The IRS said in a coordinated issue paper that a location tax incentive paid or credited to a business by a unit of state or local government is not included in the business’s gross income but rather reduces its tax expense. A location tax incentive is a tax reduction by
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The magazines
Alphabet Soup
The article “On the Verge of an Academic Revolution” (Dec. 08, page 82) did a fantastic job of outlining the challenges facing educators as a result of looming U.S. convergence with IFRS. One important issue for educators that was completely ignored, however, was how to pronounce the overwhelming plethora of
Private Foundations: Tax Law and Compliance, Third Edition
by Bruce R. Hopkins and Jody Blazek,John Wiley & Sons Inc., 2008, hardcover, 768 pp. Only about 75,000 private foundations exist in the U.S. But like the people who create them, they exert an influence far beyond their numbers. Mostly, they do so by their largesse. Including community foundations, they
Investors to Hedge Funds: Show Me the Money (and How You Got It)
Institutional investors appear committed to hedge fund investing, but fund managers will face widerranging and more in-depth scrutiny, according to a survey by SEI and Greenwich Associates. Hedge funds fulfilling performance expectations and embracing transparency will retain and capture assets, the survey found. The need for greater transparency and enhanced
Line Items
ANNUAL EMPLOYMENT TAX FILINGS ARE OPTIONALThe IRS issued proposed and temporary regulations under IRC §§ 6011 and 6302 (TD 9440) that no longer mandate annual filings by eligible employers in the reporting and paying of income taxes and Federal Insurance Contribution Act (FICA) taxes withheld from wages. The annual filings,
Data Point: 189 Million
The approximate number of callers to the IRS’ toll-free telephone help lines during fiscal year 2008. Source: TIGTA report on IRS call volume, www.treas.gov/tigta/auditreports/2009reports/200940030fr.html
Back to the Future
The article “The Firm of the Future” (Nov. 08, page 68) suggests that time sheets and productivity tracking are relics of the past. However, the article actually shows time tracking and productivity management to be absolutely essential. For instance, the Ohio firm cited requires 13.5 full-time equivalent employees to achieve
Simplify and Improve Your Office System
Talk about pressure—and not just in tax season. Keeping office computer systems up and running in small and medium CPA firms is an enormous and unending responsibility. Without reliable computing and communication capabilities, your staff, your clients and your business are dead in the water. To mitigate the risk of
Security Issues Top List of Technology Concerns
Considering the fact that much of the data used by CPAs is personal information, it’s no surprise that security issues top their list of concerns when it comes to technology, according to the AICPA’s 20th annual Top Technology Initiatives survey. For the seventh consecutive year, participants rated “information security management”
Excel Can Print an Entire File Even With a Mix of Worksheet Orientations
Some of the worksheets in my Excel files are in landscape orientation and some are portrait. To maintain the orientations when I print the entire file, I print each worksheet separately, which is time-consuming. Is there some way to do the task in one print order? Obviously you never tried
IRS, Historic Hotel Face Off Over Facade
The Tax Court held that the Uniform Standards of Professional Appraisal Practice (USPAP) are not the sole measure of an expert witness’s reliability. The witness had been called upon to provide a value of a conservation easement restricting the use of real property, or “servitude.” Based on that testimony, the
IFRS Converges to U.S. GAAP on Segment Reporting
As part of the convergence effort between IFRS and U.S. GAAP, the International Accounting Standards Board published IFRS 8, Operating Segments, which became effective Jan 1. IFRS 8 supersedes IAS 14, Segment Reporting, and closely resembles the “through the eyes of management” approach of FASB Statement no. 131, Disclosures about
Private Equity: History, Governance, and Operations
by Harry Cendrowski, James P. Martin, Louis W. Petro and Adam A. WadeckiJohn Wiley & Sons Inc., 2008, 457 pp. The institutionalization of private equity is one of the most important advances in the field of modern finance, write the authors of Private Equity: History, Governance, and Operations. “It is
Interview Inspires
“The Last Word” (Jan. 09, page 96) was great, inspiring me to keep growing and to not forget those who helped me along the way. Kudos to Ms. Evans and to the writer. Well done. Scott Blassingame, CPA, CPETupelo, Miss
IRS Alternative Dispute Resolution Programs
The IRS recently extended its fast track settlement program to certain exempt and government entities and announced the establishment of a two-year test of mediation and arbitration procedures for offers in compromise and trust fund recovery penalty cases under the jurisdiction of the Office of Appeals. TEGE FAST TRACKThe Tax
As Quoted
“By having independent budget authority like the banking regulators, the SEC would have greater control over its own budget and funding levels, allowing the agency to take steps to address its growing workload in an increasingly complicated marketplace, while also recruiting and maintaining quality staff.” —SEC Commissioner Luis A. Aguilar
Taxes in Troubled Times
The IRS has acknowledged there’s plenty of pain to go around in the current economic downturn. Financially strapped taxpayers can take advantage of several relief initiatives and provisions that could lessen their tax bite. Those with investments posting a loss may be able to “harvest” it or at least reposition
Discover the Power and Convenience of Office Clipboard
When I copy something in Word, say, with Ctrl+C, and then move on to edit and even copy material in some other part of my document, is there a way to retrieve the snippets I copied for later use? Absolutely. The tool you need to exploit is the Office Clipboard,
Highlights
The SEC extended by two months the comment period for its proposed road map for the adoption of IFRS for U.S. issuers. The comment period for the proposed road map, which was published Nov. 14, was originally scheduled to close Feb. 19. In a rule proposal, the SEC said
Robert F. Fay, CPA
I am a sole practitioner. I always wanted to be my own boss, and about 11 years ago, taking a “leap of faith” that I would have clients, I left the small firm where I had worked for 14 years to open my own home-based office. Looking back, I ask
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
