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Journal of Accountancy articles from December 2006
A monthly publication of the American Institute of Certified Public Accountants focusing on the latest news and developments related to the field of accounting, and written for CPAs and other accounting professionals.
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Journal of Accountancy archives from December 2006
Liability for Someone Else's Sins: The Risks of Accounting Firm Alliances: Protect Your Firm from Vicarious Liability
December 1, 2006... Accounting firms worldwide have for many years formed alliances, and there are good reasons to do so. A network of firms can capture marketing and promotional synergies and offer a broader range of accounting services to clients by expanding the...
The Economics of Ergonomics: For a Happier Staff and a More Productive Firm, Apply the Principles of Ergonomics
December 1, 2006... EXECUTIVE SUMMARY * Sound ergonomics makes economic sense. The goal of ergonomics is to boost productivity by increasing employee performance and comfort and reducing injuries and errors. CPA firms that attend to staff members' comfort and...
Home Office Deductions: Computing the Limitations on Home Office Expenses
December 1, 2006... EXECUTIVE SUMMARY * In general, the home office must be used exclusively and regularly as the principal place of business or to meet and deal with customers in the normal course of the business. * If the taxpayer is an employee, the home...
Weather Any Storm: Planning Is the Key to Crisis Management and Recovery
December 1, 2006... EXECUTIVE SUMMARY * Sound contingency plans can prevent or minimize damage in a crisis. Although natural disasters are the most obvious and dramatic, firms also should be prepared to resume business after a fire or theft, or the loss of a key...
The Risks of Being Global: How to Manage Overseas Opportunities
December 1, 2006... EXECUTIVE SUMMARY * Increased international trade regulations have led to greater risks for companies that do business abroad. How CPAs help companies manage these risks will vary based on the countries and products involved, the size of the...
Ethics Rules Get Tighter: New PCAOB Independence Rules Focus on Tax Services and Contingent Fees
December 1, 2006... EXECUTIVE SUMMARY * The PCAOB in April 2006 issued a set of seven rules for auditors of public companies. The rules focus primarily on tax services, but also address contingent fees, audit committee preapproval of tax services and fundamental...
The Future of Corporate Sustainability Reporting: A Rapidly Growing Assurance Opportunity
December 1, 2006... EXECUTIVE SUMMARY * To satisfy the information needs of external and internal stakeholders, more organizations are measuring and reporting on their social and environmental performance. CPAs can play an important role in providing the needed...
Dial a Forecast: A Speedy Way to Examine Multiple Business Scenarios
December 1, 2006... Business forecasts typically are based on historical information that is modeled by current conditions and anticipated futures. But to make the forecasting exercise more useful for planning, accountants can tinker further with the numbers by...
Income Recognition
December 1, 2006... The courts have uniformly held that generally accepted accounting principles (GAAP) are not determinative of tax rules. Whether a taxpayer recognized income for financial statement purposes is irrelevant in deciding whether he or she must report...
When Are Wages Not FICA Wages?
December 1, 2006... Any cash or noncash remuneration received for employment, unless specifically exempt, is considered wages subject to the FICA tax. FICA wages can include amounts received by the employee after the employment relationship has ended. For example,...
Statute of Limitations on Erroneously Paid Taxes
December 1, 2006... IRC section 6511(a) generally requires taxpayers to file a refund claim for a tax overpayment within three years from the time the return was filed or within two years from the time the tax was paid, whichever period expires later. If no return...
New Rules for Individuals Working Abroad: Changes to Income and Housing Exclusions
December 1, 2006... In general, U.S. citizens are subject to federal income tax on all their income, wherever earned. U.S. citizens or residents living abroad have been allowed to exclude certain foreign earned income and housing costs from taxable income,...
