Author Archives: Nick Spoltore, Esq.
By Jennifer Louis, CPA Generally accepted auditing standards require a direct linkage of assessed risks of material misstatement to the detailed audit plan. A thoughtful approach to this task can lead to more effective and efficient audits, and without one, over-auditing or under-auditing may result. Imagine that you are at an all-you-can-eat buffet. As […]
Make Mornings a Little More Bearable Some people can naturally wake up with a spring in their step and be ready to tackle the day. Others, not so much. For those who have trouble bouncing out of bed with a spring in their step in the mornings, here are four things you can do to […]
Did you know an accountant invented bubble gum? In 1928, Walter Diemer invented the sweet and chewy stuff that keeps our mouths busy and our breath fresh. Pretty cool! Want to know more? Here are four more facts about accounting you might not already know. Before they rocked Hollywood, they rocked accounting Stars like […]
Surgent founder and veteran CPE instructor Jack Surgent shares why he’s not afraid of filing Form 8275, and why you shouldn’t be either!
By Mike Tucker, CPA Everyone is concerned about gridlock in Washington; Nothing seems to get accomplished, including tax legislation. After the recent 2014 election, the Republicans now control the Senate as well as the House, which may mean that the gridlock continues. However, let’s look at the bright side. Newly elected members of Congress are […]
Successful CPA firms find a way to strike the right balance between performing a high quality audit and making a rate of return on the invested time. If one objective is given too much weight, over-auditing or under-auditing may result. The following is a list of core competencies that an audit must be willing to […]
The practice of tax law can be reduced to one phrase: the application of a general statute to specific facts. See the Anheuser-Busch case below. In 2008, InBev N.V. acquired Anheuser-Busch, including a subsidiary called Metal Container. In 2009, InBev sold four of the Metal Container plants to Ball Corporation. Under one of the […]
When you assume representation of an exempt organization, consider suggesting that you perform a tax audit of the organization for all open years. When the representative of the exempt organization replies that the organization does not pay income tax, you’ll reply ‘generally no’ (questions of UBIT aside) but that your main concern is payroll taxes. […]
It is a truth universally acknowledged that accountants and lawyers are not always on the best of terms. Given that some lawyers know little or nothing about tax, you should maintain a good working relationship with your clients’ lawyers. A simple example: Your client decides to form an S corporation. There are 9 other shareholders. […]
