Tax
DIVORCE AGREEMENT LANGUAGE
Larry Maples
With divorce commonplace, CPAs must understand the details and unique vocabulary of alimony, qualified domestic relations orders and dependency exemptions so they can interpret the language in divorce documents, take defensible tax-return positions and suggest wording that will best protect their clients’ interests.

Investments/Personal Financial Planning
EE VS. I BONDS: WHICH ARE BETTER?
Richard F. Boes and Mark Bezik
They’re both safe, conservative investments worth considering. But which meet your client’s unique needs? Here’s an explanation of the differences to help CPAs give the right investment advice.

Technology Workshop
ADD MUSCLE TO “WHAT-IF” ANALYSES
James A. Weisel
Excel’s Scenario Manager is a powerful tool for assessing and reporting the impact of multiple “what-if” analyses. With a little tinkering, it can be even more productive.

International
FINANCIAL REPORTING GOES GLOBAL
D.J. Gannon and Alex Ashwal
The International Accounting Standards Board and FASB are working to converge their respective positions. It is important that CPAs understand how this will affect GAAP and how their employers and clients might be required to report according to both international and U.S. financial reporting standards.

Employee Benefits
EMPLOYER-PROVIDED EDUCATION BENEFITS
Edmund D. Fenton Jr.
Companies have several options available to provide tax-free assistance to encourage employees to take advantage of formal education opportunities. CPAs can recommend employers use IRC section 117, 127 or 132—or some combination—to cover these expenses.

Professional Issues
FRAUD RISK: ARE YOU PREPARED?
Steven E. Sacks
Sandra K. Johnigan, CPA, chairperson of the AICPA forensic and litigation services committee, offers a view from the trenches about the daily challenges CPAs face in the fraud arena. She talks about why corporate fraud has become such a critical concern for accountants and what steps the profession can take to rebuild its image.

Sarbanes-Oxley
INTERNAL AUDIT’S NEW ROLE
Cynthia Harrington
Companies and their CPAs are putting the finishing touches on their internal audit departments in advance of an October 31 deadline that requires NYSE-listed companies to have such a function. Businesses are seeking to develop departments that not only comply with the new requirements but also help the company improve its bottom line.

In My Opinion
WHAT’S AHEAD IN ENFORCEMENT?
Anthony J. Costantini
With years of experience dealing with regulatory agencies, an observer speculates on how the PCAOB and the SEC will manage enforcement. CPAs can gain insights into how the PCAOB might approach registration, rule making, inspections, investigations and enforcement by comparing it with self-regulatory organizations entrusted with essentially the same responsibilities. The experience of those entities could have a precedent-setting effect on the PCAOB’s activities.

NEWS

News Digest
Accounting…Auditing…Fraud…Government Accounting…International…Professional Issues.
A former AICPA president is dead at 88.

Special Report
CPA2BIZ DELIVERS UPDATE TO AICPA COUNCIL
CPA2Biz, the AICPA’s marketing and technology provider, experiences steady online growth, releases new site features and develops a set of core business solutions programs to meet the needs of small and midsize public practitioners and CPAs working in business and industry.