Q: I am trying to prepare an area chart in Excel 2010 with multiple ranges of data, but no matter which sort order I use, some of the underlying data remains obscured (see below). What is the best way to fix this? A: It appears that your best solution is
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Treasury basics for an overseas expansion
Understanding regulatory requirements and standard operating procedures in international locations is essential for domestic corporations expanding into overseas markets. The following tips, compiled by Wells Fargo’s international banking division, can help companies establish an effective global treasury policy: Consult with key advisers early. Draft the overall scope and plan for
Authors contributing to the September 2012 issue
2012 tax software survey page 22Paul Bonner is a senior editor for tax-related articles and items for the JofA and The Tax Adviser. He also is an adjunct instructor teaching news writing in the School of Journalism and Mass Communication at the University of North Carolina at Chapel Hill. Still
Successor tax liability in business purchases
A purchaser of assets generally expects that it will not be liable for the income tax liabilities of the seller. While sophisticated buyers may anticipate that they will be liable for so-called trust fund taxes (e.g., withholding, sales tax, etc.), few buyers expect that they will be liable for the
IRS compliance and enforcement trends
The IRS and state and local taxing authorities are developing compliance goals and strategies that are affecting CPAs and will continue to do so in new ways in the coming decade. Jim Buttonow and Brian Howell described them in a presentation at the AICPA Practitioners Symposium and TECH+ Conference in
2012 tax software survey
In this year’s survey by the JofA and The Tax Adviser, more than 6,000 CPAs assessed the software they used to prepare 2011 tax returns, revealing what they liked and disliked about their software. Overall, respondents were pleased with their software: On average, the products rated 4.3 out of 5.
No exclusion for former spouse from assignment of disability income
The Tax Court recently clarified that disability retirement benefits assigned to a former spouse under a divorce agreement are ineligible for exclusion from income, even though the benefits would qualify for exclusion as compensation for personal injury had the other ex-spouse received them. The former spouse’s argument that she was
Website update
Q: I have been tasked with reviewing and updating our firm’s website content, and I want to go about it as efficiently as possible. Can you help me get started? A: I find that I can review content better on a printed page with pencil in hand. Adobe Acrobat Standard
IRS issues rules on portability election
The IRS issued temporary regulations on how to elect to use a deceased spouse’s unused exclusion from estate taxes, also known as the portability election (T.D. 9593). The rules apply to married spouses where the death of the first spouse occurs on or after Jan. 1, 2011, and are therefore
Shifting receivables between S corps. increases basis
The Tax Court held that taxpayers could increase the basis of their stock in an S corporation by contributing accounts receivable to it after they had received those receivables in a distribution from a related S corporation. The increased basis in their stock in the first S corporation enabled them
News highlights for September 2012
Unfunded pension liabilities will begin appearing on the balance sheets of U.S. state and local governments that provide defined benefit pensions under provisions of two new GASB standards. GASB approved Statement No. 67, Financial Reporting for Pension Plans, and Statement No. 68, Accounting and Financial Reporting for Pensions. Statement No.
ERM: Where to go from here
During the past decade, many corporations have embraced enterprise risk management (ERM) processes to identify and prioritize risk. The prioritization of risk is typically done through “heat maps” showing which risks are most likely and which may have the most severe consequences. Effective ERM processes force an integrated consideration of
What’s your privacy IQ?
Maintaining the privacy and protection of customers’ and employees’ personal information is a risk management issue for all organizations. The increase in identity theft is also a concern for all organizations. Laws and regulations continue to place requirements on businesses for the protection of personal data. Myriad laws and regulations
Still in flux: Future of IFRS in U.S. remains unclear after SEC report
The future of international accounting standards for U.S. public companies remains uncertain after the release in July of a long-anticipated SEC analysis of IFRS. In a 127-page report released on the final day of Chief Accountant James Kroeker’s tenure, the SEC staff said the global financial reporting community considers the
Financial reporting / regulation
The release of a FASB discussion paper for its disclosure framework project represents a significant step in the effort to improve the effectiveness of disclosures in financial statements. The 81-page document, which FASB calls an invitation to comment, came the same day the European Financial Reporting Advisory Group (EFRAG) released
Business & industry
National securities exchanges have been directed to adopt listing standards for public company boards of directors and compensation advisers under a rule approved by the SEC. The rule is required by the Dodd-Frank Wall Street Reform and Consumer Protection Act, P.L. 111-203. For listed companies to continue having their shares
First Circuit strikes down Defense of Marriage Act but stays tax remedies
The First Circuit Court of Appeals on May 31 declared part of the federal Defense of Marriage Act unconstitutional, upholding a Massachusetts federal district court decision. The appeals court held that the act’s denial of federal benefits to lawfully married same-sex couples violates the Equal Protection Clause of the U.S.
Avoiding missteps in the LIFO conformity rule
During inflationary times, companies can reduce their taxable income by using the last-in, first-out (LIFO) cost flow assumption for inventories. However, the tax savings from using LIFO come at a cost. Under the LIFO conformity rule in Sec. 472(c), if LIFO is used on a taxpayer’s tax return, no other
Economy
Lower hiring expectations and a steep drop in optimism about the U.S. economy summed up the uncertain mood of CPA financial executives who took part in the AICPA’s Business and Industry Economic Outlook Survey for the second quarter of 2012. Optimism about the U.S. economy dropped significantly after rising for
Supreme Court upholds health care law
In a much-anticipated decision, the U.S. Supreme Court declared the mandate in IRC Sec. 5000A, requiring U.S. citizens and legal residents to maintain minimum essential health coverage, to be a permissible exercise of Congress’s taxing powers under the Constitution (National Federation of Independent Business v. Sebelius, Sup. Ct. Dkt. No.
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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