Q: I was reading your December 2008 item “Create a Shortcut for Easy Access to System Restore” (page 103), and it occurred to me I could free up loads of space on my crowded hard drive by getting rid of old, useless restore points. The trouble is, I can’t access
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Consumer Protection
Federal banking regulators and the Federal Trade Commission published final rules and guidelines under the Fair and Accurate Credit Transactions Act to promote the accuracy and integrity of information furnished to credit bureaus and other consumer reporting agencies—information that is used predominantly to determine consumers’ eligibility for credit, employment,
IFRS Risk Planning and Controls Execution
Conversion to IFRS will be far more than a technical accounting exercise. Implementing IFRS will impact many, if not all, aspects of your business operations, including information technology. It may bring companywide changes that will spawn new risks. These include system changes, modifications to processes impacting employees’ day-to-day duties, and
A Better Idea
After reading my response in the column item “Design a Personal Paper Calendar in Outlook” (May 2009, page 77), Brandon B. Buhler, manager of Global IFRS and Offerings Services for Deloitte & Touche LLP (USA), suggested another way to create a paper calendar in Outlook. He says Microsoft’s Calendar Printing
Broken Home: Divorce and the Principal Residence
When Bill and Jen decided to divorce, they never expected their personal residence to become a major problem. Initially, Jen thought she wanted to stay in the house. She was emotionally attached to the home, and she thought remaining in it would help minimize the impact of the divorce on
Minority Initiatives Committee Celebrates 40th Anniversary
The AICPA recently celebrated the 40th anniversary of its Minority Initiatives Committee at the 2009 Accounting Scholars Leadership Workshop in Peachtree City, Ga. The workshop, titled “CPAs: Embracing a New Era,” emphasized the opportunities the profession provides and confirmed the Institute’s commitment to attracting a diverse pool of talent to
Government
GASB acknowledged the precarious fiscal condition of state and local governments as it issued an exposure draft concerning the effects of Chapter 9 bankruptcies. Chapter 9 of the U.S. Bankruptcy Code applies to filings by governmental entities. The standard setter also issued a proposal intended to improve consistency in
Line Items
TIGTA: CLEARER 1040 COULD REDUCE TAXPAYER ERRORS A few relatively minor changes to Form 1040 could yield improvements in preventing common taxpayer errors, the Treasury Inspector General for Tax Administration (TIGTA) said in an audit (available at tinyurl.com/m8625m). Analyzing the approximately 7 million math error notices the IRS sends annually,
Revised CITP Credential to Take Into Account Experience and Similar Credentials
The AICPA has revamped its Certified Information Technology Professional (CITP) credential to reward real-world experience, lifelong learning and to recognize similar credentials from other organizations. The Institute announced these revisions at its AICPA TECH+ Conference in Las Vegas. The CITP credential, launched in 2000, recognizes accounting professionals who combine IT
Ninth, Federal Circuits: Basis Overstatement Not Income Omission
An overstatement of basis does not constitute a substantial omission of gross income that would extend the deficiency statute of limitations to six years, the Ninth Circuit Court of Appeals ruled, upholding the Tax Court. The decision in Bakersfield Energy Partners v. Commissioner puts the Ninth Circuit in line with
Get Ready to Restructure
Coping with a downturn often means restructuring for companies. Every restructuring has many moving parts—including layoffs, impairments, asset revaluations and debt relief. To engineer a favorable outcome, stay ahead of events, says Scott Davis, a partner in the Corporate Advisory and Restructuring Services practice at Grant Thornton. He offers these
AICPA Communications Wins Stevie Award
The AICPA received the American Business Awards’ Stevie Award for Communications Team of the Year. The Stevie Awards were presented in more than 40 categories, including Best Overall Company of the Year, Executive of the Year, and Corporate Social Responsibility Program of the Year. More than 2,600 entries from companies
Fraud
The Financial Crimes Enforcement Network (FinCEN) issued guidance to financial institutions intended to clarify the use of an information-sharing tool that resulted from section 314(b) of the USA Patriot Act. That part of the act allows participating financial institutions, upon providing notice to FinCEN, to avail themselves of a
Building Business Value: How to Command a Premium Price for Your Midsized Company
by Martin O’Neill Third Bridge Press, 2009, 156 pp. Now is the time for owners of midsize companies to start planning an exit strategy and building maximum value in their businesses, according to author Martin O’Neill. His book, Building Business Value, is specifically geared toward helping business owners and C-level
Gifting Shares of Stock in a Closely Held Business
With the current economic downturn causing dislocations and struggles for businesses of all sizes, family-owned businesses may find their values diminished along with their immediate prospects. But with these challenges come opportunities for succession planning. Because closely held businesses may now be worth less than formerly, this might be a
Corporate Governance
The SEC proposed three measures that provide more shareholder scrutiny of executive pay. One rule would require public companies receiving money from the Troubled Asset Relief Program (TARP) to provide a shareholder vote on executive pay in their proxy solicitations. The SEC also voted to propose better disclosure of
Small Business
Changes to the U.S. Small Business Administration’s 504 Certified Development Company loan program will enable small businesses eyeing expansion to refinance existing loans used to purchase real estate and other fixed assets. The changes were authorized in the American Recovery and Reinvestment Act of 2009. The SBA’s 504 loan
Money Laundering
FinCEN issued an advisory on apparent structuring by casino patrons and personnel. Structuring occurs when transactions are broken up for the purpose of evading Bank Secrecy Act (BSA) reporting or recordkeeping requirements. FinCEN said in a press release that it recently received information from law enforcement and regulatory authorities
Understanding Internal Control and Internal Control Services
This white paper written by Thomas A. Ratcliffe and Charles E. Landes and prepared by the AICPA Audit and Attestation Standards and Professional Publications teams seeks to clear up confusion among practitioners relating to the concept of internal control over financial reporting. It describes the concepts of internal control (specifically
Trusts as S Corporation Shareholders
Sometimes a C corporation considering S corporation status has a trust as a shareholder. If the trust was not originally drafted with the intent of being an eligible S corporation shareholder but continues to hold the stock, the corporation could be prevented from making the S election. Nevertheless, it may
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