In Brief Classifying a worker as an employee or an independent contractor has a significant effect on the cost of employing that individual. For this…
ICYMI | The Status of the ‘Marriage Penalty’
An Update from the Tax Cuts and Jobs Act
One of the objectives behind a progressive income tax structure is to achieve a redistribution of wealth by imposing higher taxes on those who earn…
ICYMI | The Taxation of Cryptocurrency
Virtual Transactions Bring Real-Life Tax Implications
Bitcoin and several rival forms of cryptocurrency experienced record-breaking growth in recent years, leaving many investors and their CPAs grappling with uncertainty and surprise during…
In Brief One of the most discussed changes in the Tax Cuts and Jobs Act of 2017 is the pass-through entity deduction created by the…
Effective Federal Funds Rate, 1954–2018 Much of the anxiety seen in the stock markets in the fourth quarter of 2018 was the result of aggressive…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
A core part of most CPA firms for over 40 years has been the quarterly or monthly preparation of CPA-issued compilations or reviews for clients.…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Many industry publications indicate that the Tax Cuts and Jobs Act of 2017 (TCJA) is high on CPAs' concern list, especially now that the new…
Retirement plan sponsors have become the subject of unprecedented scrutiny from plaintiffs' lawyers and Department of Labor (DOL) regulators. Litigators review filed Forms 5500 and…
Employee Versus Independent Contractor
The IRS and Department of Labor’s Focus on Worker Classification
In Brief Classifying a worker as an employee or an independent contractor has a significant effect on the cost of employing that individual. For this…
Helping Individuals Handle Medical Expenses
Working with a Medical Insurance Advocate
A Medical Insurance Advocate (MIA) helps individuals organize medical bills and negotiate coverage for medical services before and after receiving care. MIAs can save patients…
The term “passive foreign investment company” (PFIC) suggests a sophisticated, highly specialized non-U.S. investment medium that the majority of U.S. persons probably would not select…
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…
One of the objectives behind a progressive income tax structure is to achieve a redistribution of wealth by imposing higher taxes on those who earn…
Many years ago, I graduated with a shiny new degree in accounting and landed a coveted job at a then–Big Eight accounting firm. I was…
Redefining Nexus in Wayfair
The Supreme Court Rules on E-Commerce Taxation
On June 21, 2018, the U.S. Supreme Court decided South Dakota v. Wayfair, Inc., 138 S. Ct. 2080 (2018), whereby the longstanding precedent of Quill Corp. v. North…
On November 20, 2018, the IRS published an Interim Guidance Memo concerning voluntary disclosures, captioned “Updated Voluntary Disclosure Practice” (http://bit.ly/2UHHdLm). The memo sets forth the…
Homeownership After the Tax Cuts and Jobs Act
Making the Most of the Mortgage Interest Deduction
In the aftermath of the Tax Cuts and Jobs Act of 2017 (TCJA), home buyers may be disappointed by the diminishment of tax benefits that…
The Taxation of Cryptocurrency
Virtual Transactions Bring Real-Life Tax Implications
Bitcoin and several rival forms of cryptocurrency experienced record-breaking growth in recent years, leaving many investors and their CPAs grappling with uncertainty and surprise during…
Examining the 2017–2018 Tax Law Changes
One Firm’s Before-and-After Comparison of Actual Taxpayers
The Tax Cuts and Jobs Act of 2017 (TCJA) introduced the most sweeping changes to the tax code in decades. It promised to put more…