The CPA Journal

September Features

The CPA Journal Millennium Series
Income and Corporate Tax Provisions of the 2001 Tax Act
By Mark H. Levin, Robert H. COlson, and Sidney Kess

The 2001 Tax Act’s rate reductions and refund checks have attracted the most attention, but its other provisions will create substantial planning issues. The Act includes significant education incentives, increases retirement contributions, provides marriage penalty relief, and expands adoption benefits. Unfortunately, what the act does not include is reform of the alternative minimum tax, which will come to affect more taxpayers, especially after 2005. (Article)

The CPA Journal Millennium Series

The 2001 Estate Act: Estate Tax Repeal?

By Alan D. Kahn, Mark H. Levin, and Robert H. Colson

The good news for high-net-worth individuals is that the 2001 Tax Act provides for the repeal of the estate tax, albeit through phased-in reductions of the top rate and increases of the lifetime exemption. The bad news is that, after ultimate repeal in 2010, the Act sunsets and the tax law reverts to its previous state. The precarious nature of the repeal—and the complex basis approach required for valuing inherited assets in 2010—means that careful planning remains essential. (Article)

Transfers to Foreign Trusts: Proposed Regulatory Changes

By Joseph Lipari and Quincy Cotton

Foreign trusts have long been a favored means of deferring income from U.S. taxation and structuring U.S. real estate investments. New proposed regulations build on the IRC Section 679 and 684 limitations on the use of foreign trusts. The regulations cast a wide net, raising logistical and planning issues for multigenerational families whose members reside in different countries at different times. (Article)

Life Insurance: Dispelling Illusions

By Joseph E. Godfrey III

The history and evolution of life insurance has led to today’s bewildering array of policies, each with its unique benefits and tradeoffs. An experienced advisor can help prospective purchasers understand a policy’s strengths and illuminate its downside, uncovering the fiscal realities that a salesman will hide with splashy graphics or bury in the fine print. There is no magic to buying the right policy—only careful consideration and calculated compromise. (Article)

September Departments

Auditing
· The mythical isolated error (Article)
The CPA in Industry
· Signs of fraud: discovery (Article)
The CPA in Mediation and Arbitration
· Mediation in estate planning and will or trust contests (Article)
E3 Generation
· Stretching the CPA brand: A student perspective (Article)
Federal Taxation
· Tenth Circuit Court of Appeals supports PALs (Article)
Estates and Trusts
· Private foundation, charitable remainder trust, or both? (Article)
Not-for-Profit Organizations
· Donor-advised funds: A well-kept secret (Article)
Personal Financial Planning
· FLP litigation update (Article)
The CPA and the Computer
· Twenty questions on Internet resources for CPAs (Article)
Practice 21
· Becoming a financial consultant (Article)
Employee Benefit Plans
· Fiduciary risk management (Article)
State and Local Taxation
· Storage fees included in N.Y. property factor (Article)
Guest Editorial
· Some advice upon choosing a career, by Jeffrey R. Hoops (Article)

September News & Views
· How do you spell relief? The answer may depend · Postcard from Edinburgh--where the accounting profession was born · Our tax code: Chinese puzzle or moving target? · Book review: Acccountant's Guide to the Internet, Second Edition · Book review: The Best Way to Save for College: A Complete Guide to 529 Plans · Website of the Month: SmartPros, formerly Pro2Net · Observations on corporate citizenship · XYZ: two credential for one profession? · FASB update *Letters to the Editor* · What controversy? · About that August cover

Coming Soon

· Goodwill: SFAS 141 and 142
· Component Unit Reporting
· Management Fraud Risk Factors

Personal Financial Planning
· Elder care
The CPa Manager
· Employee fraud
The CPA and the Computer
· Internet security

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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