Tax Notes

Published: 01/13/2023

House Leadership Taps Jason Smith as Ways and Means Chair

FASB, Audit News provided by Thomson Reuters Checkpoint

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The CPA Journal

Published: 12/28/2022

A Look Ahead: After Policy Wins, White House Focus Turns to Implementation

If 2022 was a year of legislative success for the Biden administration, the next 12 months will see the White House grapple with the harder task of turning tax policy into action.

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Tax Notes

Published: 12/27/2022

Current Developments in the Northeast

CPAs need to be aware of current tax developments in key states to properly advise clients that are doing business in multiple jurisdictions. As state and local tax jurisdictions continue to face budgetary and staffing challenges, it is cru...

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The CPA Journal

Published: 12/27/2022

Providing an Exceptional Client Experience

Every firm wants to ensure its clients feel valued and cared for. But how do you go about achieving it? Often, clients will have very different experiences when working with different departments in the firm or from person to person. Today,...

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Boomer Consulting, Inc.

Published: 12/27/2022

Azerbaijan Joins OECD Framework & Two-Pillar Tax Reform Deal

Azerbaijan has officially joined the OECD inclusive framework on base erosion and profit shifting and has committed to implementing a sweeping two-pillar global tax overhaul plan, according to an OECD announcement.

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Tax Notes

Published: 12/27/2022

Colorado Offers Millions in Incentives for Semiconductor Manufacturing Company

A manufacturing company has agreed to build a facility for semiconductor production in Colorado Springs, Colorado, in exchange for millions of dollars in state and local tax incentives.

Kris Wu, a Chinese Canadian rapper and actor, was fined CNY 600 million (about $84 million) for tax evasion just days before he was convicted of sex crimes by a Beijing court.

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Tax Notes

Published: 12/16/2022

CPAacademy.org Top Presenter Awards For 2022

CPAacademy.org is excited to announce our 2022 Top Presenters. These presenters have distinguished themselves in a variety of ways, including the number of CPAacademy.org members they’ve reached as well as positive feedback from webinar par...

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CPAacademy.org Top Presenter Awards

Published: 12/14/2022

Interview: The TCJA Five Years Later: Federal Tax Issues

In the second installment of a three-episode series, Jennifer Acuña, now with KPMG and former tax counsel for the House Ways and Means Committee, discusses how guidance for the Tax Cuts and Jobs Act is still evolving.

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Tax Notes

Published: 12/13/2022

State Society Diversity, Equity, and Inclusion Resources

The accounting profession is well aware of the need to attract and retain new accounting professionals. The AICPA’s 2021 Trends: A Report on Accounting Education, the CPA Exam and Public Accounting Firms’ Hiring of Recent Graduates reveals ...

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The CPA Journal

Published: 12/13/2022

Underpricing Leads to Undervaluing

The more I talk to other CPA firms and analyze my own firm, the more I have come to realize that most of our problems stem from pricing. We, as CPAs, tend to undervalue ourselves and our services, and as a result charge our clients too litt...

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The CPA Journal

Published: 12/12/2022

Rra 2023retirementaccountandplancontributionlimits

Retirement Plan Contribution Limits Are Increasing Come 2023

2023 is upon us and an important factor to tax-advantaged accounts and plans is the contribution limits the IRS sets. This year the contribution limits were increased more than they have been in the past due to historically high inflation a...

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Retirement Risk Advisors

Published: 12/07/2022

Keep Retirement Strategy in Mind This Holiday Season

With the holidays rapidly approaching, a goal often set during these times is to diversify your retirement funds. With retirement investment there are two main focuses: investing/saving and distribution. During retirement you are at your mo...

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Retirement Risk Advisors

Published: 12/06/2022

Interview: The TCJA Five Years Later: State Tax Issues

In the first of a three-episode series, Steven Wlodychak, formerly with EY, discusses the creation of the SALT cap deduction by the Tax Cuts and Jobs Act and how states addressed it and other changes.

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Tax Notes

Published: 12/02/2022

Ireland Debuts New Video Game Development Tax Credit

Ireland has launched a new video game industry tax credit designed to bolster development of the country’s media production and audiovisual sector.

