SEPTEMBER 2008  
Coming October 2008: The NEW www.JournalofAccountancy.com
Abusive Insurance and Retirement Plans

Many of the listed transactions that can get your clients into trouble with the IRS are exotic tax shelters that relatively few practitioners ever encounter. When was the last time you saw someone file a return as a Guamanian trust (Notice 2000-61)? On the other hand, a few listed transactions concern relatively common employee benefit plans the IRS has deemed tax-avoidance schemes or otherwise abusive.

Some of these abusive employee benefit plans are represented as satisfying section 419 of the Code, which sets limits on purposes and balances of "qualified asset accounts" for such benefits, but purport to offer deductibility of contributions without any corresponding income. These single-employer section 419 welfare benefit plans carry penalties that can be especially costly for small businesses. 

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Managing Multiple Identities

As companies look for ways to streamline corporate governance and internal control systems, identity and access management (IAM) has garnered new attention. Four accounting technology experts explain how CPAs can explore and implement IAM. 

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Join the Hunt: Customize Join Properties for Better Data Analysis

Modifying the default join property of data extraction and analysis software makes it easier to spot the warning signs of fraud and other irregularities. Get a step-by-step guide to changing join properties to perform a variety of audit tests.  

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