Last month, this column discussed identifying and addressing risks of material revenue understatements in general, and those specific risks presented by outsiders who control and…
On a recent trip to San Francisco to attend an accounting software conference, this author had a chance to visit various Silicon Valley companies and…
When a spouse dies, the surviving spouse often goes through a period of emotional upheaval. Nevertheless, the other proverbial certainty—taxes—remains. Missteps can be costly and…
One of the functions of a CPA financial planner is to help individuals formulate an investment plan based on their long-term goals. One of the…
An individual who lives outside of New York and maintains a home, apartment, or room in New York that is usable all year may be…
AUD | Searching for Buried Treasure
The Elusive Completeness Assertion for Revenue
Editor's Note: This month marks the introduction of a new column, Auditing, that will feature column editor Howard B. Levy's incisive take on selected issues…
ERP | Valuation Discounts under IRC Section 2704
Take Action on the Proposed Regulations Now
There has been a deluge of articles analyzing the proposed Treasury Regulations under Internal Revenue Code (IRC) section 2704, which, if finalized in anything like…
MYP | Out with the Old
Paradigm Shifts that Are Changing the Accounting Profession
Editor's Note: This month marks the introduction of a new column, Managing Your Practice, that will bring a fresh perspective on traditional and emerging management…
No one likes to think about death, especially of a loved one, but the failure to prepare for it can be self-defeating. Preparation creates emotional…
Census data shows that approximately 12% of all couples living together are unmarried, up from barely 1% 50 years ago. Unmarried couples can be of…
New York State's recent corporate tax reform resulted in many changes to its statutes and regulations, including some significant changes to the investment capital and…
TPP | Civil Penalties for Willful Violations of FBAR Requirements
Will the Fifth Circuit Clarify the IRS’s Burden of Proof?
District courts and other authorities disagree on whether the IRS must prove willfulness by a preponderance of the evidence or by clear and convincing evidence…
Participant-directed 401(k) plan investment has expanded from an investment menu to include a self-directed brokerage account option. Service providers market these accounts to provide participants…
Many CPAs perform financial planning services, as do numerous other types of professionals. This article provides an overview of different kinds of financial advisors and…
Filing a claim for refund of overpaid tax involves much more than just submitting an amended return to the IRS with an explanatory statement that…
Claims alleging breaches of fiduciary duties have historically targeted large 401(k) plans with significant levels of assets. Recently, however, a claim was filed against a…
Transactions in which an older person advances money to a trust to pay premiums for a life insurance policy on a child or children using…
As many CPAs may be aware, the state of Nevada has historically never imposed an entity-level corporation income tax on companies doing business within its…
Increasingly, U.S. citizens and lawful permanent residents are cutting their ties with the United States. This process, called expatriating, includes renouncing U.S. citizenship and terminating…
Fair Value Accounting and Reliability
The Problem with Level 3 Estimates
FASB's efforts to expand the use of fair value accounting have rekindled the debate on the costs and benefits of the approach. Proponents argue that…
Plan sponsors and investment committees must understand the way in which 401(k) plan assets are used to pay plan service providers and investment advisors in…
Often, some of the most valuable estate planning results are achieved not by using the big-picture items like bypass trusts, discounts, or note sales, but…
For most students, the price of higher education is steep and getting steeper. Annual increases in the cost of higher education have consistently outpaced the…
California Multitiered Partnerships
An Overview of a Complex Area
New York CPAs often have to address issues regarding California multitiered partnerships on behalf of their clients. This complex area of tax law has been…
It is not often in life that one is able to hit pause, rewind, and redo something that has already happened. To many taxpayers' surprise,…
The PCAOB’s Proposed New Auditor’s Report
A Sneak Peek at What Lies Ahead
In May, the PCAOB issued a proposed standard, “The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion,” which,…
Despite medical marijuana legalization prevailing in nearly one-half of the 50 states, the U.S. Congress and the federal court system have not embraced this nascent…
Excessive fee litigation and class action settlements increased significantly in 2014 and 2015. These decisions and negotiations will encourage more claims against retirement plan committees…
SLT | New York’s Enhanced Collection Procedures for Delinquent Taxpayers
Driver’s License Suspension Program
New York State tax law now provides the New York State Department of Taxation and Finance (DTF) with a new enforcement tool to assist in…
TPP | Filing Amended and Current Returns in Cases of Past Noncompliance
How Not to Make Matters Worse
When a CPA discovers a taxpayer's past noncompliance, there are both ethical and practical questions to answer. The last thing a CPA should want to…