Tony Nitti, a partner with WithumSmith+Brown in Aspen, Colo., received The Tax Adviser’s 2011 Best Article Award for his article “S Corporation Shareholder Compensation: How Much Is Enough?” (The Tax Adviser, Aug. 2011, page 534). The winning article was chosen by The Tax Adviser’s editorial advisory board from among the
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From practice to the classroom
At some point in their careers, many CPA practitioners have said, “I wonder what it would be like to teach.” The traditional path to a teaching or research appointment as a tenure-track faculty member (academically qualified, or AQ, faculty) usually involves obtaining a Ph.D. Another path, professionally qualified, or PQ,
Nonprofits
CPAs performing work for not-for-profits will find guidance dedicated specifically to them in a working draft of a proposed audit and accounting guide, Not-for-Profit Entities, released by the AICPA Financial Reporting Executive Committee (FinREC). The AICPA requests that comments on the proposed guide be provided during a 60-day period, ending
IRS’s “Fresh Start” program expands payment options
Clients should always be encouraged to file their returns on time and pay as much of the balance due as possible, but those that cannot pay in full are not out of options. Changes the IRS has made as part of its “Fresh Start” initiative over the past two years
From CGMA Magazine: The merits of thinking the unthinkable
You’re about to embark on an important project. You think it will be a success, but you can’t be sure. So you imagine that, a year down the track, your project has failed. Then you seek answers: What killed it? How could failure have been avoided? What other kinds of
Authors contributing to the October 2012 issue
Ethics IQ Quiz page 22Shannon Ziemba, CPA, MBA, is a technical manager in the Independence and Behavioral Standards (IND/BHS) Group of the Professional Ethics Division at the AICPA. She works on ethics enforcement and interpreting the Institute’s Code of Professional Conduct and provides guidance to members, state CPA societies, and
Responding to a 90-day letter
Under Sec. 6212(a) the IRS can issue a statutory notice of deficiency, also known as a 90-day letter, when it determines a deficiency in an income or estate and gift tax liability. A 90-day letter is a formal legal notice, sent by certified or registered mail. Taxpayers have a statutory
Facebook tips
Who you know matters. Accordingly, many social media websites provide proven solutions for expanding and cultivating one’s circle of contacts, both personally and professionally. With this in mind, presented below are tips for using Facebook, the world’s largest social media website with more than 800 million valid users, half of
Client debt-reduction feature wins JofA article award
Mollie T. Adams, Gail Petravick, and Coleen S. Troutman received the JofA’s Lawler Award for the best article of 2011. Their article, “Advising Financially Stressed Clients,” (Sept. 2011, page 50) highlighted a client’s nonbankruptcy options for debt reduction and the related tax consequences, and identified actions to avoid that could
TIGTA recommends identity theft safeguards
The Treasury Inspector General for Tax Administration (TIGTA) reported that the IRS had failed to detect 1.5 million tax returns with potential identity-theft-related fraudulent tax refunds exceeding $5.2 billion for the 2011 filing season (TIGTA Rep’t No. 2012-42-080). The IRS itself reported that it detected 938,664 returns with fraudulent tax
Restorative benefits and equity-based performance plans for highly compensated executives
As the U.S. economy continues to work its way back from the recession and the jobs market gradually improves, companies should review their executive compensation arrangements, both in recruiting new hires and in keeping key executives from being lured to competitors. In addition, the loss of financial security experienced by
The Accounting Doctoral Scholars Program: A status report
The Accounting Doctoral Scholars Program is the largest investment ever made by the accounting profession to advance accounting education. The program represents the most significant cooperative initiative undertaken jointly by the accounting educational community and the accounting profession. The unprecedented effort to increase the number of doctoral candidates studying tax
Evaluate your BV skills
With a wave of Baby Boomers nearing retirement, there is a good chance CPAs will come across clients who need a business valuation. A valuation may be necessary for gift and estate purposes, transfers of ownership, tax planning purposes, and divorce. CPAs need to determine whether they should perform the
Self-employed can deduct Medicare premiums, IRS Chief Counsel advises
Explaining a recent reversal of a long-held IRS stance, the Office of Chief Counsel advised IRS attorneys that self-employed individuals may deduct Medicare premiums from their self-employment income. Chief Counsel Advice (CCA) 201228037 clarifies an IRS position that previously has appeared only in instructions to Form 1040, U.S. Individual Income
Plan now for inside buyouts
Succession planning took a hit in recent years. The financial crisis of 2008 touched off an unnerving chain of events for business owners looking for an exit. Constrained lending diminished the number of able buyers and lowered valuations. Baby Boomers, particularly those close to retirement, were forced to put plans
Excel PivotTable questions
Several readers have submitted questions about Excel 2010 and 2007 PivotTables, as follows: Q1: Why does Excel insert the GETPIVOTDATA function into a formula when you use the mouse pointer to refer to a cell in a PivotTable, and is there a way to prevent this action? A1: As discussed
News highlights for October 2012
Former U.S. Sen. Paul Sarbanes and former U.S. Rep. Michael Oxley said the regulations they sponsored and saw signed into law a decade ago are not perfect, but led to changes in the corporate culture in the United States and abroad. Sarbanes, a Maryland Democrat, and Oxley, an Ohio Republican,
Take a swipe at this
Q: My friend’s phone has a cool feature that allows her to type text messages by sliding her finger across the virtual keyboard rather than typing each key individually. She says this method of typing is much faster once you get used to it. I cannot seem to find this
Auditing
The PCAOB released a 26-page report describing how its inspections of audit firms work and how audit committees can gather information from audit firms about those inspections. The release is available at tinyurl.com/cdlytcp. Part I of the PCAOB audit inspection report is public and describes audit deficiencies where the
Choose wisely: New brochures can help CPAs vet investment advisers
Disclosures mandated in 2011 by the SEC help investors become more informed about the financial advisers they work with or wish to retain. CPAs can use them as part of their due-diligence process. CPAs will be viewed as fiduciaries, according to Walter M. Primoff, CPA/PFS, former deputy executive director of
Features
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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