As an alternative to the unpopular Taxpayer Compliance Measurement Program, the IRS has developed the Market Segment Specialization Program to make the audit process more effective. The IRS hopes that by opening up its audit procedures it will increase the rate of voluntary taxpayer compliance. (Article)        

  By Paula B. Thomas and Betty S. Harper 

  CPE has changed considerably in the 30 years it has been a hallmark of the accounting profession. A recent AICPA and NASBA joint exposure draft, Statement on Standards for Continuing Professional Education, is an attempt to bring state regulatory standards up to date with current CPE practice, such as self-directed learning activities. (Article)

  New U.S. Census Bureau data (for 1997) recognize CPA firms as a distinct business category, allowing CPAs to identify general competitive information by region. Interestingly, CPA firms remain concentrated in central business districts, whereas recent economic growth has occurred most rapidly in suburban locations. (Article)

  Special rules apply to accelerated payments of alimony or separate maintenance that may result in their unintended recapture under IRC section 71(f). The authors provide an algorithm and spreadsheet for maximizing the front-loading without triggering recapture. (Article)

  FEBRUARY Departments

  · Tax incentives for higher education (Article)    

  · IRS Revenue Procedure 2000-35: Dispositions of U.S. real estate by foreign persons (Article)  

  · Available exceptions for early withdrawal penalties (Article)

  · Oppressed shareholders' rights can affect estate and gift tax valuation (Article)

  · Traditional pension maximization strategies (Article)

  · Scope of practice: Independence and MDP. A message from CPA Journal Editor-in-Chief Robert Colson

FEBRUARY News & Views

  · Multidisciplinary practices: never say never?  
 · SFAS No. 133 causes companies to reevaluate derivative strategies    
  · The real MDP question: Who's the boss?  
  · FASB decisions on treatment of goodwill
  · The UAA, from the grassroots: John Peace
  · Visit CPAJournal.com
  · Book Review: API's Complete Guide to the Nonprofit Audit
  · Website of the month: PDI
Letters to the Editor
  · Statistical hair-splitting?
  · The next generation of CPAs

 Coming SOON

Special Millennium Section
Entrance to the Profession

 · Accounting education  
 · The 150-hour rule 
 · The Uniform Accountancy Act  

The CPA Manager  
 · The accountant's paradox  
Federal Taxation 
 · Deduction of acquisition costs  
Personal Financial Planning 
 · Marriage penalty and innocent spouse provisions