Journal of Accountancy Large Logo
January 2013
Tax season: Cued up and ready?
TAX
No matter how much uncertainty and drama Congress displays in traversing the “fiscal cliff,” CPAs will still be figuring up clients’ income, deductions, and credits and getting those returns in on time. Here, along with the JofA’s annual Quick Guide to dollar thresholds, standard amounts, and limitations, are some pointers on how to keep tax season humming.
Nina Olson
TAX
The national taxpayer advocate assesses the IRS’s performance on common taxpayer issues.
PRACTICE MANAGEMENT
Many CPAs are aware of the importance of succession planning, but about half have yet to formally implement a plan, AICPA Private Companies Practice Section research shows. With more and more Baby Boomers heading into retirement, the clock is ticking.
FROM CGMA MAGAZINE / MANAGEMENT ACCOUNTING

Those who have worked for a company that struggled during the recent financial crisis know the scenario all too well: To cut costs, the business lays off workers. The survivors are grateful to keep their jobs and assume extra duties to keep things humming. Experts are now taking a closer look at the long-term effects of doing more with less.

PROFESSIONAL ISSUES

Now that all but one state and four U.S. territories have passed individual CPA mobility laws, profession leaders are assessing the next steps in promoting cross-border practice.

TAX / MANAGEMENT ACCOUNTING

The shape and scope of health care in the United States is changing, and small businesses in particular are having a hard time understanding and adapting to the laws requiring coverage for employees. Learn from real-life examples as business owners discuss the provisions that affect them most.

PROFESSIONAL LIABILITY SPOTLIGHT
This article summarizes the risks associated with providing casual advice to clients and provides suggestions to mitigate the risk of experiencing malpractice claims based on allegations of improper tax advice.
TAX

This article gives a detailed explanation of the new Foreign Account Tax Compliance Act (FATCA) requirements, including the new rules requiring foreign financial institutions to withhold 30% from recalcitrant account holders and the requirement to report specified foreign financial assets, as well as the existing FBAR filing rules.

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