Pub Date : 2000-02-01DOI: 10.1680/stfbnc2000.42506
R. Jeffords, M. Scheidt, G. Thibadoux
Get to the best students early in their college careers. Skimming the cream from the college talent pool isn't as easy as it used to be. The days when a recruiter for a CPA firm or company could simply arrive on campus, put in a day or two of interviewing and choose the best candidates for the available positions are long gone. In the current competitive hiring environment, the top students often have made job commitments by their senior year and narrowed their search by the time they are juniors. So how can a small or midsize CPA firm or company find and hire premium candidates out of college? One economical tactic for recruiting from among undergraduates is to develop a work relationship with a student as early as possible. Sophomore year is not too soon. An ongoing program such as a student internship or cooperative work arrangement will eventually provide a firm with a choice of employees who are knowledgeable about the job and compatible with the firm's culture. Smaller firms that have been successful finding young staffers who mesh with the culture and are likely to stick around for a couple of years have done it by seeking out the best students before other firms or companies do. Representatives go early to the campuses, meet with sophomores and freshmen and discuss their goals. They explain what the firm or company does and, perhaps most important, what a CPA does. Firms can seek out students by visiting with a local college or university student services office or by contacting members of the faculty of the school's business and accounting departments. INTERNSHIPS ARE WIN-WIN Employing a student part-time while he or she is in school is still the most effective method of relationship building. Interns can do a variety of important jobs at a firm with the coaching of a good manager. It is a win-win deal for the students: Schools encourage them to pursue their professional interests, and such arrangements allow them flexibility in scheduling work around school obligations. Of course, simply bringing students and staff together is no guarantee that you will be able to build a meaningful, long-term relationship. In fact, the real challenge of internship programs begins when the student shows up at your office for the first day of "real work." It is important that your firm or company have in place an organized and well-thought-out mentoring program. The mentor offers the trainee personal guidance, technical and emotional support and help in adjusting to the firm's or company's culture. (See "Someone to Look Up To," JofA, Nov. 99, page 89.) Many firms will designate the intern's immediate supervisor as his or her mentor, but it is not unusual to assign a person not directly involved in supervision as mentor. Several characteristics of successful mentors include: Strong interpersonal skills. The mentor will be the go-to person for your intern, so he or she must be someone who can really listen, who enjoys teaching people to grow both personall
{"title":"Securing the Future","authors":"R. Jeffords, M. Scheidt, G. Thibadoux","doi":"10.1680/stfbnc2000.42506","DOIUrl":"https://doi.org/10.1680/stfbnc2000.42506","url":null,"abstract":"Get to the best students early in their college careers. Skimming the cream from the college talent pool isn't as easy as it used to be. The days when a recruiter for a CPA firm or company could simply arrive on campus, put in a day or two of interviewing and choose the best candidates for the available positions are long gone. In the current competitive hiring environment, the top students often have made job commitments by their senior year and narrowed their search by the time they are juniors. So how can a small or midsize CPA firm or company find and hire premium candidates out of college? One economical tactic for recruiting from among undergraduates is to develop a work relationship with a student as early as possible. Sophomore year is not too soon. An ongoing program such as a student internship or cooperative work arrangement will eventually provide a firm with a choice of employees who are knowledgeable about the job and compatible with the firm's culture. Smaller firms that have been successful finding young staffers who mesh with the culture and are likely to stick around for a couple of years have done it by seeking out the best students before other firms or companies do. Representatives go early to the campuses, meet with sophomores and freshmen and discuss their goals. They explain what the firm or company does and, perhaps most important, what a CPA does. Firms can seek out students by visiting with a local college or university student services office or by contacting members of the faculty of the school's business and accounting departments. INTERNSHIPS ARE WIN-WIN Employing a student part-time while he or she is in school is still the most effective method of relationship building. Interns can do a variety of important jobs at a firm with the coaching of a good manager. It is a win-win deal for the students: Schools encourage them to pursue their professional interests, and such arrangements allow them flexibility in scheduling work around school obligations. Of course, simply bringing students and staff together is no guarantee that you will be able to build a meaningful, long-term relationship. In fact, the real challenge of internship programs begins when the student shows up at your office for the first day of \"real work.\" It is important that your firm or company have in place an organized and well-thought-out mentoring program. The mentor offers the trainee personal guidance, technical and emotional support and help in adjusting to the firm's or company's culture. (See \"Someone to Look Up To,\" JofA, Nov. 99, page 89.) Many firms will designate the intern's immediate supervisor as his or her mentor, but it is not unusual to assign a person not directly involved in supervision as mentor. Several characteristics of successful mentors include: Strong interpersonal skills. The mentor will be the go-to person for your intern, so he or she must be someone who can really listen, who enjoys teaching people to grow both personall","PeriodicalId":31457,"journal":{"name":"Journal of Economics Business Accountancy","volume":"13 1","pages":"49"},"PeriodicalIF":0.0,"publicationDate":"2000-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79847181","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1999-12-01DOI: 10.1097/00003465-199511000-00004