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Tax Notes

Published: 11/30/2022

French Antiques Dealer Kills Auditor During Tax Review

An antiques dealer in northern France allegedly stabbed a tax inspector to death during an audit review and then killed himself, according to the local prosecutor’s office.

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Tax Notes

Published: 11/28/2022

Evaluating the CPA Evolution Initiative - If You Build It, Will They Come?

For the past decade, declining trends in accounting enrollments and CPA candidates have pointed to the need for bold action to rebuild the pipeline to the profession. The AICPA and NASBA’s Evolution Project represents a major initiative to ...

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The CPA Journal

Published: 11/25/2022

Fixing the Crisis in Accounting: Five Steps to Attracting Tomorrow’s CPAs

The United States is facing an acute shortage of CPAs. In fact, accountants are leaving their jobs in unprecedented numbers (AICPA, 2021 Trends Report, https://bit.ly/3RmyE4T), at both corporations and audit firms, joining the millions of A...

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The CPA Journal

Published: 11/23/2022

Building a Stronger Pipeline

Many initiatives have tried to solve the perennial problem of attracting more students to become CPAs. The author believes more innovative approaches are required, such as the creation of “step” certifications that one could complete on the...

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The CPA Journal

Published: 11/23/2022

Supreme Court Signs Off on House Obtaining Trump’s Tax Returns

The Supreme Court has rejected former President Trump’s last-ditch effort to block Treasury from releasing six years of his personal and business tax returns to the House Ways and Means Committee.

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Tax Notes

Published: 11/22/2022

SSDI and SSI—Government Programs to Help the Disabled

The U.S. federal government has a wide range of programs to help those in need, including health insurance for seniors (Medicare), discounted phone and Internet services (the Lifeline program provides help to low-income consumers), and reti...

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The CPA Journal

Published: 11/22/2022

Crafty Savings as You Plan for Retirement this Holiday Season

As retirement approaches, learning ways to spend less during the holidays is helpful! Shifting focus to doing so before retirement can also prepare you for when you’re living in the longest, self-imposed period of unemployment—heedless of w...

As a leader in your firm, getting to know the people who work for you and the clients you serve is essential. By asking questions and listening to the answers, you can create a better working environment for everyone involved.

The Supreme Court has agreed to temporarily keep Treasury from releasing former President Trump’s tax returns to the House Ways and Means Committee.

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Tax Notes

Published: 11/02/2022

Keynote Fireside Chat: A Conversation with PCAOB Chair Erica Y. Williams

The conference concluded with a “fireside chat” with newly installed PCAOB chair Erica Y. Williams. Williams was sworn in as the chair of the PCAOB in January 2022, coming from Kirkland and Ellis, where she was a litigation partner. Previou...

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The CPA Journal

Published: 11/01/2022

When Planning to Age in Place

Trying to plan may be hard since you never know exactly what your needs will be. But thinking of what may happen and those what ifs are great places to start. Consider your family medical history and your personal medical history. Think of ...

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Retirement Risk Advisors

Published: 11/01/2022

Trump Seeks Supreme Court Intervention in Tax Return Case

Former President Trump has asked the Supreme Court to continue to block Treasury from releasing his tax returns to the House Ways and Means Committee while his legal team finalizes his petition to reverse the D.C Circuit’s decision.

Although business’s increasing utilization of technology to drive operational decisions has meant a greater reliance on data, it is exceedingly rare that an entity possesses a perfectly clean set of data. Some of it is inevitably invalid, i...

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The CPA Journal

Published: 10/24/2022

Your Options for Facility-Based Care in Retirement

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The CPA Journal

Published: 10/20/2022

A New Species of Enforcement?

Most white-collar defense attorneys have done at least some work in the False Claims Act (FCA) area. Most tax controversy attorneys, thus far, have not. This could be changing.

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Tax Notes

Published: 10/19/2022

EU Trims Divergences on Definition of Christmas Tree Decorations

A new legal text has come into force clarifying that for customs duty purposes, Christmas tree decorations do not need to be Christmas-themed but must be recognizable as decorative articles for Christmas trees.

