New York State’s annual budget bill, originally expected to be finalized by April 1, 2026, was signed by Governor Kathy Hochul on May 28, 2026,…
Foreign financial accounts serve many entirely legitimate purposes for US taxpayers, from diversification of wealth to the practical needs of cross-border life and business. These…
SALT Round-Up—Current Developments in Key Jurisdictions
Looking at Illinois, Texas
CPAs need to be aware of current developments in key states to properly advise companies doing business in multiple jurisdictions. As state and local tax…
As more individual taxpayers have contributed cyber assets to 501(c)(3) not-for-profit organizations, the tax treatment of these contributions has come to the forefront. When individuals…
Puerto Rico Act 60 Investigations
How the DOJ and IRS Get Evidence from Investors’ Own Lawyers
The US Department of Justice (DOJ) and IRS are currently conducting a criminal investigation into potential abuses of Puerto Rico’s Act 60 tax incentive program,…
SALT Round-Up—Current Developments in Key Jurisdictions
Looking at Illinois, Texas
CPAs need to be aware of current developments in key states to properly advise companies doing business in multiple jurisdictions. As state and local tax…
Over the course of the past year, many nonprofits have been operating in a state of uncertainty, concerned that their tax-exempt status may be challenged…
CPAs often talk about being proactive advisors, yet many firms still prepare returns with only the information clients hand over. In reality, much of a…
A trust fund tax is a tax that is collected and accounted for by a third party, usually a business, which is then responsible for…
CPAs often talk about being proactive advisors, yet many firms still prepare returns with only the information clients hand over. In reality, much of a…
Antiquated IRS IT Systems May Affect Taxpayers and Preparers
How Will Filing Season Be Impacted?
The IRS is currently undertaking one of the most significant technology modernization efforts in its history. Still, much of its legacy IT infrastructure remains outdated,…
A trust fund tax is a tax that is collected and accounted for by a third party, usually a business, which is then responsible for…
The Bipartisan Budget Act Audit Regime
Traps for the Unwary
The Bipartisan Budget Act of 2015 (BBA) created a “centralized system for audit, adjustment and collection of tax that [generally] applies to all partnerships,” with…
SALT Round-Up—Current Developments in Key Jurisdictions
Looking at California, DC, and Pennsylvania
CPAs need to be aware of current developments in key states to properly advise companies doing business in multiple jurisdictions. As state and local tax…
SALT Round-Up—Current Developments in Key Jurisdictions
Looking at California, DC, and Pennsylvania
CPAs need to be aware of current developments in key states to properly advise companies doing business in multiple jurisdictions. As state and local tax…
The Bipartisan Budget Act Audit Regime
Traps for the Unwary
The Bipartisan Budget Act of 2015 (BBA) created a “centralized system for audit, adjustment and collection of tax that [generally] applies to all partnerships,” with…
A recent case, Senty v. United States, provides several important lessons for tax return preparers [Senty v. United States, 132 AFTR 2d 2023-6735, (Dist. Ct. WD…
The Cascading Effect of the OBBBA Tax Law
Considering State Conformity
The One Big Beautiful Bill Act (OBBBA), passed July 4, 2025, will bring sweeping changes to federal corporate and individual tax rules. Many of these…
A First Look at ‘No Tax on Tips’
Implications of the New Tax Law
IN BRIEF During the debate over the newly enacted federal tax law, legislators promised to eliminate taxes on tipped income. The bill's final provisions included…
The US Congress passed the so-called One Big Beautiful Bill Act (OBBBA, PL 119-21), making permanent or extending many of the Tax Cuts and Jobs…
How Big Is the ‘Typical’ Tax Firm?
Insights from the IRS ECDS and PTIN Datasets
What is the size of a “typical” tax firm? This question can be answered by analyzing two IRS datasets: the External Customer Data Store (ECDS)…
Navigating the Crossover in Tax Standards for Licensed and Non-Licensed Tax Practitioners in New York State
Part 2: An Examination of Special Circumstances, Implications for Non-Compliance & Best Practices for Compliance
The first part of this article series addressed the applicable standards for licensed tax practitioners as they related to confidentiality, conflicts of interest, and independence.…
On January 5, 2025, President Biden signed H.R. 82, the Social Security Fairness Act of 2023 (Public Law 118-273), to repeal the government pension offset…
Editor's Note: This article is the first in a new column, Personal Financial Planning, covering the role of CPAs in advising individuals and families on how…
A recent case, Senty v. United States, provides several important lessons for tax return preparers [Senty v. United States, 132 AFTR 2d 2023-6735, (Dist. Ct. WD…
Global Mobility and US Taxes
Identifying Risks for Foreign Individuals and Entities
Today's global workers and their employers are at risk of triggering US tax and compliance obligations. The stakes are high for CPAs serving global clients,…
A First Look at ‘No Tax on Tips’
Implications of the New Tax Law
IN BRIEF During the debate over the newly enacted federal tax law, legislators promised to eliminate taxes on tipped income. The bill's final provisions included…
Planning Opportunities Under an Expanded IRC Section 1202
Maximizing Benefits for Investments in Small Businesses
Thoughtful tax advisers are always wary of planning approaches that seem “too good to be true.” Making such a determination can be difficult, because tax-motivated…
The Cascading Effect of the OBBBA Tax Law
Considering State Conformity
The One Big Beautiful Bill Act (OBBBA), passed July 4, 2025, will bring sweeping changes to federal corporate and individual tax rules. Many of these…
Today's modern advertising is causing an upheaval in the way businesses are exposed to potential state tax pitfalls. Influencers are everywhere, impacting consumers' decisions on…