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<br /> www.cpaj.com February 2013<br /> Casualty Losses for<br /> Property Damaged by<br /> Hurricane Sandy<br /> Maximizing Tax Benefits<br /> Plus  Accounting for Joint Ventures  Reciprocal Transactions  New Ethics Guidance<br /> <br /> FAE 2013 CPE<br /> foundation for accounting<br /> FAE<br /> education<br /> Individual FAE VP Options<br /> Price<br /> (January 1, 2013–December 31, 2013)<br /> Individual FAE VP24 $ 820<br /> Individual FAE VP40 $1,295<br /> Firm/Company FAE VP Options<br /> Price<br /> (January 1, 2013–December 31, 2013)<br /> Firm/Company FAE VP40 $1,745<br /> Firm/Company FAE VP80 $3,195<br /> rti<br /> A<br /> FAE's NEW Value Pass Program<br /> (Formerly Known as Pay-One-Price or POP)<br /> The all-new FAE Value Pass (FAE VP) gives you more savings choices and more flexibility!<br /> Save now on quality CPE from FAE with—<br />  Individual FAE Value Pass (FAE VP)—Choose FAE VP24 or FAE VP40<a title="The CPA Journal - February 2013 page 1" href="http://viewer.zmags.com/publication/81bfaf6e?page=1"> www.cpaj.com February 2013 Casualty Losse</a> <a title="The CPA Journal - February 2013 page 2" href="http://viewer.zmags.com/publication/81bfaf6e?page=2"> </a> <a title="The CPA Journal - February 2013 page 3" href="http://viewer.zmags.com/publication/81bfaf6e?page=3"> FAE 2013 CPE foundation for accounting FAE ed</a> <a title="The CPA Journal - February 2013 page 4" href="http://viewer.zmags.com/publication/81bfaf6e?page=4"> CONTENTS february 2013 6PERSPECTIVES 18IN FOC</a> <a title="The CPA Journal - February 2013 page 5" href="http://viewer.zmags.com/publication/81bfaf6e?page=5"> vol. LXXXIII/no. 2 26ESSENTIALS </a> <a title="The CPA Journal - February 2013 page 6" href="http://viewer.zmags.com/publication/81bfaf6e?page=6"> new york state society of NYSSCPA certif</a> <a title="The CPA Journal - February 2013 page 7" href="http://viewer.zmags.com/publication/81bfaf6e?page=7"> FAE 2013 On-Site Learning foundation for acco</a> <a title="The CPA Journal - February 2013 page 8" href="http://viewer.zmags.com/publication/81bfaf6e?page=8"> PERSPECTIVES tax policy Beyond the `Fisca</a> <a title="The CPA Journal - February 2013 page 9" href="http://viewer.zmags.com/publication/81bfaf6e?page=9"> publisher's column A Return to Wall Street </a> <a title="The CPA Journal - February 2013 page 10" href="http://viewer.zmags.com/publication/81bfaf6e?page=10"> (Continued from page 6) at a rate of 0.9% of wage</a> <a title="The CPA Journal - February 2013 page 11" href="http://viewer.zmags.com/publication/81bfaf6e?page=11"> viduals and proceed to the top earners. See Exhib</a> <a title="The CPA Journal - February 2013 page 12" href="http://viewer.zmags.com/publication/81bfaf6e?page=12"> the $200,000 ($250,000 for joint filers) threshol</a> <a title="The CPA Journal - February 2013 page 13" href="http://viewer.zmags.com/publication/81bfaf6e?page=13"> Nina Olson, the IRS's National Taxpayer Advo</a> <a title="The CPA Journal - February 2013 page 14" href="http://viewer.zmags.com/publication/81bfaf6e?page=14"> increase personal incentives. Others think that g</a> <a title="The CPA Journal - February 2013 page 15" href="http://viewer.zmags.com/publication/81bfaf6e?page=15"> SOX Section 404 Much effort has been expende</a> <a title="The CPA Journal - February 2013 page 16" href="http://viewer.zmags.com/publication/81bfaf6e?page=16"> There is an abundance of academic liter- atur</a> <a title="The CPA Journal - February 2013 page 17" href="http://viewer.zmags.com/publication/81bfaf6e?page=17"> compensation. The