AICPA Media Solutions received an honorable mention from the Media Industry Newsletter (MIN) for the Sales Team of the Year award. AICPA Media Solutions represents the Institute’s publications, including the Journal of Accountancy, The Tax Adviser, various e-newsletters and digital properties and member conferences. The group was recognized for its
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The magazines
The Essays of Warren Buffett: Lessons for Investors and Managers, Third Edition
by Warren E. Buffett and edited by Lawrence A. Cunningham John Wiley & Sons Ltd., 2009, 328 pp. Every year, Warren Buffett, CEO of Berkshire Hathaway Inc., writes a letter to shareholders reviewing annual operating and investment performance. In these letters, Buffett thoroughly discusses his investment philosophies and beliefs. Professor
Courts Split on Tax Shelter Exception to Practitioner Privilege
In the long-running Countryside Limited Partnership case, the Tax Court ruled against a government documents discovery request, saying the government had not met its burden of proof for showing the documents were in connection with the promotion of a tax shelter. Thus the government was unable to overcome the federally
Inaugural Leadership Academy Helps Participants Hone Skills for the Future
The first AICPA Leadership Academy gathered in Chicago for three days in July to focus on the future of the accounting profession. Led by Institute Chairman Ernie Almonte, the group consisted of CPAs under age 35 who engaged in intensive workshop training sessions to develop and hone leadership skills and
Four Options for Measuring Value Creation
In casual, everyday language, it is often said a corporation’s primary role is to generate profits. However, the primary role of a corporation is not to generate profits; it is to create shareholder value. When corporations focus their internal performance measurement systems on short-term profits or accounting returns—not shareholder value—bad
Small Business
An agreement between the U.S. Small Business Administration (SBA) and the California Department of Transportation (Caltrans), Office of Civil Rights, is aimed at giving small businesses in California better access to contracting opportunities that require bonding. Under the Joint Bonding Assistance Agreement, the SBA and Caltrans will help qualified
Pre-2004 Termination Fee to “White Knight” Held Deductible
The Tax Court concluded that $65 million paid to terminate a merger contract was deductible under IRC § 162 or IRC § 165 and did not require capitalization under IRC § 263. IRC § 162 allows a deduction for the ordinary and necessary expenses paid or incurred during the tax
The IRS Whistleblower Program: What CPAs Should Know
Since Congress amended IRC § 7623 in 2006, the IRS’ new Whistleblower Office has seen significant interest from potential informants with tips about multimillion-dollar cases of tax noncompliance. In the first 12 months after it was established in February 2007, the Whistleblower Office received 116 reports of underpayments of more
Two Better Ideas
Ali Allison, CPA, tax practice manager at Singer Lewak LLP in Los Angeles, had some useful ideas about the Tech Q&A item “Generate Duplicate Changes in Multiple Excel Worksheets,” which appeared in the December 2008 issue, page 104. The article is about keeping several similarly laid out spreadsheets along with
Combine Data From Multiple Cells
Q: I have an inventory-tracking problem. We record the inventory in our retail stores with Excel. Each item is identified with three sets of numbers. For example, a three-digit code (248) indicates the store’s identity, another three-digit code (564) signifies the department, and a four-digit code (1223) is for the
How to Leverage Social Networking
When the IRS announced in June that it would launch a review of tax return preparers, the Maryland Association of CPAs (MACPA) spread the word to its members with a news item on the association Web site. But it didn’t stop there. The association posted the IRS news on its
Data Point: 74%
Percentage of employed Americans who believe it is easy to damage a brand’s reputation through social networking sites such as Facebook, Twitter and YouTube, according to the Deloitte LLP 2009 Ethics & Workplace Survey. Source: Deloitte LLP, deloitte.com.
Learning From Your Mistakes
Here are some tips for making the most of those times when you’re not at your best: Own up. Don’t cover up a mistake. Admit it to those who need to know and move on. React and repair together. Once the mistake has been identified, brainstorm with your team on
Banking
The FDIC issued a final rule that prevents banks that are less than well-capitalized from soliciting deposits at interest rates that significantly exceed prevailing rates. The new regulation, which takes effect Jan. 1, 2010, permits insured institutions that are less than well-capitalized to offer the “national rate” plus 75
Enlist Excel’s Fill Handles to Save Time
Q: I have a problem with Excel’s fill handle: All I want to do is drag the fill handle so that it fills every other row with a value (1, 2, 3, 4, etc.)—leaving one blank cell in between each incrementing value. It seems so simple, but the solution eludes
Windows 7: The Good and Not-Quite-So-Good News
The good news is that the beta, or so-called Release Candidate, of Windows 7, is available as a free download. I took the plunge and within minutes I exclaimed: “Wow, this operating system is so easy to use. It actually feels like a Mac.” Aside from zipping along far faster
Are You an Active Networker?
In today’s economy, it is more prudent than ever to reconnect if you have not been an active networker. You never know when you may need your contacts, and it is better to offer them assistance now before you need help yourself. Here are some ideas for jump-starting your network’s
Harvesting Tax Benefits of Green Building Incentives
In the past two years, several federal tax incentives have been extended and enhanced for designing and constructing energy-efficient buildings, both residential and commercial. Some of these measures should be equally attractive for businesses and individuals looking to remodel existing homes and workplaces to save on energy and, as a
Taxpayer Reimbursed Legal Fees Paid by Third Party
A taxpayer who successfully challenged a deficiency notice incurred legal fees eligible for reimbursement under IRC § 7430 even though the fees were paid by a co-litigant, the Ninth Circuit of Appeals said, overruling the Tax Court. IRC § 7430 permits courts to reimburse reasonable administrative and litigation costs paid
Highlights
President Barack Obama presented a plan for regulatory reforms that would consolidate banking regulators, create new government agencies and give new powers to the Federal Reserve. One proposal of particular interest to the accounting profession includes three recommendations addressed to accounting standard setters. The plan echoes the Group of 20’s
Features
FROM THIS MONTH'S ISSUE
AI risks CPAs should know
Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.
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
