New York Trust
Law Offers New Planning Opportunities
Stephen C. F. Diamond
Recent substantial changes to the New
York State estates and trust law allow trustees to elect new allocations between
income and principal interests under certain circumstances. Income beneficiaries
may now benefit from gains in their trustís investment portfolios that would have
been allocable only to principal under prior law.
The Basics of Bankruptcy
By Scott Cousins and William
E. Chipman, Jr.
Accounting advisors are often one of the first
to know when an organization is facing financial difficulty. The sooner a restructuring
plan is created, the more options that are available under the bankruptcy code.
Early financial and legal action may be the key to a successful turnaround.
for Education Expenditures
Lawrence C. Phillips and Thomas R. Robinson
As education expenses
continue to rise at a staggering rate, the government has expanded the options
available to taxpayers trying to save for college. The Economic Growth and Tax
Relief Reconciliation Act of 2001 expands upon or modifies the 1996 and 1997 tax
legislative changes and adds certain additional financial planning incentives.
Technology, Internal Control, and Financial Statement Audits
Thomas A. Ratcliffe and Paul Munter
As businesses increasingly
turn to electronic transaction and accounting systems, monitoring the controls
over paper-based transaction and accounting systems is no longer adequate. SAS
94 offers guidance on collecting sufficient, competent evidence on the system
of control within the electronic processing environment.
Software Costs: Where Are We?
Larry Maples and Melanie Earles
Applying Treasury Department
and IRS regulations on the deductibility of software costs requires patience.
With regulations being dropped and postponed indefinitely, clear and reliable
guidance is in short supply. Taxpayers should do their best to follow the governmentís
perceived intent until final regulations become effective.