The AICPA and the Society for Human Resource Management (SHRM) recently partnered to create the Workplace Financial Education Award, a national award that will recognize employers for outstanding financial education programs for staff. The AICPA and the SHRM will begin accepting applications for the award later in 2010. All employers—corporate,
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Is Your College Student Still a Dependent?
College students combine many sources of funds to pay for their education, including personal savings, family savings, income from jobs, scholarships and/or student loans. As the percentage of funds from the student’s sources increases, parents risk losing the student as a dependent on their tax return. Not only do the
Convergence Milestone
FASB and the IASB wrapped up the first of three rounds of issuing proposed standards in their final push toward U.S. GAAP-IFRS convergence, even as they gave themselves an extra six months to complete the ambitious project. In what is potentially their most far-reaching joint proposal to date, the boards
Don’t Disable Windows Defender Just Because You Have Good Antivirus Software
Q: If I’m using good antivirus software, do I really need to keep Windows Defender running in Windows 7? Or is that like wearing suspenders and a belt? A: You need them both. Windows Defender, which comes bundled free with Windows 7 and Vista and is available for download for
Discharging Taxes in Bankruptcy
With the downturn in the economy and massive job losses, personal bankruptcy filings have exploded. According to the National Bankruptcy Research Center, approximately 1.4 million bankruptcies were filed in 2009, a 32% increase over 2008. They included Chapter 7 bankruptcy filings, which increased 42%, and Chapter 13 filings, which increased
Banking
FDIC-insured commercial banks and savings institutions posted an aggregate profit of $18 billion in the first quarter of 2010, driven mostly by a 16.6% year-over-year drop in provisions for loan losses. It was the industry’s most profitable quarter since the first quarter of 2008, although the FDIC noted it
Microsoft Launches Fix It Center for Windows 7, Vista and XP
Are you having a problem with your computer’s Microsoft software? You now have two new ways to fix it—and they’re both free. You can download a copy of Microsoft Fix it, which contains automated solutions for a wide range of problems. And if that software doesn’t address your concern, you
Averaging Noncontiguous Cells That Contain Some Zero Values
Q: Here’s my problem: I need to calculate the average for a bunch of cells that not only are not contiguous but some contain zero values, and I don’t want them to affect the results. Do you have any ideas? A: It is a little tricky. The solution, as you’ll
Survival of the Analytically Fit: The DNA of an Effective Forensic Accountant
If attorneys could engineer the perfect forensic accountant, 78% of them would choose an accountant with strong analytical abilities. In a 2009 survey commissioned by the AICPA, after analytical skills, attorneys chose, in descending order, the abilities to be detail-oriented, ethical, responsive and insightful as the remaining top five essential
How to Effectively Negotiate Loan Covenants
If you are responsible for raising capital, you are probably aware that many banks have become very strict in the arrangement of loan covenants since the collapse of the housing market. Breaching, or “tripping,” a covenant can have a devastating effect on any business. This article explains how to negotiate
IFRS/International
Even though most American CPAs do not prepare or audit IFRS financial statements, many have begun learning the international standards, according to an AICPA survey. Two years ago nearly a third of AICPA members reported no familiarity with IFRS. But this year’s results show that number has been cut in
AICPA, Others Ask IRS to Withdraw UTP Reporting Plan
The AICPA and other accounting, legal and business groups called upon the IRS to withdraw its proposed requirement that businesses above a $10 million asset threshold report their uncertain tax positions. The groups responded to the IRS’ request for comments on its three announcements earlier in the year (2010-9, 2010-17
Highlights
The U.S. Supreme Court issued a long-awaited ruling in the constitutional challenge to the PCAOB that left the agency virtually unchanged. The court’s 5–4 decision, announced in June, will not affect day-to-day operations of the PCAOB, the agency said. Chief Justice John Roberts wrote the majority opinion. In it,
Ballot Measure Would Modernize and Align AICPA Membership Admission Requirements With UAA Guidelines
The AICPA Council unanimously voted in May 2010 to ballot AICPA members on a proposed change to update the requirements for Institute membership. This change is a part of the first major comprehensive review of membership requirements since the 1950s. The ballot measure, if approved, would make it possible for
AICPA Establishes Sidney Kess Award for Excellence in Continuing Education
The AICPA created the Sidney Kess Award for Excellence in Continuing Education to recognize individual CPAs who have made significant and outstanding contributions in tax and financial planning and whose public service exemplifies the CPA profession’s values and ethics. Kess, 84, a CPA and attorney, is a nationally renowned tax
Regulation
The SEC and Commodity Futures Trading Commission have formed a joint committee that will address emerging regulatory issues. The establishment of the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues was one of the 20 recommendations included in the agencies’ harmonization report issued last year. The joint committee will develop
AICPA Board Member Named Co-Chair of Commission on BP Oil Spill
President Barack Obama appointed Bob Graham, a former Florida governor and U.S. senator and a public member of the AICPA Board of Directors, as co-chair of the National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling. The bipartisan commission is tasked with providing recommendations on preventing and
Alabama Firm Receives Public Service Award
Barfield, Murphy, Shank & Smith PC received the Institute’s 2009 Public Service Award for Firms for the firm’s significant role in Birmingham, Ala., nonprofits. The award recognizes one firm annually for outstanding public service. Since the firm began working with Habitat for Humanity in 2000, it has logged more than
Special-Needs and International Adoptions Not Easier
I am a CPA and a mom via adoption times two. I was baffled to read in the April 2010 article “Tax Treatment of Adoption Expenses” (page 44) that adoptive parents “may want to give more consideration to a special-needs child or international adoption, both of which can often be
Tax Court Refuses to Reconsider Overstatement of Basis Case
The Tax Court recently denied motions of the IRS to vacate and reconsider its prior decision in Intermountain Insurance Service of Vail LLC v. Commissioner, TC Memo 2009-195, in light of new Treasury regulations issued approximately one month after that case was decided. (For prior Tax Matters coverage, see “Application
Features
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
