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<br /> Annual Tax Update<br /> Strategies for Protecting Wealth<br /> • Minimizing AMT Liability • IRS Guidance for Ponzi Losses<br /> • New College Tax Credits<br /> <br /> A New 2-4-1 Offer from FAE in the New Year!<br /> Do you qualify for it? Read further to find out!<br /> FAE seminars and conferences offer real world accounting information from leaders in the profession. They<br /> allow firm practitioners to provide their clients with additional benefits and CPAs in industry to add value to their<br /> company. Not just that; this year, FAE is offering a two-for-one offer. If you have not attended a FAE seminar or<br /> conference in the last five years (January 1, 2004 to December 31, 2009), you qualify to receive FAE’s 2-4-1 offer.<br /> To receive the 2-4-1 offer, call 800-537-3635 and register for two FAE seminars, conferences, or one of each.<br /> 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>