Thanks to legalized sports gambling, U.S. casinos generated a record amount of gaming revenue in 2018. As might be expected, it is becoming increasingly common…
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 September 2, 2019, the New York City Department of Finance released Finance Memorandum 18-9, New York City Tax Treatment of Foreign-Derived Intangible Income Deduction, Global…
In Brief As CPAs continue to expand into providing financial and other advisory services, one area of interest is business valuation services. The author explains…
The prices listed below are based on information found on the providers’ and/or reviewers’ websites in October 2019. They have not been independently reviewed or…
The Best Tax Software 2019
Annual Survey of New York State Practitioners
In Brief New York tax practitioners encountered several challenges during the 2019 tax season, most notably with obtaining assistance from IRS and Department of Tax…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Reducing Federal Income Tax with Qualified Charitable Distributions
How to Preserve a Tax Write-Off
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…
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…
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…
Since the United States Supreme Court's decision in South Dakota v. Wayfair, 585 U.S. ___ (2018), on June 21, 2018, state governments have been rapidly rewriting…
On June 26, Connecticut Governor Ned Lamont signed the biennial state budget for the 2020 and 2021 fiscal years; on July 8, he also signed…
The Death Knell for SALT Cap Workarounds?
Treasury’s Final Regulations Uphold the $10,000 Cap
The itemized deduction for state and local taxes (SALT) under Internal Revenue Code (IRC) section 164 had long provided relief to taxpayers residing in high…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
CPAs need to be aware of current developments in key states in order to properly advise their clients that engage in business in multiple jurisdictions.…
On July 1, 2019, President Trump signed into law the Taxpayer First Act of 2019 (TFA), enacting changes to the IRS's organizational structure, customer service,…
Every CPA understands that “asset allocation” is the determination of which asset classes (e.g., tax-exempt bonds, large cap stocks, international stocks) are included in a…
California State and Local Tax Update
Economic Nexus and Marketplace Facilitators
The Supreme Court's decision in South Dakota v. Wayfair, Inc. [585 U.S. __, (2018)] has driven the most substantive changes to the state and local tax landscape…
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 Changes in the 2019/2020 New York State Budget
Summary of Key Provisions
On April 12, Governor Andrew Cuomo signed New York's FY2019/2020 Budget Bill (S. 1509-C, A. 2009-C), allocating $175.5 billion and enacting numerous significant tax and…
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 Tax Cuts and Jobs Act (TCJA), signed into law on December 22, 2017, delivered sweeping changes to the federal tax code. These changes brought…
In Brief The tax impact on investment income can be mitigated through the transfer of assets into retirement accounts. Not all accounts and investments are…
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 2019 tax filing season was a missed opportunity for the CPA profession. This was the year to get ahead of the new tax laws…
Changes Affecting Connecticut Personal Income Taxes
A Refresher of Key Revisions
The Tax Cuts and Jobs Act of 2017 made significant revisions to federal personal income taxation. In response, the Connecticut General Assembly enacted legislative changes…
A New York sales tax audit can be a grueling experience. The rules are complex, and it often comes down to the records, which are…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
U.S. v. Marc Berger
A Cautionary Tale for Return Preparers
On December 14, 2018, former CPA Marc Berger was sentenced to eight months in prison after a federal jury convicted him on three counts of…