June Features

 

  Probability and Materiality

  By Renee Price and Wanda A. Wallace

  The relationship between probability and materiality is described so imprecisely in U.S. and international standards that applying a consistent treatment is virtually impossible. The authors propose building a likelihood dimension into accounting guidance that can form a basis for international convergence. (Article)

  

The CPA Journal Millennium Series

  Tax Benefits of Qualified State Tuition Programs 
  By Ron West

  Qualified state tuition programs (QSTP), described in IRC section 529, present a compelling way to save for higher education while saving on taxes. If utilized early enough, they can provide significant tax savings and serve as taxies wealth transfers. (Article)

 

  Return Preparer Penalties: A Comprehensive Review 

  By Terri Guitierrez 

  CPAs are subject to IRS scrutiny with regard to conduct on behalf of taxpayers. Statutory requirements specify return preparation standards, disclosure requirements, and conduct standards that must be met to avoid penalties, fines, or jail time. Violations of the Circular 230 regulations may result in suspension or dismissal from practice before the IRS. (Article)

 

   Understanding Mutual Fund Risk   
  By C. Michele Matherly and J. Howard Finch 

  Visual aides can be a useful way for CPAs to convey the performance of investment alternatives to financial planning clients. Providing sound advice requires an understanding of the measurement of investment risk and the best way to communicate this information. (Article)


  June Departments

    Accounting
   SSARS No. 8: New guidance for compilation agreements (Article) 
   The CPA in Industry 

   Defining 'hours worked' under the Fair Labor Standards Act (Article)

   The CPA in Mediation and Arbitration

   ADR: Risk containment tool (Article)

  E3 Generation 
   Success strategies for students (Article)
    Federal Taxation 

   Consolidated return developments (Article)
   NOL clarifications: SRLY and ceilings (Article)

  Flow-Through Entities

   Placing tax attributes in a partnership or LLC's general ledger (Article)

   Estates and Trusts
   Transfers with a retained life estate. Part One: Gift tax (Article)
    Practice 21
   The future of CPAs in financial services: A survey (Article)
      

   Whiter accounting standards: A message from CPA Journal Editor-in-Chief Robert Colson

June News & Views

   The materiality issue
  Craig, Carmichael, Guy win 2000 Max Block Award     
   Committees are the engine that drive the Society
   Bringing tax compliance into the information age
   Book Review: 2001 Professional's Guide to Valuation Pricing, Third Edition
   Website of the Month: AuditNet
   SCORE volunteers: learning something every day
   Clarification
  Letters to the Editor
   UAA and CPE are separate issues
   CPE: Don't take the easy way out
   Who owns what determines who does what and how
   Don't wait until something breaks
   Proud to be a CPA
   Making and keeping history
   Where will accounting be in the future?


 Coming Soon

  FASB listens   
  Processing industry knowledge 

  Internet accounting initiatives  

Auditing 
  Control self-assesment   
Federal Taxation  
  Capital gains opportunities    
Personal Financial Planning  
  Medicaid eligibility  

 

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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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