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.…
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.…
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…
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…
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…
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.…
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…
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.…
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…
Getting Divorced
A Tax Perspective under the Tax Cuts and Jobs Act
Despite the best of intentions when couples say, “I do,” more than a few will find themselves eventually saying, “I don't.” Aside from the emotional…
Buying or selling a home is one of the most significant financial transactions many individuals engage in. The authors examine the various ways in which…