The Financial Crimes Enforcement Network (FinCEN) and several other financial institution regulators issued guidance to clarify and consolidate existing regulatory expectations for obtaining beneficial ownership information for certain accounts and customer relationships—information that the agencies said can help financial institutions better understand and address money laundering and terrorist financing risks,
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Management accounting
How the R&D Tax Credit Is Calculated
Editor’s note: This is a Web-exclusive sidebar to “Navigating the R&D Tax Credit,” in the March 2010 issue of the JofA. Regular research credit. The RRC is an incremental credit that equals 20% of a taxpayer’s current-year QREs that exceed a base amount, which is determined by applying the
Navigating the R&D Tax Credit
Although it has a well-deserved reputation for complexity and uncertainty for taxpayers, the research tax credit of IRC § 41 nonetheless remains a valuable source of support to businesses that conduct qualified research and development. In fiscal year 2009 alone, the credit represented an estimated $5.6 billion federal subsidy for
How to Get Experience in M&A-Related Disputes
Editor’s note: This is a sidebar to “The CPA’s Role in Quantifying Post-Acquisition Dispute Damages,” March 2010. Most CPAs with an accounting and auditing background have advised a client who has acquired or sold a business or business interest. Disputes may arise related to the M&A transaction as outlined
The CPA’s Role in Quantifying Post-Acquisition Dispute Damages
Given today’s environment of bankruptcies, bank failures and recessionary pressure, consummating merger and acquisition transactions is more challenging than ever. The potential disputes arising from the challenges of an M&A transaction are numerous. The following two types of disputes are the focus of this article: working capital disputes regarding whether
Internal Control: Test Your Knowledge
Today many companies recognize the desirability as well as the requirement to have an effective system of internal control. Yet, designing and implementing a cost-effective system of internal control is a daunting, if not overwhelming, task. One way to overcome resistance to internal control is to educate stakeholders at every
The ESOP Exit Strategy
The scenario is all too common. A majority partner wants to retire, but the remaining partners can’t afford to buy him or her out, or they want out themselves. Key employees eye the door as rumors swirl that the company may be sold to a larger competitor that is sure
Optimism Jumps Among Manufacturing Finance Execs
Amid widespread uncertainty regarding government actions, the real estate market and credit, CPA financial executives expect slow employment and economic growth, according to a survey released Tuesday and co-sponsored by the AICPA. However, the outlook for the beleaguered manufacturing sector brightened considerably from the fourth quarter of 2009. Results from
Regulators Encourage “Prudent” Practices to Spur Lending to Small Businesses
The federal financial institutions’ regulatory agencies and the Conference of State Bank Supervisors issued a statement that reiterates and elaborates their supervisory views on prudent lending to creditworthy small business borrowers, noting a concern that the economic downturn may be making lenders overly cautious. The Interagency Statement on Meeting the
Investor Groups Call for Climate Change Policies and Disclosures
Investor groups representing $13 trillion in assets last week called on the U.S. and other governments to adopt strong national climate policies to help spark the necessary flows of private capital for achieving a low-carbon and sustainable global economy. Meeting at the Investor Summit on Climate Risk held Jan.
GASB Standards Address OPEB Obligations, Bankruptcies
GASB issued two statements intended to improve consistency in the measurement and financial reporting of other post-employment benefits (OPEB) such as retiree health insurance, and the effects of municipal bankruptcy. Statement no. 57, OPEB Measurements by Agent Employers and Agent Multiple-Employer Plans, addresses issues related to measurement of OPEB obligations
American Idle
Optimism among CPA financial executives about the U.S. economy flattened in the fourth quarter of 2009 after two quarters of improvement as managers paid more attention to potential challenges and concerns associated with the federal budget deficit, tax reform and regulatory requirements. The proportion of executives who don’t see a
Enterprise Risk Management
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) released a thought paper, Strengthening Enterprise Risk Management for Strategic Advantage, that highlights specific areas where senior management can work with directors to enhance the board’s risk oversight capabilities and the organization’s strategic value. This document builds on four specific
Modified Loans Quick to Re-Default, Overall Mortgage Performance Declines
As efforts to keep borrowers in their homes continued to escalate, a report from major bank regulators said more than half of all mortgages modified in the first quarter of 2009 were in re-default in the third quarter—56.2% were 30 or more days delinquent and 42.7% were 60 or more
CPAs Can Help Builders Increase Profits, Cash Flow
At a time when the construction industry is faced with unprecedented economic conditions, companies must do everything possible to remain profitable and maintain positive cash flows. Consider the following tips to help your clients in this industry: —By Michael J. Otis, CPA, president of Construction Accounting & Development Financing Inc.
Scott Named Vice President–Business, Industry and Government
Carol S. Scott was named vice president–Business, Industry & Government for the AICPA. Scott is responsible for setting strategic direction and developing and executing programs on behalf of CEOs, CFOs and other CPAs working in business, industry and government, a group that comprises 45% of the Institute’s membership. She reports
More to Risk Management Than COSO ERM
The authors of “ERM: Opportunities for Improvement” (Sept. 09, page 28) only discuss/reference the COSO ERM Framework. The body of risk management knowledge includes many other sources, including lectures and books from recognized thought leaders, such as Robert Shiller, Nassim Taleb and others; at least 15 professional risk-related organizations such
Risk-Based Audit Best Practices
The aim of the risk assessment auditing standards was to improve the quality and effectiveness of audits by substantially changing audit practice. Statements on Auditing Standards nos. 104–111 provide increased rigor to the audit process in a number of key areas including the assessments of inherent and control risks and
Economic Optimism Levels Off, Execs Concerned About Government Policies
Optimism among CPA financial executives about the U.S. economy flattened after two quarters of improvement as managers paid more attention to potential challenges and concerns associated with the federal budget deficit, tax reform and regulatory requirements, according to a survey released Monday. Results from the Economic Outlook Survey Q4 2009,
Tax Consequences of Mortgage Discharge
In the current real estate climate of decreased property values and excess inventories, many rental property owners are facing reduced cash flows due to vacancies. At the same time, the fair market value of their property may be close to or even less than the amount owed on the mortgage
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Right-sizing risk management
Sole practitioner or small firm? Risk management doesn’t have to be “one size fits all.” Learn how to help protect your practice without adding unnecessary admin time.
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