In a letter to Rep. John Lewis, D-Ga., chairman of the House Ways and Means Committee’s Subcommittee on Oversight, IRS Commissioner Doug Shulman stated on July 6 that the IRS will suspend collection enforcement activities on certain listed transactions through Sept. 30. IRC § 6707A imposes penalties on taxpayers who
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Chief Counsel Outlines Litigation Tactics for Innocent Spouse Cases
In response to the recent Tax Court decision in Porter, 132 TC no. 11 (2009) (Porter II), the IRS Chief Counsel’s office released a memorandum outlining IRS litigation tactics in innocent spouse cases (CC-2009-021). In Porter II, the Tax Court held that it would apply a de novo standard of
GASB Proposals Address Chapter 9 Bankruptcies, Retiree Health Plans
GASB acknowledged the precarious fiscal health of state and local governments around the country as it issued an exposure draft intended to give guidance on the effects of Chapter 9 bankruptcies. Chapter 9 of the U.S. Bankruptcy Code applies to filings by governmental entities. The standard setter also issued an
GAAP Codification Resources
Accounting research has changed dramatically, shifting CPAs to an online tool for searching and referencing U.S. GAAP. On July 1, the FASB Accounting Standards Codification (ASC) became the single source of authoritative U.S. accounting and reporting standards for nongovernmental entities, in addition to guidance issued by the SEC. The ASC disassembled
Mark Albrecht: Six Good Reasons to Go Paperless Today
Why now? What are the economic and business drivers causing CPAs to consider “paperless” solutions today? I’d flip that question around to ask CPAs why not now? Everything points to why CPAs should adopt paperless practices, and the current economic climate and business environment simply heighten the need to adapt
Michael Alter: Pushing the Paperless Frontier
When SurePayroll started the first full-service online payroll service in 2000, it was a fairly radical concept, wasn’t it? To us, making payroll paperless is a natural, first step toward a paper-free office. Our strategy was to buck tradition and create a 100% online Software as a Service payroll alternative
Scott Francis: How to Calculate the Real Costs of Production
How much money can going “paperless” make or save for an accounting firm? To really understand the need, and not to mention value, of going paperless, organizations should start with quantifying their business operation and production process. Only then will they understand the costly labor of production—the time wasted
Guidance on Electing Not to Take 50% Bonus Depreciation
The IRS on Tuesday released Rev. Proc. 2009-33, providing guidance on how taxpayers can elect not to claim 50% bonus depreciation under IRC § 168(k)(1) but instead increase their credit limitation under section 38(c) and their AMT credit limitation under section 53(c). The revenue procedure gives guidance on what property
Safe Password Practices
Editor’s note: This is a Web-exclusive exhibit for “Password Management Strategies for Safer Systems.” Advise users to never put their password on a Post-it Note or in another unsafe location. Tell users to always say “No” when Windows or any other software offers to save their password.
Charting a Course: Estate Planning 2009–2011
This special report is published as a supplement to the July 2009 issue of The Tax Adviser. It looks at the status of estate, gift, and generation-skipping transfer taxes over the next few years.1 Current State of the Law In 2001, Congress enacted the Economic Growth and Tax Relief Reconciliation
Mike Braun Takes Paperless Accounting into the Cloud
What are the economic and business drivers causing CPAs to consider “paperless” solutions today? The business drivers for firms adopting cloud computing and Intacct are their desire to improve productivity, increase profitability and provide better, higher value services to their clients. As to why now, it is only in
ARSC’s Work Plan to Revise SSARSs
Editor’s note: This is a Web-exclusive sidebar to “A Fresh Approach for Compilation and Review.” At the time that the AICPA Reliability Task Force communicated its recommendations to ARSC, ARSC was undergoing a major project to recodify the standards for compilation and review engagements. ARSC had determined that, if
Report of Foreign Bank and Financial Accounts: Significant Revisions and Severe Penalties
In September 2008, the IRS website posted revisions to the Report of Foreign Bank and Financial Accounts (Form TD F 90-22.1) that surprised many practitioners. This article discusses new traps for the uninitiated created by these revisions and the new reporting requirements for certain taxpayers who previously may not have
Cap-and-Trade Accounting Resources
Editor’s note: These are Web-exclusive resources for “Accounting for Emissions.” Excel worksheets and other tools to estimate carbon output by individuals and certain businesses at the EPA Web site. The Carbon Disclosure Project Global 500 Report 2008 and a number of other national and international disclosure studies, www.cdproject.net/reports.asp The Petition
Supercharge Your Excel Sum Operations: Worksheets and Exhibits
Editor’s note: These are Web-exclusive exhibits for “Supercharge Your Excel Sum Operations.” Click here to download sample Excel worksheets. Each of the article’s four exhibits is an individual worksheet in a single downloadable Excel file. It includes: Exhibit 1: Sales by person using SUMIF Exhibit 2: Basic functioning of SUMPRODUCT
David Wyle: How to Be Ready for the Next Upturn
What are the economic and business drivers causing CPAs to consider “paperless” solutions today? In today’s economy, firms are desperate to reduce cost. Many firms are reducing staff, pay, or work hours. Although these steps may reduce overall expenses, they do nothing to improve staff productivity. To be more competitive
Rene Lacerte: Firms Leveraging Bill.com See a 75% Time Savings and Can Re-task Billable Personnel
Why are some many CPAs going “paperless?” The profession is always evolving, and firms are now realizing that they cannot rely on writeup and tax work alone. They need to become a value-added resource during all day-to-day operations. Exchanging bills and contracts in a shoebox, and printing and exchanging
Roger Mongeon: Don’t Overlook the Risks and Liabilities
What do CPAs sometimes overlook in going paperless? In the rush to go paperless, many firms fail to consider the liabilities and ramifications for not addressing how electronic files are published and archived. Some may prematurely stop printing or publishing their final files on paper or in a PDF. At
The Paperless Age
Top executives from leading suppliers reveal tips and trends for taming tax and accounting workflow. Sponsored by: Bill.com, CCH, Doc.It, Fujitsu, Intacct, SurePayroll, SurePrep and XCM Solutions, LLC. Mike Sabbatis: Turning Workflow to Competitive AdvantageCCH president sees economy driving new efficiencies Rene Lacerte: Firms Leveraging Bill.com See a 75% Time Savings
Social Media Panel Outlines Tips for Accountants
Do accountants need to be on social networking sites such as Facebook and Twitter, or is it OK for them to sit on the sidelines? That question was posed by Bill Sheridan, e-communications manager for the Maryland Association of CPAs, during a social media panel he moderated at the MD
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FROM THIS MONTH'S ISSUE
4 ways solo practitioners can stand out
Five years ago, a grieving Angel Zhen started his own CPA firm with no clients and no revenue. Today, he has 300 clients, $600,000 in revenue and 12 weeks of annual vacation. In this JofA article, he shares how he set up his firm and how you could do the same.
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Current developments in taxation of individuals: Part 2
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