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…
In 2015, the Department of Labor issued an audit quality study, “Assessing the Quality of Employee Benefit Plan Audits,” which concluded that 39% of audits…
Estate Planning after the Tax Cuts and Jobs Act
Opening the Dialogue
Many articles have been written about how the changes made by the Tax Cuts and Jobs Act of 2017 (TCJA) will affect estate planning. These…
When an individual receives a settlement or litigation award payment, the likely first question is whether the payment is taxable. While CPAs may know that…
With so many baby boomer CPA firm owners looking to retire without a proper succession plan in place, the market for CPA firms has become…
‘Net Realizable Value’ Is the New ‘Market’
The Effects of ASU 2015-11 and Other Inventory Valuation Issues
This month's column highlights the principal effects of FASB's Accounting Standards Update (ASU) 2015-11, Simplifying the Measurement of Inventory. While the standard's primary impact has been…
Tax-Exempt Leases of Tangible Personal Property
Sales and Use Tax Implications
The lease of tangible personal property with an operator, or a “fractional ownership” arrangement where the use of a tangible asset is collectively shared by…
As noted by the PCAOB in its Release 2017-001: “there are situations in which an auditor may be required by law or regulation, or voluntarily…
The Employee Retirement Income Security Act (ERISA) provides general standards of conduct for plan fiduciaries. A breach of fiduciary duty can result in personal liability…
Written Supervisory Approval of IRS Penalties
When Must It Be Given, and Who May Give It?
The Internal Revenue Code (IRC) imposes penalties on understatements of tax as a way to encourage voluntary compliance and deter noncompliant behavior. Generally, the revenue…