July 2010 - Journal of Accountancy

The precipitous drop in wealth in the United States during the 2008–2009 financial meltdown accelerated a trend of many private foundations’ considering closing their doors. Foundations gave 8.4% less in grants in 2009 from the year before, as the value of their assets fell by 17.2%. Between 2007 and 2008,

One of the main reasons people give to charity is for their ego or image—they want to be seen in the community as philanthropic. Another main reason some donate is for the tax breaks. Others give to charity for truly altruistic reasons. Yet others leave money to charity because they

Even people who don’t collect art probably own a painting or sculpture or two. At some point, one of two things is likely to happen: One, the artwork will be given away, perhaps as a noncash charitable contribution for which the owner will claim an itemized deduction, or as a

 Businesses with a need for a cash infusion may be able to obtain one quickly as a result of a tax refund from recently expanded net operating loss (NOL) carryback allowances. These provisions address the fact that, although a net loss may appear in only one tax year, it represents

Building a reputation in the accounting profession takes time, but is critical to success. Traditionally, partners built their reputation, or personal brand, by pushing information out to clients, prospects and friends. The timeworn mantra “it’s not what you know, but who you know” has been a fundamental building block for

In her book Extraordinary Circumstances: The Journey of a Corporate Whistleblower, Cynthia Cooper, WorldCom Inc.’s chief audit executive, details the discovery of a fraud that she was able to unravel, in large part, due to her interviewing skills. At a critical point in Cooper’s investigation, Buddy Yates, WorldCom’s general director