<br />
A Clear Look at<br />
Tax Software<br />
2010 Annual Survey of<br />
New York State<br />
Tax Professionals<br />
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Plus<br />
· ARRA and Single Audits<br />
· The Roth Conversion Question<br />
· XBRL—Beyond the Basics<br />
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C ONTENTS<br />
may 2010<br />
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22 Accounting & Auditing<br />
&<a title="CPAJ May 2010 page 1" href="http://viewer.zmags.com/publication/3d5e33a6?page=1">A Clear Look atTax Software2010 Annual Survey o</a> A Clear Look atTax Software2010 Annual Survey o<a title="CPAJ May 2010 page 2" href="http://viewer.zmags.com/publication/3d5e33a6?page=2"></a> <a title="CPAJ May 2010 page 3" href="http://viewer.zmags.com/publication/3d5e33a6?page=3"></a> <a title="CPAJ May 2010 page 4" href="http://viewer.zmags.com/publication/3d5e33a6?page=4">C ONTENTSmay 2010 22 Ac</a> C ONTENTSmay 2010 22 Ac<a title="CPAJ May 2010 page 5" href="http://viewer.zmags.com/publication/3d5e33a6?page=5">vol. LXXX/no.56PERSPECTI</a> vol. LXXX/no.56PERSPECTI<a title="CPAJ May 2010 page 6" href="http://viewer.zmags.com/publication/3d5e33a6?page=6"> PublisherLOUIS GRUMET Associate Pu</a> PublisherLOUIS GRUMET Associate Pu<a title="CPAJ May 2010 page 7" href="http://viewer.zmags.com/publication/3d5e33a6?page=7"></a> <a title="CPAJ May 2010 page 8" href="http://viewer.zmags.com/publication/3d5e33a6?page=8">P ERSPECTIVESstandards settingCapitalizi</a> P ERSPECTIVESstandards settingCapitalizi<a title="CPAJ May 2010 page 9" href="http://viewer.zmags.com/publication/3d5e33a6?page=9">publisher's columnThe Power of a Collectiv</a> publisher's columnThe Power of a Collectiv<a title="CPAJ May 2010 page 10" href="http://viewer.zmags.com/publication/3d5e33a6?page=10">(Continued from page 6)ria, only one of which ne</a> (Continued from page 6)ria, only one of which ne<a title="CPAJ May 2010 page 11" href="http://viewer.zmags.com/publication/3d5e33a6?page=11">lease payments. First, the effect of capital-izi</a> lease payments. First, the effect of capital-izi<a title="CPAJ May 2010 page 12" href="http://viewer.zmags.com/publication/3d5e33a6?page=12">The discounted payment was calculated (asin Exhi</a> The discounted payment was calculated (asin Exhi<a title="CPAJ May 2010 page 13" href="http://viewer.zmags.com/publication/3d5e33a6?page=13">Implications Under U.S. GAAP and IFRS, lessees</a> Implications Under U.S. GAAP and IFRS, lessees<a title="CPAJ May 2010 page 14" href="http://viewer.zmags.com/publication/3d5e33a6?page=14">Make the Mostof Home Buyer Tax CreditsB</a> Make the Mostof Home Buyer Tax CreditsB<a title="CPAJ May 2010 page 15" href="http://viewer.zmags.com/publication/3d5e33a6?page=15">inbox: letters to the editorToward More </a> inbox: letters to the editorToward More <a title="CPAJ May 2010 page 16" href="http://viewer.zmags.com/publication/3d5e33a6?page=16">InFocus</a> InFocus<a title="CPAJ May 2010 page 17" href="http://viewer.zmags.com/publication/3d5e33a6?page=17">A Clear Look atTax Software2010 Annual Survey </a> A Clear Look atTax Software2010 Annual Survey <a title="CPAJ May 2010 page 18" href="http://viewer.zmags.com/publication/3d5e33a6?page=18"> To solicit survey participants, the NewYork S</a> To solicit survey participants, the NewYork S<a title="CPAJ May 2010 page 19" href="http://viewer.zmags.com/publication/3d5e33a6?page=19">apparent impact on professionally preparedtax re</a> apparent impact on professionally preparedtax re<a title="CPAJ May 2010 page 20" href="http://viewer.zmags.com/publication/3d5e33a6?page=20"> EXHIBIT 4Ratings of Tax Rese</a> EXHIBIT 4Ratings of Tax Rese<a title="CPAJ May 2010 page 21" href="http://viewer.zmags.com/publication/3d5e33a6?page=21">relevance, as