EXECUTIVE SUMMARY In 2005 about 3,700 large-cap ($75 million or more) companies underwent the first wave of Sarbanes-Oxley section 404 audits. Here, a firm experienced with Sarbanes-Oxley section 404 audits for accelerated filers shares its best practices to help with compliance for nonaccelerated filers (companies with market capitalization under $75
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Firm practice management
Castellano Wins Institute’s Top Citation
James G. Castellano, CPA, received the AICPA’s Gold Medal for Distinguished Service at the fall council meeting. Doyle Z. Williams, CPA, chair of the AICPA Awards Committee, presented the medal, which recognizes those who have had an extraordinary positive influence on the profession. Castellano, a former AICPA chairman, is chair
Jenkins Hailed for His Effect on the Profession
Edmund L. Jenkins, CPA, FASB chairman from 1997 through 2004, received the Institute’s 2005 Special Recognition Award from AICPA Chair Leslie Murphy at the AICPA National Conference on Current SEC and PCAOB Developments in December. The award honors those who have significantly influenced the profession. Jenkins chaired the AICPA Special
AICPA Financial Literacy Campaign Adds to Its Laurels
The Institute’s 360 Degrees of Financial Literacy program garnered a 2005 Platinum Award from the League of American Communications Professionals and was on the organization’s list of Top 50 Communications Materials for 2005. The campaign also won a Financial Planning Award of Excellence from CPA Wealth Provider magazine and a
Meyners Does a Reality Check
EXECUTIVE SUMMARY Four years ago Meyners + Co. began an intensive business development initiative to align staff performance and compensation with its core values and competencies to better prepare employees to handle additional work. Difficulty in executing the plan surfaced over time. The core of Meyners’s training is developing demonstrable
AICPA Enters Marketing Agreement on Rivet XBRL Software
The Institute agreed to promote Rivet Software’s Dragon Tag and Dragon View XBRL products. AICPA members can order them by e-mail ( aicpa@rivetsoftware.com ) or from Rivet’s Web site ( www.rivetsoftware.com ). The Institute is using Rivet’s products because they enable CPAs to easily create, send, receive and view XBRL
Institute to Relocate Certain Operations
The AICPA Council approved the Institute’s recommendation to transfer selected operations from Jersey City, N.J., and New York City to Durham, N.C. The decision to relocate was based on the continuing rise of labor costs in the New York metropolitan area and unused space in the Jersey City office. The
Antifraud Sponsors Sought
The Institute for Fraud Prevention (IFP), a consortium of organizations and companies that was cofounded by the AICPA, is offering academic grants for the study of various aspects of fraud. The IFP aims to improve the ability of businesses and governments to fight fraud and to educate the public on
IRS Commends AICPA for Service to Small Businesses
The Institute received an IRS citation of excellence for helping small business taxpayers. At the National CPA/IRS Tax Issues Meeting in November, AICPA Tax Division technical manager Benson Goldstein accepted the award from Kevin Brown, commissioner of the IRS’s Small Business/Self-Employed Operating Division. The IRS applauded the Institute’s “outstanding team
Working Couples: Small Firm Solutions
EXECUTIVE SUMMARY MARRIED COUPLE CPA FIRMS ARE FINDING SUCCESS on their own terms and learning valuable practice management lessons along the way. EACH INDIVIDUAL SHOULD HAVE AN INDEPENDENT practice area. Having autonomy over final decisions in specific areas prevents spouses from stepping on each other’s toes. In many cases, this
Get Your BV Niche Out There
EXECUTIVE SUMMARY CPAs WHO SEEK TO DEVELOP A BV NICHE should first determine the areas in which the firm can demonstrate expertise to referral sources. Prospects want to know that a firm understands their business. CPAs need technical training and specific valuation credentials to become credible providers of BV services.
The Style Split
Do men and women really differ in the way they lead? Absolutely. But while most of us easily recognize and appreciate the differences in our personal relationships, it is not always so easy to see them in the business world. Yet, with more women in management roles today, it is
Advice From Trailblazers and Rising Stars
Since 1986 more than 50% of accounting graduates have been women vs. just 10% in 1970. Much of this impressive progress is due to noteworthy women and their contributions to their employers and to the profession. Be True to Personal Values “The ability to focus on true priorities in life
Growing Talent Is Everybodys Business
One of the biggest evolutions in the accounting field’s 100-year history is the presence of women in the profession. As of 2003 42% of full-time CPAs were women. Almost 6 in 10 (59%) of the staff in entry-level positions were women. Almost 1 in 5 partners (19%) and 4 in
Limit Practice Liability
SANDRA K. MILLER, JD, LLM, is a professor of business law and taxation at Widener University, Chester, Pa., and is an American Bar Association committee advisor to the National Conference of Commissioners on Uniform State Laws. JAMES J. TUCKER III, CPA, PhD, is an associate professor of accounting and taxation
A Business Imperative
What do high labor costs, succession planning and client expectations have in common? Answer: They are all huge challenges facing the accounting profession. Large numbers of corporate and firm executives quickly are approaching retirement and many will leave in the next 10 to 15 years. The challenge is clear: Firms
Smart Stops On The Web
Stop Threats Near and Far www.isalliance.org Are your company’s computers suffering from Web insecurity? Give your PCs peace of mind with a visit to the Internet Security Alliance e-stop. Free registration gets you three best practices guides on cybersecurity for individuals, senior managers and small businesses. The News section offers
Not Your Fathers CPA Firm!
Today’s CPAs come from very diverse backgrounds and have very different expectations from the employees of a generation past. Students and new hires in the accounting profession have made it very clear they value balance in their lives—and workplace flexibility is a necessary component. Workplace flexibility, once considered a female
Making Flextime Work
Susan Coffey and Arleen Thomas, the first women to be promoted to senior vice-president at the AICPA, both make use of flexible work arrangements (FWA). With two young children each, Coffey and Thomas have used the AICPA’s telecommuting program and work two days a week from their home offices. Using
Features
SPONSORED REPORT
Preparing clients for new provisions next tax season
As the 2025 filing season approaches, H.R. 1 introduces significant tax reforms that CPAs must be prepared to navigate. These legislative changes represent some of the most comprehensive tax updates in recent years, affecting both individual and corporate taxpayers. This report provides in-depth analysis and guidance on H.R. 1.
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Current developments in taxation of individuals: Part 1
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