Accounting Today articles from September 2006

Accounting Today archives from September 2006

Whatever happened to tax reform?
September 4, 2006... WASHINGTON -- A complete overhaul of the federal income tax system - one of the top legislative priorities for President George W. Bush last year - appears to have slipped off of the administration's radar screen altogether in 2006,...

Pension reforms sail thru Congress.(pension law)
September 4, 2006... Pension reform had a longer shelf life than anticipated, finally winning legislative approval after a number of false steps. The Pension Protection Act of 2006 passed the House by a margin of 279 to 131. Meanwhile, the Senate voted 93 to 5...

Finding a safe pair of hands: Small biz owners need help to ensure a smooth succession.(Small Business Administration)
September 4, 2006... According to the Small Business Administration, nearly 90 percent of the 21 million businesses in the United States are family-owned. Only 30 percent of family-run companies make it to the second generation, and it's estimated that no more than...

Action Idea: Branding questions.(Brief article)
September 4, 2006... How powerful is your firm's brand? Do you have one? How well you can answer these questions should give you an idea of how well-developed your brand is. * What is your elevator speech? This is a one-sentence description of what your firm...

News Briefs.(unraveling an abusive cross-border tax scheme)(Investment Advisers Act)(Institute of Internal Auditors memberships)
September 4, 2006... IRS, CANADA FIGHT BORDER TAX SCHEME WASHINGTON - Officials of the Canada Revenue Agency and the U.S. Internal Revenue Service announced progress in unraveling an abusive cross-border tax scheme. The scheme - involving hundreds of taxpayers...

GAO: Reforming the tax system will close tax gap.(reports of taxation)
September 4, 2006... In spite of efforts by the Internal Revenue Service to improve taxpayer compliance, the rate at which taxpayers pay their taxes voluntarily and on time has ranged from roughly 81 percent to about 84 percent over the past three decades,...

TIGTA: IRS must work on high-income return audits: The report found that additional steps need to be taken to ensure that procedures are properly followed.(Internal Revenue Service)
September 4, 2006... WASHINGTON -- While audits of high-income taxpayers have increased, the actual impact on compliance may be limited, according to a recent report from the Treasury Inspector General for Tax Administration. The inspector general found that...

SBA programs targeted for overhaul.(Small Business Administration)(Brief article)
September 4, 2006... WASHINGTON -- Still reeling from heavy criticism as a result of delays in its disaster loan programs following Hurricanes Katrina and Wilma, the U.S. Small Business Administration has received approval from lawmakers to revamp many of its...

Web Cites.(website lists)(Website list)
September 4, 2006... Keeping up with taxes * IRS E-News Subscriptions - www.irs.gov/newsroom Subscribe to all the advance copies of tax guidance and national and federal tax news a tax practitioner could ever want. Newsletters are also available for...

IMA study: 'Professional bias' in Sarbanes-Oxley Act.(Institute of Management Accountants)
September 4, 2006... MONTVALE, N.J. -- A study sponsored by the Institute of Management Accountants indicated that some of the problems with the Sarbanes-Oxley Act might stem from a professional bias that emphasizes public accountancy over management accounting....

Family-office clients being squeezed out of hedge funds: The ultra-wealthy are turning to new strategies to keep the edge.(hedge funds are getting crowded with institutions and smaller investors)
September 4, 2006... Now that hedge funds are getting crowded with institutions and smaller investors, the ultra-wealthy are getting crowded out. Not only have funds emerged that have initial investments as low as $25,000, but two of those new funds...

Footnotes.(Sarbanes-Oxley Act )(Brief article)
September 4, 2006... GSCPA BESTOWS 2006 PSA ON CBH PARTNER: Elizabeth Ann Tabor, former head of the Not-for-Profit Practice Group at the Atlanta-based firm of Cherry, Bekaert & Holland LLP, is the 2006 recipient of the Public Service Award from the Georgia Society...

Give me a reason!(consulting services's accounting)(Column)
September 4, 2006... Two years ago, when my town was mulling a moratorium to suspend its rampant development, one outspoken resident (no, for once it was not me) urged that the job of drafting building and regulatory guidelines be put out to bid, in lieu of...

Commentary: Are we failing the exam?: Many graduates are not pursuing their CPA certificates.(Certified public accountants)
September 4, 2006... A burning question among CPAs is, why aren't recent accounting graduates taking the CPA Exam? The answer is complex, and it also opens up a need to evaluate two other questions: Why should CPAs focus on who is passing the exam, and what...

