Journal of Accountancy articles from March 2009

Journal of Accountancy archives from March 2009

Internal auditors doing more, need more training.
March 1, 2009... Internal auditors are expanding their roles beyond compliance to include advising on business improvement and strategy, but their skills in these specialty areas may not be keeping up, according to the Ernst & Young 2008 Global Internal Audit...

The International Accounting Standards Board (IASB) announced a series of actions it has taken to address recommendations made by the G-20 leaders last November in Washington.
March 1, 2009... The International Accounting Standards Board (IASB) announced a series of actions it has taken to address recommendations made by the G-20 leaders last November in Washington. Improved accounting for off-balance-sheet items. On Dec. 18, the...

Be an "Energy Star": for many business owners 2008 was a record year for energy costs. Consider the following tips to save money by making your business more energy efficient.
March 1, 2009... [ILLUSTRATION OMITTED] * Assess performance. Conduct an energy audit to measure the actual or estimated performance of your facilities and equipment against benchmarks for similar facilities, equipment and operations. Although professional...

A profession's response to a looming shortage: closing the gap in the supply of accounting faculty.
March 1, 2009... EXECUTIVE SUMMARY * A looming shortage exists in the academic world of accounting as many accounting professors retire and new instructors are needed. The AICPA, along with other groups and professional services firms, offers assistance to...

A 2009 tuneup for your firm's succession planning.
March 1, 2009... EXECUTIVE SUMMARY * Does your firm need a succession planning tuneup? A strategic plan that effectively includes succession planning is critical to every firm's success. * Host a partner brainstorming retreat to ponder key questions...

Weathering the "other-than-temporary" impairment storm: properly apply new FASB staff position EITF 99-20-1 to your investment securities.(Financial Accounting Standards Board)
March 1, 2009... EXECUTIVE SUMMARY * Accounting guidance requires entities to categorize an investment security into one of three categories upon acquisition: held to maturity ("HTM"), trading, or available for sale ("AFS"). In addition to defining the...

Mergers & acquisitions of CPA Firms: understanding the roadblocks to successful deals.(part 1)
March 1, 2009... EXECUTIVE SUMMARY * A potential merger or acquisition should ideally result in a significant upside or solution to a major problem, Merging to merely reduce overhead in one or both firms (for instance, to fill empty office space, spread...

Debt crusader: David Walker sounds the alarm for America's financial future.(The Peter G. Peterson Foundation president)(Interview)
March 1, 2009... David Walker is a man on a mission. As U.S. comptroller general, he used the bully pulpit to fuel a campaign of town hall meetings highlighting the country's ballooning federal deficit. The Fiscal Wake-Up Tour and the publicity it generated...

Best of both worlds? Timing is key in disposing of business property.
March 1, 2009... EXECUTIVE SUMMARY * IRC [section] 1231 allows gains and losses from disposal of property used in a trade or business to be netted and a net gain to be treated as long-term capital gain and a net loss to be treated as an ordinary loss, ...

The redesigned form 990: advising nonprofit organizations.
March 1, 2009... EXECUTIVE SUMMARY * CPAs helping nonprofit organizations file the new, redesigned IRS information Form 990 can provide valuable service in understanding the scope of its new schedules and other reporting requirements. * The full form...

Creating joint ownership: avoiding the tax traps and other pitfalls.(part 2)
March 1, 2009... [ILLUSTRATION OMITTED] Last month's column showed how adding a child or other nonspouse family member to the title of property as a joint tenant can create unintended consequences of deemed gifting for gift tax purposes. In that...

Two out of three not good enough.(theft loss claims)
March 1, 2009... The Tax Court ruled that a taxpayer was not entitled to claim a theft loss where he failed to show he had no reasonable chance of recovering his stolen money during the tax year in question. From 1999 to 2001 Dominick Vincentini, a resident...

Reporting regs issued for employer-owned life insurance.
March 1, 2009... The IRS has issued final regulations on information reporting required for employer-owned life insurance policies. The Pension Protection Act of 2006 added IRC [section][section] 101(j) and 60391 concerning employer-owned life insurance...

Private annuity defers gain.
March 1, 2009... A taxpayer was permitted to defer capital gain when he transferred appreciated capital assets in exchange for a private annuity The Tax Court held the arrangement met the requirements of Revenue Ruling 69-74, 1969-1 C.B. 43, and thus the...

Magazine article not a penalty defense.
March 1, 2009... The Tax Court upheld penalties against a corporation that ignored its CPA's advice against claiming bonus depreciation on a used airplane. The corporation instead had relied on a magazine article anticipating a possible law change that would...

Worker classification still troublesome.
March 1, 2009... The Tax Court ruled that a worker was an employee rather than an independent contractor partly because he was paid a daily rate during the four years he worked for an energy company and he supervised other employees. The worker...

New single-member LLC reporting requirements. (limited liability companies)
March 1, 2009... Many tax-exempt organizations have formed single-member limited liability companies (SMLLCs) as integral parts of their entity structure. SMLLCs enjoy flexible treatment for tax purposes, limitation of liability, easy transferability of...

AICPA ... where to turn.(Directory)
March 1, 2009... AICPA Contact Information AICPA Logo 919/402-4440 CPA Accessory Collection (Big Game Outfitters) 212/596-6299 CPA Logo ...

The last word.(accountants' work-life balance)
March 1, 2009... In these worrying economic times, I must admit I feel invigorated. This is when finance can really have a huge impact. In good times, everybody does well. It's not so easy to stand out in the good times; it's easier to stand out in the bad...