The AICPA has entered an agreement with the publisher of the Daubert Tracker, an online database of information on the admissibility and effectiveness of expert testimony in judicial proceedings. Under the arrangement, members of the AICPA business valuation and forensic litigation services (BV/FLS) section are eligible for substantially discounted subscriptions
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TOPICS
Tax
What’s Up With Uncle Sam?
Source: IRS, www.irs.gov .
Professional Issues
The AICPA Work/Life & Women’s Initiatives Executive Committee issued “Women’s Summit: Helping Women Professionals Succeed,” a collection of valuable data and best practices resulting from the first AICPA Women’s Summit, held October 2005 in Chicago ( www.aicpa.org/worklife ). The managing partners, human resources professionals and female CPAs in attendance shared
XBRL
XBRL International, an AICPA-founded, not-for-profit global consortium of more than 400 companies and agencies working to promote technology for better and easier financial reporting, established the XBRL Standards Board to strengthen the quality, consistency and stability of the group’s technical materials and increase the openness and formality of the process
“Delinquent Filers, Beware!”
Source: IRS, www.irs.gov .
Innocent Spouse Provisions and Community Property
TAX CASE ndividuals who file a joint tax return accept joint and several liability for any underpayments. IRC section 6015(a) provides an innocent spouse protection from an assessed deficiency due to an understatement of taxes because his or her spouse incorrectly reported items. A person who is no longer married
Cherry-Picking Sarbanes-Oxley
EXECUTIVE SUMMARY Private companies and charities aren’t required to comply with the Sarbanes-Oxley Act. But they can adopt some of its requirements as best practices. Cherry-picking the provisions that will help them the most means they can get maximum benefit at minimum cost. Among the private entities that might want
FYI
The Public Company Accounting Oversight Board (PCAOB) named two CPAs deputy chief auditors. Laura Phillips will provide technical direction on the development of the board’s standards and ensure they and related information are available and appropriately communicated to public company auditors and other interested parties. Jennifer Rand will oversee and
International
The International Public Sector Accounting Standards Board of the International Federation of Accountants released a paper, “The Road to Accrual Accounting in the United States,” that offers practical insights for jurisdictions making or considering a conversion from the cash basis of accounting. It outlines the development of administrative arrangements for
Recruiting Made Easy
A talented recruit may be your next partner. You never know. EXECUTIVE SUMMARY Porter Keadle Moore LLP established a comprehensive campus recruiting presence on eight college campuses to recruit hires directly from schools. That way it can train staff in its unique processes from the very beginning. A first step
Tax Reporting for Houses of Worship
What is a “church,” and how is it taxed? EXECUTIVE SUMMARY If the IRS classifies an organization as a church it may enjoy several tax-related benefits, such as an exemption from federal income tax, exemption from applying for tax-exempt status, exemption from unemployment taxes and exemption from filing certain annual
General Welfare Exclusion
n general, income includes all kind of remuneration, from money earned to money found to money won. Both the IRS and the courts have defined income as broadly as possible; exclusions are narrowly construed and have generally been limited to those specified in the Internal Revenue Code. However, there is
Over-“Stated” Collections
Source: The Nelson A. Rockefeller Institute of Government, www.rockinst.org .
Toll Phone Services Not Subject to Excise Tax
TAX CASE ecently the District of Columbia Circuit Court of Appeals joined the Sixth and Eleventh Circuits in holding that the federal communications excise tax does not apply to telephone charges calculated solely on a time basis. IRC section 4251 imposes a 3% excise tax on telephone charges based on
Is Disputed Partnership Income Taxable?
TAX CASE he claim of right doctrine requires taxpayers who receive disputed income to treat it as taxable income if there are no restrictions on how they can use this money. When there are restrictions—as when the disputed money is in an escrow account—they pay taxes on the disputed amount
A Higher Standard
Source: IRS, www.irs.gov .
Allocating Tax Deficiencies
TAX CASE n specific instances, IRC section 6015 provides relief from joint and several liability imposed on joint tax returns. When a taxpayer qualifies for this relief, it is necessary to allocate the tax deficiency between the taxpayers who filed the joint return. The Tax Court recently examined the methodology
(Estate) Size Matters
Source: IRS, www.irs.gov .
Start Your Own Practice
EXECUTIVE SUMMARY A decade of declining enrollment in college accounting programs during the 1990s combined with passage of the Sarbanes-Oxley Act in 2002 and the new financial reporting and internal control demands on publicly traded companies have created a sellers’ market for CPAs. That makes it a good time to
Privacy
The AICPA’s board of directors approved a document that replaces the initial Privacy Framework developed by the AICPA and the Canadian Institute of Chartered Accountants (CICA). The new guidance, “Generally Accepted Privacy Principles (GAPP),” is based on the premise that good privacy practices are essential to effective corporate governance and
Features
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.
From The Tax Adviser
April 30, 2026
Current developments in taxation of individuals: Part 2
April 30, 2026