Stanley Zarowin
EXECUTIVE SUMMARY * THE ADVENT OF THE PC changed the basic rules governing office design. Suddenly there was a need to install a PC on a desk so that it was both convenient and comfortable to use. * EVEN MUNDANE THINGS, such as lighting that causes screen glare, had to be addressed. * THE BEST DESKS EXHIBIT two basic ergonomic features: They are L- or U-shaped and have an adjustable keyboard drawer slightly below the desk top. Such designs give the user convenient access. The goal is to reach things without twisting, stretching or moving too much. * TODAY'S MINIMUM STANDARD computer setup is a 400-megahertz Pentium III with 128 megabytes of RAM; a 5-gigabyte hard drive and CD-ROM and Zip drives; a 17-inch monitor screen; Internet access; a network (even in a small office); an automated and reliable backup system: a CD-ROM recorder; and an uninterrupted power supply. * DON'T SKIMP ON TELEPHONE equipment. Install enough extra lines so customers and clients are not put off by busy signals; consider cordless phones so you can move about the office as you talk and even headsets for hands-free conversation. * THINK TWICE BEFORE buying one of those multifunctional machines that print, fax, copy and scan documents. They may save you money, but you may lose out on convenience. Plan it right--from furniture to phones to lighting. Until the early 1980s, designing an executive office was a piece of cake: All you needed was a large desk, a plush high-back chair on casters, a couple of visitors' chairs and maybe a credenza, a bookcase and a conference table. No need to provide space for a typewriter--after all, typing was done by a secretary or the typing pool, situated outside the executive's office. In the mid-1980s, when the first hefty microcomputer was trucked in it was relegated to a space near the store-room where the nonprofessionals toiled. But by the late 1980s, micros had miniaturized into desktop PCs, and secretaries were upgraded to executive assistants and they no longer typed executives' letters. In fact, not only did executives have to make room for PCs on their desks, but they actually had to learn how to use them. The joke making the rounds at the time--out of executives' earshot, of course--was Question: How do you know, when the managing partner is finally using his new computer? Answer: When the screen is dabbed with WiteOut. And once the PC became a tool required of all CPAs--even those in the executive ranks--office design had to change. Their desks had to accommodate the ubiquitous computer. Even lighting became a problem: Blinds or drapes had to be added to the prized corner office because sunlight streaming in from two sides washed out the computer screen. Some organizations, such as the one profiled on this page, had difficulty recognizing the impact of the move to computers. COST AND STYLE Visitors to offices of CPAs and other executives who spend considerable time at computers report that few have replaced their conventional desks
{"title":"The Perfect Office","authors":"Stanley Zarowin","doi":"10.1097/00003465-199511000-00004","DOIUrl":"https://doi.org/10.1097/00003465-199511000-00004","url":null,"abstract":"EXECUTIVE SUMMARY * THE ADVENT OF THE PC changed the basic rules governing office design. Suddenly there was a need to install a PC on a desk so that it was both convenient and comfortable to use. * EVEN MUNDANE THINGS, such as lighting that causes screen glare, had to be addressed. * THE BEST DESKS EXHIBIT two basic ergonomic features: They are L- or U-shaped and have an adjustable keyboard drawer slightly below the desk top. Such designs give the user convenient access. The goal is to reach things without twisting, stretching or moving too much. * TODAY'S MINIMUM STANDARD computer setup is a 400-megahertz Pentium III with 128 megabytes of RAM; a 5-gigabyte hard drive and CD-ROM and Zip drives; a 17-inch monitor screen; Internet access; a network (even in a small office); an automated and reliable backup system: a CD-ROM recorder; and an uninterrupted power supply. * DON'T SKIMP ON TELEPHONE equipment. Install enough extra lines so customers and clients are not put off by busy signals; consider cordless phones so you can move about the office as you talk and even headsets for hands-free conversation. * THINK TWICE BEFORE buying one of those multifunctional machines that print, fax, copy and scan documents. They may save you money, but you may lose out on convenience. Plan it right--from furniture to phones to lighting. Until the early 1980s, designing an executive office was a piece of cake: All you needed was a large desk, a plush high-back chair on casters, a couple of visitors' chairs and maybe a credenza, a bookcase and a conference table. No need to provide space for a typewriter--after all, typing was done by a secretary or the typing pool, situated outside the executive's office. In the mid-1980s, when the first hefty microcomputer was trucked in it was relegated to a space near the store-room where the nonprofessionals toiled. But by the late 1980s, micros had miniaturized into desktop PCs, and secretaries were upgraded to executive assistants and they no longer typed executives' letters. In fact, not only did executives have to make room for PCs on their desks, but they actually had to learn how to use them. The joke making the rounds at the time--out of executives' earshot, of course--was Question: How do you know, when the managing partner is finally using his new computer? Answer: When the screen is dabbed with WiteOut. And once the PC became a tool required of all CPAs--even those in the executive ranks--office design had to change. Their desks had to accommodate the ubiquitous computer. Even lighting became a problem: Blinds or drapes had to be added to the prized corner office because sunlight streaming in from two sides washed out the computer screen. Some organizations, such as the one profiled on this page, had difficulty recognizing the impact of the move to computers. COST AND STYLE Visitors to offices of CPAs and other executives who spend considerable time at computers report that few have replaced their conventional desks ","PeriodicalId":31457,"journal":{"name":"Journal of Economics Business Accountancy","volume":"44 1","pages":"24"},"PeriodicalIF":0.0,"publicationDate":"1999-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86379822","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1999-08-01DOI: 10.1021/cen-v035n022.p040
