Categories
National Public Accountant, The

Liquidation of partnerships

Liquidation of partnerships Barbara Winicur Last month we discussed the formation of partnerships, how to distribute income among partners and what happens when a new partner enters or an old partner leaves the business. Now we’ll turn our attention to the liquidation of a partnership. We know that when a partner dies or leaves the […]

Categories
National Public Accountant, The

merging a professional service corporation into a partnership

Tax considerations of merging a practice; Case study: merging a professional service corporation into a partnership James Loebl THE PAST 10 YEARS HAVE SEEN CONSIDERABLE CONSOLIDATION OF ACCOUNTING PRACTICES. INTERNATIONALLY, THE BIG EIGHT MERGED INTO THE BIG SIX AND EVENTUALLY INTO THE BIG FOUR. IN SECOND TIER FIRMS ON THE NATIONAL AND REGIONAL LEVEL, ALONG […]

Categories
National Public Accountant, The

Breaking free from conventional GAAP

Breaking free from conventional GAAP Alan Reinstein Satisfying Third-Party Accounting Requirements For Utilities and Other Specialized Industries Accountants frequently turn away from Generally Accepted Accounting Principles (GAAP) to other comprehensive bases of accounting (OCBOA) in satisfying third-party accounting requirements for utility, health care, real estate and other industries. A recent survey by the private companies […]

Categories
National Public Accountant, The

Allocations of nonrecourse deductions and the minimum gain chargeback

Allocations of nonrecourse deductions and the minimum gain chargeback M. Jill Martin The Treasury recently issued final regulations for the allocation of partnership deductions related to partnership liabilities. Regardless of how these items are allocated, the allocation must have substantial economic effect before the allocation will be respected. If the partnership has recourse liabilities, substantial […]

Categories
National Public Accountant, The

Payroll software reviews

Payroll software reviews Robert B. Yudkin Although a client’s trust is not easily earned, once it is earned, this trust solidifies a long-term relationship. Completing and delivering timely payroll also serves as a bond-a bond between employer and employees. Perhaps more importantly, it is a legally enforced obligation. [ILLUSTRATION OMITTED] Payroll is something most workers […]

Categories
National Public Accountant, The

Handling NSF and voided checks

Handling NSF and voided checks Dawn Ashpole Q. I received a notice from the bank that a customer’s check has been returned. What is the best way to handle it? A. Unfortunately, as a part of doing business, occasionally you may receive an NSF check from one of your customers. You need to take the […]

Categories
National Public Accountant, The

Understanding and using QuickBooks items

Understanding and using QuickBooks items Dawn Ashpole In my many years of experience, Items has been the most misunderstood and misused (or unused) part of QuickBooks[R]. Items in QuickBooks[R] is one of the real strengths of the program. Items add depth and detail. They can provide management with details on jobs and/or projects over and […]

Categories
National Public Accountant, The

a comparative analysis of current practice and SFAS No. 117

Financial reporting by nonprofits: a comparative analysis of current practice and SFAS No. 117 Walter Robbins Nonprofit organizations have come into existence primarily to provide services that society, or some segment thereof, feels are needed but cannot be effectively provided by for-profit entities. The nonprofit sector includes education, religious, health, civic, and other organizations; these […]

Categories
National Public Accountant, The

How to keep your clients satisfied

How to keep your clients satisfied Christopher Zorski Often the firm gets a disturbing message that the client is not pleased with the services and is going to change to another accounting firm. By this time it may be too late for any correctable action. After such a costly experience, it becomes important to figure […]

Categories
National Public Accountant, The

Using time efficiently and effectively

Using time efficiently and effectively Jeff Davidson A technological advances increase, more individuals in the workforce are experiencing more stress. Sometimes, the single most useful thing you can do to take control of your time and your environment, to keep stress at a minimum, and be highly productive, is to employ a timer. You can […]