In a recent chief counsel advice, the IRS held that certain allowances resellers receive from vendors for defective merchandise should be treated as reducing the cost of inventory under Treas. Reg. § 1.471-3(b). The IRS is closely scrutinizing the various types of vendor allowances to determine if they constitute gross
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Shortcuts for Windows 7
Q I prefer to use keyboard shortcuts rather than break my workflow and lift my fingers from the keyboard to maneuver the mouse. Now that I’ve switched to Windows 7, what are some of the keyboard shortcuts I can use there? A I agree, the mouse should be used only
Pensions
The Pension Benefit Guaranty Corp. (PBGC) had an overall deficit of $22 billion for the fiscal year ending Sept. 30, 2009, according to the agency’s Annual Management Report, nearly double the $11.2 billion deficit it had at the end of fiscal year 2008. The deficit was, however, sharply lower
Highlights
The FDIC Board of Directors, responding to accounting standard changes promulgated by FASB, adopted an interim rule amending 12 C.F.R. § 360.6 to provide a transitional safe harbor effective immediately for all participations and securitizations in compliance with that rule as originally adopted in 2000. Under the rule, participations and
Retain Clients and Help Them Recover
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
Final Regs Expand ISO, ESPP Reporting Requirements
IRC § 6039 requires corporations to furnish a written statement containing certain information to an employee who exercises incentive stock options (ISOs) or who receives stock under an employee stock purchase plan (ESPP). In 2006, Congress expanded these reporting obligations by requiring that corporations also furnish information to the IRS.
FYI
President Barack Obama nominated Joshua Gotbaum to become PBGC director. If the nomination is approved, Gotbaum would replace Acting Director Vince Snowbarger. Gotbaum, currently an operating partner at Blue Wolf Capital, has for three decades helped manage and advise public, private and nonprofit institutions. In 2001, he was the first
International
The International Accounting Standards Board (IASB) issued a new standard on the classification and measurement of financial assets. Publication of the standard represents completion of the first part of a three-part project to replace IAS 39, Financial Instruments: Recognition and Measurement, with a new standard, IFRS 9, Financial Instruments.
Got a Mouse? Then Disable Your Touchpad
Q: My main computer is a laptop, and it has a built-in touchpad. However, I prefer my wireless mouse, and the touchpad has become a major nuisance. Every time my hand accidentally brushes over the pad, my cursor moves abruptly. Can I disable the pad, and, if so, how?
Speed Up the Display of Large Complex Documents on Your Screen With Draft Fonts
Q: I work on very large, complex documents—100 or more pages—and they seem to take forever to open on the screen. Is there some way to speed up the display process? A: If you’re willing to occasionally and temporarily forgo their display of graphics and some typographic dingbats (bullets and
Tax Season Kicks Off
Following a flurry of tax legislation that enacted changes for tax years beginning in 2009, this tax season requires heightened attention to make sure your clients don’t miss any of the new and extended deductions and credits to which they’re entitled. Most of the changes for 2009 were directed at
Community Service in Down Economic Times
The stress of economic hardship can cloud corporate priorities. As a result, corporate citizenship activities may suffer at a time when the help is most sorely needed. Accounting firms and other businesses may lose sight of the fact that these volunteer activities make a positive difference in the community at
CPAs in an Aging Society: When Alzheimer’s Disease Affects a Client
Jack is agitated. He has been a client for 10 years, and is now 80 years old. He lost his wife of 40 years a year ago. At your last meeting six months ago, Jack was engaged and paid close attention. Today, he is easily distracted. While he has
Government
The Federal Accounting Standards Advisory Board (FASAB) released an exposure draft, Subsequent Events: Codification of Accounting and Financial Reporting Standards Contained in the AICPA Statements on Auditing Standards. The proposal would incorporate the guidance in the AICPA’s Statements on Auditing Standards (SAS) AU section 560, Subsequent Events, into the authoritative
Line Items
SINGLE-EMPLOYER DEFINED BENEFIT PLANS GET GUIDANCE The IRS issued final regulations to provide guidance on funding requirements affecting single-employer defined benefit pension plan sponsors, administrators, participants and beneficiaries. The regulations in TD 9467 concern (1) the determination of the value of plan assets and benefit liabilities for purposes of the
Get Results: Improve Your Accounting Firm Processes Using Lean Six Sigma
Poor processes directly affect client service and client satisfaction. You see it in delays in completing jobs, responding to client requests, or when a partner fails to communicate a piece of client-related information, causing an unnecessary mistake down the line. Inefficient processes can result in your firm’s inability to bill
American Idle
Optimism among CPA financial executives about the U.S. economy flattened in the fourth quarter of 2009 after two quarters of improvement as managers paid more attention to potential challenges and concerns associated with the federal budget deficit, tax reform and regulatory requirements. The proportion of executives who don’t see a
Mark J. Hamlin, CPA, PC
Back row, from left: Sindy Pfaab, Tina James and Sissie Kipp. Front row, from left: Jena Bippert, Mark Hamlin and Peggy Piletere. A successful business doesn’t happen through wishful thinking. It takes a lot of hard work to make your dream come true. I always knew I wanted to own
Post-Mortem Tax Lien Is Valid
The IRS may recover a 100% IRC § 6672 trust fund penalty from any responsible person who acts willfully in failing to pay over to the government taxes withheld from employees. If the responsible person dies after the assessment but before the penalty is paid, the Tax Court held, a
Breaking Bad
Sometimes, bad habits are fairly innocuous. In the workplace, however, they can ruin a career. Here are eight work habits that you need to break as soon as possible. Confusing casual with disrespectful. Show appropriate levels of respect to your supervisor, even if you have a more casual relationship filled
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Want to thrive in an AI world? Power up your people skills
Learn how CPAs can strengthen their human relationships by developing their communication, curiosity, and self-awareness. Artificial intelligence can’t replicate these people skills.
From The Tax Adviser
April 30, 2026
Current developments in taxation of individuals: Part 2
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