The CPA Journal

If you are visually impaired or blind, you can visit the PDF version by Pressing CONTROL + ALT + 4

* { font-family: Arial, Helvetica, sans-serif; font-size: 12px; color: #5F6265 } body { background-color: #FFF; padding: 15px } h1 { font-size: 17px; font-weight: 700; border-bottom: 1px solid #D1E7B2; font-family: Tahoma, Geneva, sans-serif } p, li { padding: 5px 0 5px 0; } ul { padding-left: 40px; } a:link,a:visited,a:active,a:hover { text-decoration: underline; color: #5F6265 } #application,#applicationContainer { display: none } You need a JavaScript-enabled browser to view this PublicationPlease follow these steps to view the Publication:

Enable JavaScript in your browser

Refresh this page

Best regards
Zmags

Annual Tax Update Strategies for Protecting Wealth • Minimizing AMT Liability • IRS Guidance for Ponzi Losses • New College Tax Credits A New 2-4-1 Offer from FAE in the New Year! Do you qualify for it? Read further to find out! FAE seminars and conferences offer real world accounting information from leaders in the profession. They allow firm practitioners to provide their clients with additional benefits and CPAs in industry to add value to their company. Not just that; this year, FAE is offering a two-for-one offer. If you have not attended a FAE seminar or conference in the last five years (January 1, 2004 to December 31, 2009), you qualify to receive FAE’s 2-4-1 offer. To receive the 2-4-1 offer, call 800-537-3635 and register for two FAE seminars, conferences, or one of each. You will receive admittance to both events and be charged for only one! (The free eve<a title="The CPA Journal February 2010 page 1" href="http://viewer.zmags.com/publication/a43aef6e?page=1"> Annual Tax Update Strategies for Protecting Wealt</a> <a title="The CPA Journal February 2010 page 2" href="http://viewer.zmags.com/publication/a43aef6e?page=2"> </a> <a title="The CPA Journal February 2010 page 3" href="http://viewer.zmags.com/publication/a43aef6e?page=3"> A New 2-4-1 Offer from FAE in the New Year! Do yo</a> <a title="The CPA Journal February 2010 page 4" href="http://viewer.zmags.com/publication/a43aef6e?page=4"> C ONTENTS february 2010 </a> <a title="The CPA Journal February 2010 page 5" href="http://viewer.zmags.com/publication/a43aef6e?page=5"> vol. LXXX/no.2 6PERSPECTI</a> <a title="The CPA Journal February 2010 page 6" href="http://viewer.zmags.com/publication/a43aef6e?page=6"> Publisher LOUIS GRUMET Associate Pu</a> <a title="The CPA Journal February 2010 page 7" href="http://viewer.zmags.com/publication/a43aef6e?page=7"> It’s Not An Option. It’s The LAW! NEW YORK STATE</a> <a title="The CPA Journal February 2010 page 8" href="http://viewer.zmags.com/publication/a43aef6e?page=8"> P ERSPECTIVES fraud Ponzis and Pyramids Wh</a> <a title="The CPA Journal February 2010 page 9" href="http://viewer.zmags.com/publication/a43aef6e?page=9"> publisher's column Serving the Public Inter</a> <a title="The CPA Journal February 2010 page 10" href="http://viewer.zmags.com/publication/a43aef6e?page=10"> (Continued from page 6) compare the investment's </a> <a title="The CPA Journal February 2010 page 11" href="http://viewer.zmags.com/publication/a43aef6e?page=11"> Should prior years' returns be amended to remove </a> <a title="The CPA Journal February 2010 page 12" href="http://viewer.zmags.com/publication/a43aef6e?page=12"> before the fraud was discovered. Because the IRS </a> <a title="The CPA Journal February 2010 page 13" href="http://viewer.zmags.com/publication/a43aef6e?page=13"> Roth: Still the Right Choice By Nea</a> <a title="The CPA Journal February 2010 page 14" href="http://viewer.zmags.com/publication/a43aef6e?page=14"> 