the ratings for some vendorsincrea</a> relevance, as the ratings for some vendorsincrea<a title="CPAJ May 2010 page 22" href="http://viewer.zmags.com/publication/3d5e33a6?page=22">Of the products with at least 10 ratings,CCH had</a> Of the products with at least 10 ratings,CCH had<a title="CPAJ May 2010 page 23" href="http://viewer.zmags.com/publication/3d5e33a6?page=23">ration software. Practitioners may be will-ing t</a> ration software. Practitioners may be will-ing t<a title="CPAJ May 2010 page 24" href="http://viewer.zmags.com/publication/3d5e33a6?page=24">A CCOUNTING & AUDITINGauditing</a> A CCOUNTING & AUDITINGauditing<a title="CPAJ May 2010 page 25" href="http://viewer.zmags.com/publication/3d5e33a6?page=25">audit risk model illustrated in the AICPA'sAudit</a> audit risk model illustrated in the AICPA'sAudit<a title="CPAJ May 2010 page 26" href="http://viewer.zmags.com/publication/3d5e33a6?page=26">includes an understanding of the five inter-nal </a> includes an understanding of the five inter-nal <a title="CPAJ May 2010 page 27" href="http://viewer.zmags.com/publication/3d5e33a6?page=27">the minimum audit coverage of the federalawards.</a> the minimum audit coverage of the federalawards.<a title="CPAJ May 2010 page 28" href="http://viewer.zmags.com/publication/3d5e33a6?page=28">auditors should ensure that substantive testsinc</a> auditors should ensure that substantive testsinc<a title="CPAJ May 2010 page 29" href="http://viewer.zmags.com/publication/3d5e33a6?page=29"></a> <a title="CPAJ May 2010 page 30" href="http://viewer.zmags.com/publication/3d5e33a6?page=30">A CCOUNTING & AUDITINGfinancial reporting</a> A CCOUNTING & AUDITINGfinancial reporting<a title="CPAJ May 2010 page 31" href="http://viewer.zmags.com/publication/3d5e33a6?page=31"> Given the potential move by U.S. pub-lic comp</a> Given the potential move by U.S. pub-lic comp<a title="CPAJ May 2010 page 32" href="http://viewer.zmags.com/publication/3d5e33a6?page=32">detailed information for each company isprovided</a> detailed information for each company isprovided<a title="CPAJ May 2010 page 33" href="http://viewer.zmags.com/publication/3d5e33a6?page=33">effects were positive for two of thethree. Thus,</a> effects were positive for two of thethree. Thus,<a title="CPAJ May 2010 page 34" href="http://viewer.zmags.com/publication/3d5e33a6?page=34">of specific guidance or standards before cont</a> of specific guidance or standards before cont<a title="CPAJ May 2010 page 35" href="http://viewer.zmags.com/publication/3d5e33a6?page=35">vulnerable in their formal defenses of their </a> vulnerable in their formal defenses of their <a title="CPAJ May 2010 page 36" href="http://viewer.zmags.com/publication/3d5e33a6?page=36">A CCOUNTING & AUDITINGinternational accoun</a> A CCOUNTING & AUDITINGinternational accoun<a title="CPAJ May 2010 page 37" href="http://viewer.zmags.com/publication/3d5e33a6?page=37">SMEs, listed by section. Revisions to IFRSfor SM</a> SMEs, listed by section. Revisions to IFRSfor SM<a title="CPAJ May 2010 page 38" href="http://viewer.zmags.com/publication/3d5e33a6?page=38"> EXHIBIT 1IFRS for SME</a> EXHIBIT 1IFRS for SME<a title="CPAJ May 2010 page 39" href="http://viewer.zmags.com/publication/3d5e33a6?page=39">more concise than that for full IFRS, andthere a</a> more concise than that for full IFRS, andthere a<a title="CPAJ May 2010 page 40" href="http://viewer.zmags.com/publication/3d5e33a6?page=40">T AXATIONfederal taxation</a> T AXATIONfederal taxation<a title="CPAJ May 2010 page 41" href="http://viewer.zmags.com/publication/3d5e33a6?page=41">ness income is taxable income to the cor-poratio</a> ness income is taxable income to the cor-poratio<a title="CPAJ May 2010 page 