IN OUR
OPINION
Metrics of Greatness
by
Gary S. Shamis and Jay N. Nisberg
There are more
meaningful measurements of firmwide
achievement than economics.
 For all CPA firms.
TECHNOLOGY/TAX
Tax Software 2007
by
Stanley Zarowin
Data from more than
2,000 AICPA Tax Section members
responding to the Journal of
Accountancy annual tax software
survey help you decide which product is
best for you.
For CPA tax preparers.
TAX/PERSONAL
FINANCIAL PLANNING
The ABCs of QPRTs
by
James P. King
A popular estate
planning technique in today’s
growing real estate market is to transfer
a residence to a qualified personal
residence trust (QPRT) to reduce the size
of the estate. This article provides a
case study on the mechanics of creating
and funding a QPRT and discusses the
savings, benefits and disadvantages of
having one. 
For For CPAs advising clients
on estate tax issues.
TAX/BUSINESS
& INDUSTRY
Matching Deductions to Payments
by
Larry Maples and Mark Turner
Several statutory
and regulatory provisions require payers
and payees to match income and deductions
in the same time frame and for the same
amounts. The various rules are similar,
but not identical. CPAs need to be aware
of the similarities but also the
differences—and which rules are (or
are not) applicable. This article
discusses several of the relevant
provisions and their ramifications for
CPAs and their clients.
For CPAs who prepare
corporate or individual tax returns.
TAX/BUSINESS
& INDUSTRY
Taking Flight
by
Victor C. Anvick
Private aircraft
ownership can help companies avoid many
of the travel restrictions imposed in
recent years. But there are some complex
tax, financial, operational and
regulatory issues involved in acquiring
and operating a business aircraft.
For CPAs advising clients or
employers on buying or owning their own
plane.
LITIGATION
SUPPORT/PRACTICE DEVELOPMENT
Bridging a Breakup
by
Philip J. Shechter
How can you best
guide clients through a financially
complex divorce? Don’t take sides. A
neutral forensic accountant—chosen
by a court or by both parties—makes
it easier for divorcing couples to settle
financial issues.
For CPAs with
litigation support practices.
PRACTICE
DEVELOPMENT CASE STUDY
First Form a Plan
by
Bert Schweizer III
A business plan
provided a road map for Buckingham Asset
Management Inc./BAM Advisor Services LLC
to grow from four cofounders to an
organization with more than $6 billion in
combined assets served. This article
describes the major steps in the
firm’s PFP business development
plan.
For CPAs and firms
considering offering investment advisory
services.
HIGHLIGHTS
NEWS DIGEST
Accounting…Auditing…Financial
Reporting…Government
Accounting…International…Risk
Management…XBRL…FYI.
THE
INTERNET
Smart stops on the Web.
AT A
GLANCE: CHARTS AND GRAPHICS
Boomers bow out.
What becomes a hiree most?
High school scores low.
Kicked into the 21st century.
Taxpayers sound off.
Uncle Sam hangs up phone tax.
LETTERS
Cost
a factor in reverse mortgages.
A wife’s views on Social
Security.
Teaching: A true career.
When did the world change?
TOP LINE
News, people, trends and other
noteworthy items.
CHECKLIST
Sweet charity.
TAX MATTERS
Tax Case: Understanding closing
agreements.
Tax Case: Medical reimbursement
plan for employee-spouse.
Tax Case: Family limited
partnership transfers were indirect gifts
of stock.
Tax Case: Interest owed to a
related foreign entity.
FROM THE
TAX ADVISER
Home
builders have new tax credit.
INSIDE
AICPA
Inductees to B&I Hall of
Fame.
AICPA names new director.
Institute honors Milano.
Government CPAs honored.
THE LAST
WORD
A
closer look at some of the intriguing,
inspiring and imaginative folks who are
the heart of the AICPA.
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