Llowell S. Pethley, Richard I. Fremgen
A time when the future of the profession is being redefined, we've come up with a designation that encompasses what CPAs really do. Over the years, we, as CPAs in public practice and as auditors and as consultants to client management, have had the opportunity to provide accounting, auditing and consulting services to many clients. Our clients' needs have compelled us to expand our service horizons. Here is what we have learned. The accounting profession--CPAs in public practice, working in business and industry and those in education and government--is facing profound changes. The marketplace, clients and professional expectations are suddenly different. Clients expect many more services as they constantly reassess their processes and products in order to deal with worldwide competition. Clients also expect their CPAs to warn them in advance of the effect accounting changes will have on financial reporting and to advise them about systems changes needed to meet new marketplace demands. At the same time, the profession is grappling with what services are appropriate to offer. The profession is expending a great deal of effort--with the Vision Project and the proposed new assurance services, for example--to reposition itself to face these often confusing marketplace demands. There is a need for establishing professional requirements and qualifications for information consultancy to meet the needs of clients in defining, developing and using information in a high-tech global environment. Although many people today can assist clients with these needs, some lack recognized, well-established professional qualifications. Accounting is a long and well-established information-oriented profession, well-suited to fill the role of information consultancy under the aegis of the designation "Certified Information Consultancy." In the past, the profession's literature and services emphasized financial information and the accounting systems from which it is derived. As computers bring us more information faster, it has become clear that an "accounting system" is in some ways an abstraction and that almost all of an organization's information eventually has financial significance. Today, financial information is inextricably woven together with other information needed to operate, manage and assess an organization's activities. This new, integrated information universe makes it possible for management, auditors and consultants to better understand an organization's activities and how they affect its well-being. The profession has met clients' demands by, for example, expanding its information-oriented services, improving the analytical processes in audits and using technology tools to improve other services. As the information revolution continues to gain speed and the accounting profession's involvement in it becomes more challenging, the direction the profession needs to take is clear: understanding information. A NEW DEFINITION REQUIRED We believe that "accou
{"title":"What's in a Name Change?","authors":"Llowell S. Pethley, Richard I. Fremgen","doi":"10.1021/cen-v035n022.p040","DOIUrl":"https://doi.org/10.1021/cen-v035n022.p040","url":null,"abstract":"A time when the future of the profession is being redefined, we've come up with a designation that encompasses what CPAs really do. Over the years, we, as CPAs in public practice and as auditors and as consultants to client management, have had the opportunity to provide accounting, auditing and consulting services to many clients. Our clients' needs have compelled us to expand our service horizons. Here is what we have learned. The accounting profession--CPAs in public practice, working in business and industry and those in education and government--is facing profound changes. The marketplace, clients and professional expectations are suddenly different. Clients expect many more services as they constantly reassess their processes and products in order to deal with worldwide competition. Clients also expect their CPAs to warn them in advance of the effect accounting changes will have on financial reporting and to advise them about systems changes needed to meet new marketplace demands. At the same time, the profession is grappling with what services are appropriate to offer. The profession is expending a great deal of effort--with the Vision Project and the proposed new assurance services, for example--to reposition itself to face these often confusing marketplace demands. There is a need for establishing professional requirements and qualifications for information consultancy to meet the needs of clients in defining, developing and using information in a high-tech global environment. Although many people today can assist clients with these needs, some lack recognized, well-established professional qualifications. Accounting is a long and well-established information-oriented profession, well-suited to fill the role of information consultancy under the aegis of the designation \"Certified Information Consultancy.\" In the past, the profession's literature and services emphasized financial information and the accounting systems from which it is derived. As computers bring us more information faster, it has become clear that an \"accounting system\" is in some ways an abstraction and that almost all of an organization's information eventually has financial significance. Today, financial information is inextricably woven together with other information needed to operate, manage and assess an organization's activities. This new, integrated information universe makes it possible for management, auditors and consultants to better understand an organization's activities and how they affect its well-being. The profession has met clients' demands by, for example, expanding its information-oriented services, improving the analytical processes in audits and using technology tools to improve other services. As the information revolution continues to gain speed and the accounting profession's involvement in it becomes more challenging, the direction the profession needs to take is clear: understanding information. A NEW DEFINITION REQUIRED We believe that \"accou","PeriodicalId":31457,"journal":{"name":"Journal of Economics Business Accountancy","volume":"14 1","pages":"71"},"PeriodicalIF":0.0,"publicationDate":"1999-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73755493","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1998-12-01DOI: 10.1108/bl.1999.17012baf.026
