CPA Magazine - December-March 2013 Email Edition

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22 Tips That are a Win-Win for College Savings Plans

Sid KessThe cost of tuition and related costs are continuing to rise at a greater pace than the rate of inflation, with Ivy League schools now priced at more than $50,000 per year. Families that want to save for higher education costs on a tax-advantaged basis can look to 529 savings plans. These are state-run programs in which contributions are invested;...

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10 Tax Tips On Implications for Debt Forgiveness

mug_jerry_loveIn general, if you are liable for a debt that is reduced, canceled, forgiven, or discharged, you must include the canceled amount in gross income unless you meet an exclusion or exception such as the taxpayer is in bankruptcy or insolvent. Other possible exceptions include: qualified farm debt, qualified real property business debt, a certain type...

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21 Tips for S Corporations with Trusts and Estate Shareholders

Martin ShenkmanThere are over two million S corporations. In 2012 there has been a tremendous shift of wealth to trusts as taxpayers endeavor to take advantage of what might be a final window of wealth transfer opportunity before 2013. The result is the transfer of significant assets, including S corporations into trusts. What types of issues should practitioners...

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23 Year-End Tax Tips

Julie WelchTime Your Income and Deductions
- Accelerate income in light of the elimi­nation of the Adjusted Gross Income phase-out of itemized deductions.
- Consider recognizing long-term capital gains to take advantage of the current maximum 15% tax rate.
- Consider recognizing capital losses to offset any realized capital gains.
- If you have lent money...

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CPAs Expand Into SOC 2 After Death of SAS 70

Rose SteelAfter SAS 70 audits were used improperly the AICPA replaced the standard with SSAE 16. While attempting to correct the problem, the AICPA produced three variations of SSAE 16 for service organizations. SOC 1, like SAS 70, is for financial internal controls. SOC 2 is for data security. SOC 3 is a general use report based on Trust Service Principles....

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CPA Fraud Examiner

GrallaExportForWebA-400x225Robert Gralla is a CPA, Certified Fraud Examiner and Certified Forensic Accountant who has experience as a private investigator and an expert witness. CPA Magazine sat down with Gralla to discuss his vast repertoire.
CPA Magazine: What attracted you to becoming a CPA in the first place?
Robert Gralla, CPA, CFE: First...

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Tax Humor: The IRS Motto

mug robert mckenzieIRS MOTTO: "We're not happy until you're not happy!"
“Ignore them and they’ll go away” is great advice for some of life’s annoyances. Unfortunately, it doesn’t apply to taxes. Martha C. White,  April 17, 2012.
A white business envelope with your name in the cellophane window and the return address of the IRS: Attention from...

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