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Practice Management/Tax
TAX SERVICES AFTER SARBANES-OXLEY
Thomas J. Purcell and David Lifson
How does Sarbanes-Oxley apply to tax practitioners? The SEC rules shed only some light on this important question and are discussed in this article. CPAs may have to leave the rest to future guidance and audit committee discretion.

Personal Financial Planning/Compliance
INVESTMENT ADVISER ADVERTISING
Brian Carroll
With investment adviser advertising heavily regulated, CPAs with advisory practices have to be cautious not to run afoul of SEC rules. This article describes the key provisions of the Investment Adviser Act concerning false and misleading advertising.

Business Valuation
A GOOD DEAL DEPENDS ON PREPARATION
Rod P. Burkert
Valuation specialists such as CPA/ABVs can help owners of closely held businesses to reorganize and recast their financial information for optimum results when they want to sell their company. Here’s how.
Professional Issues

THE PROFESSION’S ROOTS
Robert Tie
To the AICPA’s new chairman—who became a CPA 26 years ago and has worked for the same local firm since college—the words “trusted adviser” now more than ever represent the uniqueness and importance of being a CPA.

State/Local Government Audits
MATERIALITY CONSIDERATIONS
William W. Holder, Kenneth R. Schermann and Ray Whittington
Preparers and auditors of state and local government financial statements need to clearly understand how to assess materiality. Recent SEC and AICPA auditing standards board actions underscore the importance of this topic.

Technology Workshop
IN EXCEL, CELL NAMES SPELL SPEED, SAFETY
Philip L. Bewig
Replacing spreadsheet cells’ letter-number identifiers with descriptive names speeds work and reduces errors. And users will find financial reports easier to read.

Corporate Taxes
IN THE MONEY?
Douglas Letsch
As a result of the decision in the CSX case, companies may be able to recoup payroll taxes on payments they made to terminated employees. Here’s a step-by-step guide for CPAs on how to do it.

The Fraud Beat/Career Development
FOLLOW THE GREENBACK ROAD
Joseph T. Wells
Ask a financial investigator the best way to uncover fraud, and the answer will likely be: “Follow the money.” This article examines the three most effective methods used to trace funds from criminal activity such as embezzlements, bribes and asset misappropriations.

Special Report—Professional Issues
HOW TO TAKE THE REVISED CPA EXAM
Students, educators and practitioners have tested the new, computerized exam to help make it more user-friendly. But that doesn’t relieve the anxiety of those who will be the first to experience the revised format in a formal test. In response, the AICPA created an online tutorial that gives test takers the valuable hands-on practice time they need.

News Digest
Webcast…Auditing…Government Accounting…International…Technology.

The Internet
Smart stops on the Web.

At a Glance: Charts and Graphics
Employed job seekers find the time.
They’re covered.
What Uncle Sam got.
Fewer returns filed by phone.
They’ve made your bed, now pay for it.

Letters
Evaluating alternative investments.
A whistle-blower’s statement needed.
Proud of public accounting background.
Don’t overlook government accounting.
A simpler approach to keeping employees.

Checklist
Help clients keep 401(k) plans up to date.

Tax Matters
Tax Case: Bankruptcy and S corporation pass-through.
Tax Case: Reasonable compensation.
Tax notes.
Tax Case: Losses trust deducted were not from passive activity.
Tax Brief: Court says unallocated support payments are alimony.

From the Tax Adviser
Funding medical expenses.

Technology Q&A
A fast way to increase type size…Fill a page with dummy text…Suppress ScreenTips in Word…Automatically install Windows XP updates…Create a blank screen pause in PowerPoint… Respond to invitations to turn off spam…Customize drop-down menus… Split data from an Excel cell.

Inside AICPA
California municipal official named best government CPA.
Students win competition.
Institute proposes auditing standards changes to PCAOB.
AICPA comments on IRS currency transaction proposal.

Golden Business Ideas
Practical ideas for improving your business.

In This Issue