SEC required a sub- jective eva</a> <a title="The CPA Journal - February 2013 page 18" href="http://viewer.zmags.com/publication/81bfaf6e?page=18"> Time Management Tricks that Work By Salim Omar</a> <a title="The CPA Journal - February 2013 page 19" href="http://viewer.zmags.com/publication/81bfaf6e?page=19"> also free up big chunks of time during the day to</a> <a title="The CPA Journal - February 2013 page 20" href="http://viewer.zmags.com/publication/81bfaf6e?page=20"> In Focus Casualty Losses for Property Damaged b</a> <a title="The CPA Journal - February 2013 page 21" href="http://viewer.zmags.com/publication/81bfaf6e?page=21"> FEBRUARY 2013 / THE CPA JOURNAL </a> <a title="The CPA Journal - February 2013 page 22" href="http://viewer.zmags.com/publication/81bfaf6e?page=22"> and is reported as an itemized deduction on Sched</a> <a title="The CPA Journal - February 2013 page 23" href="http://viewer.zmags.com/publication/81bfaf6e?page=23"> Congress will act to extend similar lee- way to v</a> <a title="The CPA Journal - February 2013 page 24" href="http://viewer.zmags.com/publication/81bfaf6e?page=24"> receives a reimbursement for that same loss in a </a> <a title="The CPA Journal - February 2013 page 25" href="http://viewer.zmags.com/publication/81bfaf6e?page=25"> the loss was sustained and reported. For those wh</a> <a title="The CPA Journal - February 2013 page 26" href="http://viewer.zmags.com/publication/81bfaf6e?page=26"> described above, by reference to the fair market </a> <a title="The CPA Journal - February 2013 page 27" href="http://viewer.zmags.com/publication/81bfaf6e?page=27"> theory was that a casualty was an extraor- dinary</a> <a title="The CPA Journal - February 2013 page 28" href="http://viewer.zmags.com/publication/81bfaf6e?page=28"> ACCOUNTING & AUDITING international acc</a> <a title="The CPA Journal - February 2013 page 29" href="http://viewer.zmags.com/publication/81bfaf6e?page=29"> ■ Easing entry into new technologies or markets</a> <a title="The CPA Journal - February 2013 page 30" href="http://viewer.zmags.com/publication/81bfaf6e?page=30"> method; however, in certain specialized industrie</a> <a title="The CPA Journal - February 2013 page 31" href="http://viewer.zmags.com/publication/81bfaf6e?page=31"> of the arrangement is determined, the accounting </a> <a title="The CPA Journal - February 2013 page 32" href="http://viewer.zmags.com/publication/81bfaf6e?page=32"> sented, net of liabilities, as an investment of £</a> <a title="The CPA Journal - February 2013 page 33" href="http://viewer.zmags.com/publication/81bfaf6e?page=33"> which would provide a better understand- ing of t</a> <a title="The CPA Journal - February 2013 page 34" href="http://viewer.zmags.com/publication/81bfaf6e?page=34"> ACCOUNTING & AUDITING standards setting</a> <a title="The CPA Journal - February 2013 page 35" href="http://viewer.zmags.com/publication/81bfaf6e?page=35"> ifications to its standards in order to reflect t</a> <a title="The CPA Journal - February 2013 page 36" href="http://viewer.zmags.com/publication/81bfaf6e?page=36"> accounting and allows companies to fol- low the t</a> <a title="The CPA Journal - February 2013 page 37" href="http://viewer.zmags.com/publication/81bfaf6e?page=37"> to the IASB regarding possible amendments to IFRS</a> <a title="The CPA Journal - February 2013 page 38" href="http://viewer.zmags.com/publication/81bfaf6e?page=38"> TAXATION compliance & enforcement </a> <a title="The CPA Journal - February 2013 page 39" href="http://viewer.zmags.com/publication/81bfaf6e?page=39"> to (among other things) negligence or dis- regard</a> <a title="The CPA Journal - February 2013 page 40" href="http://viewer.zmags.com/publication/81bfaf6e?page=40"> Penalty for Negligence or Disregard of Rules or R</a> <a title="The CPA Journal - February 2013 page 41" href="http://viewer.zmags.com/publication/81bfaf6e?page=41"> reasonable cause exception does not apply to any </a> <a title="The CPA Journal - February 2013 page 42" href="http://viewer.zmags.com/publication/81bfaf6e?page=42"> cause when taxpayer relied on advice of experienc</a> <a title="The CPA Journal - February 2013 page 43" href="http://viewer.zmags.com/publication/81bfaf6e?page=43"> it carefully, and had other lawyers review it</a> <a title="The CPA Journal - February 2013 page 44" href="http://viewer.zmags.com/publication/81bfaf6e?page=44"> TAXATION tax policy Factoring </a> <a title="The CPA Journal - February 2013 page 45" href="http://viewer.zmags.com/publication/81bfaf6e?page=45"> ties. Thus, without a limitation, taxpayers could</a> <a title="The CPA Journal - February 2013 page 46" href="http://viewer.zmags.com/publication/81bfaf6e?page=46"> TAXATION federal taxation Tracking Capita</a> <a title="The CPA Journal - February 2013 page 47" href="http://viewer.zmags.com/publication/81bfaf6e?page=47"> expenditures. The replacement or improve- ment of</a> <a title="The CPA Journal - February 2013 page 48" href="http://viewer.zmags.com/publication/81bfaf6e?page=48"> FINANCE corporate finance The Debate over</a> <a title="The CPA Journal - February 2013 page 49" href="http://viewer.zmags.com/publication/81bfaf6e?page=49"> price volatility components of option-pric- ing m</a> <a title="The CPA Journal - February 2013 page 50" href="http://viewer.zmags.com/publication/81bfaf6e?page=50"> value measures presented in the balance sheet man</a> <a title="The CPA Journal - February 2013 page 51" href="http://viewer.zmags.com/publication/81bfaf6e?page=51"> a residual amount. This rather subjectively deter</a> <a title="The CPA Journal - February 2013 page 52" href="http://viewer.zmags.com/publication/81bfaf6e?page=52"> this difference was statistically significant (i.</a> <a title="The CPA Journal - February 2013 page 53" href="http://viewer.zmags.com/publication/81bfaf6e?page=53"> bers other than 0 appeared in the second digital </a> <a title="The CPA Journal - February 2013 page 54" href="http://viewer.zmags.com/publication/81bfaf6e?page=54"> FINANCE personal financial planning Tapp</a> <a title="The CPA Journal - February 2013 page 55" href="http://viewer.zmags.com/publication/81bfaf6e?page=55"> planning model. It is based on a Monte Carlo mode</a> <a title="The CPA Journal - February 2013 page 56" href="http://viewer.zmags.com/publication/81bfaf6e?page=56"> in 1960; for those born in the interim years, the</a> <a title="The CPA Journal - February 2013 page 57" href="http://viewer.zmags.com/publication/81bfaf6e?page=57"> would be better off if both spouses waited until </a> <a title="The CPA Journal - February 2013 page 58" href="http://viewer.zmags.com/publication/81bfaf6e?page=58"> MANAGEMENT corporate finance </a> <a title="The CPA Journal - February 2013 page 59" href="http://viewer.zmags.com/publication/81bfaf6e?page=59"> actions and 2) establishing appropriate accountin</a> <a title="The CPA Journal - February 2013 page 60" href="http://viewer.zmags.com/publication/81bfaf6e?page=60"> uation of CC's service and negotiation of an appr</a> <a title="The CPA Journal - February 2013 page 61" href="http://viewer.zmags.com/publication/81bfaf6e?page=61"> either could buy out the