Journal of Accountancy articles from March 2003

Journal of Accountancy archives from March 2003

Reform measures achieve fruition.
March 1, 2003... Certain provisions of the Sarbanes-Oxley Act became required practice in January when the SEC released as final four rules governing various aspects of accounting, financial reporting and auditing. As mandated by the act, the commission's new...

Peering into the mind of the millionaire client.
March 1, 2003... Many people are willing to make decisions or sacrifices to become wealthy. But managing client expectations involves educating clients. And at the core of this education is the premise that wealth is a journey, not a destination. When clients...

Treat them right on the telephone.(client relationships)
March 1, 2003... Fostering a long-lasting client relationship starts from that very first contact someone makes with your firm. Here are 10 phone-etiquette tips to make sure you and your employees give all callers the five-star treatment. * Give a warm...

Protect small business: small companies without adequate internal controls need CPAs to help them minimize fraud risk .
March 1, 2003... Denise, a bookkeeper for a small trucking firm in Birmingham, Alabama, wishes she had never heard of Ralph Summerford, CPA. Because of his thoroughness, Denise is facing several years in prison for embezzling $550,000 from her employer. At...

Nail a construction niche: take a closer look at the structure of the building business.(CPAs)
March 1, 2003... Next time you're stuck in traffic because of construction, take a deep breath, look around and ask yourself a few questions: Those orange cones over there--who's providing them: Is it a general contractor or traffic-safety subcontractor? Does...

Businesses in transition: CPAs can help owners without successors decide to sell or liquidate.
March 1, 2003... Successful business owners who are ready to move on sometimes find they have no one to pass the baton to. Those who thought they'd have traditional succession options upon their retirement such as transferring ownership to family members,...

The single-participant 401(k): the who, what and why of this new benefit for small businesses.
March 1, 2003... The 401(k) plan has been around for more than 20 years, permitting Americans to amass billions of dollars in retirement assets. With the passage of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) millions more...

Mutual fund redemptions: a guide to helping clients minimize the tax bite.
March 1, 2003... The downward spiral of the stock market over the last three years will go on record as one of the worst bear markets in U.S. history. Financial experts cite the sluggish economy, anemic corporate profits, the possibility of war with Iraq, the...

Your EQ skills: got what it takes? So you thought the CPA exam was your last test? Read on.
March 1, 2003... Question: Is success in life and career determined primarily by rational intelligence (the IQ or intelligence quotient) or emotional intelligence (the EQ or emotional quotient)? In other words, what's more important: intelligence or intuition?...

Contributing appreciated property.
March 1, 2003... Although the stock market has fallen significantly below its historic highs, many taxpayers still own appreciated stock or other property. In certain situations, donating these types of assets to a charity can provide the donor a double...

When is a wage not a wage? Reducing an employer's withholding and employment tax liability.
March 1, 2003... Not all payments to employees from employers are wages. If remuneration is not wages, an employer may be able to withhold less income tax, pay reduced employment taxes and accrue fewer retirement benefits. Thus, it is important for CPAs to...