Journal of Accountancy articles from May 2006

Journal of Accountancy archives from May 2006

Write on.(improving CPA's skills in writing document)
May 1, 2006... The Sarbanes-Oxley act has brought both opportunities and challenges. CPAs engaged to write documentation enter a new world of narratives, control assessments, testing and remediation plans--but writing documents with clarity is an art form. To...

Recruiting made easy: a talented recruit may be your next partner. You never know.
May 1, 2006... EXECUTIVE SUMMARY * Porter Keadle Moore LLP established a comprehensive campus recruiting presence on eight college campuses to recruit hires directly from schools. That way it can train staff in its unique processes from the very...

Build a better career path: your future depends on how well you cultivate your staff.
May 1, 2006... EXECUTIVE SUMMARY * Small practices have to do more to attract and retain the talent they need to handle client services, work toward succession, increase firm value and effectively compete with larger firms. How employees are treated is...

Small firm technology tips: increase your competitive edge without breaking the bank.
May 1, 2006... EXECUTIVE SUMMARY * Telephone systems are moving beyond the traditional hardwired and expensive PBX. By combining computer and Internet technology with voice calls, a small firm can manage more incoming calls and sound like a larger...

Rate yourself in the paperless race: have you overcome your resistance to the new technology?
May 1, 2006... EXECUTIVE SUMMARY * Surveys by the Association for Accounting Administrators show that CPA firms of all sizes are moving to convert their offices to paperless operations. * A paperless office is made up of many different functions....

Be a great manager: the benefits of executive education.
May 1, 2006... After she completed an executive training program at the University of Southern California, Lucia Soh, then a manager at a financial services company, had one reaction to what she had learned: "I can use this," she concluded. "This is real."...

The new world of auditing standards: a conversation with the ASB.(Auditing Standards Board)(Interview)
May 1, 2006... Over the past several years the Sarbanes-Oxley Act and other events have dramatically affected the setting of auditing standards and the focus of the audit process. While the act requires auditors of public companies--the issuers--to follow the...

Accounting academy: from high school to the corner office.
May 1, 2006... EXECUTIVE SUMMARY * The board of directors of the Tennessee Society of CPAs (TSCPA) runs a summer accounting program targeting qualified high school juniors and seniors. * The most important success factors were support from the...

Tax reporting for houses of worship: what is a "church," and how is it taxed?
May 1, 2006... EXECUTIVE SUMMARY * If the IRS classifies an organization as a church it may enjoy several tax-related benefits, such as an exemption from federal income tax, exemption from applying for tax-exempt status, exemption from unemployment taxes...

Allocating tax deficiencies.
May 1, 2006... In specific instances, IRC section 6015 provides relief from joint and several liability imposed on joint tax returns. When a taxpayer qualifies for this relief, it is necessary to allocate the tax deficiency between the taxpayers who filed the...

Toll phone services not subject to excise tax.
May 1, 2006... Recently the District of Columbia Circuit Court of Appeals joined the and Eleventh Circuits in holding that the federal communications excise tax does not apply to telephone charges calculated solely on a time basis. IRC section 4251 imposes a...

Is disputed partnership income taxable?
May 1, 2006... The claim of right doctrine requires taxpayers who receive disputed income to treat it as taxable income if there are no restrictions on how they can use this money When there are restrictions---as when the disputed money is in an escrow...

General welfare exclusion: an opportunity to exclude some payments?(from The Tax Adviser)
May 1, 2006... In general, income includes all kind of remuneration, from money earned to money found to money won. Both the IRS and the courts have defined income as broadly as possible; exclusions are narrowly construed and have generally been limited to...

The last word.(Certified public accountant Frank Bahl)(Interview)
May 1, 2006... I'M THE OLDEST OF 10 KIDS; three of the seven boys are accountants. I was going to be a doctor until I went to college and discovered the stock market; then I switched to accounting. October will be the 30th anniversary of my CPA accreditation....