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JANUARY Features
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The CPA
Journal Millennium Series
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The
Future of Public Practice:
Two
Perspectives
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Interviews with Gerry L. Golub
and Stephen G. Butler
By James L. Craig,
Jr.
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Two leaders from different
perspectives--Gerry L. Golub, chair of American Express Tax
and Business Services, and Stephen G. Butler, chair and CEO of
KPMG LLP and chair of KPMG International--discuss what the
future holds for the profession. The prospects look
bright for public accounting, but the regulators will be
watching.(Article), (Article)
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Making Sense of
the Medical Savings Account
and MedicarePlus
Choice MSA
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By Cynthia Bolt-Lee
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The medical savings
account (MSA) and MedicarePlus Choice MSA are approaches to
health care payment that use a high-deductible insurance
policy and a tax-free investment account. MSAs can benefit
individuals with low health care costs, but, due to complex
rules, risks, and qualifying limitations, the programs have
yet to catch on. (Article)
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| Lease
Compliance Review: An Emerging Trend in Client
Services
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By Donald F.
Mokrauer, Alan Aronow, and
Ann B.R. (Tuny) Mokrauer
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Many organizations may be
unwittingly paying more than their leases require. Commercial
leases are complex and errors often go unnoticed. CPAs are
well-suited to examining their clients' or organizations'
leases and finding significant savings. Lease compliance
review is an emerging practice field that draws upon the
profession's core competencies and values. (Article)
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Court Rules Bad Contract Does Not
Equal 'Inurement'
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By
Roy Whitehead, Jr., Pam Spikes, and Joan
Pritchard
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The fund-raiser collected
nearly $19 million. The charity received only $2.3 million.
The IRS claimed this was proof of private inurement, but the
Tax Court decision was overturned on appeal. The Appeals Court
ruling supports current nonprofit practices and provides a
lesson in the tax definition of "inurement." (Article)
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The Role for Web Search Engines
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By Ingrid E. Fisher and L. Murphy Smith
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The Internet holds a
wealth of valuable information. The challenge is finding it.
Search engines are critical in sorting the online wheat from
the chaff but are riddled with flaws and peculiarities.
Knowing how they work is the key to finding what you want--and
being found. (Article)
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Transfers of
Assets to a Not-for-Profit Organization
That
Raises or Holds Contributions: SFAS No.
136
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By John Stephen Grice, Sr., and Thomas
A. Ratcliffe
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Not-for-profits often use
intermediaries, such as foundations,
for fund-raising. This raises the issue of how and
when revenue should be recognized by the not-for-profit. FASB Interpretation
No. 42 was a half-hearted attempt to deal with
the issue; now SFAS No. 136 makes the accounting clear while providing
some flexibility. (Article)
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