The National Public Accountant

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Top 7 fixed assets.(Product/service evaluation)
Even a relatively small business has hundreds of fixed assets, and each individual asset record includes the date in service, purchase price, classification and location. There are depreciation and . . .

Choose a tax suite based on your firm's needs.(BIG 3 Tax Suites)(Product/service evaluation)
Accounting practices live and breathe by their business tax and accounting software. In the contemporary business climate, doing business without some software solution at the center of your operati . . .

Indexes: the key to all document management systems.(FINAL 4 DOCUMENT MANAGEMENT)(Product/service evaluation)
What's in a name? Well, anyone trying to design or maintain an electronic document management system knows that just about everything is in the document's file name. Or is it? The document managemen . . .

Golf: a way of life for a practicing accountant.(Houlihan Asset Management)
When Patrick (Pat) Houlihan, CPA, is not working at his Fort Wayne, Ind. accounting firm, his clients know where to find him. He's on the golf course, working to maintain his 2.0 handicap. Despite t . . .

Questions to the tax desk.
Q. If an entity wants to be classified as an S Corporation, do they have to file both a Form 8832, Entity Classification Election, and a Form 2553, Election by a Small Business Corporation? A. Sec . . .

2006 hiring and compensation trends.
The hiring and compensation outlook in public accounting is positive for 2006, according to research from the 2006 Salary Guide* from Robert Half International. Firms are recruiting accounting staff . . .

The National Society of Accountants ... committed to your success.
In today's business world, the importance and desirability of specialization and niche marketing has been enthusiastically touted to the heavens. Many members of the National Society of Accountants . . .

NSA calendar 2006.(ALLAROUNDNSA)(Brief article)(Calendar)
June 2, 2006 ACAT's ABA and ATP exams (various locations) June 5-10, 2006 Serving Aging America, Las Vegas, NV August 17-19, 2006 61st NSA Annual Convention, Providence, RI September 25- . . .

ACAT addresses Oklahoma Senate Committee.(ALLAROUNDNSA)(Brief article)
At the request of the Oklahoma Society of Public Accountants, ACAT Vice President for Accountancy Lanny Nelms addressed a meeting of the Oklahoma Senate Committee on Business and Labor. The committe . . .

ACAT joins NASBA Center for the Public Trust.(Accreditation Council for Accountancy and Taxation becomes a member of National As
The Accreditation Council for Accountancy and Taxation (ACAT) has become a founding member of the National Association of State Boards of Accountancy (NASBA) Center for the Public Trust. In making t . . .

IRS asks NSA members to aid disaster victims.(National Society of Accountants signs up with United States. Internal Revenue Serv
The National Society of Accountants has signed a Memorandum of Understanding (MOU) with the IRS for the purpose of providing assistance to taxpayers at local Disaster Recovery Centers (DRCs) establi . . .

Tax Help Desk.(National Society of Accountants)(Brief article)
When you need an answer to a complex federal fax question or situation, NSA's Tax Help Desk is available to provide assistance. All Active and Associate members, and Past Presidents, are entitled to . . .

ABA and ATP exams.(ALLAROUNDNSA)
June 2, 2006 is your next opportunity to earn your Accredited Business Accountant (ABA) and/or Accredited Tax Preparer (ATP) credentials. The exams are offered concurrently at nationwide locations w . . .

NSA co-hosts reception for IRSAC.(National Society of Accountants,United States. Internal Revenue Service)(Brief article)
On November 16, NSA co-hosted a reception for the Internal Revenue Service Advisory Council (IRSAC). The council, which comprises 22 members from the accounting industry, meets once a month with IRS . . .

Congress tries to change the IRS Offer in Compromise program.(Internal Revenue Service)(Brief article)
Earlier this year, Congress attempted to enact a proposal as part of the Transportation Bill that would have modified the IRS Offer in Compromise (OIC) program. However, the provision was stricken f . . .

Top 100 Most Influential Practitioners.(Interview)(Cover story)
The Who's Who of practitioner selection is a formidable task. Each year we solicit nominations from all the state societies and major national accounting associations and update from prior years for . . .