John Lacher
For years most accountants functioned as information gatherers and financial "historians." But today, with computers automating many of those tedious, manual jobs, CPAs are swiftly evolving into information analysts. The timing of this transformation is not any too soon: Because of the now ubiquitous personal computer, business managers are drowning in mountains of data and seeking ways to transform those raw numbers into business strategy. Although computers were quick to create the data avalanche, they lagged in ways to eliminate--or at least shrink--it even though they were touted as number-crunchers. Spreadsheet software applications available before the early 1990s, for example, lacked the industrial strength to perform the kind of analysis that database software could do with the click of a button. To effectively analyze huge blocks of financial information generally required teaming the spreadsheet with a database application--a marriage of necessity that at the time was both clumsy and mismatched. The advent of the software suite--in which several key applications from the same vendor work relatively seamlessly together--made the marriage in some cases somewhat less disharmonious but still not very user-friendly to anyone with less than an expert knowledge of database software. Often the user had to turn to a database programmer to forge the complex links between the two applications. It wasn't until Excel version 5 came along in 1994 that a spreadsheet application could tackle such a project single-handedly. The solution was provided by a new function called a PivotTable, which does not only perform powerful data analysis but is easy to use. Without any special programming training, a CPA can execute some fancy financial spreadsheet analysis without turning to a database programmer for help or, in many cases, without even linking the spreadsheet to a database (see the sidebar "The Competition Steams Up," below). This article focuses on Excel rather than its competitors because it contains a more powerful data analyzer than either Lotus 1-2-3 or Quattro Pro, and because Excel is a more widely used spreadsheet application. The article walks you through several examples that illustrate how the PivotTable function can enhance an accountant's work. THE JOBS IT CAN DO As shown in the examples, a PivotTable automatically reformats tables of data in a spreadsheet. What makes it so handy is that you don't have to enter new formulas. Thus, you can analyze and compare different sets of totals by rotating and rearranging the rows and columns of the PivotTable with a few mouse movements. PivotTable also can cross-tabulate data from another Excel worksheet. And it can even import and analyze large amounts of data stored in an external database. If you've ever had to do some of these chores manually, you know how tedious and time-consuming they can be. Here are some examples of where the PivotTable function can solve typical financial problems. Example
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Pub Date : 1998-12-01DOI: 10.7551/mitpress/5964.003.0024
R. Swad
How to handle divorce-related stock redemptions. When a closely held business is a major marital asset, it can be a roadblock to an easy division of property when the spouses divorce. In such circumstances, a CPA can recommend a stock redemption as a way to equalize the property settlement between spouses. However, conflicting court cases have created uncertainty as to which spouse will be taxed when a redemption is divorce-related. At issue is whether the redemption is considered a third-party transfer subject to IRC section 1041. CPAs who advise divorcing clients must understand when a divorce-related redemption is considered a section 1041 third-party (not desirable) transfer so they can help the client avoid this treatment as well as the potential problems conflicting legal decisions have created. STOCK REDEMPTIONS AND SECTION 1041 Under section 1041, a transfer of property by one spouse to a former spouse is not a taxable event if it is incident to (as a result of) a divorce. Under temporary regulations section 1.1041-1T(c), a transfer of property to a third party on behalf of a former spouse also is not taxable if it is required by the divorce or separation instrument. However, the transfer is taxable to the nontransferring spouse. Example. To satisfy the terms of his divorce decree, Howard transfers corporate stock to an attorney in payment of the legal fees of his former spouse, Wanda. The stock has a fair market value of $10,000 and a basis to Howard of $1,000. Under temporary regulations section 1.1041-1T(c), Wanda is taxed on a $9,000 capital gain because the transfer was (1) on her behalf and (2) required by the couple's divorce decree. The IRS considers two transfers to have taken place: The first deemed transfer is from Howard to Wanda; the second is from Wanda to the third party, her attorney. Section 1041 tax-free treatment applies only to the first transfer; the second is taxable to Wanda. (Note: A deemed transfer is one that does not actually occur but is assumed by the code or regulations to have taken place.) When a closely held corporation is a significant part of a couple's assets, typically the divorcing spouses agree the business should be 100% owned by the spouse who is active in running the business. The inactive spouse's stock is redeemed to equalize the settlement. The question is whether the transfer of stock to the corporation is on behalf of the active spouse. If it is, then the redemption is considered to be a third-party transfer subject to temporary regulations section 1.1041-1T(c). Example. Sylvia and Bert each own 50% of Xanadu Corp. Because Sylvia runs the company, the divorce decree requires Xanadu to redeem Bert's stock. If the redemption is considered a third-party transfer, Bert is deemed to transfer the stock to Sylvia; then Sylvia is deemed to transfer it to Xanadu in a redemption. The first transfer is tax-free under section 1041. The redemption from Sylvia is taxable. Since Sylvia owned 100% of the sto
