Public Company Audits
REGULATIONS UNDER THE SARBANES-OXLEY ACT
Richard I. Miller and Paul H. Pashkoff
The profession is familiar with the events: A series of highly publicized business scandals, earnings restatements, market losses and bankruptcies ignited a firestorm of public debate and prompted a swift, sweeping congressional response. The resulting legislation mandates the most far-reaching reforms Congress has imposed on the business world since FDR’s New Deal.

Software
EVALUATING TAX SOFTWARE
Stanley Zarowin
The annual JofA/NATP survey of tax software users found most products have improved from last year and the use of electronic filing is gaining, with more CPAs planning to charge for the service this tax year.

Technology Workshop
RUN YOUR BUSINESS ON THE WEB
TerryAnn Glandon
Organizations large and small are discovering they have to be on the Internet. It’s a great place to make contacts with clients, customers and suppliers, and it’s very economical. This article outlines how to set up a site, which can be adapted for many different uses.

Marketing/Practice Management
FOLLOW THE LEADER
Lyne Noella
A managing partner has five key marketing roles: ambassador, relationship manager, business-development manager, head of research and development and communications director. The rule to follow when filling them is to bring in an account today while you lay the groundwork for growth tomorrow.

Practice Management
MAKE ’EM PAY UP
Carl Pacini and Robert Tucker
Some CPAs report that it’s getting harder to collect fees from clients. To stave off conflict, use an engagement letter to detail what the firm’s work will and won’t include, how and when the firm should be paid for services and how disputes can be resolved if a situation gets contentious.

Gift Taxes
ICEBERG AHEAD!
Amy K. Kanyuk
The 2001 act didn’t eliminate the gift tax. That means CPAs will have to continue helping clients file form 709 to report gifts. Since completing the form sometimes is not as easy as it looks, practitioners should exercise caution to make sure clients avoid unintended tax consequences.

Tax
THE HOME SALE GAIN EXCLUSION
Nancy J. Foran and Jeffrey J. Bryant
When home prices rise, the ability to exclude a portion of the gain on sale is more important than ever for some taxpayers. Proposed IRS regulations help CPAs interpret the rules but still leave some questions unanswered.

The Fraud Beat
BILLING SCHEMES, PART 4: PERSONAL PURCHASES
Joseph T. Wells
Although business owners are right to focus on their primary job functions, they also must ensure that lax procedures and petty fraud don’t waste company resources.