Industry round-ups.(Directory)(Table)
Payroll Aatrix Software, Aatrix State/ www.aatrix.com 800-426-0854 Inc. Fed Payroll Reporting and eFiling Acclaim Software 1099/W . . .

Three ethics rulings guide third-party outsourcing.
Outsourcing continues to generate tremendous interest among businesses. According to HR magazine, the offshore outsourcing industry is expected to grow to more than $100 billion in annual revenue by . . .

How to help clients teach children about money.
No doubt you've heard clients express that they want their children to develop a strong work ethic, acquire "money" knowledge and lead productive, meaningful lives. However, since many of these clie . . .

Document management vs. workpaper solutions.
In the last three columns, we looked at a number of decision steps an accounting firm takes when making the move to a paperless work environment. We also discussed how to estimate the benefits of ma . . .

Private Company GAAP gathers steam at AICPA Fall Council Meeting.
The 2005 AICPA Fall Council Meeting was abuzz with the news of the planned move of select AICPA operations from Jersey City and New York City to Durham, North Carolina. The move, which impacts appro . . .

How to fire those bottom-ranked clients.
When practitioners joke about 20 percent of their clients consuming 80 percent of their time, they are joking about reality. That's the very reason why they need to act like business managers and fi . . .

The leading edge alliance winners of the 2005 edge awards.(Lattimore, Black, Morgan & Cain)(Brief article)
Innovative Firm of the Year Lattimore, Black, Morgan & Cain, Brentwood, Tenn. -- An accounting firm developing new services centered on Sarbanes-Oxley is not unique; using the opportunity provided . . .

Inside Public Accounting award.(ACCOUNTANT'SAWARDS)(Brief article)
Atlanta based accounting firm, Moore Colson, was recently named as one of 2005's Best of The Best Firms by Inside Public Accounting (IPA), and placed #1 for highest percentage of revenue in Manageme . . .

Public service award recipient.(ACCOUNTANT'SAWARDS)(Brief article)
One of the largest accounting firms in Kansas, Lewis, Hooper & Dick, LLC was recognized for its commitment to public service since 1955. The firm helped found the Western Kansas Community Foundation . . .

Highest award in taxation.(awards given by American Institute of Certified Public Accountants)(Brief article)
Paul Farber is this year's recipient of the Arthur J. Dixon Memorial Award, the highest award given by the accounting profession in the area of taxation. The award, given by the Tax Division of the . . .

Key tax changes for 2005 individual returns.
Deduction limits and other rules that applied on 2004 returns may be entirely new for 2005 returns. Here is a roundup of key changes affecting personal returns for 2005. Charitable Contributions . . .

Tax season issue for practitioners ... by practitioners.
In this year-end tax season issue, we wish not only to recognize Sidney Kess as the Top Practitioner for 2006 but also to thank him for so graciously sharing his extensive knowledge with us. We are . . .

Small business owners enjoy software even they understand.(TOP 4 Small Business)(Intuit Inc.)(Microsoft Corp.)(NetSuite Inc.)
New small business software and upgrades arrive in the marketplace every day. Historically, however, some businesses avoid buying new software or upgrades because they increase costs and open the do . . .

State and local jurisdictions constantly change tax rates.(BIG 3 Sales & Use Tax)
Protection against audits, obsolete data and changing tax laws is a necessity. The requirements of Sarbanes-Oxley have increased the importance of not only staying current with applicable laws, but . . .

Industry round-ups.(Electronic Filing)(Directory)
Electronic Filing ATX Total Tax Office www.atxinc.com CCH Incorporated ProSystem fx Tax www.tax.cchgroup.com Thomson Creative UltraTax www.creativesolutions.thomson.c . . .

Hurricane Katrina tax relief.(TAXTIPS)
On September 23, 2005, President Bush signed into law the Katrina Emergency Tax Relief Act of 2005 (H.R. 3768). This new legislation provides $6.11 billion in short-term tax relief to hurricane vict . . .

Look for depth, breadth of information in tax planning software.(TOP 5 Tax Planning)
As the recent hurricane devastation reminded us, careful planning to anticipate natural disaster scenarios is very wise ... and very difficult. [ILLUSTRATION OMITTED] While you are not really ma . . .