如何处理与离婚有关的股票赎回。如果一家私人持股企业是夫妻双方的主要资产，那么在夫妻离婚时，它可能会成为财产分割的障碍。在这种情况下，注册会计师可以建议赎回股票，以平衡配偶之间的财产结算。然而，相互矛盾的法庭案件造成了不确定性，即当赎回与离婚有关时，哪一方将被征税。问题是赎回是否被视为受IRC第1041条约束的第三方转让。为离婚客户提供咨询服务的注册会计师必须了解离婚相关赎回何时被视为第1041条第三方(不可取的)转让，以便他们可以帮助客户避免这种待遇以及相互冲突的法律决定所产生的潜在问题。股票赎回和第1041条根据第1041条，配偶一方向前配偶转移财产，如果是离婚事件(由于离婚)，则不应纳税。根据临时条例第1.1041-1T(c)条，如果离婚或分居文书要求将财产转让给代表前配偶的第三方，也不征税。但是，这笔转让要向未转让的配偶征税。的例子。为了履行离婚协议的条款，霍华德将公司股份转让给一位律师，以支付他的前配偶旺达的法律费用。股票的公平市场价值为1万美元，对霍华德的基础价值为1000美元。根据临时条例第1.1041-1T(c)条，万达需要缴纳9000美元的资本利得税，因为这笔转让是(1)以她的名义进行的，(2)这对夫妇的离婚令要求进行的。美国国税局认为已经发生了两次转移:第一次被视为转移是从霍华德到万达;第二封是万达寄给第三方，她的律师。第1041条免税待遇仅适用于第一次转让;第二部分由万达纳税。(注:视同转让是指没有实际发生，但代码或法规假定已经发生的转让。)当一个少数人持股的公司是夫妻财产的重要部分时，离婚的配偶通常会同意企业应该由积极经营企业的配偶100%拥有。不活跃配偶的股票被赎回，以平衡和解。问题是股票转让给公司是否代表在职配偶。如果是，则赎回被视为符合临时条例第1.1041-1T(c)条的第三方转让。的例子。西尔维娅和伯特各拥有世外桃源公司50%的股份。由于西尔维娅经营着这家公司，离婚协议要求世外桃源公司赎回伯特的股票。如果赎回被视为第三方转让，则伯特被视为将股票转让给西尔维娅;然后西尔维娅被认为是在救赎中将它转移到世外桃源。根据第1041条，第一次转让是免税的。从西尔维娅那里得到的补偿是要纳税的。由于西尔维娅在赎回之前和之后立即拥有100%的股票，因此根据IRC第302(d)条，赎回作为股息向她征税。第118页的附件说明了临时条例下的视同转让与实际赎回的比较。Arnes诉美国(981 F2d 456 [9th Cir. 1992])是第一起涉及离婚相关股票赎回和第1041条的案件。这起案件发生在约翰和乔安离婚之后。离婚前，这对夫妇共同拥有Moriah Valley Enterprises, Inc. 100%的股份，而该公司又拥有麦当劳(McDonald’s)在华盛顿州埃伦斯堡(Ellensburg)的特许经营权。因为麦当劳有一项政策，要求加盟店必须100%归其所有者兼经营者所有，约翰和乔安同意离婚后，约翰将拥有摩利亚100%的股份。财产和解协议要求摩利亚赎回乔安的股票，并要求约翰保证赎回。…
{"title":"Breaking Up Is Hard to Do","authors":"R. Swad","doi":"10.7551/mitpress/5964.003.0024","DOIUrl":"https://doi.org/10.7551/mitpress/5964.003.0024","url":null,"abstract":"How to handle divorce-related stock redemptions. When a closely held business is a major marital asset, it can be a roadblock to an easy division of property when the spouses divorce. In such circumstances, a CPA can recommend a stock redemption as a way to equalize the property settlement between spouses. However, conflicting court cases have created uncertainty as to which spouse will be taxed when a redemption is divorce-related. At issue is whether the redemption is considered a third-party transfer subject to IRC section 1041. CPAs who advise divorcing clients must understand when a divorce-related redemption is considered a section 1041 third-party (not desirable) transfer so they can help the client avoid this treatment as well as the potential problems conflicting legal decisions have created. STOCK REDEMPTIONS AND SECTION 1041 Under section 1041, a transfer of property by one spouse to a former spouse is not a taxable event if it is incident to (as a result of) a divorce. Under temporary regulations section 1.1041-1T(c), a transfer of property to a third party on behalf of a former spouse also is not taxable if it is required by the divorce or separation instrument. However, the transfer is taxable to the nontransferring spouse. Example. To satisfy the terms of his divorce decree, Howard transfers corporate stock to an attorney in payment of the legal fees of his former spouse, Wanda. The stock has a fair market value of $10,000 and a basis to Howard of $1,000. Under temporary regulations section 1.1041-1T(c), Wanda is taxed on a $9,000 capital gain because the transfer was (1) on her behalf and (2) required by the couple's divorce decree. The IRS considers two transfers to have taken place: The first deemed transfer is from Howard to Wanda; the second is from Wanda to the third party, her attorney. Section 1041 tax-free treatment applies only to the first transfer; the second is taxable to Wanda. (Note: A deemed transfer is one that does not actually occur but is assumed by the code or regulations to have taken place.) When a closely held corporation is a significant part of a couple's assets, typically the divorcing spouses agree the business should be 100% owned by the spouse who is active in running the business. The inactive spouse's stock is redeemed to equalize the settlement. The question is whether the transfer of stock to the corporation is on behalf of the active spouse. If it is, then the redemption is considered to be a third-party transfer subject to temporary regulations section 1.1041-1T(c). Example. Sylvia and Bert each own 50% of Xanadu Corp. Because Sylvia runs the company, the divorce decree requires Xanadu to redeem Bert's stock. If the redemption is considered a third-party transfer, Bert is deemed to transfer the stock to Sylvia; then Sylvia is deemed to transfer it to Xanadu in a redemption. The first transfer is tax-free under section 1041. The redemption from Sylvia is taxable. Since Sylvia owned 100% of the sto","PeriodicalId":31457,"journal":{"name":"Journal of Economics Business Accountancy","volume":"123 1","pages":"113"},"PeriodicalIF":0.0,"publicationDate":"1998-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85663470","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1998-12-01DOI: 10.1007/978-3-642-28036-8_101165
Nicholas J. Fiore
{"title":"Performance-Based Compensation","authors":"Nicholas J. Fiore","doi":"10.1007/978-3-642-28036-8_101165","DOIUrl":"https://doi.org/10.1007/978-3-642-28036-8_101165","url":null,"abstract":"","PeriodicalId":31457,"journal":{"name":"Journal of Economics Business Accountancy","volume":"60 1","pages":"126"},"PeriodicalIF":0.0,"publicationDate":"1998-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80539712","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