401(k), the entire $57,062 would be available, th</a> <a title="The CPA Journal February 2010 page 15" href="http://viewer.zmags.com/publication/a43aef6e?page=15"> incomes are currently in the 10% tax bracket. Giv</a> <a title="The CPA Journal February 2010 page 16" href="http://viewer.zmags.com/publication/a43aef6e?page=16"> The Never-Taxed Estate: Why Rich Peopl</a> <a title="The CPA Journal February 2010 page 17" href="http://viewer.zmags.com/publication/a43aef6e?page=17"> the king. “How much would it be if each time a tr</a> <a title="The CPA Journal February 2010 page 18" href="http://viewer.zmags.com/publication/a43aef6e?page=18"> In Focus </a> <a title="The CPA Journal February 2010 page 19" href="http://viewer.zmags.com/publication/a43aef6e?page=19"> The 2009 AMT Stimulus Patch Tax Strategies to Min</a> <a title="The CPA Journal February 2010 page 20" href="http://viewer.zmags.com/publication/a43aef6e?page=20"> whom are middle-class taxpayers, has sig- nifican</a> <a title="The CPA Journal February 2010 page 21" href="http://viewer.zmags.com/publication/a43aef6e?page=21"> at higher than market rates. Because of the regul</a> <a title="The CPA Journal February 2010 page 22" href="http://viewer.zmags.com/publication/a43aef6e?page=22"> of the taxpayer, but does not include acquisi- ti</a> <a title="The CPA Journal February 2010 page 23" href="http://viewer.zmags.com/publication/a43aef6e?page=23"> capital gain will be subject to the prefer- entia</a> <a title="The CPA Journal February 2010 page 24" href="http://viewer.zmags.com/publication/a43aef6e?page=24"> A CCOUNTING & AUDITING government accountin</a> <a title="The CPA Journal February 2010 page 25" href="http://viewer.zmags.com/publication/a43aef6e?page=25"> that governmental accounting plays a signif- ican</a> <a title="The CPA Journal February 2010 page 26" href="http://viewer.zmags.com/publication/a43aef6e?page=26"> The mission and project agenda seemed fairly si</a> <a title="The CPA Journal February 2010 page 27" href="http://viewer.zmags.com/publication/a43aef6e?page=27"> was a difficult one, and any project of that magn</a> <a title="The CPA Journal February 2010 page 28" href="http://viewer.zmags.com/publication/a43aef6e?page=28"> tions of the GFOA, stood by GASB in a rubber </a> <a title="The CPA Journal February 2010 page 29" href="http://viewer.zmags.com/publication/a43aef6e?page=29"> mation: relevance, understandability, com- parabi</a> <a title="The CPA Journal February 2010 page 30" href="http://viewer.zmags.com/publication/a43aef6e?page=30"> A CCOUNTING & AUDITING financial reporting </a> <a title="The CPA Journal February 2010 page 31" href="http://viewer.zmags.com/publication/a43aef6e?page=31"> Initial Registration An accounting firm's ini</a> <a title="The CPA Journal February 2010 page 32" href="http://viewer.zmags.com/publication/a43aef6e?page=32"> persons. The firm's affirmation is strict- ly req</a> <a title="The CPA Journal February 2010 page 33" href="http://viewer.zmags.com/publication/a43aef6e?page=33"> be registered with the PCAOB for peri- ods ending</a> <a title="The CPA Journal February 2010 page 34" href="http://viewer.zmags.com/publication/a43aef6e?page=34"> gering events. Each item has a specified disclosu</a> <a title="The CPA Journal February 2010 page 35" href="http://viewer.zmags.com/publication/a43aef6e?page=35"> has become a defendant or respondent in a c</a> <a title="The CPA Journal February 2010 page 36" href="http://viewer.zmags.com/publication/a43aef6e?page=36"> rules, Form 4 must be filed within 14 cal- endar </a> <a title="The CPA Journal February 2010 page 37" href="http://viewer.zmags.com/publication/a43aef6e?page=37"> well as