Monitoring your state board of accountancy.(NSAPERSPECTIVE)(National Society of Accountants)
A few years ago, I was at an NSA function in Washington, DC, and was speaking with an NSA colleague about State Board of Accountancy matters and monitoring. Jim was on the State Board of Accountancy . . .

Dollars and sense: negotiating compensation packages.
Securing highly skilled financial employees is no simple task, particularly in today's increasingly competitive hiring environment where many professionals receive multiple employment offers. Identi . . .

The National Society of Accountants ... committed to your success.
Members of the National Society of Accountants are proud of their professional society, and rightly so, because they recognize and benefit from the multitudinous benefits, activities, and functions . . .

Foundation highlights at convention.(ALLAROUNDNSA)(Brief article)
In an annual tradition, representatives of NSA affiliated state organizations (ASOs) presented contributions to the NSA Scholarship Foundation during the General Assembly at the 60th Annual Conventi . . .

Serving aging America 2006.(ALLAROUNDNSA)
In response to enthusiastic reviews, this signature event will again be offered in consecutive triple-track format. Level I--Preparing you and Your Clients for Retirement (June 5-6), Level II--Essen . . .

NSA discounts on tax resources.(ALLAROUNDNSA)(National Society of Acc)(Quickfinder Handbooks)(The Tax Book)(Brief article)
Now is the time to start planning for tax season. Visit NSA's online bookstore (www.nsacct.org/bookstore) and see the savings we have for members on a variety of essential publications. The Tax Bo . . .

Peer review program ends.(ALLAROUNDNSA)(National Society of Accountants)
Upon very careful review and in consultation with the Peer Review Committee, the NSA Board of Governors has suspended the peer review program indefinitely. The Board reluctantly concluded that the p . . .

Fred Katz's tax planning secret revealed: ask questions.
FREDERIC KATZ HAS AN INTERESTING PHILOSOPHY: "THE TIME TO DO TAX PLANNING IS NOT WHEN YOU ARE PREPARING A TAX RETURN." Other than the more obvious reasons, "there are certain thoughts that go into . . .

Microsoft Word and Excel tips for busy professionals.
Busy professionals sometimes update to new software without the time to explore fully all the new features. The present authors will summarize, in a quick and easy to peruse format, certain features . . .

Committed to going the distance.(job satisfaction ensured)
Referring to myself as a grandmaster is one of the joys of the euphemism selected to refer to athletes over 55 years old who are crazy enough to compete in a 100-mile bike race or triathlon. "Athl . . .

New standards affecting small practices and clients.
Because practitioners often struggle to keep up with the array of newly issued standards, the AICPA Technical Issues Committee (TIC) offers standard setters a small-firm perspective on the guidance . . .

9 succession planning tips for accountants to give themselves: the October issue focused on succession planning, primarily from
Advisors tell small-business-owner clients they are risking it all by having absolutely no plans in place for their businesses when they retire, become ill or die. However, serious illness, disabili . . .

Electronic file rooms & workpaper software.
In the previous two columns, we looked at steps an accounting firm might take when moving to a paperless work environment and how to estimate the benefits of making that move. This month, we look at . . .

Save for college in tax-advantaged accounts.
For the 2004 through 2005 period, the average cost of attending a 4-year private college is $20,082--up 6 percent. The cost of a 4-year public college is $5,132--up 10.5 percent. The tax laws provid . . .

New tax prep ethics rules for public accounting firms.(PRACTITIONERS INTHENEWS)
Recently, new tax prep ethics rules were created in response to the growing incidences of tax fraud. The rules will become official when the SEC accepts them later this year--causing a significant s . . .

Five minutes with Robert J. DeSantis, CEO of Financial Accounting Foundation.(Robert J. DeSantis speaks on the management of Fin
Just after the Board of Trustees of the Financial Accounting Foundation (FAF) announced the appointment of Robert J. DeSantis, CPA, as president and chief operating officer, CPA Magazine Editor T. A . . .

Sign your work with excellence.(PRACTICE ADVISOR)
All of us practicing as accountants and tax professionals produce somewhat similar reports and work products--it's often the final processes we go through that sets the high performing professional . . .