The itemized deduction for state and local taxes (SALT) under Internal Revenue Code (IRC) section 164 had long provided relief to taxpayers residing in high…
ISM Manufacturing Index The manufacturing sector is slowing, especially the export sectors. According to the ISM survey of purchasing managers, there is concern over the…
I particularly enjoyed Mark Nickerson's article on fraud possibilities in your annual technology issue (“Fraud in a World of Advanced Technologies,” June 2019, http://bit.ly/2LJedBZ). I wager…
CPAs need to be aware of current developments in key states in order to properly advise their clients that engage in business in multiple jurisdictions.…
The scope of the exception for taxpayers engaged in a real estate trade or business from the harsh consequences of Internal Revenue Code (IRC) section…
Cybersecurity: Where Are We, and What More Can Be Done?
Keynote Address
Our mission at the PCAOB calls on us to protect investors and the public interest by overseeing one particular aspect of the financial reporting ecosystem:…
Sometimes the highest and best value that CPAs can provide to their clients and employers is to prevent problems from occurring or to recognize events…
Circumstances requiring modifications to, or departures from, an unqualified auditor's opinion are described, together with appropriate guidance, in AU-C section 705, “Modifications to the Opinion…
The origins of cloud computing go back more than 20 years, with the first reference appearing in a 1996 internal Compaq document (Antonio Regalado, “Who…
The disclosure of nonfinancial information took on an increased importance when the European Union issued Directive 2014/95/EU (http://bit.ly/305nwzg) concerning reporting of sustainability information by large…
A previous column discussed the value of data, how it is monetized by bad actors, and how executives typically do not understand the answer to…
California State and Local Tax Update
Economic Nexus and Marketplace Facilitators
The Supreme Court's decision in South Dakota v. Wayfair, Inc. [585 U.S. __, (2018)] has driven the most substantive changes to the state and local tax landscape…
Financial planning services can be a separate service or an add-on to tax or other services. With the Tax Cuts and Jobs Act's (TCJA) simplification…
Tax Changes in the 2019/2020 New York State Budget
Summary of Key Provisions
On April 12, Governor Andrew Cuomo signed New York's FY2019/2020 Budget Bill (S. 1509-C, A. 2009-C), allocating $175.5 billion and enacting numerous significant tax and…
Although some are unaware of the fact, taxpayers can recover fees and costs from the government if the IRS has taken an unreasonable position against…
Around the globe, cybercrime cost society over $3 trillion in 2018, and this cost is forecast to rise to $6 trillion by 2021 (“Cybercrime Damages…
The Changing Regulatory Climate on Privacy
What CPAs Need to Know about 23 NYCRR 500 and the CCPA
Over the last two years, the states of California and New York issued new regulations regarding data privacy and cybersecurity. Both rules will have far…
The 2019 tax filing season was a missed opportunity for the CPA profession. This was the year to get ahead of the new tax laws…
Since the issuance 14 years ago of the current audit documentation standards [now AU-C 230 and PCAOB Auditing Standard (AS) 1215, respectively], which are more…
How Collectors Can Utilize the Opportunity Zone Program
Investors See a Potential Replacement for Like-Kind Exchanges
For many investors in art, coins, or fine wine, their investments are their passion. The pride of ownership and the beauty they bring into the…
A New York sales tax audit can be a grueling experience. The rules are complex, and it often comes down to the records, which are…
Where The Money Is
Doing What’s Right for the Profession
Editor's note: This month, we introduce a new column dedicated to the current state of cybersecurity and how cybercrime affects CPAs and auditors. Each installment will…
With the Tax Cuts and Jobs Act (TCJA) coming into effect, completely new forms being issued, and the aftereffects of the government shutdown being felt,…
The Tax Cuts and Jobs Act of 2017 (TCJA) contains both positive and negative news for Roth IRAs. Some of the implications are obvious, but…
New York State Decouples from Certain Federal Personal Income Tax Changes
An Overview of Key Changes
The Tax Cuts and Jobs Act of 2017 (TCJA) made significant changes to personal income taxation. In response to the federal tax law changes made…
Real estate developers and investors need to address estate planning. This need is likely not urgent, as it is unlikely that a Democratic House and…
The IRS reports that approximately 70% of taxpayers have taken the standard deduction on their federal income tax return in recent years. Under the Tax…
The IRS Shutdown of SALT Deduction Workarounds
A Comparison of States
The Tax Cuts and Jobs Act of 2017 (TCJA) included a $10,000 cap on state and local tax (SALT) deductions. That cap has led New…
The IRS Whistleblower Regulations
A Hindrance to Tax Enforcement
In modernizing the tax whistleblower statute over the last 12 years, Congress has finally created a simple and enforceable entitlement to substantial compensation for tax…
Every year on October 15, clients send this author's firm information late into the afternoon, expecting the CPAs to finish their individual tax returns by…