In modernizing the tax whistleblower statute over the last 12 years, Congress has finally created a simple and enforceable entitlement to substantial compensation for tax…
ICYMI | Finding the Right Tax Software
2018 Annual Survey of New York State Practitioners
In Brief New York tax practitioners encountered old and new challenges during the 2018 tax season, most notably with planning ahead for changes enacted by…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
The 2018 Tax Software Survey reports that participating CPAs continue to use a variety of free online resources for tax research activities. Most respondents indicated…
New Jersey Enacts Sales Tax Reforms
Taxing Remote Sellers and Marketplace Facilitators
On October 5, New Jersey Governor Phil Murphy signed sales tax legislation that significantly expands who is required to collect and remit New Jersey sales…
When an individual receives a settlement or litigation award payment, the likely first question is whether the payment is taxable. While CPAs may know that…
Tax Software Survey for 2018
Tax Software Prices
The prices listed below are based on information found on the providers’ websites in September 2018. They have not been independently reviewed or verified, and…
Finding the Right Tax Software
2018 Annual Survey of New York State Practitioners
In Brief New York tax practitioners encountered old and new challenges during the 2018 tax season, most notably with planning ahead for changes enacted by…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
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 & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
New York City Commercial Rent Tax
Recent Developments and the Small Business Tax Credit
CPAs need to be aware of certain changes that affect the New York City Department of Finance's (DOF) administration of its commercial rent tax (CRT…
New York State Residency Update
Tax Tribunal Provides Clarity on “Permanent Place of Abode” Definition
The determination of who is taxable as a resident for New York State and City personal income tax purposes has challenged tax practitioners for years,…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
On March 30, Governor Andrew Cuomo and New York State legislators reached an agreement on the state's 2018/19 budget, which the governor executed on April…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Moving to Another State
Financial, Legal, and Tax Issues
Americans average 11.7 moves over their lifetime, according to the U.S. Census Bureau (“Calculating Migration Data Using ACS Data,” http://bit.ly/2pRvXxn). People move because of a job,…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Most CPAs practicing in the not-for-profit sector understand what a donor advised fund (DAF) is and how it is used to benefit both donors, as…
Tax Abatements Under GASB Statement 77
Exploring the Effects of the New Disclosure Rules
Many state and local governmental units have entered into agreements with business entities that offer tax incentives and tax breaks encouraging the companies to establish…
The birth or adoption of a child brings joy to parents, grandparents, and other family members and friends. It also means financial challenges for families.…
Changes to the New York City Commercial Rent Tax
A Victory for Small Business Owners
A new law, passed by the New York City Council on November 30, 2017, made significant changes to the New York City Commercial Rent Tax…
U.S. Tax Residency
Some Black-and-White Rules, Some Gray
When advising taxpayers or preparing returns, bright-line rules are generally the easiest to explain and to handle. In contrast, tax outcomes that depend on facts…
ICYMI | Applying the AICPA’s Professional Standards to Tax Practice
Best Practices for Minimizing Risk and Penalties
The AICPA's Statements on Standards for Tax Services (SSTS) are now an authoritative part of the Code of Professional Conduct. As such, they are now…
Considering the Tax Benefits of Medical Tourism
Additional Savings for Taxpayers Seeking Care Abroad
In Brief Medical tourism refers to travelling to a foreign destination for the purpose of receiving medical treatment. Americans are traveling abroad in record numbers…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
First Look at the Tax Cuts and Jobs Act of 2017
Impact on Estates and Trusts
On December 22, 2017, the Tax Cuts and Jobs Act (TCJA) was signed into law by President Trump. Most of the provisions affecting estates and…
The New Jersey estate tax exemption for 2016 stood at $675,000, and it increased to $2 million in 2017. Both exemption amounts are well below…
In an interesting recent report, “The Practice of Now,” accounting and business software provider Sage summarized the results of an international survey of accountants on…