Practice Management: Re-evaluate how you evaluate your marketer: Subjective reporting efforts frequently feel inadequate, because they are created without much partner support or understanding.
September 4, 2006... Recently, we asked marketers nationwide to share their firms' evaluation forms; we were surprised to learn that many respondents do not have a formal evaluation process similar to those that are conducted for their CPA staff. Instead, they...

Practice Management: Best practices in risk management for firms.(Sarbanes-Oxley Act of 2002 )
September 4, 2006... Who needs risk management? All firms do. The passage of the Sarbanes-Oxley Act of 2002 has resulted in significant legal and regulatory changes affecting auditors of publicly traded companies. Given the current litigious climate, the...

House bill tacks on estate cut.(reports of estate taxes)
September 4, 2006... Washington -- Before adjourning for a five-week summer recess in early August, the House pushed through a bill pairing a minimum wage increase with a GOP-led effort to extend cuts on estate taxes. The bill, which passed the House by a...

Taxing Issues.(United States. Internal Revenue Service introduces online for a payment agreement)(United States. Internal Revenue Service investigates on stock options)(United States. Internal Revenue Service creates tip on tax returns)
September 4, 2006... IRS LAUNCHES ONLINE PAYMENT AGREEMENTS: Tax professionals will help launch a new system allowing many individuals who owe delinquent federal taxes to apply online for a payment agreement, the Internal Revenue Service announced. The IRS is...

Finding the function in the new corporate tax dep't: Is it compliance, planning, risk management, or all of these?
September 4, 2006... There have been three fundamental, evolutionary changes in the corporate tax function over the past 20 years with respect to its mission, its alignment with corporate strategy, and its influence on organizational behavior and resource...

M-3: Evaluating one round while rolling out the next.(methods of tax shelters)
September 4, 2006... Schedule M-3 is part of the effort by the Internal Revenue Service to get a better handle on abusive tax shelters and other aggressive tax techniques by getting sufficient detail on book/tax differences that it can guide IRS auditors to...

Change Of Auditors.
September 4, 2006... FLOTEK INDUSTRIES ENGAGES UHY: Flotek Industries, a Houston-based manufacturer and marketer of innovative specialty chemicals, and downhole drilling and production equipment, dismissed UHY Mann Frankfort Stein & Lipp LLP as its auditor and...

PCAOB warns auditors on options accounting risks: The PCAOB specifically addressed options backdating.(Public Company Accounting Oversight Board warns auditors to be alert at the time of auditing)
September 4, 2006... WASHINGTON -- The Public Company Accounting Oversight Board recently issued its inaugural audit practice alert, warning auditors to be on the watch for problems with the timing of, and the accounting for, stock-option grants. "Auditors...

Spring-loading: SEC's Atkins misses the point: Mr. Atkins is pretty sophisticated, so he knows he can call on some very smart people for advice. However, it appears he failed to ask.(United States. Securities and Exchange Commission Paul Atkins speech at State11th Annual Conference of the International Corporate Governance Network )
September 4, 2006... On July 6, 2006, SEC Commissioner Paul Atkins spoke at the 11th Annual Conference of the International Corporate Governance Network (see www.sec.gov/news/speech/2006/spch070606psa.htm). The ICGN is a U.K. nonprofit that aims to "develop and...

Treasury looks at permanent tax cuts.(detailed analysis of tax cuts)(Brief article)
September 4, 2006... WASHINGTON -- A new report from the Treasury provides a detailed analysis of what effects proposals to permanently extend the tax cuts enacted in 2001 and 2003 might have on the country's economy. Among the cuts set to expire at the end of...

CFRA debuts European risk assessment.(The Center for Financial Research and Analysis)(Brief article)
September 4, 2006... LONDON -- CFRA, a U.K.-based provider of independent forensic accounting research and due diligence services, has launched QuickScore, a proprietary earnings quality model. With it, clients can generate rankings of earnings quality risk for...

PFP Briefs.(public pension funds)
September 4, 2006... DELOITTE SURVEY FINDS GOVERNMENTS NEED TO CLOSE LOOPHOLES ON UNDERFUNDED PENSIONS: As the number of underfunded public pension funds has risen dramatically over the past five years, state and local governments need to close loopholes, adjust...

