Editor's Note: The following is an extended version of an article originally published in the January 2018 print issue. I will forever say that accounting…
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,…
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…
Realizing My American Dream
It’s Amazing What CPAs Can Do
Editor's Note: The following is an extended version of an article originally published in the January 2018 print issue. I will forever say that accounting…
General Commentary On the whole, the most recent economic data portends a slight lessening of domestic growth. While employment trends are positive, the ISM manufacturing…
In an interesting recent report, “The Practice of Now,” accounting and business software provider Sage summarized the results of an international survey of accountants on…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Realizing My American Dream
It’s Amazing What CPAs Can Do
I will forever say that accounting is the best profession in the world and I am grateful to be a part of it. Some will…
IRS Offers in Compromise
A Case Study
In situations where a taxpayer has a greater tax liability than funds, there are several options available. The taxpayer can, of course, borrow the money…
2018 is here. Looking ahead to what will almost certainly be an eventful year, here are 10 trends that, in this author's opinion, will affect…
Gift Horse or Trojan Horse?
Helping Beneficiaries Avoid Hidden Tax Liens
It is the worst-case scenario for many individual taxpayers: a lien on their property. While a lien is not the same as seizure, as the…
U.S. Macro Outlook for Tax Reform
A Plan That Doesn’t Get It Done
The sweeping changes to the tax code passed by the Trump administration and the Republican Congress will significantly impact the near-term economic outlook. The $1.5…
Hidden Tax Savings when Raising Employee Compensation
Options for Shareholder-Employees and Domestic Production
When raise and bonus discussions arise, managers often fail to fully consider the tax implications of such decisions. While an increase in the company's compensation…
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…
Individual retirement accounts are a popular and effective method of saving for retirement. For some individuals, however, there is a catch: starting at age 70½,…
How a Tax Bill Becomes a Law, 1986 vs. 2017
An Historical Perspective on the Passage of TRA ’86
Editor's Note: The Tax Cuts and Jobs Act, the most significant overhaul of the federal tax system since the Tax Reform Act of 1986 (TRA…
CPAJ News Briefs
FASB/IASB News
FASB News Staff Document Offers Guidance on Accounting Implications of Tax Reform On January 22, FASB’s staff issued a question-and-answer document to offer guidance on…
Taxation of multinational corporations has been a focus of the U.S. Department of the Treasury, tax professionals, and politicians for many years. One major concern…
New York State and City Prior Net Operating Loss Conversions
Common Errors and Important Highlights
At a recent state and local tax conference, the New York State Department of Taxation and Finance (DTF) and the New York City Department of…
Tax Act First Look: The Complex New World of the Qualified Business Deduction Rule
Implications for Partnerships, S Corporations, and Sole Proprietorships
The Tax Cuts and Jobs Act of 2017 will bring significant changes to all areas of federal taxation, including the new qualified business income deduction…
A Tough Tax Act to Follow
A Piecemeal Approach to Reform that Will Need Its Own Reform
In order to meet legislative rules that would have required some bipartisan support, the Republicans have passed historic and comprehensive tax reform legislation that is…
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,…
Congress and the SALT Deduction
Past, Present, and Future
The Tax Cuts and Jobs Act (P.L. 115-97) (TCJA) represents the most significant overhaul of the tax system in decades. One of the most contested…
A Tax Reform Law for Our New Normal
Publisher’s Column
In The CPA Journal's December 1986 issue, authors Stanley Rier and Leonard Goodman summed up their analysis of how that year's major tax reform bill would…
CPAJ News Briefs
FASB/AICPA News
FASB News Staff Document Advises Private Companies, Not-for-Profits to Follow SEC Guidance on Tax Reform Private companies and not-for-profit entities should be able to apply…