The SEC named Kathleen M. Griffin as its first chief compliance officer, a position that was created to streamline and centralize oversight responsibility for employee securities transactions and financial disclosure reporting. She will head a new compliance unit within the SEC’s Office of Ethics Counsel. Oversight responsibility for ensuring
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Tax Return Preparation Mistakes
Errors and omissions in preparing tax returns can occur easily. You might accidentally enter a number incorrectly, misinterpret a law, or misconstrue the client’s facts. Later, before an IRS audit, you might discover the mistake, raising gut-wrenching questions: Do you call the mistake to your client’s attention? Do you advise
Shortcuts That Don’t Clutter the Desktop
Q: I love those handy icon shortcuts that launch applications and files. In fact, I’m so addicted to them I find it hard to resist adding just one more to my desktop. As a result, I end up with so much on the desktop that my shortcuts get lost in
Retaining Top Talent Still a Requirement for Firms
For years, finding and retaining staff were the top two concerns of management at public accounting firms. But when the economy soured, client retention quickly became the top issue for CPA firms of all sizes, according to the 2009 PCPS CPA Firm Top Issues Survey, a biennial survey of public
What’s Your Fraud IQ?
Although the required knowledge, expertise, and roles of auditors and fraud examiners differ, CPAs occasionally find themselves in situations where evidence of fraud is right in front of them. Without a basic understanding of some methods for identifying and analyzing suspicious transactions, unsuspecting accountants might let the red flags of
Government
GASB is soliciting proposals for the Gil Crain Memorial Research Grant. Applications for the $5,000 grant are due May 28. GASB will announce the recipient on June 15. The grant encourages the academic community to conduct applied research that is relevant to the board’s standard-setting activities. Applicants’ proposals may address
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UNCERTAIN TAX POSITIONS SCHEDULE TO DEBUT FOR 2010; COMMENT PERIOD STILL OPEN The IRS extended until June 1 the comment period for its proposal to require large businesses to disclose uncertain tax positions and announced that it intends to make the requirement effective for tax years beginning in 2010. The
Article Oversimplifies Becoming a BV Expert
I realize that it’s important to keep the pipeline full of younger CPAs who may develop an interest in the business valuation profession. Some of my colleagues have perceived a definite “aging” among BV’ers, with seemingly fewer younger members picking up the challenge. So I applaud the goal of attempting
Employee Involvement: A New Blueprint for Success
When it comes to improving employee retention and increasing profitability, my firm, San Francisco-based Eichstaedt & Devereaux, believes that investing in and developing our future leaders builds the foundation for success. Instead of top-down firm management, we use a grass-roots employee involvement program to engage employees in the firm’s business.
Chow, Anderson and Dekker Receive Awards in Management Accounting
The AICPA recently sponsored two Management Accounting Awards presented at the American Accounting Association’s midyear meeting. Chee Chow, an accounting professor at the San Diego State University College of Business Administration, received the Lifetime Contribution to Management Accounting Award. Shannon Anderson, associate professor of management at Rice University in Houston,
Prevent Payroll Errors
Payroll mistakes can be costly. Laws taking effect this year, including the Paycheck Fairness Act and Working Families Flexibility Act, and initiatives such as the IRS’ National Research Program and OSHA’s recordkeeping National Emphasis Program, can result in fines and penalties for errors or noncompliance. The following tips can help
Owner Held to Be a Responsible Person
In a 2–1 decision, the U.S. Court of Appeals for the Fourth Circuit upheld the decision of the U.S. District Court for the Middle District of North Carolina that a shareholder/officer of a corporation was personally liable for the corporation’s unpaid withholding and payroll taxes. The majority of the appellate
Money Laundering
The Financial Crimes Enforcement Network (FinCEN) and several other financial institution regulators issued guidance to clarify and consolidate existing regulatory expectations for obtaining beneficial ownership information for certain accounts and customer relationships—information that the agencies said can help financial institutions better understand and address money laundering and terrorist financing risks,
Changes in Tax Practice Standards Affect CPAs
Expansions in the regulatory environment in recent years are forcing CPA tax practitioners to consider many new compliance issues. Those issues include expanded statutory penalty provisions, revisions to regulations, and modifications to binding AICPA ethics rules related to tax engagements. CPAs subject to this wide array of rules and regulations
Just Ask, and Windows 7 Can Tell You What Day of the Week It Is
Q: It has always puzzled me that the little digital clock tucked into a corner in the extreme right side of the system tray only shows the time and the date. If I want to know what day of the week it is, which I would find very helpful, I’ve
IRS Increases Disclosure Requirements
The IRS has drastically increased its examination tools over the past decade and increased disclosure burdens on taxpayers and preparers. Examples abound, but perhaps the most notable changes over the past decade concern reportable transactions, the introduction of Schedule M-3, and most recently the potential disclosure of uncertain tax positions
CPA Exam to Undergo an Evolution
The CPA exam is undergoing its largest overhaul since moving from paper and pencil to computers. Jan. 1, 2011, will mark the launch of what people behind the exam are calling CBT-e (Computer-Based Testing evolution). While news of these changes is obviously important for those who plan to take the
Banking
FDIC-insured institutions reported a $914 million profit in the fourth quarter of 2009, a sharp improvement from the $37.8 billion loss the industry logged in the fourth quarter of 2008, but the improvement in earnings was accompanied by continued deterioration in asset quality, declining lease and loan balances, and
A Quick Workaround to Create a Name and Address Format for Letters and Envelopes
Q: When I was using Office 2003, I could pull up the names and addresses of clients and business associates from Outlook’s Contacts, and then with just a few more clicks I could prepare the fully formatted data to address letters and envelopes. But I can’t find that feature in
Reader Correction
David Curbo, a CPA with Cannon & Co., Memphis, Tenn., corrected an error in the “Shortcuts” item in the January 2010 column (page 68), where I described a fast way to schedule future dates and times in Outlook’s calendar. I said that, while it would easily schedule future days and
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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
