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…
“Investment” can mean cultivating capital of many kinds—money, time, effort, energy—with the expectation of a positive result. As we approach the third annual Moynihan Scholarship…
The June 2017 installment of this column covered “Reporting on Restatement Adjustments after an Auditor Change” (http://bit.ly/2pQMClB). This installment expands on that theme, providing guidance…
Every CPA has probably dealt with this scenario: an initial meeting with a potential client who, while explaining their business or tax situation, asks a…
The birth or adoption of a child brings joy to parents, grandparents, and other family members and friends. It also means financial challenges for families.…
Changes to the New York City Commercial Rent Tax
A Victory for Small Business Owners
A new law, passed by the New York City Council on November 30, 2017, made significant changes to the New York City Commercial Rent Tax…
The idea that CPA firms would allow non-CPAs to own a minority stake in a CPA firm and then refer to these non-licensees as “partners”…
Although still in the proposal stage, there has been substantial movement by both FASB and the SEC on major issues discussed by this author in…
Collectibles, such as art, wine, jewelry, and coins and stamps, have long been important assets to individuals, particularly high-net-worth individuals. Art collectors say that the…
Connecticut Legislative Update
Personal, Corporate, and Estate and Gift Tax Changes
CPAs need to be aware of recent legislative developments at the state level in order to properly advise taxpayers doing business in multiple jurisdictions. After…
The Audit Report Returns to Its Roots
An Historical Perspective on Critical Audit Matters
The evolution of the standard audit report has been slow and cautious over the past century. Most recently, in 2011, the AICPA's Auditing Standards Board…
The role of retirement plan governance has become extremely important as employers face increased scrutiny of the way in which they operate their plans in…
Taxpayers and their advisors alike are focused on the potentially massive tax changes being discussed in Congress. As of this writing, it is uncertain what…
Life insurance is one of the most important tools in modern financial planning, but it is not always the most appreciated. It has a role…
IRS Form 3520, Penalties, and Whether to Make a Protective Filing
Information Reporting on Foreign Trusts and Gifts
Whether a taxpayer is required to file IRS Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts, is…