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Tax Notes

Published: 10/19/2022

The Relevance and Reliability of ESG Reporting

Investors, creditors, and other users of financial information are increasingly looking beyond audited financial statements when making investment decisions. The culture in the United States and around the globe is shifting towards environm...

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The CPA Journal

Published: 10/18/2022

Does Semi-Retirement Expose You to More Risks?

Retiring is tricky enough, and retirement planning is also not a walk in the park. Those who decide on a semi-retired life should be aware of a few things before moving forward.

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Retirement Risk Advisors

Published: 10/18/2022

Ireland Extends Deadline for Firms to Pay Deferred Tax Debt

Ireland has extended by one year the deadline for businesses that have experienced cash flow and trading difficulties during the COVID-19 pandemic to clear outstanding tax debts or enter into a payment arrangement.

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Tax Notes

Published: 10/18/2022

IRS Looking to Block Line-Jumping for Phone Calls

The IRS is preparing a pilot program to use artificial intelligence technology to weed out phone-queue-jumping services.

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Tax Notes

Published: 10/18/2022

ESG Integration and Small Business

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Tax Notes

Published: 10/03/2022

Illinois Waives Fuel Taxes for Hurricane Relief Efforts

Illinois and several other states are suspending registration requirements under the International Fuel Tax Agreement (IFTA) for vehicles assisting with Hurricane Ian recovery efforts.

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Tax Notes

Published: 10/03/2022

HMRC Under Fire for VAT Bill on S’mores Marshmallows

A British food wholesaler of American snacks is not liable for VAT on its product Mega Marshmallows, used for making s’mores, because the marshmallows are not considered confectionery, a U.K. tribunal has held.

A Barcelona judge has ordered a trial in the criminal case against global pop sensation Shakira, who will face six criminal tax counts for allegedly dodging €14.5 million in income and wealth taxes.

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Tax Notes

Published: 09/28/2022

The Inflation Reduction Act's Tax Implications: Transcript

Congress recently passed the Inflation Reduction Act of 2022, which includes climate incentives and healthcare provisions, along with a 15 percent corporate minimum tax. What are the tax implications of the act, particularly of the minimum ...

Former President Trump, three of his children, and his organization have been accused of engaging in widespread fraud in order to enrich themselves economically by deceiving financial institutions and tax authorities.

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Tax Notes

Published: 09/21/2022

How to Cover Long-Term Care Expenses

Does planning for long-term care seem sensible for your retirement? The answer: Many will not plan for an LTC until it is too late.

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Retirement Risk Advisors

Published: 09/21/2022

Pandemic Led to Personal and Corporate Tax Cuts, OECD Says

Many governments shrank their personal income tax bases and cut corporate taxes or increased incentives to alleviate the economic pressure of the COVID-19 pandemic and spur growth, according to an OECD report.

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Tax Notes

Published: 09/20/2022

Florida Governor Proposes $1.1 Billion in Tax Relief

Florida taxpayers could see $1.1 billion in tax relief under Republican Gov. Ron DeSantis's tax cut plan.

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Tax Notes

Published: 09/20/2022

Key Personal Income Tax Decision

In a significant development, a New York appeals court recently held that a taxpayer’s vacation home did not, in fact, qualify as a “permanent place of abode” under New York’s personal income tax statutory residency rules. On June 30, 2022,...

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The CPA Journal

Published: 09/16/2022

Yellen to a Newly Funded IRS: ‘Meet the Moment’

Treasury Secretary Janet Yellen has set an ambitious target for the IRS to achieve an 85 percent level of service in answering taxpayer phone calls.

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Tax Notes

Published: 09/16/2022

Squaring Off Between Carbon Taxes and Renewable Energy Incentives

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The CPA Journal

Published: 09/12/2022

Medtronic and the Role of Unspecified Transfer Pricing Methods

Although the regulations offer straightforward grounds for challenging the fanciful transfer pricing method endorsed in Medtronic II, a potential appeal could shed light on broader questions about the proper role of “unspecified” transfer p...

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Tax Notes

Published: 09/09/2022

Business of Tax: Pros Go to #TaxTwitter for Advice and a Shoulder to Cry On

Stuck working from home during the COVID-19 pandemic, many tax practitioners from small firms around the country have been afforded big networking opportunities and professional support through Twitter.

