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Tax Software
RANKING THE PRODUCTS
Stanley Zarowin
A survey of tax preparation software users indicated that most products continued to get high marks. Use of electronic filing was gaining, and fewer preparers planned to charge for the service this tax year.

Compensation/Tax
MINIMIZE PARACHUTE PENALTIES
Randy Myers
Golden parachutes for executives usually are costly and complicated. CPAs asked to help with these agreements can save their employers and clients significant sums of money through careful planning.

SUNK BY OPTIONS
Russ Banham
Stock options are great as long as the underlying securities rise in price. But if prices slip, the tax burden can be painful. Here’s advice on how to avoid problems.

STOCK OPTION PITFALLS AND STRATEGIES DU JOUR
Paul Sweeney
Is the music still playing at the incentive compensation party? Stock options are widespread currency for executives and other employees. When markets decline, businesses look for ways to handle option plans to protect employees from losses.

Financial Reporting
FUTURE CASH FLOW MEASUREMENTS
David T. Meeting, Randall W. Luecke and Linda Garceau
FASB issued guidance to help CPAs use future cash flows as the basis for accounting measurements at initial recognition, when making fresh-start measurements and with the interest method of amortization.

Special to the Journal of Accountancy
THE XYZ CREDENTIAL
Jim Emerson
The idea is right, the implementation plan is right, the timing is right and the leadership is right—the only remaining question is whether our profession has the courage and confidence to lead the professional services industry in the 21st century, says the author, an analyst for the larger professional service firms.

Education
BRING THE REAL WORLD INTO THE CLASSROOM
Cheryl T. Metrejean and Marilyn T. Zarzeski
Academics who invite practitioners into the classroom to talk to students about the profession and its opportunities help spread the word that the field is both varied and lucrative. Two professors get CPAs to tell accounting students about what practice is really like.

Business Valuation
TAKING THE TEMPERATURE OF HEALTH CARE VALUATIONS
Loren Garruto and Oliver Loud
In today’s market, CPA valuation experts need to understand the fundamentals that apply to all industry segments. Valuators also must grasp the current forces and trends affecting each segment to prepare an objective, comprehensive report.

Transfer Taxes
THE UNCERTAINTY OF DEATH AND TAXES
William M. VanDenburgh and Philip J. Harmelink
Transfer tax changes are a major component of the new tax act. It repeals the estate and generation-skipping taxes as of 2010 and phases in lower rates and higher exemptions in the interim period. The legislation also brings almost unprecedented complexity to the estate planning process.

News Digest
Auditing…Banking…Employee Benefits…Government Accounting and Auditing…International…Privacy…Securities…FYI.

Two CPAs honored for lifetime achievements.

August and September JofA stories corrected.

The Internet
Smart stops on the Web.

By the Numbers
Women entrepreneurs get know-how their own way.

At a Glance: Charts and Graphics
Technology cuts back execs’ travel.
It “pays” to be no. 1.
Top 5 pay even more.

Letters
On clients and their files.
Not all are fraud audits.
Charitable giving: Other points to consider.
Right guidance = right choice.

Checklist
The right way to start a practice.

Tax Matters

IRS allows small businesses to comment on the auditing process.

Tax Brief. Special allocations in amended partnership agreement do not have substantial economic effect.

Tax Case: Expanded innocent spouse relief.
Tax Case: Valuing a decedent’s closely held stock.
Tax Case: Sham transactions.

From the Tax Adviser
Tax issues for nonresident aliens.

Technology Q&A
Should you invest in a flat-panel monitor?…Put a 10-key calculator in Excel…Remove floppy or CD in an emergency…Replace a lost Desktop icon…Make an Excel formula constant…Best way to put pictures in Word.

For the Practicing Auditor
Research Summary 21: Audit Committee Appointments.
Research Summary 22: Haphazard Sampling and Selection Bias.

Insurance Issues
By helping clients sell unnecessary life insurance policies in the secondary market instead of letting them lapse, CPAs can make sure the clients realize maximum value.

Inside AICPA
Technology users, manufacturers back AICPA assurance products.
CPA2Biz answers frequently asked questions about itself.
Global credential steering committee signs up first European member.

Golden Business Ideas
Practical ideas for improving your business.

In This Issue