Credit underwriting standards for commercial and retail loans tightened at most banks for a second straight year, according to the Survey of Credit Underwriting Practices 2009. The report by the Office of the Comptroller of the Currency said 86% of banks tightened standards for commercial loans compared with 52% in
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Ethics
The AICPA Professional Ethics Executive Committee (PEEC) released exposure drafts of revisions to guidance regarding the AICPA Code of Professional Conduct (the Code). The EDs make clarifying revisions to an ethics ruling under Rule 301, Confidential Client Information, and to two interpretations and one ethics ruling under Rule 101, Independence.
Google vs. Bing: To My Surprise, and Delight, They’re Both Good
Q: What’s your take on Microsoft’s new search site, Bing? A: I found Bing to be very good. In some ways it’s better than Google, but in some ways it’s not as good—or at least no better. The bottom line: I like them enough that I decided to keep both
Put the Office Calculator Where It Belongs—On the Page You’re Working On
Q: When I’m working in an Excel spreadsheet, sometimes I need to do some quick calculations, and the Calculator that comes with Office would be the perfect tool—except it’s only accessible when I switch out of the Excel window. It should be right where I need it—on top of the
Related Parties Must Share Employee Stock Option Costs
A panel of the U.S. Court of Appeals for the Ninth Circuit held that employee stock option (ESO) costs incurred by one company participating with related companies in a cost-sharing agreement (CSA) in the late 1990s must be allocated among the research and development (R&D) costs of all the participants
Employee Benefits
The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) provided transition relief for plan administrators of 403(b) plans who make a good faith effort to comply with applicable annual reporting requirements for the 2009 plan year. The guidance in the EBSA’s Field Assistance Bulletin (FAB) no. 2009-02 allows 403(b)
Losses From Interests in LLCs and LLPs Not Presumptively Passive
The Court of Federal Claims recently ruled that an interest in a Texas limited liability company (LLC) was not a limited partnership interest held as a limited partner for purposes of the passive loss rules and therefore losses from the interest should not be treated as presumptively passive. The Tax
Highlights
The AICPA released a set of FAQs and a comment letter relating to a FASB discussion paper on a potential new approach to lease accounting. The March 19, 2009, discussion paper, Leases: Preliminary Views, was issued jointly with the International Accounting Standards Board and responds to concerns raised by
Financial Reporting
FASB introduced a project intended to make financial statement disclosures more useful, organized and consistent, and less redundant. It will focus on developing a framework for improved GAAP disclosures. The project will evaluate and address whether the disclosure framework should: apply to all entities or exclude private or nonprofit entities;
Auditing
The PCAOB on July 28 passed an auditing standard, Engagement Quality Review (EQR), requiring an independent reviewer to perform EQRs and superseding the existing concurring partner review requirement. If approved by the SEC, the standard will take effect for EQRs of audits and interim reviews for fiscal years that
Interpreting IFRS
With the increasing acceptance of IFRS in the global economy and its possible adoption in the U.S., CPAs are keenly interested in developing a broader understanding of international standards. A major goal of both the International Accounting Standards Board (IASB) and the SEC is for IFRS to be consistently and
Fifth Circuit Remands Research Credit Case
The U.S. Court of Appeals for the Fifth Circuit vacated a district court decision that had disallowed a taxpayer’s research tax credit. The Fifth Circuit held the lower court had not used the proper definitions of “discovering information” and “process of experimentation” when deciding whether the taxpayer had qualified research
Paul MacDonald, CPA
I thought I was prepared: I had passed a medical review to make sure I was physically fit. And I had read the materials they had sent me in advance to learn what to expect and how to react. When they strapped me into the cockpit of that jet, however,
Lessons Learned From the Financial Crisis
Since the onset of the economic crisis last fall, many CPAs who are personal financial planning specialists have been working overtime to reassure clients overwhelmed with fear about the future and safety of their investments and to reassess and reorient investment portfolios when necessary. Members of the AICPA’s Personal Financial
The U.S. Economic Crisis: Root Causes and the Road to Recovery
Many attribute the beginning of the financial crisis to the collapse of the housing market. While the housing bust indeed plays an important role, particularly in the health and stability of the banking sector, the real problem is deeper. The fluctuations observed across real estate markets over the last decade
Teach Young CPAs Well
On the day Barry Melancon passed the CPA exam, two partners in the small Louisiana firm where he worked did something that paved the path to his role as president and CEO of the AICPA. First, the managing partner told him he needed to make a personal contribution to the
Disclosure Consent Under § 7216
IRS rules effective Jan. 1, 2009, delineate more strictly tax return preparers’ duties to safeguard taxpayer information from unauthorized disclosure or use. IRC § 7216 imposes criminal penalties on the unauthorized use of taxpayer information. The requirements are closely tailored to the type of information, the party using it, and
Tax Software Survey
Here are highlights of the JofA’s 2009 tax software survey, conducted jointly with The Tax Adviser. Nearly 10,000 AICPA members responded. FULL RESULTS More detailed results are available here and includes complete responses for each product, including many questions not shown here, such as ease of learning the software and how hard
Charitable Remainder Trust Update
Although many investment assets have lost value in the past year, individuals coming to CPAs for estate planning advice often hold highly appreciated assets, and many want to make significant charitable gifts. For that reason, charitable remainder trusts remain a popular method of reducing assets subject to estate tax. They
Make Outlook Serve You Better
Q: I use Outlook to handle my e-mail, calendar and to-do list. While it serves many of my needs, I wish it could do more. For example, when someone sends me an e-mail, it’s easy to add that person to my Contacts list, but when I want to save other
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FROM THIS MONTH'S ISSUE
Flip out with the latest Tech Q&A
The September Technology Q&A column shows how to create dynamic to-do lists with Excel's checkboxes and also how to set up multifactor authentication texts that don't rely on phones. Flip through both items and view a video walkthrough in our digital format.
From The Tax Adviser
August 30, 2025
2025 tax software survey
July 31, 2025
