Assurance Services in a Changing Environment
The authors present a generalized framework for audit, review, assurance, and investigative engagements that can be adapted and used for a variety of situations. The framework includes weighing considerations at the time of accepting the engagement; obtaining knowledge about the entity and its environment; remaining alert to unusual conditions; and communicating the results. Each phase of the framework should be tailored the specific nature of each engagement.
Securing the Annual Gift Tax Exclusion for Transfers of Interests in Family Entities
Family entities have long been used to manage a family's accumulated wealth and facilitate business and estate planning. The practice of using these entities to secure the annual gift tax exclusion for transfers of interests in the entity has come under increasing IRS scrutiny. Recent regulations and court decisions suggest how to structure family entities and gifts to maximize wealth protection.
Twenty Questions About Deferred Realty Exchanges Under IRC Section 1031
Deferred realty exchanges under IRC section 1031 can provide significant tax benefits for taxpayers. The author answers the most basic questions about 1031, such as what real estate is eligible for like-kind treatment, to the most complex, such as how to structure more complex transactions and realty conversions. The author also discusses the role of the qualified intermediary and the implications for partnerships and closely-held entities.
The Accounting Credibility Crisis
An Interview with Charles Bowsher
Few people have the breadth and depth of insight and connectedness that Charles Bowsher does. The former partner of Arthur Andersen spent 15 years as comptroller general of the United States, and most recently served as chair of the Public Oversight Board. In this frank interview, he discusses why the POB chose to disband, the effects of the Sarbanes-Oxley Act and the Public Company Accounting Oversight Board (PCAOB), and the leadership at the SEC and AICPA.