AUGUST  Features


  The Report of the Panel on Audit Effectiveness: Recommendations and Implications

  By Brian W. Carpenter and Daniel P. Mahoney

  The findings of the POB Panel on Audit Effectiveness should come as no surprise: On the whole, audits are being performed effectively and properly. However, the report, released June 6, recommends changes including a strengthened POB and ISB, modernized guidance from the ASB, increased focus on peer review, and renewed commitment to the value of the audit. (Article) 


  The Taxing Trade-offs of Day and Online Trading
  By William R. Simpson, Dean W. DiGregorio, and John L. Crain

  As more investors become actively involved in the stock market, a host of tax questions arise. Tax treatment hinges on whether an individual that trades often and speculatively is considered a trader or an investor, and the difference can be significant. (Article)     


   The State of Consolidation of Accounting Firms
  By Max Krotman and Joel Sinkin

  The wave of consolidation and merger announcements that so recently flooded the accounting press seems to have receded. Does this mean the movement has lost its momentum? Or does this just mark the end of a first phase and the beginning of something completely different? (Article)  


The CPA Journal Millennium Series

  What It Will Mean to Be a CPA

  A Panel Discussion
  By James L. Craig, Jr.

  Many consider 2000 an opportunity to take stock, look forward, and think big. Will the accounting profession of the future be more prosperous and rewarding? Will being a CPA still be fun? (Article)


  James J. Leisenring
  A Profile
  By Anthony H. Sarmiento

  Throughout his distinguished career, James J. Leisenring has actively championed technical purity and emphasized quality over convenience. After 13 years as a FASB member, he is turning his attention overseas, assuming the position of FASB director of international activities. (Article)    


  Traps and Pitfalls of the Final Q Sub Regulations
  By Randy A. Schwartzman

  The recently released final qualified subchapter S subsidiary regulations, which differ significantly from those originally proposed, provide much needed guidance. Careful planning will be required to avoid the pitfalls of Q Sub formations, acquisitions, terminations, and dispositions. (Article) 


  AUGUST Departments

  The CPA Consultant
   When valuating closely held companies, look to recent years (Article)
   The CPA in Industry

   Corporate share buybacks (Article) 

   Estates and Trusts

   Using nongrantor charitable lead trusts (Article)

 The CPA and the Computer
   AutoSave (Article) 
   Federal Taxation

   Tax Court rules indirect shareholder loans create basis in an S corporation (Article) 
   Penalty-free early retirement (Article)

  Personal Financial Planning

  Increasing income through insurance services (Article)

   Accountant's Liability
  'Safe harbor' under the Private Securities Litigation Reform Act of 1995 (Article)

   Quality financial reporting: Back to basics (Article)


AUGUST News & Views

    CPAs past, present, and future
   Merger news 
   Welcome Delaware CPAs
    IASC news: Basel Committee supports IAS in report to G7   
   Website of the month: Pro2Net
   Who needs facts when you have common sense? thoughts on the SEC's proposal on auditor independence 
Letters to the Editor:   
   Department of unintended consequences


 Coming SOON

   Family limited partnerships
   Charitable planning for qualified plans

   Designating a QTIP as an IRA beneficiary

The CPA in Industry
  Compensatory stock options
IRA Planning
  Disclaiming an IRA
The CPA and the Computer
  Removing the paper weight

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The CPA Journal is broadly recognized as an outstanding, technical-refereed publication aimed at public practitioners, management, educators, and other accounting professionals. It is edited by CPAs for CPAs. Our goal is to provide CPAs and other accounting professionals with the information and news to enable them to be successful accountants, managers, and executives in today's practice environments. 

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