The AICPA will launch a new Web site at www.aicpa.org, following the traditional busy season in April 2010, to meet the goal outlined in its fiscal years 2009–2011 strategic plan calling for “a leading-edge technology solution for communicating with members.” The new site has been rebuilt as a result of
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Fraud
The Financial Crimes Enforcement Network’s semiannual SAR Activity Review: Trends, Tips & Issues says mortgage loan fraud suspicious activity reports (MLF SARs) increased less than 1% for the six-month period ended June 30, 2009, compared with the prior-year period. This is a sharp decline in the rate of increase after
Fraud Risk Expected to Rise
Senior executives expect fraud to pose a significant challenge over the next 12 months, according to KPMG Forensic’s recently released Fraud Survey 2009. Nearly one-third (32%) of the senior executives surveyed said they expect some form of fraud or misconduct to increase in their organizations. A majority (65%) said that
Employers and Employees Take Wait-and-See Approach to Retirement
Many employees are waiting for an economic recovery before moving forward with retirement, and employers are taking the same attitude with retirement program changes, according to Aon Consulting. The company surveyed 1,313 employers nationwide in its 2009 Benefits & Talent Survey, and found that more than 90% are not changing
Family Partnership Rules Applied in TIFD III-E Remand
In a case reversed and remanded by the Second Circuit, the U.S. District Court in Connecticut again held that a General Electric subsidiary could treat Dutch banks’ interests as partnership equity rather than debt. In so doing, the district court in the long-running TIFD III-E case again sided with the
Small Business
The U.S. Small Business Administration created an online course intended to help women small business owners learn how to identify and take advantage of federal contracts. Winning Federal Contracts: A Guide for Women Entrepreneurs teaches them about the federal procurement process and prepares them to compete for contracting opportunities. The
Series LLCs: Pros and Cons of a Growing Trend
Eight states allow the formation of series LLCs (Delaware, Illinois, Iowa, Nevada, Oklahoma, Tennessee, Texas and Utah). A series LLC consists of a “master” LLC with one or more series of members, managers, interests or assets. Although contained within the master LLC, each series can have separate rights, powers and
Lifson Receives Highest Award in Taxation
David A. Lifson received the 2009 Arthur J. Dixon Memorial Award, the highest award given by the accounting profession in the area of taxation. The award, given by the AICPA’s Tax Division, was presented at the AICPA’s Fall Tax Division Meeting in Washington by Alan R. Einhorn, chairman of the
Applying for a Private Letter Ruling
When a transaction requires greater certainty or when relief is sought for a difficult tax situation, applying to the IRS for a private letter ruling (PLR) can provide interpretation and application of law and regulation with respect to that taxpayer the Service will follow, within certain conditions and limitations. Here’s
Use the Spike to Remove, Store and Move Parts of a Document to Different Locations
Q: One of the old-timers in my firm told me about a Word function called the Spike. He says it works like Clipboard, but even better. How does it work? A: Years ago most business offices had an old-fashioned paper holder on some desks. It consisted of a long nail-like
Professional Issues
AICPA President and CEO Barry Melancon, speaking at the fall meeting of the Institute’s governing Council in Las Vegas in October, gave an update on globalization’s impact on the profession, the AICPA’s ongoing efforts to support members and the public during the economic downturn and recovery, and on new technology
Roth IRA an Ineligible S Corp Shareholder
The Tax Court decided 11–4 that an S election was automatically terminated because the corporation’s sole shareholder was a Roth IRA. The case was said to be a test case for a number of similar ones before the court. Taproot Administrative Services Inc., a Nevada corporation, was fully owned by
Return the Run Menu to Its Start Position
Q: What happened to the Run menu? I recently upgraded from my beloved XP to Windows 7, and when I went to access one of my favorite tools, Run, I discovered it was gone, busted, missing. What’s going on? I want my Run back. A: Worry not. It’s there.
Banking
The Federal Financial Institutions Examination Council (FFIEC) issued a policy statement that supports prudent commercial real estate (CRE) loan workouts. The statement provides guidance for examiners, and for financial institutions that are working with CRE borrowers who are experiencing diminished operating cash flows, depreciated collateral values or prolonged delays in
To Create Macros in Word 2007, Initiate the Developer Tab in the Ribbon
Q: I just loaded Word 2007, and now I want to create macros. But I can’t find a way to access the macro tools. Please help. A: They are there. But to access them, you first have to load a tab that, by default, is missing in the Ribbon—the Developer
It’s Time to Split
Q: I have a large Excel worksheet, and I find it difficult to compare data in different parts of the worksheet. Is there a good option for achieving this goal? A: Excel 2007 and 2010 contain two Split tools, which allow you to quickly split the Excel worksheet horizontally, vertically,
Was This Trip Really Necessary (or Profitable)?
A recent study purports to disprove the notion that business travel is a nonessential expense that does not contribute to sales and profits. The study indicates an incremental 1% increase or decrease in travel spending yielded a corresponding 1.7% increase or decrease in sales. Results varied by industry. The research
How to Prevent Selected Paragraphs From Getting Separated in a Document
Q: Certain paragraphs in documents I prepare need to be next to each other. But when I edit the document, sometimes it repaginates, and those sections slip apart. How do I guarantee that they will remain together? A: In Word 2007, be sure you’re in the document and in the
Ezzell Receives Gold Medal Award for Distinguished Service
William F. Ezzell, former chairman of the board of directors for the AICPA and past president of its Foundation Board of Trustees, received the Institute’s 2009 Gold Medal Award for Distinguished Service. The highest award granted by the AICPA, the Gold Medal is given to individuals who have made appreciable
Shortcuts
Outlook: For a fast way to enter future dates and times in Outlook forms, tab to the New Appointment date and time fields, and, if the date is three weeks in the future, go to Start time and type 3 w (with or without a space between 3 and w)
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