SEPTEMBER 2000 VOLUME 190, NUMBER 3 Editorial Staff Publisher/Editor-in-Chief Colleen Katz Executive Editor Barbara J. Shildneck Managing Editor Elizabeth Uva Senior Editors Katharine W. Coveleski Peter D. Fleming Michael Hayes Raj Rangarajan Robert Tie Cynthia Waller Vallario Stanley Zarowin Assistant Editors Sarah Cobb Vincent Nolan Contributing Editors Maria
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TOPICS
Forensic services
More Thoughts About Indexing
While the article, “The Quest to Outperform” ( JofA, Jan.99, page 32) made some valid points about indexing, the author puts the cart before the horse. The investment process does not begin by deciding what funds to invest in or whether or not to index. The process begins by identifying
For Tax-Qualified Long-Term-Care Insurance
I read with interest “Buyer Beware” ( JofA, Aug.99, page 27), but I believe the author’s arguments against tax-qualified long-term-care insurance plans are outdated. Based on my experience in the long-term-care industry, I present the following arguments for tax-qualified plans, which were not mentioned in the article: The IRS considers
Analyzing the Difference
When I read “Hiring Generation X” ( JofA, Feb.00, page 55), I wondered whether Gen-X expectations are really that different. Gen-Xers do want more and will apply the leverage afforded them by a very strong economy and favorable demand vs. supply. So do I—just as I did when I got
An Employee’s Viewpoint.
“Staying Off the Cover of Time” ( JofA, Feb.00, page 31) discussed the recent turmoil surrounding pension plan conversions, with particular emphasis on IBM’s recent difficulties. As a multi-degreed IBMer for more than eighteen years, I’d like to offer an employee’s perspective on what happened and what enraged employees to
About Billing Standards and Fees
Our profession needs to establish “ethical billing standards” that in essence would force accounting professionals to charge a statutory fee for providing assurance services. Barring professionals from underbidding jobs would reward those who conform to the standards of the profession. The current competitive bidding process does not take into account
Not All CPAs Cover the Same Territory
After reading “Who Are We as a Profession—and What Must We Become?” ( JofA, Feb.00, page 81) I’m very concerned. At this point, to be a CPA is to be multidisciplined. However no one person can be fully knowledgeable in all aspects of the profession. The point of the article
Fraud
U.S. Wants CPAs to Help Fight Money Laundering A federal government report issued in March shed light on how federal agencies battling money laundering think CPAs may, in the future, help prevent criminals from converting their illicit gains into cash or goods that can be used legitimately. The National Money
Early Retirement Benefit Overlooked
“Coping With Retirement” ( JofA, Dec.99, page 67) ignores the most important benefit available to workers who retire before age 59 1/2 with 401(k) plans and IRAs and need additional income to supplement their pensions before Social Security benefits kick in. The article states most arrangements provide a penalty for
On Fraud and CPAs
I enjoyed reading “To Catch a Thief” ( JofA, Mar.00, page 43) because the information is presented in a way that’s particularly accessible to CPAs. Also, the article underscores the gap between the limited work that CPAs can do to find fraud and what people believe they can do. Most
To Catch a Thief
FRAUD Ask the right questions to uncover fraud. TO CATCH A BY JAMES D. HANSEN AND THOMAS A. BUCKHOFF EXECUTIVE SUMMARY EMPLOYEE FRAUD is big business—and getting bigger. As corporate automation grows, fraud opportunities rise apace and their detection and prevention become more problematic. AS A RESULT, BUSINESSES must
Counseling Clients on Credit
EXECUTIVE SUMMARY WITH CONSUMER DEBT AT AN ALL-TIME HIGH, CPAs need to help clients focus more attention on debt management. The Federal Reserve says Americans owed $1.33 trillion, excluding mortgage debt, at the beginning of 1999. MOST LENDERS AND CREDIT COUNSELORS RECOMMEND that families limit debt payments to 36% of
The CPA As E-Consultant
FEBRUARY 2000 VOLUME 189, NUMBER 2 Editorial Staff Publisher/Editor-in-Chief Colleen Katz Executive Editor Barbara J. Shildneck Managing Editor Elizabeth Uva Senior Editors Katharine W. Coveleski Peter D. Fleming John von Brachel Michael Hayes Emily S. Plishner Stanley Zarowin Senior News Editor Robert Tie Associate News Editor Mavis C.
Line Items
Law Fees Not Deductible A corporation paid an annual retainer of $100,000 to a law firm that specializes in corporate takeovers. The corporation thereby obtained the firm’s expertise and precluded the firm from accepting the corporation’s competition as clients. The agreement gave the corporation the right to use the firm
SPECIAL REPORT
Not All Trusts Are Trustworthy There’s something about the word trust that makes people feel secure. In the financial world, however, the use of that word can be deceiving. Each year the IRS investigates fraudulent trust schemes that promise participants they will reduce or eliminate income taxes. In recent years,
By the Numbers
Shedding Light on Fraud Fraud occurred more frequently in smaller companies (companies with less than $100 million in total assets) than in larger ones, according to a COSO study. Other findings of the study, which analyzed cases of fraudulent financial reporting at more than 200 companies, include the following:
Library Spotlights Tax History
The newly created Tax History Foundation and Museum opened a library in Northfield, Illinois, dedicated to tax, accounting and business history. It encompasses more than 350 volumes of tax court cases and memorandum decisions and includes secondary sources on taxation and economic history. H. Elliott Lipschultz, executive director and creator
IRS Publishes Top Errors
The IRS recently listed the most common errors professional tax preparers made on returns. The list reflects 1040 form information received by the IRS through May 19, 1999. Taxpayer identification numbers or names for dependents on returns didn’t match the IRS or Social Security (SS) records. (The IRS didn’t allow
Kick the Habit
At the same time Congress has pressed for antitobacco legislation and settlements against cigarette manufacturers, the IRS has been denying the deductibility of stop-smoking programs. In revenue ruling 79-162 (1979-1 CB 116), the IRS held that a taxpayer who had no specific ailment or disease could not deduct participation in
A Hit Isn’t Justa Hit Anymore
Exhibit 2 of the article, “Get into E-Commerce Without Betting the Store,” ( JofA , May99, page 60) explains the difference between a “hit” and a “visit” to a Web site. The term “hit” was initially used by the information technology (IT) community as a rough measure of Web site
Features
FROM THIS MONTH'S ISSUE
What small firm CPAs need to know
In a new JofA column, the AICPA’s small firm advocate answers questions about making A&A services and peer review more manageable, dealing with frequent tax law changes, and planning for retirement.
From The Tax Adviser
July 31, 2026
Current developments in S corporations
July 31, 2026
