Journal of Accountancy articles from September 2005

Journal of Accountancy archives from September 2005

100 years: looking back: the journal in 1950.
September 1, 2005... What contributions has the Journal of Accountancy made to the profession? In 1950, John L. Carey, now a member of the Accounting Hall of Fame, wrote eloquently about the many ways the JofA has worked to serve the profession. Carey, whose...

Accounting Education Center is open for business: a valuable resource for educators, students, CPA exam candidates and all others interested in high-quality CPA education.
September 1, 2005... The AICPA supports educators, with resources to enhance the accounting curriculum in preparing students to become and trusted members of the CPA profession. To help fulfill this mission, the Academic and Career Development Team created the...

Looking forward: a talk with Leslie Murphy: Leslie Murphy, managing partner of client service for Plante & Moran, will become the AICPA chair at the Institute's October annual meeting. The JofA will publish her acceptance speech in a future issue.(Interview)
September 1, 2005... Leslie Murphy has had a distinguished career. As a member of the senior leadership team at Plante & Moran, she has been a manager in the areas of assurance, tax, management consulting, technology consulting and corporate restructuring. She also...

Turn unneeded policies into cash: a life settlement can be a better alternative than surrendering a policy.
September 1, 2005... Life insurance planning isn't always about making sure someone has enough coverage. It's also about finding solutions for people who have too much. For them, it's a question of whether it's better to continue paying premiums in hopes of a gain...

Tax software makes the grade: vendors improve their technology support.
September 1, 2005... Tax practitioners had reason to celebrate this year: Their software, as assessed in the annual Journal of Accountancy survey of tax-preparation software, performed better than it did last year. Adding to the joy, they're no longer threatened...

Second-CPA-firm update: the Sarbanes-Oxley cloud has a silver lining - unzip it.
September 1, 2005... The Sarbanes-Oxley Act and the PCAOB have created tremendous demand for accounting expertise. That has resulted in opportunities for small firms that can help companies implement the act's ongoing requirements, take on engagements the company...

Limit practice liability: select your form of business and your associates with care.
September 1, 2005... Since the litigation explosion of the mid-1980s CPA-firm partners have looked for ways to limit personal liability. Firms operating in multiple states have had special concerns, given the geographic, cultural and jurisdictional disparities they...

The value proposition: there's more to Sarbanes-Oxley compliance than meets the eye.
September 1, 2005... For most large companies, the setup work to comply with the Sarbanes-Oxley Act is history. While no one says the process was easy or cheap, some companies are seeing added benefits from the enormous compliance effort. For them, Sarbanes-Oxley...

New rules for expats: leaving America with dignity.
September 1, 2005... Congress has debated the merits of various tax measures for expatriates for more than 20 years. The most straightforward approach is an exit tax on all untaxed asset appreciation on departure. Fortunately, this complex tax policy has been...

The proof is in the payback: John Ferraro, Americas vice-chair, client service, talks about Ernst & Young's priorities.
September 1, 2005... We hear a lot in business about the importance of the tone at the top in motivating people to do the right thing. What leaders do (not just say) is a defining factor in how the rest of the organization behaves. The right tone is essential not...

Growing talent is everybody's business: turn more rookies into partners.
September 1, 2005... One of the biggest evolutions in the accounting fields 100year history is the presence of women in the profession. As of 2003 * 42% of full-time CPAs were women. * Almost 6 in 10 (59%) of the staff in entry-level positions were women....

The style split: good communication has no gender.
September 1, 2005... Do men and women really differ in the way they lead? Absolutely. But while most of us easily recognize and appreciate the differences in our personal relationships, it is not always so easy to see them in the business world. Yet, with more...

Mirror, mirror on the wall: have I got my priorities straight? Is your professional/personal lifestyle out of whack? Too much of one, not nearly enough of the other? Take this simple test - you may be surprised at your answers.
September 1, 2005... * Burned out--or balancing tasks well? Are you juggling multiple tasks every day and exhausted from the demands of your personal and professional life? Perhaps it's time for a schedule that provides more opportunity for work/life balance....

Not your father's CPA firm! Mary Kay Humfeld talks about a new employment model.
September 1, 2005... Today's CPAs come from very diverse backgrounds and have very different expectations from the employees of a generation past. Students and new hires in the accounting profession have made it very clear they value balance in their lives--and...

Advice from trailblazers and rising stars: since 1986 more than 50% of accounting graduates have been women vs. just 10% in 1970, Much of this impressive progress is due to noteworthy women and their contributions to their employers and to the profession.
September 1, 2005... Be True to Personal Values Shirley Cheramy was the first female managing partner of a "Big Eight" firm. "The partner who appointed me was totally unaware no other woman had ever held a similar position. He said he chose me for the 'right...

'What today's CPAs seek in payroll and benefits solutions: most are 'satisfied' with their vendors, but many exploring alternatives. Opportunities particularly ripe for local firms to help clients.
September 1, 2005... As employee payroll, benefits and human resource functions become increasingly complex--and as workers continue to demand more of their employers" benefits administrative capabilities--CPAs are well-positioned to help clients streamline or...

The payroll payoff position your firm as an all-service provider.
September 1, 2005... Every business has to pay its staff and its taxes. Many CPAs are addressing those twin needs by offering to help their small business clients not just with taxes but also with the many chores that go into payroll processing, from after-the-fact...

Differentiating debt from equity.
September 1, 2005... A tax deduction is permitted for interest paid on business indebtedness. When a closely held corporation borrows money from its shareholders, the loans must be examined carefully to determine whether the transfer is a bona fide loan or a...

Reduced exclusion possible in home sale: safe harbors for taxpayers not meeting the use/occupancy rules.(from The Tax Adviser)
September 1, 2005... In today's hot housing market, many taxpayers are selling their residences and moving. The tax code aids this endeavor: Under IRC section 121(a) and (b), taxpayers can exclude up to $250,000 of the gain on the sale or exchange of a home...

Directory of AICPA selected services.(American Institute of Certified Public Accountants)(Directory)
September 1, 2005... AICPA Foundation 212/596-6225 Academic and Career Development Education Programs, Products 212/596-6221 Recruiting Materials for ...