42" href="http://viewer.zmags.com/publication/3d5e33a6?page=42"> EXHIBIT 2Salar</a> EXHIBIT 2Salar<a title="CPAJ May 2010 page 43" href="http://viewer.zmags.com/publication/3d5e33a6?page=43">■ Timing and manner of paying bonus-es to key </a> ■ Timing and manner of paying bonus-es to key <a title="CPAJ May 2010 page 44" href="http://viewer.zmags.com/publication/3d5e33a6?page=44">T AXATIONfederal taxationSection 1031 Li</a> T AXATIONfederal taxationSection 1031 Li<a title="CPAJ May 2010 page 45" href="http://viewer.zmags.com/publication/3d5e33a6?page=45">corporation's use of the property to its share-h</a> corporation's use of the property to its share-h<a title="CPAJ May 2010 page 46" href="http://viewer.zmags.com/publication/3d5e33a6?page=46"> The Tax Court agreed with the IRS. Thecourt </a> The Tax Court agreed with the IRS. Thecourt <a title="CPAJ May 2010 page 47" href="http://viewer.zmags.com/publication/3d5e33a6?page=47">exchange transaction. (The court in Bolkerclaime</a> exchange transaction. (The court in Bolkerclaime<a title="CPAJ May 2010 page 48" href="http://viewer.zmags.com/publication/3d5e33a6?page=48">F INANCEpersonal financial planning</a> F INANCEpersonal financial planning<a title="CPAJ May 2010 page 49" href="http://viewer.zmags.com/publication/3d5e33a6?page=49">quantitative wealth forecasting analytics tomode</a> quantitative wealth forecasting analytics tomode<a title="CPAJ May 2010 page 50" href="http://viewer.zmags.com/publication/3d5e33a6?page=50"> </a> <a title="CPAJ May 2010 page 51" href="http://viewer.zmags.com/publication/3d5e33a6?page=51"></a> <a title="CPAJ May 2010 page 52" href="http://viewer.zmags.com/publication/3d5e33a6?page=52">ditional IRA and $450,000 in taxable assets(both</a> ditional IRA and $450,000 in taxable assets(both<a title="CPAJ May 2010 page 53" href="http://viewer.zmags.com/publication/3d5e33a6?page=53">then stretched by his heirs to extend thetax-fre</a> then stretched by his heirs to extend thetax-fre<a title="CPAJ May 2010 page 54" href="http://viewer.zmags.com/publication/3d5e33a6?page=54">M ANAGEMENTinternal controls</a> M ANAGEMENTinternal controls<a title="CPAJ May 2010 page 55" href="http://viewer.zmags.com/publication/3d5e33a6?page=55">ness of the system, lest it become outdateddue t</a> ness of the system, lest it become outdateddue t<a title="CPAJ May 2010 page 56" href="http://viewer.zmags.com/publication/3d5e33a6?page=56">management uses the tone at the top toget the me</a> management uses the tone at the top toget the me<a title="CPAJ May 2010 page 57" href="http://viewer.zmags.com/publication/3d5e33a6?page=57">internal control evaluation team. The firststep </a> internal control evaluation team. The firststep <a title="CPAJ May 2010 page 58" href="http://viewer.zmags.com/publication/3d5e33a6?page=58"> The evaluation team should observethe relatio</a> The evaluation team should observethe relatio<a title="CPAJ May 2010 page 59" href="http://viewer.zmags.com/publication/3d5e33a6?page=59">of the annual report date and timely enoughto al</a> of the annual report date and timely enoughto al<a title="CPAJ May 2010 page 60" href="http://viewer.zmags.com/publication/3d5e33a6?page=60">R ESPONSIBILITIES & LEADERSHIPfraudW</a> R ESPONSIBILITIES & LEADERSHIPfraudW<a title="CPAJ May 2010 page 61" href="http://viewer.zmags.com/publication/3d5e33a6?page=61"> But SOX is not the only federal law thatprot</a> But SOX is not the only federal law thatprot<a title="CPAJ May 2010 page 62" href="http://viewer.zmags.com/publication/3d5e33a6?page=62">whistleblower statutes protect only publicemploy</a> whistleblower statutes protect only publicemploy<a title="CPAJ May 2010 page 63" href="http://viewer.zmags.com/publication/3d5e33a6?page=63">tected activity and that would dissuade