September Features

Investment Risk and Return in Qualified Tuition Plans

Section 529 plans have proven to be popular with taxpayers that have enough income to be ineligible for most financial aid, but can benefit from the tax advantages. The authors focus on one section 529 plan, New Jersey's NJ Best, and compare its performance against a wide variety of other investment options and conclude that the plan deserve consideration. (Article)

Hidden Costs of Estate Planning on Student Financial Aid

The same strategies used by high-net-worth individuals to reduce their taxable can run counter to a strategies used to maximize student financial aid. A close analysis of financial aid formulas shows the impact of asset and income transfers on student aid and reveals the hidden costs of the estate plan. (Article)

Valuation of Art Objects for Estate Tax Purposes

Appraising artwork and collectibles is a difficult craft; values can be open to interpretation and subject to a volatile markets Nonetheless, the IRS requires that reliable values be established for estate tax purposes. There are numerous revenue procedures, court decisions, and other guidance aimed at aiding the appraiser and determining a correct valuation. (Article)

Understand and Plan to Preserve Wealth

There is always a demand for practical solutions to frequently encountered financial planning problems. The authors use a mix of testamentary and inter vivos tools to tackle five cases with distinctly different fact patterns. (Article)

Small Business Administration Business and Disaster Loans

The Small Business Administration (SBA) offers a number of programs directed at helping small business get started, expand their business, or recover from a natural disaster. Companies that could use the assistance should see if they meet the SBA's eligibility and feasibility criteria and then complete a loan application. (Article)

September Departments

The CPA Manager

Investment-related tax services (Article)

The CPA in Mediation and Arbitration

Litigation in the current environment (Article)

Federal Taxation

Revenue Procedure 2002-28 provides small businesses with an automatic change to the cash method of accounting (Article)
States decouple depreciation and NOL carrybacks from new federal law (Article)

Flow-Through Entities

Exploring safe harbors for S corporation debt (Article)

State and Local Taxation

New York State amnesty (Article)

Personal Financial Planning

Investing in growth stocks may not pay off (Article)

Estates and Trusts

Income in respect of a decedent (Article)
Estate tax apportionment (Article)

Guest Editorial

Corporate boards and business oversight
By H. Stephen Grace, Jr. (Article)


News & Views

  'Managing expectations' : the key to wealth management
   Steering the Accounting Profession Past the Ethical Icebergs
   Enron demonstrates weaknesses in the attestation process
   Biblical and Talmudic basis of accounting ethics
   Protecting privacy: Gramm-Leach-Bliley Act takes effect
   Schedule K-1 update
   Anticipating the 2002 economic census
   Website of the Month:
   Book Review: First Among Equals: How to Manage a Group of Professionals

Letters to the Editor

   Defending the AICPA's independence Rules and Process

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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.

2002 The CPA Journal. Legal Notices

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