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MARCH 20, 2008


IRS provides safe harbor guidance for personal use of Section 1031 investment home
Recognizing that many taxpayers who own properties primarily for rental income use them occasionally for personal purposes, the Internal Revenue Service (IRS) in February clarified safe harbor rules for personal use of properties that are held under IRC Section 1031 as for productive use or for investment. These properties qualify for deferred payment of capital gain.

Fed's action in Bear Stearns's near collapse could signal new phase in credit crunch
The Federal Reserve agreeing to sell Bear Stearns Cos. to JPMorgan Chase & Co. for about $250 million and to fund $30 billion of Bear Stearns assets that would be difficult to sell quickly signals an unnerving new phase into the protracted credit crunch, according to a Los Angeles Times editorial.

Sitcom tax: Jack Benny vs. the IRS
Do you remember the old Jack Benny Show of the 50s and 60s? Jack played himself, a comedian who nurtured a reputation as a world-class skinflint. Recently I saw an episode on DVD that originally debuted in 1964.


What have you got to say today?

Chris Wood, CPA:
Captain Excel
Inflationary Spreadsheet Tactics

The stock markets are plunging, subprime woes are drying up the credit market and manufacturing jobs are still leaving this country in droves. How do we keep on top of all these events during the day while we putter around on our computers hoping not to become part of these dreary statistics?

Bill Kennedy, CA.IT, PMP:
Energized Accounting
Accountants can be People People

People people make good educators and communicators and we need more of them. We need people who can report bad news in such a way that it is believed and acted upon. We need people who can decipher complicated or fraudulent transactions so that a jury can understand them...

Inquiring AccountingWEB readers want to know:

Kannan Sundaram asks: I am a significant minority shareholder in a privately held company with information rights including audited financials. The majority shareholder who is also the CEO has elected his sister-in-law and the two of them are the only board members. The question is that there is no independent board member. Is SAS 99 compatible with audit oversight by the CEO? Would not an auditor insist on that?

Paul Moraco asks: The IRS documentation threshold for non- lodging and T&E deductions is $75. Does this threshold apply to per occurrence? For example is breakfast, lunch and dinner incurred in a day of travel each subject to the $75 threshold?

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Purchase Now!

Healthcare Fraud: Auditing and Detection Guide

by Rebecca S. Busch

According to private and public estimates, approximately $24 million is lost per hour to healthcare waste, fraud, and abuse. A must-have reference for auditors, fraud investigators, and healthcare managers, Healthcare Fraud: Auditing and Detection Guide provides tips and techniques to help you spot-and prevent-the "red flags" of fraudulent activity within your organization. Eminently readable, it is your "go-to" resource, equipping you with the necessary skills to look for and deal with potential fraudulent situations.

Publisher's Note

According to The Wall Street Journal, 8,000 Americans turn 60 years old each day. That's a neat little factoid you can use around the coffee pot at your place of business.

Samuel A. DiPiazza, Jr. has served as CEO of PricewaterhouseCoopers International Limited since 2002. One of his favorite phrases is, "Buckle your seat belt." I really, really like that. I'm going to start using it today, unless Sam objects.

At my 60th birthday party - should I be fortunate enough to make it to that mark - when it's time for a toast, I will proclaim, "Buckle your seat belt" at the conclusion of the toast. Thank you, Sam.

Rob Nance

Latest News

Student News

Top SDSU accountancy grad to serve in prestigious national standards program
The School of Accountancy at San Diego State University has announced that Vita Martin has been selected by the Financial Accounting Standards Board (FASB) to serve in their prestigious postgraduate technical assistant (PTA) program. Out of hundreds of nominations submitted, Martin is one of only five postgraduate students in the U.S. selected to begin the January 2009 term.

Firm/State News

Indiana homeowners benefit from new tax law while sales tax increases
A new tax restructuring plan in Indiana cuts property taxes for homeowners while giving them more control over the rates of increases in the future.

RSM McGladrey forms alliance to offer enhanced R&D tax credit services
In a joint effort to help more companies increase their after- tax return on their R&D investment and to provide enhanced R&D tax services to companies, RSM McGladrey, Inc. and Axiom Solutions, LLLP, two of the nation's leading business service providers for middle market companies, have announced an agreement to work together to provide Research & Development Tax Credit services to companies in the upper end of the middle market.

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