Journal of Accountancy articles from January 2005

Journal of Accountancy archives from January 2005

What CPAs need to know about separately managed accounts: affluent clients expect greater flexibility in managing their investments.
January 1, 2005... In today's fast-paced and rapidly changing professional services arena, it's becoming increasingly common for CPAs to broaden their offerings beyond traditional tax and accounting services into investment advice. One way to do this is with...

Caveats to selling financial services.
January 1, 2005... Before you accept a fee or commission for providing financial services, think about it carefully. Your relationship with your client will change dramatically. This new, expanded relationship may provide additional revenues and help solidify...

Explore the art of consultative selling: get comfortable with nonmanipulative selling.
January 1, 2005... Integrating financial planning into an accounting practice is a natural extension of the work CPAs perform for their business and individual clients. Unfortunately many practitioners are concerned that providing financial products and services...

Tax season defanged: year-round attention to your tax preparation practice makes busy season easier.
January 1, 2005... Individual tax-return preparation is a small portion of most CPA firms' dollar volume, but tax season is the most visible part of an accountant's work. Although the momentum of busy season makes overall firm management simple in some ways (we...

Automate Excel functions: easy-to-create macros can take over many manual processes.
January 1, 2005... Macros, those do--it--yourself software programs, rank among Microsoft's most useful tools. They automate many computer tasks that you otherwise would have to execute manually--from the simple task of creating customized worksheets to the very...

Class-based pensions: a cost-saving alternative for companies of all sizes.
January 1, 2005... In today's business climate, every company is exploring opportunities to minimize benefits costs while still providing value to its employees. Many are eliminating conventional pension plans and replacing them with less costly alternatives....

Renewing a great profession: esteemed professions initiate change - for their own good, for the public good and for the sake of the future.
January 1, 2005... In preparation for the coming year, I have spent a lot of time pondering how much one individual can contribute to the advancement of an entire profession in the course of a single year. Every new AICPA chairman inherits initiatives from the...

In the public interest: a conversation with the Chief Accountant of the SEC.(Interview)(Cover Story)
January 1, 2005... As Chief Accountant of the SEC, Donald T. Nicolaisen, CPA, is charged with overseeing the commission's accounting and auditing policies and standard-setting initiatives at the national and international levels. He and his staff spent a November...

Partnership terminations.
January 1, 2005... As the number of partnerships and LLCs taxed as partnerships increases, so too will the number that terminate due to failure or owner disagreement. The Internal Revenue Code contains only a simple statement about partnership terminations, but a...

Accumulated earnings tax: deductibility of paid but contested liabilities.
January 1, 2005... To encourage corporations to pay dividends rather than accumulating earnings and allowing shareholders to avoid income taxes, the accumulated earnings tax imposes a penalty tax on earnings accumulated beyond the reasonable needs of a business...

Commuting expenses: what is a "metropolitan area"?
January 1, 2005... The costs of traveling from one's residence to a fixed work location generally are considered commuting expenses and are not deductible. However, under revenue ruling 1999-7, such expenses are deductible when the travel is between the...

Ohio investment tax credit struck down.
January 1, 2005... States often try to lure businesses Pinto their borders by offering attractive tax breaks. But beware: The Constitution gave Congress the power to regulate commerce between the states, and the U.S. Supreme Court has interpreted this to mean the...

Buying long-term-care insurance: a security blanket for old age. (from The Tax Adviser)
January 1, 2005... Long-term-care (LTC) planning focuses on meeting the financial, medical, housing and personal needs of individuals who can no longer function independently. Planning must address the level of care needed, where it best can be provided and how...

Grow your own executive team.
January 1, 2005... Do you know where your next managers will come from? If you don't have a specific plan other than to search for candidates as the need arises, you may be making a serious mistake. It's a myth that some people are born managers and simply...