February 2010 - Journal of Accountancy

The economy may be on the road to recovery, but typical clients still face uncertainty. Recently, I asked a friend how business was going, and he dryly responded that even the customers who have no intention of paying are not buying. Not all of your clients may be struggling this

Today’s economic climate may be dealing your clients a loss. It’s bad enough, especially for small business owners, to have to wonder when they might return to profitability. Beyond that, tax recognition of their losses is limited. One of those limitations is that a taxpayer’s loss deductions are limited to

Microsoft has updated one of the most important tools in the accountant’s tool kit, Microsoft Office. This article describes the features in the new versions of Excel, Word, Access, PowerPoint and Outlook that are likely to be most important to CPAs when Office 2010 is released in June. Each module

“Why should we change the way we track tax work through the office? Isn’t the manual system better?” I have heard these types of questions many times over the years, and it never surprises me because accountants, like many of us, don’t like change. Firms that use a manual system

Federal and state laws continue to get stricter about maintaining the security of clients’ Social Security numbers. Accountants in Massachusetts and Nevada are required to encrypt e-mails that contain clients’ personally identifiable information, and several states have similar legislation pending. Client portals—secure online storage areas—offer an alternative to e-mail for

Following three years of voluntary XBRL submissions, the SEC’s mandatory requirements for XBRL financial report submissions began phasing in June 15, 2009. As with any new process, companies can easily underestimate the challenges posed by this complex reporting technology and make mistakes along the way. This article describes common errors

With 93 member and correspondent firms and more than 30,000 total staff in 76 countries, RSM International is the sixth largest global network of independent accounting and other professional services firms. One force helping unify that constellation of laws, languages and cultures is Jean M. Stephens, a CPA who originally built