Q: Our firm wants to provide everyone in our office with new and larger USB thumb drives to be used for transporting and sharing data files. Is this a good idea, and, if so, what size and type should we get? A: The emergence of cloud-based data storage such as
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The magazines
What CPAs need to know about organized crime
The FBI called it “The Case of the Stolen Company.” New Jersey U.S. Attorney Paul J. Fishman said it “gave new meaning” to the term corporate takeover. An indictment filed in a New Jersey federal court said that a group with ties to La Cosa Nostra (LCN), commonly known as
Authors contributing to the April 2012 issue
Walter M. Primoff, CPA/PFS, heads the Professional Advisor Group at Altfest Personal Wealth Management in New York City. He coordinates with clients’ adviser teams, and their CPAs and attorneys, to help clients achieve planning goals and minimize investment taxation. He also specializes in the advanced use of charitable and other
Deacon Thomas Schultes, CPA
Some people use the words “career” and “vocation” interchangeably. They really aren’t the same thing. I had a career as a CPA; now, however, I am in the final stages of beginning my life’s vocation—serving as a Catholic priest for the Diocese of Lincoln, Neb. People sometimes ask what attracted
Elbows on the table, please
Q: How do you enter two labels into a single Excel cell, separated by a diagonal line? I’ve seen this done, and I want to add this to my table, but I can’t figure out how. A: The solution you are referring to is called an elbow, and you can
Planning and paying for partner retirements
John was one of three founding partners in a firm formed 35 years ago. He oversaw the buyout of the other two founding partners and, as managing partner, groomed three young managers as his successors. However, when the time came for these managers to be admitted as partners, two of
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MORE INSTALLMENT AGREEMENTS ELIGIBLE FOR STREAMLINING The IRS doubled the maximum unpaid assessment balance qualifying for its streamlined installment agreement program for certain taxpayers and extended the time for payment (SBSE 05-0112-013). The new maximum balance is $50,000, and the time for full payment is extended from 60 months to
The missing piece in liquidity calculations
A fundamental flaw in U.S. GAAP and IFRS financial reporting standards distorts the calculation of working capital and the current ratio, resulting in a significant understatement in most companies’ liquidity. This outcome is detrimental not only to the companies but also to the economy overall, because it reduces the amount
IRS wins second appeal of TIFD III-E
The Second Circuit Court of Appeals for a second time reversed the judgment of a district court against the IRS in the long-running Castle Harbour/TIFD III-E case involving the characterization of two foreign banks’ interests in a partnership. The Second Circuit again held that the foreign banks’ interests in the
Transposition errors in Excel
Q: Is there an easy way to copy formulas that are arranged horizontally across an Excel worksheet and paste them vertically down the page? When I try this using Excel’s Paste-Transpose command, the cell references change and no longer reference the correct cells. A: I can think of three ways
Don’t neglect to elect, part III
As a follow-up to the June 2010 and January 2011 Tax Practice Corner columns “Don’t Neglect to Elect” and “Don’t Neglect to Elect, Part II,” here are elections available to estates, partnerships and individuals. ESTATES Estate tax portability election. As a result of the Tax Relief, Unemployment Insurance Reauthorization, and Job
Fraud
In order to balance risks and opportunities, organizations must develop, communicate, monitor and update their “risk appetites,” according to a white paper released by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Authored by University of Wisconsin–Madison accounting professor Larry Rittenberg and Frank Martens, a director in the
Domicile and residency issues of non-U.S. taxpayers
If a donor or decedent is a U.S. citizen or domiciled in the United States, all gifts made and assets owned worldwide at death are subject to U.S. transfer tax in the absence of a relevant gift or estate tax treaty. In addition, even if a taxpayer has no connection
I read you loud and clear
Q: Because of the smaller screen size of my laptop, I find it difficult to read news and articles on the Web. Is there a way to make Web content easier to read? A: I know exactly what you are talking about. I do most of my reading on a
Innocent spouse is entitled to refund
The Tax Court recently found that a taxpayer who petitioned for relief under Sec. 6015(f) was not precluded from receiving a refund of money levied from a joint bank account. The court ruled that relevant Massachusetts law gave the innocent spouse a 50% ownership interest in the account. Thus, under
Better odds for pro gamblers’ business deductions
Recently, professional gamblers’ luck prevailed as the Tax Court changed directions on the deductibility of nonwagering business expenses. The Tax Court in Mayo (136 T.C. 81 (2011)) partially overruled its precedent, Offutt (16 T.C. 1214 (1951)). Offutt allowed the deduction of wagering losses only to the extent of winnings and
Homebuyer credit denied where former home still in use
A house that a married couple continued to use while trying to sell it was their principal residence during that period; therefore, they did not meet the timing requirement to qualify for an $8,000 first-time homebuyer credit when they purchased a new house, the Tax Court held. Francis and Maureen
More-generous innocent spouse rules proposed
In response to court decisions and the IRS’ claim that its experience applying equitable relief has given it new insight, the IRS issued a proposed revenue procedure changing the way it will treat requests for equitable innocent spouse relief under Secs. 66(c) and 6015(f) (Notice 2012-8). The three most significant
A wealth of opportunity
Much has been written in recent years about wealth management services that call for practitioners, including CPAs, to have personal financial planning certification and to come under investment-adviser or other regulations. Much less attention has been paid to PFP services that don’t require specialization or additional licensing. One of these
Side effects of cost segregation
Increased current cash flows and net-present-value savings from accelerated tax depreciation resulting from cost-segregation studies have been discussed in the JofA and other professional literature. But the initial cost-segregation decision can determine later tax side effects, both positive and negative. This article explores some of the tax benefits and drawbacks
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FROM THIS MONTH'S ISSUE
Flip out with the latest Tech Q&A
The September Technology Q&A column shows how to create dynamic to-do lists with Excel's checkboxes and also how to set up multifactor authentication texts that don't rely on phones. Flip through both items and view a video walkthrough in our digital format.
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