard on Auditing (ISA) no. 530 (Redrafted), Audit Sampling. While the proposal
Help for Homebuyers: A Guide to the New First-Time Homebuyer Credit
The first-time homebuyer credit, introduced by the Housing and Economic Recovery Act of 2008, PL 110-289 (the 2008 act), has been substantially modified and clarified by two developments this year: the passage of the American Recovery and Reinvestment Act of 2009, PL 111-5 (the 2009 act), and the issuance of
Senior Executives Say Business Needs More Infrastructure Investment
Even though analysts estimate that $2 trillion will be spent annually on infrastructure globally between now and 2015, 77% of C-level executives surveyed for KPMG’s Bridging the Global Infrastructure Gap believe that is not enough. The survey also found that senior executives believe infrastructure will be rising in importance over
FYI
The IFAC Board has extended CEO Ian Ball’s term until February 2013. Ball became CEO in March 2002. He previously served IFAC as chair of its Public Sector Committee (now the International Public Sector Accounting Standards Board) and as a member of its nominating committee. Previously, Ball was a professor
International
IFAC has published a Guide to Quality Control for Small- and Medium-Sized Practices. This nonauthoritative implementation guide is intended to help SMPs understand and efficiently apply International Standard on Quality Control (ISQC) 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related
The Sex of a Hippopotamus: A Unique History of Taxes and Accounting
by Jay StarkmanTwinset Inc., 2008, 456 pp. The Sex of a Hippopotamus by Jay Starkman is a well-documented and interesting read for professionals in the accounting and tax fields. In particular, this book is appealing to instructors, retirees, recent accounting graduates and the hard-to-buy-for CPA. The book begins with anecdotes
P&G Appeals Deduction Denial
In a case on appeal before the Sixth Circuit, household consumer goods manufacturer Procter & Gamble (P&G) and a related entity claim a refund of taxes paid on a foreign sales corporation (FSC) advance payment transaction (APT). The U.S. District Court for the Southern District of Ohio had denied the
Features
FROM THIS MONTH'S ISSUE
Create interactive dashboards with Excel PivotCharts and slicers
Leave the static spreadsheets behind. This JofA Technology Q&A article with video walkthrough provides a step-by-step guide for creating interactive dashboards in Excel that decision-makers can use.
From The Tax Adviser
January 31, 2026
Trust distributions in kind and the Sec. 643(e)(3) election
January 31, 2026
Effects of the OBBBA on higher education
December 31, 2025
