APRIL Features

  By Elizabeth Dreike Almer and Steven E. Kaplan

  Are flexible work arrangements the solution to balancing work and family demands? Many myths obscure the reality--that flexible work arrangements can work, and that the repercussions are exaggerated. (Article)

  Despite its stated objectives, the alternative minimum tax has generated unintended consequences for middle-income taxpayers. Many families may not realize that they are at risk until they check all the details.(Article)

The CPA Journal Millennium Series

  Few Americans are fluent in the details of accounting for the Social Security trust funds. Different accounting methods, often fueled by political motives, can drastically shape the Federal government's fiscal outlook, turning surpluses into deficits and back again.(Article)

  By Thomas A. Ratcliffe

  Why not place the responsibility for materiality where it belongs, on client management? SAS No. 89, yet another product of SEC Chair Arthur Levitt's attack on improper earnings management, does just that.(Article)

  Extended stays in nursing homes and other long-term care facilities can consume a lifetime of wealth accumulation. Proper planning, such as the use of long-term care insurance, can preserve personal and family resources while maintaining the necessary standard of care.(Article)

  New technologies have transformed distance learning into a rich, interactive experience. With the benefits it offers in cost savings and convenience, distance learning makes an appealing alternative to traditional methods of continuing professional education and lifelong learning.(Article)

  APRIL Departments

  · Interest expense on debt-financed acquisitions of pass-through entities(Article)
  · Sale of a partnership interest(Article)

  · Taxed like a New Yorker: like it or not(Article)
  · Technical service bulletin addresses commuter tax(Article)

  · 401(k) conversions: Legal fiduciary, and practical considerations(Article)
  · Benefit and contribution limits under IRC section 415(e) repealed(Article)

  · SAB 100 interprets rules to limit earnings management(Article)

APRIL News & Views

  · Government trust funds smoke and mirrors
 · Big Five continue to seek regulatory solutions and capital 
 · SEC issues concept release on international accounting standards
 · Levitt praises ABA for banning pay-to-play
 · New rules from FEI on internal controls reporting
 · AICPA establishes mandatory quality control system requirements for auditor compliance with independence rules
 · IRS announces pilot program for prefiling agreements for large business taxpayers
 · New marketing vehicle for accountants? 
 · Second European FASB-SEC Financial Reporting Conference
 · GASB and FASB appointments
 · SEC orders securities markets to begin trading in decimals
 · Book review: Alternative Dispute Resolution for CPAs
Letter to the Editor · 'What--read a tax article?'

  Coming SOON

  · Restructuring the International Accounting Standards Committee
  · Business valuation services
  · Accountants and the responsible person penalty

The CPA in Industry
  · Activity-based management software
Federal Taxation
  · Installment method no longer available for accrual-basis taxpayers
SEC Advisor
  · SAB 101, Revenue Recognition in Financial Statements