In addition to the human health, remote work environment, and technology challenges presented by the coronavirus (COVID-19) environment, tax practitioners have had to absorb and…
The increasing complexity of business, whether it be from technology or globalization, has placed more responsibilities on an entity's CFO and financial organization. In addition,…
In October 2016, FASB issued Accounting Standards Update (ASU) 2016-16, Intra-Entity Transfers of Assets Other Than Inventory, amending Accounting Standards Codification (ASC) Topic 740. The new…
ICYMI | Accounting for Operating Leases
Initial Observations
This article examines the initial impact of the adoption of ASU 2016-02 (ASC Topic 842, Leases), which requires lessees to record assets and liabilities for…
ICYMI | A New Approach to Finally Stop the Hackers
Increased Risks Require New Solutions
Everyone knows that hacking is a huge problem that typically results in the theft of large amounts of confidential information. But they don't know a…
In Brief Tax departments are always looking for ways to streamline their processes and procedures, and provide greater value-added services to management. Tax analytics and…
ICYMI | Tax Software in the Ongoing Pandemic Environment
20th Anniversary/2021 Annual Survey of New York State Practitioners
In Brief CPAs continued to deal with a global pandemic during the 2021 tax season, requiring many tax practitioners to work from home, often while…
I read with interest the article “Using the Guideline Company Method in Valuing Closely Held Companies,” by Nicholas Mastracchio (CPAJ July/August 2020), and I applaud the…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Accounting for Operating Leases
Initial Observations
This article examines the initial impact of the adoption of ASU 2016-02 (ASC Topic 842, Leases), which requires lessees to record assets and liabilities for…
A New Approach to Finally Stop the Hackers
Increased Risks Require New Solutions
Everyone knows that hacking is a huge problem that typically results in the theft of large amounts of confidential information. But they don't know a…
In October 2016, FASB issued Accounting Standards Update (ASU) 2016-16, Intra-Entity Transfers of Assets Other Than Inventory, amending Accounting Standards Codification (ASC) Topic 740. The new…
Book Review | Corporate Law and the Theory of the Firm
Reconstructing Corporations, Shareholders, Directors, Owners, and Investors (The Economics of Legal Relationships)
By Wm. Dennis Huber In Corporate Law and the Theory of the Firm, author Wm. Dennis Huber, an attorney and CPA with graduate degrees in economics and…
In addition to the human health, remote work environment, and technology challenges presented by the coronavirus (COVID-19) environment, tax practitioners have had to absorb and…
Since January 1, 2019, the tax rules for divorce instruments fall under dramatically new rules included in the Tax Cuts and Jobs Act (TCJA) of…
An Introduction to Structured Installment Sales
Avoiding Capital Gains Taxes on Real Estate Transactions or Business Buyouts
When the right set of circumstances presents itself, there may be no simpler way to defer, reduce, or completely eliminate long-term capital gains taxes when…
Material Participation as Significant Participation Activity
Tax Court Ruling Highlights Importance of Grouping Election
A recent case serves as a convenient reminder for 2020 tax return elections. In Gurpreet S. Padda, et al. v. Comm'r (TCM 2020-154), a physician met…
The increasing complexity of business, whether it be from technology or globalization, has placed more responsibilities on an entity's CFO and financial organization. In addition,…
Did the Tax Cuts and Jobs Act Really Lower Corporate Taxes?
Preliminary Evidence from the S&P 500 and Apple Inc.
In Brief The Tax Cuts and Jobs Act (TCJA) of 2017 modified several aspects of corporate income tax rules, including a key change to the…
There is still time in the final quarter of 2021 for tax professionals to advise taxpayers to take actions that can favorably impact tax liability…
The rules for required minimum distributions (RMD) can be challenging to navigate. New regulations that update the life expectancy tables to be used add another…
CPAs need to be aware of current developments in key states in order to properly advise companies doing business in multiple jurisdictions. This article will…
In Brief Tax departments are always looking for ways to streamline their processes and procedures, and provide greater value-added services to management. Tax analytics and…
The COVID-19 pandemic has wreaked havoc on the United States, not just in terms of lives lost, but also in terms of the country's ability…
“Cohan Rule” Estimates
A Useful Tool if Properly Used
In Brief If a taxpayer lacks documentation to support items on a tax return, preparers may use estimates, following an approach long known as the…
Tax Software in the Ongoing Pandemic Environment
20th Anniversary/2021 Annual Survey of New York State Practitioners
In Brief CPAs continued to deal with a global pandemic during the 2021 tax season, requiring many tax practitioners to work from home, often while…
Non-Farm Payroll Recent employment data indicates an improving labor market, with 531,000 new jobs filled in October. In addition, the unemployment rate dropped to 4.6%,…