In the wake of the Equifax computer breach—in which key personal information of 145 million Americans was stolen—it may be correct to assume that anyone…
The 2018 Tax Software Survey reports that participating CPAs continue to use a variety of free online resources for tax research activities. Most respondents indicated…
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…
One of the most amazing things that CPAs can do is give other people the tools they need to realize their goals. CPAs teach their…
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…
New Jersey Enacts Sales Tax Reforms
Taxing Remote Sellers and Marketplace Facilitators
On October 5, New Jersey Governor Phil Murphy signed sales tax legislation that significantly expands who is required to collect and remit New Jersey sales…
15 Questions Answered about Flood Damage
Using Insurance and Tax Deductions to Mitigate Losses
In Brief The 2018 hurricane season has already brought two devastating storms, with Hurricane Florence causing major flooding in the Carolinas and Hurricane Michael causing…
Listening to the Advice of Others
It’s Amazing What CPAs Can Do
At age 17, the probability of my becoming a CPA and creating a successful public accounting practice was similar to the probability of David slaying…
In Brief Recent years have seen governments experiment with different ways of encouraging entrepreneurs to launch new businesses, especially in new or growing industries. The…
Mortgage Amortization Revisited
An Alternative Methodology
Mortgage amortization methods and tables are well known to accountants, real estate professionals, and other financial professionals. CPAs learn how to develop and use mortgage…
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…
From the Vine to the Bottle
Opportunities for CPAs within the Wine Industry
In Brief The wine industry in the United States is growing, and with it the need for trusted professionals to help vintners of all kinds…
This article is an update to the author's auditing column covering the same material in the proposal stage, published in the August 2018 issue of The…
Given the ongoing changes in accounting, auditing, tax and consulting standards; the scope of services provided; the proliferation of reporting frameworks; and the exponential increases…
Demystifying IRC Section 965 Math
An Overview of the Taxation of Foreign Earnings
In Brief The Tax Cuts and Jobs Act introduced many changes to the tax code, with little time for taxpayers or professionals to prepare for…
This article contains practical guidance and support as to the appropriate disclosure of the expected effects of significant future accounting changes from new GAAP standards…
Finding the Right Tax Software
2018 Annual Survey of New York State Practitioners
In Brief New York tax practitioners encountered old and new challenges during the 2018 tax season, most notably with planning ahead for changes enacted by…
Sustainability is an increasingly important topic for the accounting profession. Recently, the editors interviewed Jeffrey Hales, the Catherine W. and Edwin A. Wahlen, Jr., Professor…
Wages Real wages—that is, wages adjusted for inflation—have resumed rising after a dip in 2016. This trend reflects tight labor market conditions and increased inflationary…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
ICYMI | First Look at the Tax Cuts and Jobs Act of 2017
Impact on State Taxation
On December 22, 2017, President Trump signed into law H.R.1, the Tax Cuts and Jobs Act (TCJA). This law represents significant and complex changes to…
Retirement planning may be critical at older ages, but it is just as important at younger ages as well. CPAs have the opportunity to review…
Two major state and local tax (SALT) issues on the minds of tax professionals and taxpayers are the Tax Cuts and Jobs Act's (TCJA) changes…
Individual and business taxpayers may experience financial losses resulting from sudden damage or destruction to their property. Physical loss due to fire, windstorms, hurricanes, and…
The Tax Cut and Jobs Act (TCJA) was signed into law by President Trump on December 22, 2017 and is the most comprehensive tax law…
Consolidated Group Tax Allocation Agreements
How to Handle Tax Attribute Carryovers
In Brief When several corporations are consolidated into one large group, the parent company deals directly with the IRS, paying the tax liabilities for the…
For a partner in an accounting firm, there is nothing more frustrating than when a good employee presents his resignation letter. Not only is losing…
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…
Sales Tax Holidays
Not Always Pain Free
Even experienced tax professionals find it nearly impossible to stay on top of the plethora of sales tax holidays, which occur in some states, on…