It's safe to say that, for most CPAs, 2020 was probably the craziest year in memory. Setting aside the macro issues, what is fascinating to…
Changes to ‘Business Activity’ on the Horizon?
Revisions Proposed by the Multistate Tax Commission
Although the Supreme Court's decision in South Dakota v. Wayfair [585 US _ (2018); 138 S. Ct. 2080 (2018)] significantly increased the state and local tax…
Many small- to medium-size businesses struggle with the burdensome costs of administering payroll, employee-related federal and state tax requirements, and other employee benefits. A related…
The Internal Revenue Service Criminal Investigation Division's Annual Report for 2020 (Pub 3583: https://www.irs.gov/pub/irs-pdf/p3583.pdf) emphasized coronavirus (COVID-19)-related tax fraud and cybercrimes, along with its more…
The liquidation of a partner's entire partnership interest can take various forms, including payment made by the partnership to the retiring partner in complete redemption…
The liquidation of a partner's entire partnership interest can take various forms, including payment made by the partnership to the retiring partner in complete redemption…
It is never pleasant when a client relationship ends on less than amicable terms. This is especially true when the relationship's demise leads to litigation.…
ISM Manufacturing Index After a strong rebound in the second quarter, the momentum in the industrial sector is showing signs of slowing. While still in…
CPA Firm Websites
Then and Now
Long-time readers may be aware that the Tech Talk column began as an occasional feature called Website of the Month in 2001. My involvement officially…
As internal audit functions adapt, evolve, and transform to meet emerging risks and challenges their organizations face, financial professionals need to consider what the organizational…
The year 2012 was monumental for estate and retirement planning. Individuals flooded advisors' offices in the latter part of the year to make gifts to…
From name-brand corporations like JCPenney and Neiman Marcus to small and mid-sized companies, businesses of all sizes are responding to pandemic-related lockdowns by seeking refuge…
Routine corporate transactions, including mergers, acquisitions, and reorganizations, can carry significant sales and use tax consequences. If transactions, including intercompany transfers, are not properly evaluated…
Accountants have once again been proving that America does indeed count on CPAs, as they have entered uncharted waters to assist both individuals and small…
Forté Capital's Selected Statistics Source: Bureau of Labor Statistics Consumer Price Index The Federal Reserve recently affirmed its commitment to a long-term inflation target of…
The shift to online education in Spring 2020 had both positive and negative aspects (see, e.g., Michael Horn, “COVID-19's Ultimate Impact on Online Learning: The…
Before the coronavirus (COVID-19) pandemic, change was evolving in accounting firms. CPA firms were already seeing a movement away from time-based billing, an increase in…
Proposed Regulations Provide Guidance on Deducting Fines and Penalties Paid to the Government
Important Questions Still Remain
Since 1969, Internal Revenue Code (IRC) section 162(f) has disallowed an ordinary and necessary business deduction in computing taxable income for any civil or criminal…
COVID-19 and the ‘Great Lockdown’
Telework Multistate Tax Considerations
The COVID-19 pandemic has had a profound impact on, well, nearly everything, including businesses, individuals, and CPAs grappling with its effects upon state and local…
The COVID-19 pandemic has raised many questions about charitable giving and on the timing of required filings for many exempt organizations. Many of those questions…
Cybersecurity Risk Considerations for 401(k) Plans
Mitigating Plan Sponsor Liability
Many 401(k) plan sponsors mistakenly believe that when they delegate responsibilities to a record-keeping service provider, they have no liability for cybersecurity breaches. One recent…
It is no secret that CPAs have faced an increasing level of cyber-security threats, even under normal conditions. Audit Analytics reports in its June 2020…
Preparing for Peer Review in a Pandemic
Tailoring Internal Quality Control Inspections for New Risks
In this author's article in the May 2020 CPA Journal (“Financial Reporting and Auditing Implications of the COVID-19 Pandemic: Some Practical Guidance,” pp. 26-33, https://www.cpajournal.com/2020/06/08/financial-reporting-and-auditing-implications-of-the-covid-19-pandemic/), many new…
ICYMI | 401(k) Plan Issues in the Current Environment
Practical and Legal Considerations
This article is intended to address 401(k) plan issues and concerns that develop during periods of economic uncertainty and market volatility, such as the current…
In the early 2000s, as the business world began to return to a more normal mode of operations after the events of September 11, 2001,…
CPAs are uniquely positioned to assess the impact of coronavirus (COVID-19) on client organizations, employers, and society. The profession continues to contribute to recovery and…
When Money Costs Too Much
Section 8300 Filing Requirements and Penalties
The Internal Revenue Code and the Bank Secrecy Act (BSA) require that persons engaged in a trade or business file Form 8300, Report of Cash…
CPAs have spent much of “busy season” assisting individuals and business with questions about coronavirus-related economic relief, such as stimulus payments and paycheck protection loans.…
The COVID-19 pandemic has raised many questions about charitable giving and on the timing of required filings for many exempt organizations. Many of those questions…
COVID-19 and the ‘Great Lockdown’
Telework Multistate Tax Considerations
The COVID-19 pandemic has had a profound impact on, well, nearly everything, including businesses, individuals, and CPAs grappling with its effects upon state and local…