The Tax Cuts and Jobs Act of 2017 (TCJA) overhauled federal taxation for individuals and businesses. There were numerous changes made to the tax law,…
Tax professionals will be pleased to discover that the IRS is slowly but surely adding Tax Cuts and Jobs Act of 2017 (TCJA) resources to…
Qualifying Expenses for the Expanded Research and Development Credit
A Closer Look at the TCJA Impact
In Brief Research and development (R&D) produce innovations that drive growth and prosperity. Recent legislation, including the Tax Cuts and Jobs Act and the Protecting…
All in all, it is a good time to be in the tax profession. While schools across the country are graduating record numbers of finance…
The New Qualified Business Income Deduction
Concerns and Strategies for Real Estate Professionals
One of the most significant consequences of the Tax Cuts and Jobs Act of 2017 (TCJA) for taxpayers is the new Internal Revenue Code (IRC)…
Several northeastern states are finally in agreement with regard to the imposition of state and local taxes (SALT). To this end, Connecticut, New Jersey, and…
In Brief The proliferation of home-sharing platforms has allowed many property owners to make some extra money by renting out their homes, or portions thereof,…
Five years ago, I was working on an audit near Sacramento, Calif., having lunch with my manager and another auditor from the CPA firm where…
The Tax Cuts and Jobs Act of 2017 (TCJA) was enacted on December 22, 2017. Among other things, the TCJA amended Internal Revenue Code (IRC)…
The Confidentiality of a Client’s Tax Return Information
Provisions Tax Preparers Must Remember
Internal Revenue Code (IRC) section 7216 and its lengthy regulations govern when a tax return preparer may disclose or use a taxpayer's tax return information…
The Elastic Statute of Limitations on Claims for Refund
Why Old Claims May Still Be Open
In Brief Tax professionals have traditionally cited the statute of limitations on claims for refund to be the later of two years from the date…
Reflections on the Career of Donald T. Nicolaisen
Speak Softly with Great Impact
In June the profession lost one of its most important figures, Don Nicolaisen. For many of us who knew, respected, and admired Don, it was…
Understanding the Research and Development Credit
Recent Guidance from the IRS
In Brief The federal research and development tax credit can be a boon to businesses, but as with any portion of the tax code, the…
Analytical procedures have been part of the audit process for decades, but many auditors fail to understand their objectives or how these procedures should be…
Finding one's career in a rut is sadly not uncommon in many professions, and accounting is no exception. Many CPAs' first impulse is to expand…
Changing Domicile for Tax Benefits and Asset Protection
The TCJA and Recent Court Decision Change the Calculus
WCPAs talk to individuals about moving out of high-tax states such as New York, the focus of the conversation has typically centered on how to…
Defining ‘Reasonable Compensation’ under the Tax Code
A Subjective Concept and Perennial Debate
In Brief Corporate tax deductions for executive compensation are a contentious topic, governed as they have been by the tax code's nebulous use of the…