internal education programs, in order to </a> <a title="The CPA Journal February 2010 page 38" href="http://viewer.zmags.com/publication/a43aef6e?page=38"> A CCOUNTING & AUDITING standards setting </a> <a title="The CPA Journal February 2010 page 39" href="http://viewer.zmags.com/publication/a43aef6e?page=39"> received periodic cash inflows for agree- ing to </a> <a title="The CPA Journal February 2010 page 40" href="http://viewer.zmags.com/publication/a43aef6e?page=40"> ■ The recently created Monitoring Board (includ</a> <a title="The CPA Journal February 2010 page 41" href="http://viewer.zmags.com/publication/a43aef6e?page=41"> T AXATION federal taxation IRS Guidance fo</a> <a title="The CPA Journal February 2010 page 42" href="http://viewer.zmags.com/publication/a43aef6e?page=42"> and paying back a portion to the investors as int</a> <a title="The CPA Journal February 2010 page 43" href="http://viewer.zmags.com/publication/a43aef6e?page=43"> Investor receives a statement revealing that the </a> <a title="The CPA Journal February 2010 page 44" href="http://viewer.zmags.com/publication/a43aef6e?page=44"> Formula for amount of investment theft loss. </a> <a title="The CPA Journal February 2010 page 45" href="http://viewer.zmags.com/publication/a43aef6e?page=45"> This assumes, pursuant to the tax benefit rule, t</a> <a title="The CPA Journal February 2010 page 46" href="http://viewer.zmags.com/publication/a43aef6e?page=46"> T AXATION federal taxation </a> <a title="The CPA Journal February 2010 page 47" href="http://viewer.zmags.com/publication/a43aef6e?page=47"> December 31, 2008, the Housing and Economic Recov</a> <a title="The CPA Journal February 2010 page 48" href="http://viewer.zmags.com/publication/a43aef6e?page=48"> will ordinarily be considered the principal resid</a> <a title="The CPA Journal February 2010 page 49" href="http://viewer.zmags.com/publication/a43aef6e?page=49"> because it is part of the five-year period preced</a> <a title="The CPA Journal February 2010 page 50" href="http://viewer.zmags.com/publication/a43aef6e?page=50"> volunteers or volunteer leaders of the Peace Corp</a> <a title="The CPA Journal February 2010 page 51" href="http://viewer.zmags.com/publication/a43aef6e?page=51"> vides for the holding period of property and make</a> <a title="The CPA Journal February 2010 page 52" href="http://viewer.zmags.com/publication/a43aef6e?page=52"> T AXATION state & local taxation Tax Cre</a> <a title="The CPA Journal February 2010 page 53" href="http://viewer.zmags.com/publication/a43aef6e?page=53"> of religious schools, requiring parents who</a> <a title="The CPA Journal February 2010 page 54" href="http://viewer.zmags.com/publication/a43aef6e?page=54"> cal year ending in 2009. Similar to Florida's Cor</a> <a title="The CPA Journal February 2010 page 55" href="http://viewer.zmags.com/publication/a43aef6e?page=55"> T AXATION federal taxation Education Expen</a> <a title="The CPA Journal February 2010 page 56" href="http://viewer.zmags.com/publication/a43aef6e?page=56"> between the two credits was that the Hope credit </a> <a title="The CPA Journal February 2010 page 57" href="http://viewer.zmags.com/publication/a43aef6e?page=57"> ■ The remaining balance of the refund- able AOT</a> <a title="The CPA Journal February 2010 page 58" href="http://viewer.zmags.com/publication/a43aef6e?page=58"> F INANCE personal financial planning </a> <a title="The CPA Journal February 2010 page 59" href="http://viewer.zmags.com/publication/a43aef6e?page=59"> managers, auditors, regulators, and legisla- tors</a> <a title="The CPA Journal February 2010 page 60" href="http://viewer.zmags.com/publication/a43aef6e?page=60"> to them will vary greatly