A cash-balance plan might be the answer for small biz.(small-business owners would like to have a retirement plan )
September 4, 2006... Many profitable small-business owners would like to have a retirement plan that can provide more than $50,000 of deductible contributions to the owners and other key employees. A defined-benefit plan is perhaps the only tax-qualified...

Reductions in Social Security benefits for early retirement.
September 4, 2006... A worker's Social Security benefits are reduced for each month that the worker starts getting the benefit before reaching full Social Security retirement age. The reduction is five-ninths of 1 percent of the primary insurance amount of that...

Tech Briefs.(Cartesis Inc company sales and earnings)(MIS Group mergers with Raffineria Edoardo Garrone)(Thomson Corp. Thomson Tax and Accounting intoduces workflow manager solution)
September 4, 2006... CARTESIS REPORTS '06 SOFTWARE REVENUES UP 28 PERCENT: Cartesis, a provider of finance and performance management software, announced that for the 2006 fiscal year, the company saw its software revenues growth 28 percent - including a 61 percent...

CCH to acquire ATX/Kleinrock.(CCH to acquire ATX/Kleinrock)(Brief article)
September 4, 2006... RIVERWOODS, ILL. -- Tax and accounting software and products provider CCH, a Wolters Kluwer business, has agreed to acquire ATX/Kleinrock, a provider of tax preparation and research materials. The terms of the deal were not disclosed. ...

Motivate your team: A simple question can solve the mystery.
September 4, 2006... Not a day goes by without one of our clients asking, "How do I motivate my people?" When I was younger and more apt to answer questions than ask them, I'd launch into a listing of ideas and activities that we've seen motivate teams in the...

Software Review: SOX compliance software - lots to choose from.(Sarbanes-Oxley Act of 2002)
September 4, 2006... Even the best intentions sometimes have unexpected results. The Sarbanes-Oxley Act of 2002 was enacted in reaction to the Enron and WorldCom financial debacles, where poor internal controls resulted in dubious transactions being unchallenged....

Have you reviewed your economic model lately?(survey on salary for accountants)
September 4, 2006... According to the most recent salary survey conducted by the National Association of Colleges and Employers, the average starting salary this past recruiting season for accountants was $45,656. With starting salaries at these levels, and...

Software & Hardware.(Kyocera Mita America Inc.'s iTag)(Shift Technologies' ThinMind 6.5)(Lucion Technologies' FileCenter 4.0 and FileCenter Professional)
September 4, 2006... FileCenter If you're like us, you need someone to look after your stuff and keep it safe. Until the Powers That Be recognize our need for both a nanny and a maid, we'll look to FileCenter 4.0 and its more powerful cousin, FileCenter...

Books.
September 4, 2006... AICPA on audit risk Everything, it seems, is up in the air these days, with a flood of new regulations and standards coming out every day, such as a recent number of new Statements on Auditing Standards issued by the Auditing Standards...

Vendor information.(software packages)(Buyers guide)(Brief article)
September 4, 2006... Axentis Enterprise for SOX Axentis 4670 Richmond Rd. Warrensville Heights, Ohio 44128 (800) 955-2706 www.axentis.com Price: Starts at around a $50,000 annual service fee, which includes software-as-a-service access,...

People.(new appointments and promotions)
September 4, 2006... ALABAMA Barfield Murphy Shank & Smith PC, Birmingham, announced nine new employees: Emily Talton has joined the firm as human resources coordinator; David Brown, Melanie Shores, Ashley Fulgham, Matt Coe and Brad Camp, as staff accountants;...

Firms.(rankings of Anton Collins Mitchell L.L.P.)(facilities of Kaufman, Rossin and Co)(sales and earnings of Weaver and Tidwell L.L.P.)(Brief article)
September 4, 2006... CALIFORNIA Kirsch, Kohn & Bridge, Encino, was named an Industry Leader by the San Fernando Valley Business Journal, along with fellow CPA firms Grobstein, Horwath & Co. and Miller, Kaplan, Arase & Co. COLORADO Anton Collins...

Coming Events.(Calendar)
September 4, 2006... SEPTEMBER 7: New York State Update, National Conference of CPA Practitioners, Nassau/Suffolk Chapter. The Holiday Inn at Plainview, Plainview, N.Y. Contact: Chapter office (516) 997-9500. 7: Compilation and Review: A Practical...

