January 2011 - Journal of Accountancy

While 2010 featured an ample number of new tax breaks and revenue-raising measures, the filing season that starts this month (with an April 18 deadline for individual returns) is notable for tax practitioners also because of its new return preparer requirements. For the first time, paid return preparers including CPAs

Under current tax law, an S corporation cannot produce earnings and profits (E&P); only C corporations can. However, if the S corporation was previously a C corporation, it may have accumulated E&P from years when it was a C corporation. Similarly, if an S corporation was a party to a

In February 2010, the SEC issued an interpretive release titled Commission Guidance Regarding Disclosure Related to Climate Change (Release Nos. 33-9106; 34-61469; FR-82) that provides guidance concerning disclosures related to the impact of climate change and related legislative and regulatory developments. The release provides assistance to public companies in satisfying

The Dodd-Frank Wall Street Reform and Consumer Protection Act, PL 111-203 (Reform Act, tinyurl.com/26zalzn), which was signed into law by President Barack Obama in July 2010, will require sweeping changes to virtually all areas of the financial services industry in the United States and will affect a wide variety of

Run your firm’s tax season as if you were advising a client on a business. Whether you are a two-person operation or a giant national firm, you need procedures to facilitate the tax preparation part of your practice. The following best practices for tax season, adapted from my book Managing

The Institute has developed a multiyear marketing campaign to differentiate CPAs from other tax preparers. The initiative includes a set of tools to help members promote the value of CPA providers of tax services and to distinguish them from their competitors, and a comprehensive tax website for consumers with dynamic