other's 50% joint ven- t</a> <a title="The CPA Journal - February 2013 page 62" href="http://viewer.zmags.com/publication/81bfaf6e?page=62"> involved the exchange of products or ser- vices w</a> <a title="The CPA Journal - February 2013 page 63" href="http://viewer.zmags.com/publication/81bfaf6e?page=63"> MANAGEMENT employee benefit plans Retire</a> <a title="The CPA Journal - February 2013 page 64" href="http://viewer.zmags.com/publication/81bfaf6e?page=64"> age; however, PPA provides legal certainty for em</a> <a title="The CPA Journal - February 2013 page 65" href="http://viewer.zmags.com/publication/81bfaf6e?page=65"> RESPONSIBILITIES & LEADERSHIP ethics </a> <a title="The CPA Journal - February 2013 page 66" href="http://viewer.zmags.com/publication/81bfaf6e?page=66"> also incorporates material from the AICPA Int</a> <a title="The CPA Journal - February 2013 page 67" href="http://viewer.zmags.com/publication/81bfaf6e?page=67"> with the perspective of the Committee on Sponsori</a> <a title="The CPA Journal - February 2013 page 68" href="http://viewer.zmags.com/publication/81bfaf6e?page=68"> of its financial statements (subject to managemen</a> <a title="The CPA Journal - February 2013 page 69" href="http://viewer.zmags.com/publication/81bfaf6e?page=69"> in ET section 92.24, “Network Firm,” when the fir</a> <a title="The CPA Journal - February 2013 page 70" href="http://viewer.zmags.com/publication/81bfaf6e?page=70"> TECHNOLOGY electronic reporting The Progr</a> <a title="The CPA Journal - February 2013 page 71" href="http://viewer.zmags.com/publication/81bfaf6e?page=71"> cessing (Jianing Fang, “Why Is the U.S. XBRL Conv</a> <a title="The CPA Journal - February 2013 page 72" href="http://viewer.zmags.com/publication/81bfaf6e?page=72"> Most companies and colleges remain reluctant to a</a> <a title="The CPA Journal - February 2013 page 73" href="http://viewer.zmags.com/publication/81bfaf6e?page=73"> of the aforementioned registration state- ments a</a> <a title="The CPA Journal - February 2013 page 74" href="http://viewer.zmags.com/publication/81bfaf6e?page=74"> TECHNOLOGY what to bookmark </a> <a title="The CPA Journal - February 2013 page 75" href="http://viewer.zmags.com/publication/81bfaf6e?page=75"> page for each category presents viewers with indi</a> <a title="The CPA Journal - February 2013 page 76" href="http://viewer.zmags.com/publication/81bfaf6e?page=76"> CLASSIFIEDMARKETPLACE PROFESSIONAL OPPORTUNITY l </a> <a title="The CPA Journal - February 2013 page 77" href="http://viewer.zmags.com/publication/81bfaf6e?page=77"> Peer Review If you need help, the</a> <a title="The CPA Journal - February 2013 page 78" href="http://viewer.zmags.com/publication/81bfaf6e?page=78"> Small full service LI CPA firm looking to acquire</a> <a title="The CPA Journal - February 2013 page 79" href="http://viewer.zmags.com/publication/81bfaf6e?page=79"> SALES TAX, AUDITS, APPEALS, & CONSULTATIONS. Expe</a> <a title="The CPA Journal - February 2013 page 80" href="http://viewer.zmags.com/publication/81bfaf6e?page=80"> </a> <a title="The CPA Journal - February 2013 page 81" href="http://viewer.zmags.com/publication/81bfaf6e?page=81"> ECONOMIC & MARKET DATA monthly upd</a> <a title="The CPA Journal - February 2013 page 82" href="http://viewer.zmags.com/publication/81bfaf6e?page=82"> EDITORIAL a message from the editor-in-c</a> <a title="The CPA Journal - February 2013 page 83" href="http://viewer.zmags.com/publication/81bfaf6e?page=83"> </a> <a title="The CPA Journal - February 2013 page 84" href="http://viewer.zmags.com/publication/81bfaf6e?page=84"> </a>