June Features

  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

  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)

  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)

  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

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

  · ADR: Risk containment tool (Article)

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

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