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 Loans
to Shareholders
IRC
section 7872 was enacted to eliminate the tax advantages
of making interest-free or below-market-rate loans by treating
such a loan as economically equivalent to a loan bearing
interest at an imputed rate coupled with a payment by the
lender to the borrower sufficient to fund the payment of
interest by the borrower. The recently enacted equivalent
treatment of dividends and long-term capital gains changes
the tax consequences of such loans when made to corporate
shareholders.(Corporate employee treatment remains unchanged.)
Full Story |
Reforming Peer Review: Full Steam Ahead
The Society continues to proactively lead the charge
in the effort to reform the current peer review program.
Just last month, the NYSSCPA’s Board of Directors
approved a whitepaper on peer review that completely reexamines
the current program and makes recommendations for reform
based on what peer review should be, not what it is. Developed
by the Society’s Quality Enhancement Policy Committee
(QEPC), chaired by President-Elect Tom Riley, the whitepaper
represents a major advance in the evolution of peer review. Full
Story
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 Public
Accounting Needs Good Followers
Several
summers ago, I attended a dinner and panel discussion that
a national firm offered for accounting faculty at a number
of southwestern Ohio and northern Kentucky universities.
The panel discussion focused on the 150-hour requirement,
the added value (or lack thereof) of a graduate degree,
hiring practices, and why the firm was hiring undergraduate
accounting majors rather than waiting until they completed
the 150-hour requirement by getting a master’s degree.
Full Story |