CPAs get a tool to help them make their vision on reality. For those of you who believe time travel is impossible, more than 3,400 CPAs are willing to prove you wrong. These voyagers fast-forwarded to the future in the initial phase of the CPA Vision Process--a massive grass-roots effort by the accounting profession to reposition itself for the challenges it will face in the 21st century and the first time any American profession has engaged in a visioning project of such magnitude. Bound into this issue of the Journal is a special report, CPA Vision 2011 and Beyond: Focus on the Horizon, detailing why the process was launched and how the profession came together to identify an exciting and invigorating future for all CPAs. The report is not merely an after-the-fact account of what happened. It's a tool to help CPAs in all segments of the profession tackle a very different future and determine how they'll fit into it. WHY VISIONING? As the century concludes, it's clear that the massive changes in the business world will only accelerate as technological innovations, unexpected commercial alliances, industry transformations and a host of powerful social forces continue to permeate the global community. In this environment, the CPA profession has focused with objectivity and analytical insight on its own challenges: * The number of new non-CPA competitors not bound by the profession's code of ethics is increasing rapidly. * The perceived value of the corner-stones of the profession--audit and tax compliance--is declining. * The world is growing more borderless all the time and people all over are demanding new, more complex and real-time financial advice and services. * Fewer and fewer young people are selecting the CPA profession as their life's work. * Very few CPAs are aware of how diverse the members of the profession are in terms of skills, ideas and focus, and how much potential they represent. * Technological developments are rewriting the rules of business and threatening to leave behind all who do not stay current. THE PROFESSION RESPONDS Confronted with such issues, the profession could have chosen to wait and see what unfolded, carrying on business as usual. Instead, CPAs decided to embrace change and used the CPA Vision Process as the mechanism for creating a future in which they would be in a good position to turn the challenges of the new business world into opportunities. A coalition of the AICPA and CPA societies of all 50 states, Puerto Rico, Guam and the Virgin Islands spearheaded the process to come up with a realistic assessment of what the future is likely to hold for the profession and to define how CPAs can best maintain and expand their roles as leaders in commerce, business and finance. Phase 1 of the CPA Vision Process included * Research and development. * Future Forums. * The National Future Forum. * A transition to the strategic planning and implementation phase. Each stage led toward the ultimate goal of a Core Purpose
{"title":"The Future - It Is Us","authors":"Joyce Thomas","doi":"10.2307/j.ctt1vw0s8r.12","DOIUrl":"https://doi.org/10.2307/j.ctt1vw0s8r.12","url":null,"abstract":"CPAs get a tool to help them make their vision on reality. For those of you who believe time travel is impossible, more than 3,400 CPAs are willing to prove you wrong. These voyagers fast-forwarded to the future in the initial phase of the CPA Vision Process--a massive grass-roots effort by the accounting profession to reposition itself for the challenges it will face in the 21st century and the first time any American profession has engaged in a visioning project of such magnitude. Bound into this issue of the Journal is a special report, CPA Vision 2011 and Beyond: Focus on the Horizon, detailing why the process was launched and how the profession came together to identify an exciting and invigorating future for all CPAs. The report is not merely an after-the-fact account of what happened. It's a tool to help CPAs in all segments of the profession tackle a very different future and determine how they'll fit into it. WHY VISIONING? As the century concludes, it's clear that the massive changes in the business world will only accelerate as technological innovations, unexpected commercial alliances, industry transformations and a host of powerful social forces continue to permeate the global community. In this environment, the CPA profession has focused with objectivity and analytical insight on its own challenges: * The number of new non-CPA competitors not bound by the profession's code of ethics is increasing rapidly. * The perceived value of the corner-stones of the profession--audit and tax compliance--is declining. * The world is growing more borderless all the time and people all over are demanding new, more complex and real-time financial advice and services. * Fewer and fewer young people are selecting the CPA profession as their life's work. * Very few CPAs are aware of how diverse the members of the profession are in terms of skills, ideas and focus, and how much potential they represent. * Technological developments are rewriting the rules of business and threatening to leave behind all who do not stay current. THE PROFESSION RESPONDS Confronted with such issues, the profession could have chosen to wait and see what unfolded, carrying on business as usual. Instead, CPAs decided to embrace change and used the CPA Vision Process as the mechanism for creating a future in which they would be in a good position to turn the challenges of the new business world into opportunities. A coalition of the AICPA and CPA societies of all 50 states, Puerto Rico, Guam and the Virgin Islands spearheaded the process to come up with a realistic assessment of what the future is likely to hold for the profession and to define how CPAs can best maintain and expand their roles as leaders in commerce, business and finance. Phase 1 of the CPA Vision Process included * Research and development. * Future Forums. * The National Future Forum. * A transition to the strategic planning and implementation phase. Each stage led toward the ultimate goal of a Core Purpose ","PeriodicalId":31457,"journal":{"name":"Journal of Economics Business Accountancy","volume":"36 1","pages":"23"},"PeriodicalIF":0.0,"publicationDate":"1998-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83301791","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1998-09-01DOI: 10.1108/bl.1999.17012baf.003
M. J. Dailey
