Q: When I upgraded to Windows 7, I thought I wasn’t going to get any more of those little Microsoft messages that dim the screen and freeze the computer until I either approve or reject my effort to make a change in the operating system or to add some software.
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Authors Contributing to the December 2010 Issue
Alexandra DeFelice is a JofA senior editor. Her primary role is planning, writing and editing technology articles for the magazine and website. She also helps to drive the JofA’s social media presence through the Facebook Fan page, facebook.com/JournalofAccountancy, and Twitter account, AICPA_JofA. She graduated from Rutgers University with a degree
Government
The Federal Accounting Standards Advisory Board (FASAB) released for comment an exposure draft of a concepts statement that the board says identifies and clarifies conceptual issues for it to consider when deliberating measurement standards in the future. Statement of Federal Financial Accounting Concepts, Measurement of the Elements of Accrual-Basis Financial
Line Items
EXPANDED ADOPTION CREDIT GETS INTERIM GUIDANCE The IRS issued interim guidance Sept. 29 on the child adoption credit and income exclusion for employer reimbursements of adoption expenses, as expanded by the Patient Protection and Affordable Care Act (PL 111-148). For tax years beginning in 2010 and 2011, the act made
Taxpayer Off the Clock for Real Estate Loss
Time that a taxpayer considered himself “on call” for his real estate business could not be counted toward hours in which he performed services for it, limiting the losses he could claim, the Tax Court held. James Moss and his wife owned seven rental real estate properties in 2007 that
Panel Poised to Recommend Separate Board, U.S. GAAP Exceptions for Private Companies
The blue-ribbon panel on private company financial reporting is poised to recommend that the Financial Accounting Foundation (FAF), FASB’s parent organization, move to U.S. GAAP with exceptions for private companies and that those standards should be set not by FASB but by a separate board under FAF’s oversight. A majority
Innocent Spouse Relief: Alternatives After the Lantz Case
This past June, the Seventh Circuit Court of Appeals in Cathy M. Lantz v. Commissioner (docket no. 09-3345, 6/8/2010) reversed the Tax Court and upheld the IRS’ position that innocent spouses seeking equitable relief under subsection (f) of IRC § 6015 are subject to the same two-year filing deadline that
Displaced Workers and Deduction for Travel Expenses
In today’s economy, employees may be displaced from long-held jobs. They travel to new assignments and locations as businesses cut costs. Sometimes, employees may have to choose between being laid off or reassigned. In these situations, workers have often tried to deduct business or employment travel under IRC § 162(a)(2).
Highlights of the Small Business Stimulus Act
The Small Business Jobs Act of 2010 (PL 111-240), which Congress passed and President Barack Obama signed in September, expands loan programs through the U.S. Small Business Administration (SBA), strengthens small business preference programs for federal government projects, provides incentives for exporters, offers a variety of small business tax breaks
AICPA VP Testifies on Changes Needed to IRS Return Preparer Plan
Edward Karl, AICPA vice president–Taxation, testified at an IRS hearing Oct. 8 about proposed amendments to Circular 230 that would put into place many parts of the IRS’ plan to register and regulate tax return preparers (REG-138637-07). The proposed regulations would clarify the definition of tax practice, establish a new
Estate Must Reduce Its Credit for Tax on Prior Transfers
The Tax Court upheld the government’s reduction of a widow’s estate tax credit for tax on prior transfers due to property included in her estate previously transferred from her late husband’s estate. The court held that the limitations of IRC §§ 2013(b) and 2013(c) applied to the credit; that the
Tax Attribute Survival
Tax attribute survival is often a critical consideration in assessing a proposed corporate reorganization. Beneficial tax attributes, such as net operating losses, earnings and profits, and capital losses, are often involved, and the speed at which reorganizations tend to move makes a good foundational understanding of the relevant rules crucial
Volunteer Your IFRS Expertise to Develop Questions for the Uniform CPA Examination
The AICPA Examinations Team is seeking professionals with solid skills and knowledge in International Financial Reporting Standards to develop questions (“items”) on IFRS for the Uniform CPA Examination. To qualify, volunteers must have a current CPA license or comparable internationally recognized credential, a minimum of three years of experience as
Tax Court Again Strikes Down Innocent Spouse Filing Limit
Despite its recent reversal on the issue by the Seventh Circuit, the Tax Court again ruled invalid IRS regulations requiring innocent spouses to request equitable relief under IRC § 6015(f) within two years of the beginning of collection activity. For more, see “Innocent Spouse Relief: Alternatives After the Lantz Case,”
Tip From a Reader: Link a Single Excel Cell Into a Word Document
Tom Glogau, a CPA with Grove, Mueller & Swank PC in Salem, Ore., wrote me that he has no trouble linking an Excel file to a Word document. But he was initially baffled when he tried to do the same thing with just a single cell from a worksheet. Copying
Banking
The U.S. federal banking agencies issued a statement (tinyurl.com/34pymr7) supporting the Basel III accord reached on Sept. 12. The regulators said they “actively supported” the efforts of the G-10 Governors and Heads of Supervision (GHOS) and the Basel Committee on Banking Supervision (tinyurl.com/59gcnl) to increase the quality, quantity and
Deductibility of Work-Related Educational Expenses
The effects of the Great Recession are still being felt in high unemployment rates and other symptoms in the U.S. job market. The Business Roundtable reported in late 2009 that even as employment shrank, 60% of employers said they had trouble finding qualified applicants for the vacancies they had. Eighty-one
2010 Small Business Jobs Act: Good for Big Business
Larger companies should be aware there’s something for them, too, in the Small Business Jobs Act of 2010 (PL 111-240). Perhaps because of the name of the law enacted Sept. 27, larger businesses might not be aware of a potentially valuable provision that could apply to them: for tax years
DeAnn Hill, CPA
When people think about places such as Baxter Springs, Kan., where I live and run my practice, I believe they get a stereotypical image of Heartland, America—cornfields, dusty roads and dying towns. They are right—and wrong. Towns like mine are the quintessential expression of American life. Baxter Springs, population 4,200,
AICPA Members Vote Overwhelmingly to Modernize Membership Requirements
AICPA members voted by an 81.39% majority to modernize the Institute’s admission requirements, as detailed in a recent proposed bylaw amendment. Individuals may now join the AICPA as voting members if they: Hold a valid, unrevoked CPA certificate issued by a legally constituted authority; Possessed at any time a valid
Features
FROM THIS MONTH'S ISSUE
4 ways solo practitioners can stand out
Five years ago, a grieving Angel Zhen started his own CPA firm with no clients and no revenue. Today, he has 300 clients, $600,000 in revenue and 12 weeks of annual vacation. In this JofA article, he shares how he set up his firm and how you could do the same.
From The Tax Adviser
April 30, 2026
Current developments in taxation of individuals: Part 2
April 30, 2026