between and with- </a> <a title="The CPA Journal February 2010 page 61" href="http://viewer.zmags.com/publication/a43aef6e?page=61"> To ignore the increased risks and con- tinue o</a> <a title="The CPA Journal February 2010 page 62" href="http://viewer.zmags.com/publication/a43aef6e?page=62"> With a municipal bond fund typically hav- ing</a> <a title="The CPA Journal February 2010 page 63" href="http://viewer.zmags.com/publication/a43aef6e?page=63"> the government's unlimited taxing ability, as rem</a> <a title="The CPA Journal February 2010 page 64" href="http://viewer.zmags.com/publication/a43aef6e?page=64"> M ANAGEMENT practice management Help Staf</a> <a title="The CPA Journal February 2010 page 65" href="http://viewer.zmags.com/publication/a43aef6e?page=65"> ■ How much do I know? ■ How many hours will i</a> <a title="The CPA Journal February 2010 page 66" href="http://viewer.zmags.com/publication/a43aef6e?page=66"> up for a live course. Individuals should do what </a> <a title="The CPA Journal February 2010 page 67" href="http://viewer.zmags.com/publication/a43aef6e?page=67"> R ESPONSIBILITIES & LEADERSHIP perceptions </a> <a title="The CPA Journal February 2010 page 68" href="http://viewer.zmags.com/publication/a43aef6e?page=68"> CPAs were also asked to comment on how attorne</a> <a title="The CPA Journal February 2010 page 69" href="http://viewer.zmags.com/publication/a43aef6e?page=69"> that CPAs act as coordinator. This result stands </a> <a title="The CPA Journal February 2010 page 70" href="http://viewer.zmags.com/publication/a43aef6e?page=70"> T ECHNOLOGY software </a> <a title="The CPA Journal February 2010 page 71" href="http://viewer.zmags.com/publication/a43aef6e?page=71"> return will be correct, that there are no potenti</a> <a title="The CPA Journal February 2010 page 72" href="http://viewer.zmags.com/publication/a43aef6e?page=72"> Measuring Tax Software Acceptance Individual a</a> <a title="The CPA Journal February 2010 page 73" href="http://viewer.zmags.com/publication/a43aef6e?page=73"> formance, easy to learn, and less risky. Professi</a> <a title="The CPA Journal February 2010 page 74" href="http://viewer.zmags.com/publication/a43aef6e?page=74"> arately, using a partial least squares regres- si</a> <a title="The CPA Journal February 2010 page 75" href="http://viewer.zmags.com/publication/a43aef6e?page=75"> T ECHNOLOGY what to bookmark Website of </a> <a title="The CPA Journal February 2010 page 76" href="http://viewer.zmags.com/publication/a43aef6e?page=76"> Classified PROFESSIONAL OPPORTUNITY l BUSINESS l</a> <a title="The CPA Journal February 2010 page 77" href="http://viewer.zmags.com/publication/a43aef6e?page=77"> SPACE FOR RENT AAA PROFESSIONAL OFFICES FOR REN</a> <a title="The CPA Journal February 2010 page 78" href="http://viewer.zmags.com/publication/a43aef6e?page=78"> TAX CONSULTANCY SALES TAX PROBLEMS? More than 25</a> <a title="The CPA Journal February 2010 page 79" href="http://viewer.zmags.com/publication/a43aef6e?page=79"> PEER REVIEW Let Us Hear Fr</a> <a title="The CPA Journal February 2010 page 80" href="http://viewer.zmags.com/publication/a43aef6e?page=80"> </a> <a title="The CPA Journal February 2010 page 81" href="http://viewer.zmags.com/publication/a43aef6e?page=81"> E CONOMIC & MARKET D ATA monthly update</a> <a title="The CPA Journal February 2010 page 82" href="http://viewer.zmags.com/publication/a43aef6e?page=82"> E DITORIAL a message from the editor-in-chie</a> <a title="The CPA Journal February 2010 page 83" href="http://viewer.zmags.com/publication/a43aef6e?page=83"> </a> <a title="The CPA Journal February 2010 page 84" href="http://viewer.zmags.com/publication/a43aef6e?page=84"> </a>