January Features:
  Alternative Forms of Practice
  By Anthony J. Mancuso
    the recent acquisitions of CPA firm practices by large public companies such as American Express Tax and Business Services have been well documented by the media. But, there are many other players out there hoping to benefit from the CPA firm's most valuable asset--the loyal, satisfied client. CPAs should know all the players, examine their options, and begin planning in order to make the right decisions for a successful future.   (Article)


  Will Poolings Survive?
  By James R. Duncan and Robert L. Carleton
    During the recent wave of mega-mergers, pooling-of-interests accounting has been the method of choice for the formation of these new giant companies. Pooling eliminates goodwill and and its resulting drag on future earnings, but it has recently come under fire for obfuscating the true picture of the merging companies' balance sheets. FASB is currently taking a look at the issue, and may be contemplating a radical change to pooling standards.   (Article)


  The IRS Restructuring and Reform Act of 1998
  By Linda Garrett Levy and J. David Mason
    Widespread public disillusionment with the current tax system and the IRS, as documented during the 1997 Senate Finance Committee hearings, led to the passage of the IRS Restructuring and Reform Act. The IRS is in store for a number of changes designed to make it more focused on taxpayers' needs and rights.   (Article)


  Medical Student Loans
  By Zoel Daughtrey and Frank M. Messina
    Normally, when an employer pays off student loans, there is taxable income to the recipient. But, taxation can be avoided pursuant to IRC section 108(f) for individuals in certain professions such as medicine. There are, however, very specific requirements for such an exclusion; the authors provide examples and guidance to help interpret the requirements.   (Article)


  Perceptions in the Recruiting Process
  By Susan M. Moncada and Joseph C. Sanders
    The authors conducted a survey to determine whether the perceptions of accounting students and faculty are consistent with the characteristics deemed most important by CPA firm recruiters for candidates to be selected for campus and follow-up interviews. The three groups were not always in agreement over what qualities were important in candidates, and the results may be both revealing and surprising.   (Article)


  Federal Rules of Evidence and the Financial Professional
  By Vincent J. Love and Dan L. Goldwasser
    Recent Federal court decisions and proposed changes to the Federal Rules of Evidence will have a profound effect on how how trial experts form and support their opinions. The overabundance of junk science opinions delivered in the late 80s and early 90s led to the Supreme Court decision in Daubert and the ambition to refine the evidentiary system. current proposals focus on setting high standards for all expert testimony and helping the trial court determine whether testimony is indeed admissible and reliable.   (Article)


  January Departments:
  · SAS No. 85--Management Representations
  · Additional audit interpretations issued in 1998   (Article)
   The CPA in Industry
  · Issues in managing the multinational corporation   (Article)
   The CPA Manager
  · Self-assessment of your ethics environment   (Article)
   Federal Taxation
  · Minor acts of the Taxpayer Relief Act of 1997   (Article)
   State and Local Taxation
  · Out-of-state purchasers' use of resale certificate Form ST-120
  · conversion of apartment buildings may be subject to New York city unincorporated business tax
  · New York spousal tax relief   (Article)
   Estates and Trusts
  · Gifting limited partnership interests: Are annual exclusions available?
  · Life insurance planning   (Article)
   The CPA & the Computer
  · Payment processing in electronic commerce
  · Riskview: a no-cost facilitator of financial planning   (Article)
   Taxation of Financial Products
  · Cost capitalization development   (Article)

  January News & Views:

  ·Alternative Practice Structures  (Article)
  ·Grant Thornton CEO Resigns   (Article)
  ·AICPA Unofficial Guidance Suggests Need for Modified Report on Y2K Disclosures of Governments   (Article)
  · IRS Looking at Creative Incentives for E-Filing   (Article)
  · Legislating Professional Standards at the State Level   (Article)
  ·The IRS's New Mission Statement   (Article)
  · Social Security Values and Qualified Plan Limits, 1999   (Article)
  · National Council of CPA Practitioners Inaugurates New Leadership   (Article)
  · IRS Delays EFTPS   (Article)
  · SEC Amends Rules of Practice   (Article)
  · Cost of Capital: Estimation and Applications   (Article)
  · Recommended Changes to the UAA   (Article)
  · McBee Searches For America's Most Disorganized Accounting Client   (Article)

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