a rea-so</a> tected activity and that would dissuade a rea-so<a title="CPAJ May 2010 page 64" href="http://viewer.zmags.com/publication/3d5e33a6?page=64">T ECHNOLOGYelectronic reporting</a> T ECHNOLOGYelectronic reporting<a title="CPAJ May 2010 page 65" href="http://viewer.zmags.com/publication/3d5e33a6?page=65">Taub, “In Data Tagging, Auditors Feel LeftOut,” </a> Taub, “In Data Tagging, Auditors Feel LeftOut,” <a title="CPAJ May 2010 page 66" href="http://viewer.zmags.com/publication/3d5e33a6?page=66"> EXHIBIT 2XBRL FR Insta</a> EXHIBIT 2XBRL FR Insta<a title="CPAJ May 2010 page 67" href="http://viewer.zmags.com/publication/3d5e33a6?page=67">the business facts are measured; this containsa </a> the business facts are measured; this containsa <a title="CPAJ May 2010 page 68" href="http://viewer.zmags.com/publication/3d5e33a6?page=68">Hannon, “XBRL GL: The General LedgerGets Its Gro</a> Hannon, “XBRL GL: The General LedgerGets Its Gro<a title="CPAJ May 2010 page 69" href="http://viewer.zmags.com/publication/3d5e33a6?page=69">measurableCostPerUnit element. There areseveral </a> measurableCostPerUnit element. There areseveral <a title="CPAJ May 2010 page 70" href="http://viewer.zmags.com/publication/3d5e33a6?page=70">Gianluca Garbellotto, “The Global Ledgerfor Fina</a> Gianluca Garbellotto, “The Global Ledgerfor Fina<a title="CPAJ May 2010 page 71" href="http://viewer.zmags.com/publication/3d5e33a6?page=71">analytical procedures and make criticaljudgments</a> analytical procedures and make criticaljudgments<a title="CPAJ May 2010 page 72" href="http://viewer.zmags.com/publication/3d5e33a6?page=72">generally caused the loss of a paper-basedaudit </a> generally caused the loss of a paper-basedaudit <a title="CPAJ May 2010 page 73" href="http://viewer.zmags.com/publication/3d5e33a6?page=73">access. Application controls relevant toXBRL inc</a> access. Application controls relevant toXBRL inc<a title="CPAJ May 2010 page 74" href="http://viewer.zmags.com/publication/3d5e33a6?page=74">T ECHNOLOGYwhat to bookmarkWebsite of </a> T ECHNOLOGYwhat to bookmarkWebsite of <a title="CPAJ May 2010 page 75" href="http://viewer.zmags.com/publication/3d5e33a6?page=75">ings” directory's entries. An index's datasummar</a> ings” directory's entries. An index's datasummar<a title="CPAJ May 2010 page 76" href="http://viewer.zmags.com/publication/3d5e33a6?page=76">Classified PROFESSIONAL OPPORTUNITY l BUSINESS l</a> Classified PROFESSIONAL OPPORTUNITY l BUSINESS l<a title="CPAJ May 2010 page 77" href="http://viewer.zmags.com/publication/3d5e33a6?page=77">CPA FIRMS OR PARTNERSWe represent a number of q</a> CPA FIRMS OR PARTNERSWe represent a number of q<a title="CPAJ May 2010 page 78" href="http://viewer.zmags.com/publication/3d5e33a6?page=78">Woodbury-CPA firm has 4th floor windowed &non-wi</a> Woodbury-CPA firm has 4th floor windowed &non-wi<a title="CPAJ May 2010 page 79" href="http://viewer.zmags.com/publication/3d5e33a6?page=79">PEER REVIEWBuxbaum Sales Tax Consultants </a> PEER REVIEWBuxbaum Sales Tax Consultants <a title="CPAJ May 2010 page 80" href="http://viewer.zmags.com/publication/3d5e33a6?page=80"> Here's the quickest and easiest way to </a> Here's the quickest and easiest way to <a title="CPAJ May 2010 page 81" href="http://viewer.zmags.com/publication/3d5e33a6?page=81">E CONOMIC & MARKET D ATAmonthly update</a> E CONOMIC & MARKET D ATAmonthly update<a title="CPAJ May 2010 page 82" href="http://viewer.zmags.com/publication/3d5e33a6?page=82">E DITORIALa message from the editor-in-chie</a> E DITORIALa message from the editor-in-chie<a title="CPAJ May 2010 page 83" href="http://viewer.zmags.com/publication/3d5e33a6?page=83"></a> <a title="CPAJ May 2010 page 84" href="http://viewer.zmags.com/publication/3d5e33a6?page=84"></a>