Quality remains high in the second batch of future accounting Ph.D.s participating in the Accounting Doctoral Scholars (ADS) program, say program officials. Thirty applicants for enrollment in fall 2010 were selected to receive the program’s annual stipend of $30,000 for up to four years while pursuing a doctorate in accounting
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Cross-Border Tax Issues
CFOs can exercise reasonable diligence to ensure that they have procedures in place to deal with some of the more common shortcomings in cross-border tax compliance. The following are some routine tax compliance situations that U. S. companies ($500 million or less in sales) with outbound activities are most likely
Solar Energy Systems: Incentives Are Better Than Ever
The 30% federal tax credit available to homeowners and businesses to install solar energy systems was recently expanded and extended. A dollar-amount cap was removed from the credit for residential solar water heating systems, and the availability of the credit for all systems was extended through the end of 2016.
Court of Federal Claims Upholds Additional SUI Credit
In an unreported decision, the U.S. Court of Federal Claims held that plaintiffs in 10 consolidated tax refund cases were entitled to an additional state unemployment insurance (SUI) credit against their FUTA tax liabilities for years 1991–1996. Although the case selected as the lead was that of Cencast Services LP,
Alimony Determined
The doctrine of collateral estoppel did not bar the IRS from assessing a deficiency for an underpayment it had conceded in a Tax Court stipulated decision concerning the same issue in the immediate prior tax year, the Tax Court held. The underpayment stemmed from what the IRS ultimately claimed, and
Line Items
FINAL REGS CLARIFY INSTALLMENT TAX PAYMENTS The IRS issued final regulations governing the payment of tax liabilities in installments (TD 9473). The regulations reflect changes to the Tax Code made by acts going as far back as 1996. IRC § 6159 allows taxpayers who cannot pay their tax liabilities in
Avoiding Common Errors of XBRL Implementation
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
Managing S Corporation At-Risk Loss Limitations
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
Improve Tax Tracking With Automated Workflow
“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
Small Business
The U.S. Small Business Administration reached a three-year agreement to expand and deliver entrepreneurship training for service-disabled veterans of the wars in Iraq and Afghanistan. The SBA’s Office of Veterans Business Development will support the expansion of the year-long Entrepreneurship Bootcamp for Veterans with Disabilities (EBV) with partners including Syracuse
All the World’s a Stage
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
Client Portals: A Secure Alternative to E-Mail
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
Equitable Relief Partially Granted
The Tax Court held that a taxpayer was entitled to equitable relief under IRC § 6015(f) for her husband’s half of the additional 2002 and 2003 federal income tax liabilities reported on court-ordered amended joint tax returns, since she had no reason to believe her ex-husband would not pay his
What’s New for CPAs in Office 2010
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
Program Word to Identify the Last Person Who Reviewed a Memo
Q In our firm, various partners frequently review client memos, and it would be very useful if we could identify the last person on the network who worked on the document. Is there a way to do that? A Yes, both Word 2003 and 2007 can do it. In Word
Mark D. Stephens, CPA
When I was 9 years old, my mother looked me straight in the eye and said, “You’ll be a preacher someday.” I laughed it off. How could I know she could see the future? It took almost four decades for my mother’s prediction to come true. On a visit to
Banking
The FDIC approved a final rule that requires insured institutions to prepay slightly more than three years of estimated insurance assessments. The regulator said this will strengthen the cash position of the Deposit Insurance Fund (DIF) without immediately hurting bank earnings. Payment of the prepaid assessment, along with the
Add the File and Path to a Document or Worksheet So You Can Find It Easier Later
Q When I review a paper copy of a worksheet or a document that I prepared some time ago, I’m forever searching around my computer for where I saved it on my hard drive. Is there a way to automatically insert the name and path of the document so it
The Power of the New Multifunction Calculator in Windows 7
Q I’ve always been a critic of Windows Calculator. Is the calculator in Windows 7 any better? A Yes, it’s much more functional than the earlier version. For example, no longer will you need to turn to Excel to calculate the number of days, weeks, months or years between two
JofA Cover Art Recognized by Media Industry Group
The Journal of Accountancy won an honorable mention for Cover Illustration in the Editorial & Design Awards competition sponsored by Media Industry Newsletter. The commissioned illustration of the Statue of Liberty, by Jason Edminston of Three in a Box Inc., appeared on the February 2009 cover, which featured an IFRS
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