The Best-Laid Plans A ccording to a study of accounting, legal, marketing and other professionals, accountants rated as “Cool Cucumbers” (compared with “Nervous Nellies”) on the emotional scale when it comes to being prepared for a serious disability. Just 27% of accountants (the lowest percentage among all the professions) questioned
Advertisement
TOPICS
Tax
Beating the Clock on Refunds
Most taxpayers know when to file their annual tax return. But they may be less sure of how much time they have to claim a refund. Three decisions last year may help clarify the rules. In the first, Wachovia Bank was trustee for the George C. Nunamann Trust, which was
Taxing International Transactions: A World of Difference
Globalization has brought many new opportunities for U.S. businesses. By pursuing broader horizons, however, your clients can find themselves in unfamiliar shoals of the tax code. Here are 10 of the leading situations in which clients might need help navigating through international transactions. A “person,” in these
Corporate Shields
Corporate Shields T hirty-three percent of in-house corporate lawyers surveyed said their companies have been investigated by the SEC or the Occupational Safety and Health Administration since 2003. Source: Fulbright & Jaworski LLP. BUSINESS TIPS
Data Point: 80
DATA POINT 80.4 Percentage of all Social Security and Supplemental Security Income payments in FY2007 being paid by direct deposit (up from 41.1% 20 years ago). Source: Social Security Administration, www.ssa.gov . SURVEY SAVVY
Hire Me
Hire Me! W hen job hunting, the more leads the merrier. But is one source better than another? According to a survey by The Conference Board, a business research organization, 38% of job-seekers who received an offer attributed their success to an Internet search. About 27% said networking with friends
Asia Leads World in Optimism
Asia Leads World in Optimism A sian business owners have the most optimistic economic outlook for 2007, according to a survey by Grant Thornton International. India, the Philippines, China and Singapore took the top four positions. The survey included the opinions of 7,200 business leaders in 32 countries. Source: Grant
Ways to Minimize Stress
Source: PeopleFit USA, www.peoplefitusa.com .
S Corporation Update
EXECUTIVE SUMMARY S corporations have become the dominant business entity type, in part because requirements for electing the status have been relaxed and clarified. An S corporation may now have more shareholders because certain family members may be counted as a single shareholder. When an
Everyone Has Something to Learn
Everyone Has Something to Learn A re those whippersnappers in the office blogging, podcasting and otherwise Internetting circles around you or some of your veteran employees? Maybe you should consider setting up a reverse-mentoring program, in which you pair young hires, who can offer fresh perspectives and new technology, with
CPAs Volunteering at Nonprofits
Because of their business and financial acumen, CPAs are often asked to serve as board members or officers of nonprofit organizations. While this can be a satisfying experience, they should be aware of the numerous requirements applicable to nonprofits. Failure to adhere to these rules can subject
Personal Loan Guarantee Not Basis
Losses from an S corporation flow through to its shareholders, who can deduct them on their individual tax returns as long as they have sufficient basis to absorb them. Economic outlays such as capital contributions and loans by a shareholder to an S corporation will increase a shareholder’s basis. Generally,
Internal Control Guidance: Not Just a Small Matter
EXECUTIVE SUMMARY In its most recent guidance for compliance with Sarbanes-Oxley section 404 requirements for smaller entities, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) has provided principles and examples of effective internal control. Titled Internal Control Over Financial Reporting—Guidance for Smaller Public Companies,
Loan Premium Not Liability
Many taxpayers have been able to reduce their taxes in transactions involving contingent liabilities, leading Congress to change subchapter C and the Treasury Department to change the regulations under IRC section 752. In July 2006, a district court reviewed the definition of a liability and Treasury’s ability to make regulations
Full Deduction on Meal Reimbursements
nder IRC section 274(n), employers generally may deduct only half their reimbursements to employees for meals and entertainment. But employee-leaseback arrangements—notably in the trucking industry—have mapped a route through the section’s several exceptions. Many smaller trucking carriers use a professional employer organization (PEO) to reduce their costs. One PEO, Transport
On the Line for a Phone Tax Refund
Are your clients using the standard formula for their refund of federal excise tax (FET) on long-distance phone service? The IRS made it easy: Just compare the FET rates on phone bills for April and September 2006—before and after phone companies quit collecting the tax on anything other than local
The Choice-of-Entity Maze
EXECUTIVE SUMMARY When advising clients on the choice of business entity, CPAs should consider the advantages and disadvantages of each type. If more than one entity is involved, CPAs should also determine whether clients can deal with the complexity of the resulting structure. The many issues
Choose the Right Health Care Account
EXECUTIVE SUMMARY Health spending accounts offer opportunities for employees to save and pay for health care with pretax contributions. Three basic types are flexible spending arrangements (FSAs), health reimbursement arrangements (HRAs) and health savings accounts (HSAs). FSAs are typically funded by pretax payroll deduction and are
Features
FROM THIS MONTH'S ISSUE
Create interactive dashboards with Excel PivotCharts and slicers
Leave the static spreadsheets behind. This JofA Technology Q&A article with video walkthrough provides a step-by-step guide for creating interactive dashboards in Excel that decision-makers can use.
From The Tax Adviser
January 31, 2026
Trust distributions in kind and the Sec. 643(e)(3) election
January 31, 2026
Effects of the OBBBA on higher education
December 31, 2025
