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Personal Financial Planning
HOW TO MAXIMIZE IRA ACCUMULATIONS
Linda M. Johnson
With the sizable amounts in some IRAs, owners typically want to continue generating tax-deferred earnings as long as possible. Unfortunately, the tax laws require IRA owners to begin taking minimum IRA distributions starting in the year they turn age 7012. There are, however, a number of techniques CPAs can recommend to clients to help them prolong the distribution period.

Employee Benefits/Risk Management
ERISA LIABILITY FOR CPAs
Michael J. Collins
CPAs who provide professional services to pension and other employee benefit plans must be aware of the potential liability exposure under ERISA. A recent U.S. Supreme Court case made it clear that accountants and others may be held liable for certain transactions with these plans.

Business & Industry/Career Development
WHAT DOES IT TAKE TO BECOME A CFO?
Carol Lippert Gray
There’s no clear-cut path to the CFO suite, but accounting professionals have an inside track. Besides having technical skills and corporate experience, individuals aspiring to the CFO position need to grasp the big picture, have board exposure, technology savvy, familiarity with reengineering—and the list goes on.

Career Development
LANDING A JOB IN A STRANGE NEW WORLD
Andrea Jennings and Michael Hayes
In the past few years much has changed for CPAs looking for a new job. Technology is providing candidates with greater exposure to opportunities and more information about potential employers. And in the current market, job seekers, not hirers, are in the driver’s seat. Here’s a look at how the recruitment rules are being rewritten.

Practice Management
PAY YOUR STAFF FOR PERFORMANCE
Robert B. Scott, Jr.
Every CPA knows an accounting firm’s bottom line depends on billing adequate rates for staff members who work hard and use time efficiently. The formula seems simple, but each worker ultimately decides how much effort he or she will put into the job. A carefully crafted incentive compensation plan can enhance profits by motivating the team.

Technology Workshop
GET REMOTE COMPUTER ACCESS—AND SAVE
David Vinnedge
You can set up your computer network using proven technology to fulfill the complete software and data access needs of multiple users, whether they are in the office, in a satellite location, at home or with a client.

Tax/NPO
THE BUSINESS OF CHARITY
Nancy J. Foran and Barbara A. Theisen
Proposed regulations will change how NPOs treat the payments they receive from corporate sponsors. With proper planning, CPAs can help these organizations avoid the unrelated business income tax on these payments.

Financial Reporting
The accounting and review services committee issues SSARS No. 8—which injects new factors into the process accountants must follow on compilation engagements.

The FASB releases Statement no. 140, which modifies the way some entities account for securitizations and other transfers of financial assets and collateral.

Professional Issues
The AICPA SECPS tightens the procedures firms that audit public companies must follow if one of their partners undergoes investigation for independence violations related to an alleged audit failure.

At the annual meeting of NASBA, speakers bring attendees up to date on important issues and call for their support on challenges facing the profession.

The Internet
Smart stops on the Web.

Frontline Views
Shaun F. O’Malley, former Price Waterhouse CEO and chairman of the Panel on Audit Effectiveness, offers his insights into the panel’s findings and recommendations.

Personal Financial Planning
Special Report: The SEC introduces a system that accepts investment advisers’ federal and state registrations on the Web and gives investors convenient, free access to advisers’ disciplinary history, services and fees.

FYI
News, notes and items of interest

By the Numbers
Accountants can supply small businesses with much more of the human resources, health care and legal compliance consulting services they need. But firms first have to develop good marketing plans and the right skills.

At a Glance: Charts and Graphics
Even in boom times, CFOs watch the bottom line.
Flocking to the Web.
Zero taxes: wave of the future?

Checklist
Merger integration: Include a tax strategy to make a good deal better.

Tax Matters
The IRS issues guidance to mutual fund distributors.

Tax Brief—Individual: Depreciation of a jet is not included when determining business expenses.

Tax Brief—Individual: Tuition to a religious school is not deductible as a charitable contribution.

Line Items.

Tax Case: Experience is key when giving advice.

From the Tax Adviser
Quality control for tax practices.

Technology Q&A
How to keep your work private… An easy way to copy a computer image…Keep spreadsheet headings in view…Automatic sizing of spreadsheet cells…Delete Excel cells without the mouse.

Letters
Confusing the issues.

A different approach.

Where were the best practices?

12-Month Index
JofA articles by author and subject.

Golden Business Ideas
Practical ideas for improving your business.

In This Issue