CalCPA presents Public Service Award.(California Society of Certified Public Accountants)(Brief article)
September 4, 2006... REDWOOD CITY, CALIF. -- For his services to San Diego-area youth and his active involvement in numerous organizations, Robert Kevane has been awarded the California Society of CPAs' Public Service Award for 2006. CalCPA annually presents...

Trio to bolster PCAOB enforcement.(Public Company Accounting Oversight Board appointed Kyra Armstrong, Ray Hamm and Jerry Decker )(Brief article)
September 4, 2006... WASHINGTON -- The Public Company Accounting Oversight Board named Kyra Armstrong, Ray Hamm and Jerry Decker as deputy directors in the Division of Enforcement and Investigations unit. In their new positions, they will oversee and supervise...

Commentary: Increase your audit 'vocabulary' with new risk standards.(Auditing Standards Board)
September 4, 2006... The Auditing Standards Board recently issued eight new auditing standards, Nos. 104-111, collectively referred to as the risk assessment standards. The new standards will change many of the planning and risk assessment procedures performed...

Succession planning for CPA firms.(Certified public accountants)(Brief article)
September 4, 2006... For several years, the responses to the American Institute of CPAs' Management of an Accounting Practice Top Five Issues Survey have indicated that succession planning remains one of the most pressing concerns for accounting practitioners. ...

Advertiser Index.(Brief article)
September 4, 2006... Advertiser Page 1st Global 19 ADP Small Business Services 17 CCH, a Wolters Kluwer business 40 Capital One 15 EFTPS 13 Hewlett Packard 23 Lacerte 11 Raymond James 21 State Farm Insurance 25...

Editor's Note: Paperless is Here to Stay.
September 4, 2006... Mark Twain seems to get attribution for the statement, "We all grumble about the weather, but nothing is done about it." The same thing used to apply to the perspective of a paperless office. Except that today something is really being done...

A Partial Solution to a Daunting Problem.(document management software)
September 4, 2006... The "paperless office" has become the newest buzz word for the accounting profession, and everyone is talking about it. While there is so much focus, and indeed hype, about paperless office solutions, many in the accounting profession have lost...

Top 7 Mistakes to Avoid When Going Paperless.
September 4, 2006... Creative Solutions has assisted thousands of firms in their transition to the paperless (or less paper) office. We have also enjoyed hearing from our customers about the immense value of going paperless, including elevated staff productivity,...

Tales of a Successful Conversion.(Bond Beebe)
September 4, 2006... When Bond Beebe began to evaluate converting to a paperless environment, our first step was to form a committee to define our criteria. Based on that, the committee was then asked to select the best program to organize the engagements, handle...

Paperless Tax Workflow.
September 4, 2006... Paperless engagement applications are redefining how accounting firms operate. They are enabling professionals to complete more work in less time and with more convenience than ever before. Just six years ago this product category did not...

Document Management for the Small Firm.
September 4, 2006... Everyone is going paperless! The cost savings for such an undertaking are well documented, and every vendor now has their own version of document management. The choices are everywhere, from payroll to general ledger to tax systems. This...

Giving 90 Hours Back Per Month.(Frazier & Detier L.L.C.)
September 4, 2006... Today more than ever, auditors are busy. Yet, because audit teams are often disconnected from their corporate networks, precious time is wasted battling data sharing, security, document duplication, and collaboration challenges. So, when...

Practical, Possible, and Profitable.(accounting firms)
September 4, 2006... It's Ron's fault that we are paperless. Seven years ago, I was sitting in my office and noticed Ron walking down the hall with a load of file folders. A few minutes later, I saw Ron carrying more folders to the file room and heard him stop to...

Making Going Paperless Sweet.(Document Management System)
September 4, 2006... After surviving another busy tax season, weary accountants emerged from their offices to discover a tool that would have made their last few months run more efficiently with much less paper. Doc.It(r) is a complete digital document management...

Real Life Story.(accouting firms)
September 4, 2006... Here is a story of a firm and its paperless journey told by the firm's managing partner, Corinne Myre, and IT manager, Ed Althof. Sweek Connolly & Co. is a 20 person full-service CPA firm based in Costa Mesa, CA., which implemented AMI's...

One Step Closer to the Paperless Office.(accounting firms)
September 4, 2006... "Paperless" may be the term du jour, but it's a bit of a misnomer for CPA firms and clients alike. There are many valuable tools available that diminish the need for hard-copy documents, but truly paperless accounting, tax preparation and...

