November 2013 - Journal of Accountancy

One of the key components of a CPA succession plan is the sale or transfer of the retiring CPA’s ownership interest. How is the value of that interest determined? In most circumstances, the value of an owner’s interest is different when selling to an external buyer than it is in

When reflecting on his life and career, Bill Balhoff can see the tremendous impact his parents’ guidance and work ethic has had. He comes from a big family—nine boys and two girls—all with a healthy drive for success. Balhoff feels fortunate to have been surrounded by supportive family members who

Many organizations recognize the value in harvesting data, whether the information is about customers’ buying habits or employees’ performance measures. But some companies haven’t been able to tap into the full potential of business intelligence—that is, getting the right information from the data to make better business decisions. Donny Shimamoto,

In 2012, a form required by the New York City Tax Commission left auditors in a quandary. Recent changes to GAAS that revised the wording of the auditor’s report had not been reflected in the form. As a result, the form required auditors to submit a report to the Tax

Defending professional liability claims is difficult when practitioners assume responsibilities beyond the scope of their engagement. The difficulty in defending against a claim increases dramatically if the CPA undertakes activities considered to be the responsibility of “management” and if the client, based on the CPA’s words and actions, believed it

Business valuation experts have been practicing in an evolving landscape for the past several years. New standards, changing technology, and an aging population are all playing a part in effecting changes. The JofA organized a round-table discussion of the important issues affecting CPAs who advise clients on business valuation matters.

The practice of extracting natural gas from shale through hydraulic fracturing, commonly referred to as “fracking,” is becoming more widespread throughout the country. It is essential for practitioners to understand the tax issues that could arise for clients who own property with shale gas deposits. From 2001 to 2011, Americans

Taxpayers have a short window in which to act if they want to take advantage of the Sec. 1202 provision that allows exclusion of 100% of the gain realized on the sale or exchange of qualified small business stock (QSBS). Unless the law is amended, for QSBS acquired after Dec.