Recently added articles from Journal of Accountancy:
FDIC-insured banks and savings institutions reported an aggregate net loss of $3.7 billion in the second quarter of 2009, an $8.5 billion negative swing from the $4.8 billion profit insured institutions earned in the second quarter of 2008.
Nov 01, 2009; ... FDIC-insured banks and savings institutions reported an aggregate net loss of $3.7 billion in the second quarter of 2009, an $8.5 billion negative swing from the $4.8 billion profit insured institutions earned in the second quarter of 2008. The regulator also reported a sharp increase ...
Preparing for the next opportunity: new AICPA chairman says the CPA profession should seize opportunities created by emerging trends.(certified public accountants)
Nov 01, 2009; Lamoreaux, Matthew G. ... [ILLUSTRATION OMITTED] Robert R. Harris takes a large view of the profession. He believes the economic crisis, global convergence of standards, a worldwide concern about the depletion of nonrenewable natural resources, and generational changes all present unprecedented ...
Windows 7: is it right for you? Carefully assess your needs, application compatibility and the upgrade process.(Product/service evaluation)
Nov 01, 2009; Bradley, Susan E. ... [ILLUSTRATION OMITTED] Windows 7, the newest version of Microsoft's desktop operating system, comes with numerous functional improvements over its widely used predecessors, Vista and XP. Some of these enhancements--such as more powerful hard drive search and data encryption ...
Auditing at the speed of change: KPMG's chief audit partner talks about the financial crisis and careers within the firm.(head of audit for KPMG International and U.S. vice chair of audit for KPMG LLP, Henry Keizer )(Interview)
Nov 01, 2009; Fiore, Joanne ... Henry Keizer is the global head of audit for KPMG International and U.S. vice chair of audit for KPMG LLP. He also is a member of the AICPA board of directors. He spoke with JofA Publisher and Editor-in-Chief Joanne Fiore following the AICPA's board of directors meeting in August and in a ...
Balancing governmental budgets: under GASB 54.(Government Accounting Standards Board)
Nov 01, 2009; Chase, Bruce W. ... Fund balance is an important measure that represents the difference between a fund's assets and liabilities. The overall objective of fund balance reporting is to isolate that portion of fund balance that is unavailable to support the following period's budget. Because ...
Highlights of IFRS research.(international financial reporting standards)
Nov 01, 2009; Bolt-Lee, Cynthia ... Conversion from U.S. GAAP to IFRS is a heavily discussed topic in the corporate world. Expected benefits of adoption include reporting consistency, enhanced global competition and improved financial reporting transparency While many countries worldwide have already adopted IFRS, many other ...
Tax consequences of mortgage discharge.
Nov 01, 2009; Smith, Michael M. ... [ILLUSTRATION OMITTED] In the current real estate climate of decreased property values and excess inventories, many rental property owners are facing reduced cash flows due to vacancies. At the same time, the fair market value of their property may be close to or even less than ...
"Unforeseen circumstances" exclusion from gain on sale of home: regulations and private letter rulings offer examples of situations the IRS has approved as qualifying for partial exclusion of gain.
Nov 01, 2009; Randolph, David W. ... [ILLUSTRATION OMITTED] Despite the recent downturn in the American housing market, one of the highest-value assets owned by most taxpayers remains their home. While many taxpayers have seen the value of their home decline, those in locales where home values have remained ...
Unrelated child as a qualifying relative.
Nov 01, 2009; Hopkins, James M. ... One requirement for claiming a qualifying child (QC) for purposes of the dependency exemption deduction is that the child must be related to the taxpayer, that is, the taxpayer's child (including stepchild or foster child), sibling, half-sibling, step-sibling or descendant of any of them ...
Court negates tax planning transaction.
Nov 01, 2009; Schnee, Edward J. ... A district court held that a partnership's reported capital loss stemming from non-performing loans lacked economic substance and denied the claimed tax benefits. D. Andrew Beal owned a bank that was in the business of acquiring nonproducing loans (NPLs) at extreme discounts ....
Application of six-year statute of limitations denied again.
Nov 01, 2009; Reichert, Charles J. ... The Tax Court, whose denial of a six-year statute of limitations in Bakersfield Energy Partners had been recently upheld by the Ninth Circuit, held in two more cases that an overstatement of basis did not allow the extended assessment period for a substantial omission of gross income under ...
IRS not limited to three years for FPAA.(final partnership administrative adjustment)
Nov 01, 2009; Earles, Melanie J. ... The Fifth Circuit held that IRC [section] 6229(a) sets no deadline by which the IRS must issue an FPAA (final partnership administrative adjustment). Its interpretation of the relationship between the limitations period in sections 6501(a) and 6229(a) mirrors that of the Tax Court, the ...
Accountable plan reimbursements for tools and equipment.
Nov 01, 2009; Styron, W. Joey ... In a recent private letter ruling, the IRS clarified how employer reimbursement of employee expenses for tools, equipment, training or certification required as a condition of employment may qualify as an accountable plan under IRC [section] 62. Reimbursements under an ...
Salaries a big offset.
Nov 01, 2009; Navani, Vinay S. ... C corporations that elect S status are often subject to the built-in gains (BIG) tax under IRC [section] 1374. One of the aspects of the BIG tax that can be a trap for the unwary is the treatment of accounts receivable for cash-basis corporations. The fair market value of accounts ...
Qualifying child definition amended.
Nov 01, 2009; Hopkins, James M. ... The Fostering Connections to Success and Increasing Adoptions Act of 2008, PL 110-351, made several changes to the qualifying child (QC) definitions effective for tax years beginning after Dec. 31,2008. Section 501(a) of the act amended the age requirement (IRC [section] ...
First circuit denies Textron work product privilege.
Nov 01, 2009; ... In a 3-2 decision, the First Circuit Court of Appeals overturned its earlier three-judge ruling and a district court to hold that the work product doctrine did not protect from IRS summons the tax accrual workpapers of aviation and industrial conglomerate Textron Inc. Judge ...
Final regs issued on e-postcards.
Nov 01, 2009; ... The Pension Protection Act of 2006 introduced a new notification requirement for small tax-exempt organizations that are not required to file an annual information return under IRC [section] 6033(a)(1). In July, the IRS released final regulations spelling out what small tax-exempt ...
Where to turn.(AICPA Contact Information )(Directory)
Nov 01, 2009; ... Member Service Center * Option #1 Orders/CPE/Conference Inquiries * Option #2 AICPA Membership Inquiries Including Dues * Option #3 Webcast /AICPA.org Web Site/CPA2Biz Including Log In & Access Inquiries * Option #4 AICPA Credentials or ...