Reaping the Benefits of Paperless.
September 4, 2006... For most companies, the paperless office is not here, yet. There are still many reasons for paper (e.g., regulatory, legal, and even human nature). But every year, as businesses adapt online transactions, electronic submissions, and...

Improving Engagement Productivity.
September 4, 2006... Practitioners now have access to the tools they need to easily automate and perform their engagement work with increased productivity. Today's integrated tools offer many advantages over paper systems that required physical sharing of paper...

Paperless Is Only the Beginning.(accounting firms)
September 4, 2006... As a longtime innovator in document management, Interwoven has helped more than 1,600 firms realize the paperless vision though a comprehensive solution based on WorkSite 8. Beyond addressing immediate priorities, these firms benefit from the...

Moving to Forefront Of Corporate Tax Departments.
September 4, 2006... Historically, corporate tax departments have been treated as a "back-office" department, typically not receiving the recognition or attention needed in terms of budget, resources or staff. However, financial scandals in the top echelons of the...

Cusp of a Stark Change.(paperless office)
September 4, 2006... Paperless means more than simply the conveniences of place and time. It's also about efficiency and accuracy. Payroll information can be entered online and stored on a hard drive or a server, allowing files that once piled on desks and clogged...

Increasing Efficiency-and Profits, Too.(document management software)
September 4, 2006... The answer for accounting firms looking to truly maximize the productivity and revenue-enhancing benefits of a document management system lies in finding an affordable, best-of-breed system with comprehensive document management capabilities...

Optimize Your Paperless Efforts.(document management software )
September 4, 2006... Many practitioners look at the cost of document management software and decide they can use a file system tree and have everyone name documents in the same way. This invariably leads to problems as the filing process is at the heart of any...

Lose The Paper Clutter, Not The Client.(document management software)
September 4, 2006... Today, software companies, such as Easy Data Access, have developed sophisticated pre-packaged document management software that can easily be integrated through one click installation and adapted into any enterprise without the high cost of...

Going Paperless in the HR/Payroll Department.
September 4, 2006... According to Wikipedia, the prediction of the paperless office was first made in a June 1975 Business Week article. Since that time, numerous applications have been developed to help companies move toward the realization of a paperless office....

When Less is More.(accounting firms)
September 4, 2006... Accounting professionals are not taking full advantage of the Internet. Many have yet to fully embrace online professional services to boost productivity, simplify client work and increase the bottom line. Great online technology converts...

Advantages of Document Management.
September 4, 2006... Potts, Hannah & Fischer, P.C. (www.tepotts.com), a prominent Indianapolis-based accounting, taxation, and consulting services firm, amassed considerable client paperwork volume, stored in a multitude of file folder storage cabinets. Firm...

Accounting PACs flush with cash: Industry fundraisers break records - and focus on Republicans.(Political Action Committees)
September 18, 2006... WASHINGTON -- Political fundraisers for the accounting profession have raised a record-breaking campaign war chest of more than $8 million dollars to support congressional candidates in the fall elections. Big accounting has already...

IRS unveils its '07 guidance priorities.(Priority Guidance Plan)
September 18, 2006... WASHINGTON -- The newly released 2006-2007 Internal Revenue Service Priority Guidance Plan, designed as the agency's own blueprint for its guidance projects during the coming year, ranges in scope from consolidated returns to tax-exempt bonds....

Action Idea: Avoiding stress.(workplace stress)(Brief article)
September 18, 2006... Workplace stress is on the rise, and is a major factor in employee turnover. One way to manage stress is by avoiding it in the first place, by cutting down on uncertainty, overwork and that feeling of meaninglessness. * Give people...

News Briefs.(Colleen Cunningham retiring from Financial Executives International)(Securities and Exchange Commission report on enforcement statistics)(KPMG LLP promoted Jack Taylor)
September 18, 2006... FEI'S CUNNINGHAM TO STEP DOWN FLORHAM PARK, N.J. - Colleen Cunningham, who transitioned from an early career in public accounting to become chief accountant at AT&T and, eventually, the head of Financial Executives International, will step...

Mixed reviews for GASB proposals on derivatives: Many balked at the added burden of accounting.(Governmental Accounting Standards Board)
September 18, 2006... NORWALK, CONN. -- Accounting for derivatives has never been easy, but the Governmental Accounting Standards Board has proffered some thoughts on how it might be done, and 85 concerned industry professionals generally agreed - but not...

