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Journal of Accountancy articles from June 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 June 2006
Teaching for the love of it: the joy of being an educator - eight career changers tell their stories.(Interview)
June 1, 2006... Once they earn their college degrees and embark on careers, many CPAs are perfectly happy never to see the inside of a classroom again. But others can't wait to return. What happens when they follow their hearts and minds back to campus? To...
Skip this article: (if you don't back up your computer): a few mouse clicks can save your data.
June 1, 2006... EXECUTIVE SUMMARY
* Two groups of files--programs and data-need to be backed up, and each requires different timing and a different method.
* One of the most powerful tools for copying everything is Norton Ghost, which can make a...
How not to hate your computer: create an efficient office tool.
June 1, 2006... EXECUTIVE SUMMARY
* Always keep your computer upgraded with the latest software. Sometime this year Microsoft is scheduled to introduce its next operating system, Vista. Consider waiting six months or so for the worst of the bugs to be...
Get close to your clients: you already have CRM capacity. Now put it to work.(customer relationship management)
June 1, 2006... EXECUTIVE SUMMARY
* Customer relationship management (CRM) is about organizing client information so you can readily use it in appropriate, thoughtful communication and actions that strengthen the bond between the firm and the client.
...
Katrina's harsh lessons: sometimes there's more to a day's work than you can possibly imagine.
June 1, 2006... Those of us who lived through Hurricane Katrina's devastation in the Gulf states also experienced countless acts of kindness. We want to acknowledge that tremendous outpouring of support. We regret we don't have the space to recognize...
Advancing the audit documentation standard: auditors must leave a clear record in private company audits.
June 1, 2006... EXECUTIVE SUMMARY
* SAS no. 103 establishes standards and provides guidance for auditors to follow when documenting their work during audits of private companies. It is effective for audits of financial statements of such companies for...
Cherry-picking Sarbanes-Oxley: provisions that deserve a second look.
June 1, 2006... 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...
Made in America: U.S. taxpayers can immediately take a 3% tax deduction for U.S.-based business activities.
June 1, 2006... EXECUTIVE SUMMARY
* IRC section 199 provides a permanent and recurring deduction equal to 3% to 9% of the lesser of qualified production activities or taxable income, which cannot exceed 50% of W-2 wages paid. The deduction applies to...
Innocent spouse provisions and community property.
June 1, 2006... Individuals 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...
Appealing innocent spouse relief.
June 1, 2006... The Ninth Circuit Court of Appeals recently considered the effects of the changes in the innocent spouse provision contained in the IRS Restructuring Act of 1998.
In 1966 Isaac Baranowicz and Lora Baran married. On their 1979-1982 tax...
Is Antarctica a foreign country?
June 1, 2006... IRC section 911 (a) permits any U.S. citizen who resides and works in a foreign country to exclude up to $80,000 of earned income. To qualify for the exclusion, citizens must perform the services while their tax home is in a foreign country and...
New rules for vehicle donations: IRS tries to curb abuses.(from The Tax Adviser)
June 1, 2006... The IRS is always on the lookout for areas in which taxpayers are involved in what it feels are questionable practices, where it believes that legitimate deductions are being abused. One such area that has come onto the service's radar screen...