Q: In your June 2010 column you talked about a tool that can add small check boxes next to files in Windows Explorer and shortcut icons so you can easily select several widely scattered items for copying, moving or deleting without the need to hold down the Ctrl button while
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The magazines
How We Contribute to the Success of Spam
Would you believe that nearly half of the computer users who come upon an e-mail that they know or suspect is spam will intentionally open it? The three main reasons given for clicking on the spam e-mail are curiosity, interest in the product the e-mail offers or a belief they
EIN Retention When Converting a Corporation to an LLC
Most companies that convert a corporation to an LLC want the LLC to retain the historic employer identification number (EIN) of the corporation and may assume that the EIN carries over automatically to the LLC. In fact, the IRS will reassign the historic EIN of a corporation to a successor
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UNCERTAIN TAX POSITIONS DRAFT SCHEDULE RELEASED The IRS released a draft of new Schedule UTP, Uncertain Tax Position Statement, (tinyurl.com/27jmhm7) and instructions (tinyurl.com/25uorpf) as part of its initiative to require certain business taxpayers to report uncertain tax positions on their returns (Announcement 2010-30). (For previous JofA coverage of the initiative,
Peer Review
The AICPA Peer Review Board released an exposure draft proposing changes to the guidance for quality-control materials (QCM) and continuing professional education (CPE) program peer reviews embodied in the AICPA Standards for Performing and Reporting on Peer Reviews (Standards) and Interpretations to the Standards. The principal revisions include: Addressing independence
Authors Contributing to the July 2010 Issue
Charitable Planning: CRTs, CLTs and the Increasing Payment CLAT page 18 Scott E. Testa, Esq., CPA, is a partner at Friedman LLP in East Hanover, N.J., where he specializes in the tax and business advisory needs of high-net-worth individuals. Previously, he worked 12 years in the private client advisory
Royalty Payments Held Deductible
The U.S. Court of Appeals for the Second Circuit held that a company’s royalty payments for the right to use certain trademarks could be currently deducted, reversing a Tax Court decision. Since the royalty payments were calculated using a percentage of sales, the Second Circuit held, the royalty cost was
John Karaffa, CPA/PFS, DBA
I was born and raised in Indiana, where basketball is the unofficial state sport and basketball courts are a landscaping-design element. So, it is not surprising that basketball became an important part of my life: It earned me a college education; it gave me my livelihood for 12 seasons after
Common Question-Evasion Tactics
In her book Extraordinary Circumstances: The Journey of a Corporate Whistleblower, Cynthia Cooper, WorldCom Inc.’s chief audit executive, details the discovery of a fraud that she was able to unravel, in large part, due to her interviewing skills. At a critical point in Cooper’s investigation, Buddy Yates, WorldCom’s general director
Institute Launches New Website
The AICPA has rebuilt its website, aicpa.org. The site, which launched May 10, allows for improved search, navigation and user interactivity. The following are some things members can now do: —By Alexandra DeFelice, a JofA senior editor. To comment on this article or to suggest an idea for another article,
A Microsoft Backup Program That’s Powerful—and Free
Since I often preach about the value—no, the necessity—of backing up data, I get loads of e-mails from readers asking for backup software recommendations. I hesitate suggesting a commercial product. Instead, I suggest readers do a Google search, relying on expert reviewers. But I just came across a new backup
If You Don’t Use Internet Explorer, You Can Safely Remove It
Q: I use Firefox as my default Internet browser instead of Windows’ default browser, Internet Explorer. Can I remove Explorer from my computer without creating a problem? A: Yes, many people prefer Firefox as their browser. It’s easy to remove Internet Explorer, and it won’t create a problem. However, unless
AICPA’s Financial Literacy Website Gets More Personalized and Interactive
The Institute’s 360 Degrees of Financial Literacy program recently relaunched its website (360financialliteracy.org). The new site is designed to provide a more personalized experience, with an increased emphasis on user interaction and more streamlined content delivery. For example, the site features a “My 360” tool, which allows registered users to
Turning Business Losses Into Tax Refunds
Businesses with a need for a cash infusion may be able to obtain one quickly as a result of a tax refund from recently expanded net operating loss (NOL) carryback allowances. These provisions address the fact that, although a net loss may appear in only one tax year, it represents
Make Hyperlinks in Excel Cells Invisible When the Worksheet Is Printed
Q: I insert hyperlinks in some cells of Excel reports that I eventually distribute to clients. However, those hyperlinks are for my information only: I don’t want them to appear in the reports. Is there some way I can hide the hyperlinks so they don’t show in the printed report?
How to Edit the Text That You Paste Into Spreadsheet Cells
Q: I frequently paste explanatory text into my Excel spreadsheets. But when I paste text that includes more than one paragraph, each paragraph gets popped into separate cells. How can I get them to stay in one cell? A: You’ve touched on a little-known peculiarity of Excel. If you copy
Charitable Planning: CRTs, CLTs and the Increasing Payment CLAT
One of the main reasons people give to charity is for their ego or image—they want to be seen in the community as philanthropic. Another main reason some donate is for the tax breaks. Others give to charity for truly altruistic reasons. Yet others leave money to charity because they
Closing Up Shop: How to Successfully Shut Down a Private Foundation
The precipitous drop in wealth in the United States during the 2008–2009 financial meltdown accelerated a trend of many private foundations’ considering closing their doors. Foundations gave 8.4% less in grants in 2009 from the year before, as the value of their assets fell by 17.2%. Between 2007 and 2008,
Valuing Art for Tax Purposes
Even people who don’t collect art probably own a painting or sculpture or two. At some point, one of two things is likely to happen: One, the artwork will be given away, perhaps as a noncash charitable contribution for which the owner will claim an itemized deduction, or as a
Sustainability
The International Federation of Accountants (IFAC) and The Prince’s Accounting for Sustainability (A4S) Project have entered into a memorandum of understanding (MoU) to support the global accountancy profession’s role in developing sustainable organizations. IFAC and A4S believe that an essential part of maintaining economic performance and contributing to society lies
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