Become a player in a growing business sector. There are few U.S. towns so small that they don't have at least one set of golden arches, to say nothing of Burger King, Wendy's and KFC. Franchises are clearly profitable businesses--but they can be tricky ones. Misunderstandings can sour the relationship for both franchisor and franchisee. Individuals and companies pour substantial capital into a franchise, so informed investing is critical. Two factors are essential for success: a careful assessment of the initial offer and a harmonious relationship between the parties. To fulfill their roles as key advisers to business, CPAs need to be aware of the latest franchising developments. Two documents in particular govern the formation of the franchise relationship: * The Franchise Rule of August 24, 1979, published by the Federal Trade Commission and reexamined by franchisors and franchisees in 1995. This rule applies to franchisers and franchise brokers and is the result of criticisms of deceptive and unfair practices. * The Uniform Franchise Offering Circular (UFOC) developed by the North American Securities Administrators Association (NASAA) and issued by the International Franchise Association (IFA). It was adopted September 2, 1975--and revised April 25, 1993--for states to use in franchising regulation. Development of the rules. In 1995, some 20 franchisor and franchisee representatives attended a workshop in Minneapolis. Franchisee representatives encouraged greater focus on creating a solid, harmonious relationship between buyer and seller, while franchisor representatives asked that potential franchisees become better informed about the ramifications of the franchise alliance. A broad consensus emerged to develop a more useful offering circular for investors. Accordingly, NASAA representatives encouraged the FTC to adopt a national disclosure standard, using the revised 1993 UFOC, that would be effective no later than 1995. This would replace the UFOC of September 2, 1975. KNOW THE RULES The UFOC is the principal disclosure document to guide prospective franchisees with their investments. The NASAA required its use effective no later than 1995, in response to criticisms from franchisee representatives, who said the 1979 rule for presale disclosure did not adequately address the ongoing franchisor/franchisee relationship. (The complete document, published by the International Franchise Association, can be obtained for $21.95 from the IFA in Washington, D.C., by calling 800-543-1038. The IFA has educational materials about the UFOC as well.) These revisions simplify the evaluation process and enhance the franchising relationship. The revised document addresses general instructions and 23 specific disclosure items. The most significant changes are Format and structure. Franchisors should disclose material facts in accurate and unambiguous language and avoid archaic and awkward legalese. (See exhibit 1, for a detailed list of suggested changes.) Th
{"title":"Franchise Rules You Should Know","authors":"M. J. Dailey","doi":"10.1108/bl.1999.17012baf.003","DOIUrl":"https://doi.org/10.1108/bl.1999.17012baf.003","url":null,"abstract":"Become a player in a growing business sector. There are few U.S. towns so small that they don't have at least one set of golden arches, to say nothing of Burger King, Wendy's and KFC. Franchises are clearly profitable businesses--but they can be tricky ones. Misunderstandings can sour the relationship for both franchisor and franchisee. Individuals and companies pour substantial capital into a franchise, so informed investing is critical. Two factors are essential for success: a careful assessment of the initial offer and a harmonious relationship between the parties. To fulfill their roles as key advisers to business, CPAs need to be aware of the latest franchising developments. Two documents in particular govern the formation of the franchise relationship: * The Franchise Rule of August 24, 1979, published by the Federal Trade Commission and reexamined by franchisors and franchisees in 1995. This rule applies to franchisers and franchise brokers and is the result of criticisms of deceptive and unfair practices. * The Uniform Franchise Offering Circular (UFOC) developed by the North American Securities Administrators Association (NASAA) and issued by the International Franchise Association (IFA). It was adopted September 2, 1975--and revised April 25, 1993--for states to use in franchising regulation. Development of the rules. In 1995, some 20 franchisor and franchisee representatives attended a workshop in Minneapolis. Franchisee representatives encouraged greater focus on creating a solid, harmonious relationship between buyer and seller, while franchisor representatives asked that potential franchisees become better informed about the ramifications of the franchise alliance. A broad consensus emerged to develop a more useful offering circular for investors. Accordingly, NASAA representatives encouraged the FTC to adopt a national disclosure standard, using the revised 1993 UFOC, that would be effective no later than 1995. This would replace the UFOC of September 2, 1975. KNOW THE RULES The UFOC is the principal disclosure document to guide prospective franchisees with their investments. The NASAA required its use effective no later than 1995, in response to criticisms from franchisee representatives, who said the 1979 rule for presale disclosure did not adequately address the ongoing franchisor/franchisee relationship. (The complete document, published by the International Franchise Association, can be obtained for $21.95 from the IFA in Washington, D.C., by calling 800-543-1038. The IFA has educational materials about the UFOC as well.) These revisions simplify the evaluation process and enhance the franchising relationship. The revised document addresses general instructions and 23 specific disclosure items. The most significant changes are Format and structure. Franchisors should disclose material facts in accurate and unambiguous language and avoid archaic and awkward legalese. (See exhibit 1, for a detailed list of suggested changes.) Th","PeriodicalId":31457,"journal":{"name":"Journal of Economics Business Accountancy","volume":"478 1","pages":"57"},"PeriodicalIF":0.0,"publicationDate":"1998-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78118633","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1998-08-01DOI: 10.1007/978-1-4302-0024-6_16
A. Dennis
