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…
In the August 2018 article, “Are Audit Committees Worth the Cost?” (http://bit.ly/2pkOuCA), Arthur Radin suggests that audit committees be eliminated. Unfortunately, the article focuses entirely…
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 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…
On December 20, 2017, Congress passed a major tax package (H.R. 1) designed to cut taxes on businesses and individuals, as well as to stimulate…
Tax Effecting and the Valuation of Pass-Through Entities
Considering the Impact of the Tax Cuts and Jobs Act
In Brief One of the key elements of the Tax Cuts and Jobs Act of 2017 is its lowering of corporate tax rates. As a…
Reports of Foreign Financial and Bank Accounts (FBAR) have gained prominence since the Department of Justice began investigating the accounts of Swiss banks, starting with…
Understanding the IRS’s Seven New Casualty Loss Safe Harbors
Disaster Recovery after the Tax Cuts and Jobs Act
In Brief Losses from natural disasters are generally tax deductible, but taking the deduction requires properly valuing the amount of the loss. The IRS recently…
Deep Dive on the Tax Cuts and Jobs Act
Changes for Securities Investors
The Tax Cuts and Jobs Act of 2017 (TCJA) did not make any major changes to the taxation of gains and losses from securities transactions.…
ICYMI | First Look at the Tax Cuts and Jobs Act of 2017
Impact on Individuals
On December 20, 2017, Congress passed the Tax Cuts and Jobs Act (H.R. 1) designed to cut taxes on individuals and businesses, stimulate the economy,…
Unexpected Inequities in an Environment of Declining Tax Rates
Considerations in Using the IRC Section 1341 Credit
In Brief Declining tax rates—such as those ushered in by the Tax Cuts and Jobs Act—can come with hidden consequences. Taxpayers who are required to…
Auditors serving smaller businesses know that those clients often need help navigating the highly technical and overwhelming body of accounting standards. They also know that…
In Brief For elderly individuals entering into nursing care, financial assistance through Medicaid can defray the often significant costs. But Medicaid has stringent needs based…
Quarterly U.S. GDP Growth Providing a counterpoint to the ISM data, second-quarter U.S. GDP was revised up from 4.1% to 4.2%, which was slightly better…
Deep Dive on the Tax Cuts and Jobs Act
QBI Deduction Issues for Professionals
Most attorneys, accountants, and other professionals operate as unincorporated sole practitioners, or through partnerships and limited liability partnerships (LLP), making them owners of pass-through entities.…
I read the May 2018 CPA Journal article, “Untangling the Inherited IRA Rules” by Richard L. Russell Jr., Richard L. Russell, and Kristina Kesselring (http://bit.ly/2NeUw1F). One…
Getting Married
A Tax Perspective Under the Tax Cuts and Jobs Act
More than 2.1 million couples get married in the United States each year (http://www.cdc.gov/nchs/nvss/marriage_divorce_tables.htm). Few probably give any thought to the tax implications of their…