Audit & Accounting

A taxpayer generally may exclude up to $250,000 ($500,000 for certain married couples filing joint returns) of gain realized on the sale or exchange of a principal residence. To be eligible for the exclusion, the taxpayer must have owned the residence and used it as a principal residence for at least two years during the five-year period ending on the date of the sale or exchange.

PricewaterhouseCoopers said that its fiscal 2004 aggregate net revenues climbed nearly $2 billion to $16.3 billion, an increase of 6 percent in local currencies and just over 13 percent in U.S. dollars.

There may be no phrase in the English language more satisfying to say or hear than, "Problem solved!"For accounting and information technology professionals, it embodies a special meaning, in that someone, or something, has enabled their business to sidestep a potential hurdle and continue their strategy of providing client services to reach the ultimate goal of any business - profitability.

HIGH-END AND MID-MARKET ACCOUNTINGACCOUNTMATE 6.5

Contact information for the vendors of the Accounting Today 2005 Top 100 Products and Ones to Watch.AccountantsWorld

Marking its 11th consecutive year of aggregate revenue growth, Big Four firm Deloitte Touche Tohmatsu reported global revenue of $16.4 billion, up 8.6 percent over last year.

Filomeno & Company PC, an eight-partner CPA firm based here, has expanded its financial planning practice with the merger of fee-only planning firm Thibodeau Financial Advisors LLC into its fold.

As the renowned Baby Boomer generation inches its way into the retirement years, employers are beginning to consider how this vast purge of experienced workers is going to affect the workplace.

Depreciation would be a joke if it weren't such a disgrace ... but that's precisely what happens when accountants calculate depreciation expense in advance and then report it on future income statements. There is no valid justification for reporting assumed depreciation instead of actual observed amounts (including appreciation)."

Tax reform under the second Bush administration will most likely take the form of piecemeal tax cuts, according to participants in a tax panel sponsored by the Council for Electronic Revenue Communication Advancement, a government-private industry trade association. President Bush has said that he would appoint a panel to recommend changes to the tax code that would make it simpler, fairer and less burdensome.