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…
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…
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 IRS Shutdown of SALT Deduction Workarounds
A Comparison of States
The Tax Cuts and Jobs Act of 2017 (TCJA) included a $10,000 cap on state and local tax (SALT) deductions. That cap has led New…
The IRS Whistleblower Regulations
A Hindrance to Tax Enforcement
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…