{"title":"A Home on the Web","authors":"A. Dennis","doi":"10.1007/978-1-4302-0024-6_16","DOIUrl":"https://doi.org/10.1007/978-1-4302-0024-6_16","url":null,"abstract":"","PeriodicalId":31457,"journal":{"name":"Journal of Economics Business Accountancy","volume":"35 1","pages":"29"},"PeriodicalIF":0.0,"publicationDate":"1998-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75817267","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Before jumping into WebTrust, CPAs should understand not only the problems with consumer online commerce that give rise to programs such as WebTrust, but also the Web logo services from non-CPA competitors. Although electronic commerce offers CPAs a chance to build on their experience, reputation and training, they need to understand some background before they proceed. No one article, or even one book, can explain everything CPAs. need to know about online commerce, but this article explores several key areas in the current e-commerce landscape. LEARN TO TRUST Although the estimates vary widely from different research organizations, Forrester Research, Inc. (www.forrester.com), a market research company that specializes in information technology and e-commerce, estimates that buyers and sellers exchanged $8 billion over the Internet in 1997 and will exchange well over $100 billion by the year 2000--a trend that poses ample opportunities for CPAs. According to the AICPA special committee on assurance services, the e-commerce assurance market for CPAs could grow to between $2 billion and $11 billion annually over the next few years (www.aicpa.org/assurance/index.htm). Although e-commerce is exploding, both buyers and sellers voice concerns about conducting business on the Internet. Many customers and business owners still distrust the process of e-commerce. They also may have a number of concerns about their potential trading partners--trading partners that they may never have dealt with previously or even communicated with other than by the Web or e-mail. Indeed, research published earlier this year by CommerceNet (www.commerce.net), a not-for-profit industry association that promotes e-commerce, confirms that a lack of trust is one of the top issues identified by market participants as preventing e-commerce from growing as fast as it otherwise could. While e-commerce is increasing, trust concerns, too, have actually risen over the last year, suggesting that this problem will not decline merely as people become more familiar with doing business on the Internet. Customers are wary because many questions remain unanswered about online stores, such as the following: * Is this a real company? (The authentication problem.) * Is this a trustworthy company? (The reputation problem.) * If I send credit card or bank information, is it safe? (The payment problem.) * If I provide information to a company on its Web site, where will the information end up? (The privacy problem.) * If I place an order, will I receive what I asked for? * Will I receive delivery when promised? * Will any problems I have be resolved quickly? * Is the money-back guarantee honored? * How soon will I get credit for returned items? * How quickly will the company perform service on warranty items? * Will the company be able to send me necessary replacement parts quickly? CPAs, by virtue of education and experience, are in an excellent position to provide assurance to consumers on the
{"title":"The Electronic Frontier","authors":"G. Gray, R. Debreceny, Richard J. Koreto","doi":"10.4135/9781526494245","DOIUrl":"https://doi.org/10.4135/9781526494245","url":null,"abstract":"Before jumping into WebTrust, CPAs should understand not only the problems with consumer online commerce that give rise to programs such as WebTrust, but also the Web logo services from non-CPA competitors. Although electronic commerce offers CPAs a chance to build on their experience, reputation and training, they need to understand some background before they proceed. No one article, or even one book, can explain everything CPAs. need to know about online commerce, but this article explores several key areas in the current e-commerce landscape. LEARN TO TRUST Although the estimates vary widely from different research organizations, Forrester Research, Inc. (www.forrester.com), a market research company that specializes in information technology and e-commerce, estimates that buyers and sellers exchanged $8 billion over the Internet in 1997 and will exchange well over $100 billion by the year 2000--a trend that poses ample opportunities for CPAs. According to the AICPA special committee on assurance services, the e-commerce assurance market for CPAs could grow to between $2 billion and $11 billion annually over the next few years (www.aicpa.org/assurance/index.htm). Although e-commerce is exploding, both buyers and sellers voice concerns about conducting business on the Internet. Many customers and business owners still distrust the process of e-commerce. They also may have a number of concerns about their potential trading partners--trading partners that they may never have dealt with previously or even communicated with other than by the Web or e-mail. Indeed, research published earlier this year by CommerceNet (www.commerce.net), a not-for-profit industry association that promotes e-commerce, confirms that a lack of trust is one of the top issues identified by market participants as preventing e-commerce from growing as fast as it otherwise could. While e-commerce is increasing, trust concerns, too, have actually risen over the last year, suggesting that this problem will not decline merely as people become more familiar with doing business on the Internet. Customers are wary because many questions remain unanswered about online stores, such as the following: * Is this a real company? (The authentication problem.) * Is this a trustworthy company? (The reputation problem.) * If I send credit card or bank information, is it safe? (The payment problem.) * If I provide information to a company on its Web site, where will the information end up? (The privacy problem.) * If I place an order, will I receive what I asked for? * Will I receive delivery when promised? * Will any problems I have be resolved quickly? * Is the money-back guarantee honored? * How soon will I get credit for returned items? * How quickly will the company perform service on warranty items? * Will the company be able to send me necessary replacement parts quickly? CPAs, by virtue of education and experience, are in an excellent position to provide assurance to consumers on the","PeriodicalId":31457,"journal":{"name":"Journal of Economics Business Accountancy","volume":"1 1","pages":"32"},"PeriodicalIF":0.0,"publicationDate":"1998-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73259150","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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