Journal of Accountancy articles from November 2006

Journal of Accountancy archives from November 2006

Takin' care of business: working together, CPAs can achieve great things.(MDA Professional Group senior partner Jimmy Williamson)(Interview)
November 1, 2006... Jimmy Williamson, a senior partner of MDA Professional Group, C, a 100-member firm in Alabama, was inaugurated as AICPA board chair at the Institute's fall Council meeting in Las Vegas. As a long-time AICPA and Alabama Society of CPAs...

Understanding the best and brightest: here's the scoop on what your highest achievers want from your firm.
November 1, 2006... It's a stubborn fact that just isn't going away: Finding and retaining qualified staff is the top concern of CPA firms--still. The latest AICPA PCPS "Top Issues in Practice Management" survey showed that result again, as it has done since 1997,...

Be an HR resource for your clients: from benefits administration to facilitating retreats, HR services fit many core CPA skills.
November 1, 2006... EXECUTIVE SUMMARY * A company's staff positions involve many human resources (HR) functions that CPA firms can provide relatively easily. Many firms already assist in traditional areas such as payroll and benefits administration. The...

Hired help: finding the right consultant: the when and how of selecting an employee benefits consultant.
November 1, 2006... EXECUTIVE SUMMARY * CPAs can help companies hire consultants to deal with a wide variety of employee benefits challenges including managing the rising cost of health insurance, maintaining competitive benefits offerings and dealing with...

So you want to be an arbitrator: it's an excellent opportunity for CPAs, but be aware of the process and the challenges.
November 1, 2006... EXECUTIVE SUMMARY * A reputation for objectivity and fair-mindedness makes CPAs excellent candidates to become arbitrators. They also have developed the skills to lead the process, identify the issues, encourage the disputing parties to...

Links in a blink: Excel data can collaborate with data in other workbooks.
November 1, 2006... Just as you collaborate with colleagues by picking up the phone or stopping by their office, any cell in Excel can likewise collaborate with some of its "colleagues"--that is, cells in other workbooks. Read how you can create helpful and...

New rules, new ruling: the tax treatment of litigation proceeds and legal fees.
November 1, 2006... EXECUTIVE SUMMARY * The tax treatment of damages and legal fees and costs varies according to the type of underlying claim, Congressional action providing an above-the-line deduction for legal fees for discrimination claims and a recent...

Like-kind exchanges of real property.(Peabody Natural Resources Co. v. Commissioner)
November 1, 2006... IRC section 1031 permits the tax-free exchange of like-kind property. If the transferor receives "boot" (such as cash) in addition to the like-kind property, the boot is currently taxable. The application of these rules to the exchange of real...

When payments to an S corporation don't create basis.(Ruckriegel v. Commissioner)
November 1, 2006... Do payments, either direct or indirect, to a subchapter S corporation always create an increase in the taxpayer's basis? The Tax Court recently decided that they do not. Sid and Al Ruckriegel were 50% shareholders in Sidal Inc., a...

Interest on overpayments by S corporations.(Garwood Irrigation Co. v. Commissioner)
November 1, 2006... Garwood Irrigation Co., a Texas company, acquired very valuable water rights in 1900. Garwood had operated for a time as a C corporation, then elected S status before selling its rights in January 1999. The sale triggered recognition of a...