Accounting for nonprofits brings its own satisfactions: 'They leave the world a better place than it was before, and that's certainly what drives me.'.
September 18, 2006... You can hear it in their voices: There's something about providing accounting work for not-for-profit entities that produces a smile of satisfaction. These people like what they're doing for a living. "They very much appreciate what you do...

IRS private debt collectors getting cases.(Internal Revenue Service)(Brief article)
September 18, 2006... WASHINGTON -- The trio of private debt collection agencies that the Internal Revenue Service selected for a pilot program will soon be able to come knocking. The agency was due to turn over data on 12,500 taxpayers - each owing $25,000 or less...

Web Cites: Financial Planning.(Brief article)
September 18, 2006... * Dinkytown Financial Calculators - www.dinkytown.net The site, powered by KJE Computer Solutions, offers more than 250 financial calculators tailored to answer specific mortgage, loan, credit card, auto, investment, retirement savings, tax...

Proposed IFAC guidance to aid accountants in IT: The proposal is 'a roadmap to the areas of required knowledge for today's CPA.'.(International Federation of Accountants)
September 18, 2006... NEW YORK -- Auditors, corporate accountants and financial officers who deal with information technology have always had a double problem: They have to be experts in their own fields, and they also have to know IT. To help accounting and...

States, lawmakers target ways to combat elder abuse.
September 18, 2006... Recent headlines surrounding the ordeal of 104-year-old socialite Brooke Astor chronicled a lawsuit filed by her grandson that accused his father of mismanaging his grandmother's financial affairs. For once, maybe the rich aren't so...

Footnotes.(National Conference of CPA Practitioners and American Institute of CPAs awarding scholarships)(Brief article)
September 18, 2006... NCCPAP, AICPA award scholarships: The National Conference of CPA Practitioners and the American Institute of CPAs have awarded scholarships to 12 graduating high school seniors from nine states as part of a joint educational program designed to...

Buzzkill at 1600.(Sarbanes-Oxley Act of 2002)
September 18, 2006... While in college, a term I heard uttered with alarming frequency was "buzzkill." It was, as you've probably surmised, used to describe receiving bad news, or a person whose mere presence immediately siphoned away a good "buzz" at a party or...

Commentary: This I believe.(George W. Bush, Abraham Lincoln, and Franklin Delano Roosevelt )(Column)
September 18, 2006... Historians generally agree that George Washington, Abraham Lincoln and Franklin Delano Roosevelt were our greatest presidents. Recently, there has been a plethora of books and tapes telling the story of the place in American history that each...

Letter: You missed the NSA.(Letter to the editor)
September 18, 2006... I would like to commend Accounting Today for 20 years of excellent coverage of accounting news. You have been thorough, insightful and fair-minded - at least up until you published "Contingent fee limits rile tax groups" (Aug. 7-20, 2006, page...

Commentary: Boomer lowers the boom on the time sheet - sort of: There has never been an 'effort-based economy,' since customers have always paid for results.(Column)
September 18, 2006... In the Aug. 7-20, 2006, issue of Accounting Today, Gary Boomer's article, "The time sheet is only one measure of performance" (page 24), gives me hope there may be light at the end of our tunnel vision. In my books, I have logically,...

Practice Management: Landing multi-continent, multi-firm opportunities: So how does a midsized firm in Little Rock land a client with operations in Chile?
September 18, 2006... The world is flat, according to the best-selling book by Thomas Friedman. He writes about technological changes that are linking people and breaking open business opportunities at warp speed. That's certainly the case for forward-looking CPAs,...

Taxing Issues.
September 18, 2006... SUIT FILED AGAINST PLANS TO REIMBURSE PHONE TAX: A class-action lawsuit has been filed challenging the Internal Revenue Service's plan to reimburse taxpayers for their past three years' worth of long-distance phone taxes. The lawsuit...

Facing the taxing burden of choosing LIFO versus FIFO: 'The use of LIFO for tax purposes has been very good.'.(last in first out, first in first out)
September 18, 2006... The selection by an entity of its company structure, its fiscal year and its method of accounting are the three main mechanisms that a company can employ in performing substantial tax planning, according to Nicholas Crocetti, CPA, a partner in...