May 2012 - Journal of Accountancy

After a client passes away, there is much more to do than just prepare a final Form 1040, U.S. Individual Income Tax Return. Taking control of the postmortem planning process can be a powerful way to save tax dollars for the decedent’s estate and family. Postmortem planning also applies to

Investors and their advisers have weathered several years of turmoil, with market conditions often upending conventional investing approaches and related tax strategies. As recently as summer 2010, Federal Reserve Board Chairman Ben Bernanke testified before Congress that the outlook for the U.S. economy remained “unusually uncertain.” Slightly more than a

The inherent and evolving risks in the banking environment—especially concerning online transactions—command that account holders keep abreast of threats to their accounts, understand their rights and responsibilities as account holders, and take appropriate security measures to protect themselves from fraudulent bank account activity. Are you prepared to help your clients

Most provisions of the work opportunity tax credit (WOTC) expired on Jan. 1, 2012, but the program was modified and partially extended by the VOW to Hire Heroes Act of 2011, P.L. 112-56, to cover military veteran hires. Under Sec. 51, as amended, employers may be eligible for a credit

For decades, CPAs in public practice have laid a foundation of trust with clients by competently handling confidential financial data and performing core services such as tax preparation. Today, forward-thinking CPAs are building on that foundation, expanding their business offerings, nailing down new revenue streams and cementing a more profitable

Prolonged economic sluggishness—which has limited organic growth and stymied mergers and acquisitions the world over—has given many companies something they didn’t have when things were busier: time, and reason, to think differently about new ways to build value. One place they’re increasingly applying the magnifying glass: their own ranks. More

CPAs are confident that their organizations can secure their IT networks and manage data, but they doubt whether their employers will be able to generate revenue streams and other benefits from emerging technologies such as cloud computing and mobile devices, the AICPA reported in releasing the results of its 2012

Business valuation (BV) reports frequently include information presented in the form of financial statements. The reporting requirements for such financial statements have drawn increased attention as a result of the issuance of Statement on Standards for Accounting and Review Services No. 19 (SSARS 19), Compilation and Review Engagements. When conforming