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Tax Notes

Published: 09/09/2022

Recent California State and Local Tax Developments

CPAs need to be aware of current tax developments in key states to properly advise entities doing business in multiple jurisdictions. Below is an overview of some key developments in the state of California. On February 9, 2022, California...

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The CPA Journal

Published: 09/08/2022

Tax Litigation Returns to Normal Despite Pandemic

The COVID-19 pandemic, which shut offices and turned kitchen tables into workspaces, did not spare tax administration, resulting in fewer court filings, delayed deadlines, and suspended audits across both state and federal systems.

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Tax Notes

Published: 09/08/2022

Minnesota, Michigan Tax Agencies Address Cryptocurrency

Michigan and Minnesota are among the latest states to release information on the state tax treatment of non-fungible tokens (NFTs). The Michigan Treasury Department’s Tax Policy Division published a newsletter in August that discusses the ...

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Tax Notes

Published: 09/08/2022

Backlog Thwarted IRS’s ‘Well-Planned’ IT Modernization Strategy

The IRS had $1 billion worth of carefully considered modernization projects ready to go when it was forced to scuttle those plans to deal with its backlog instead, according to the Treasury Inspector General for Tax Administration.

How are you to account for health care costs while retirement planning? Oftentimes, these expenses are underestimated. Even though Medicare Part A is free and covers hospitalization, the remainder of Medicare comes with premiums and the res...

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Retirement Risk Advisors

Published: 09/01/2022

D.C. Sues MicroStrategy Founder for Evading $25 Million in Taxes

Tech billionaire Michael Saylor is facing a $25 million tax evasion lawsuit in the District of Columbia in which he is accused of masquerading as a Florida resident to avoid higher taxes.

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Tax Notes

Published: 08/30/2022

Rapper 50 Cent Failed Math Problem on Missed Election

A rapper’s former business consultants might have negligently failed to tell him about a bankruptcy tax election, but he didn’t have enough proof of how his tax liability would have changed to hold the consultants liable, according to a ban...

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Tax Notes

Published: 08/29/2022

IRS Makes Huge Strides in Paper Processing

All the IRS’s efforts this year to make it a top priority to dig out of its mountain of unprocessed paper might be paying off.

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Tax Notes

Published: 08/29/2022

The Inflation Reduction Act of 2022

On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (IRA) into law as PL 1217-169. The IRA will make a historic down-payment on deficit reduction to fight inflation, invest in domestic energy production and manuf...

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The CPA Journal

Published: 08/26/2022

The Much-Maligned Inventory Tax

Roxanne Bland is Tax Notes State’s contributing editor. Before joining Tax Analysts, Bland spent 17 years with the Multistate Tax Commission, where she worked with state revenue agency representatives to draft model legislation pertaining t...

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Tax Notes

Published: 08/26/2022

Forgiven Student Debt Could Be Taxed in Some States

The Biden administration has announced its long-awaited plan to forgive federal student debt up to $20,000, but there is some confusion regarding whether the plan would create state income tax liabilities.

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Tax Notes

Published: 08/25/2022

EU Member States Eye Tax Response to Private Jet Outrage

French and Belgian officials have called for an EU response to the public outcry linked to celebrities' and billionaires’ flights in private jets, sometimes for very short trips.

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Tax Notes

Published: 08/25/2022

Biden Says Tax-Free Student Debt Relief Plan Will Help Millions

President Biden made his long-awaited announcement on federal student loan forgiveness, providing up to $20,000 in debt relief for Pell Grant recipients and up to $10,000 for millions of other borrowers.

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Tax Notes

Published: 08/24/2022

Working from Home: State Income Tax Complications

The coronavirus (COVID-19) pandemic triggered an exodus of workers from their comfortable offices to the safety of their homes and other remote locations. For some, this displacement is temporary and will end when the pandemic subsides; for...

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The CPA Journal

Published: 08/23/2022

Cpajournal fortecapitalsselectedstatistics

Forté Capital’s Selected Statistics

One of the driving factors in both the economic picture and the capital markets is the expectation of rising interest rates. The Federal Reserve has now confirmed that it will begin raising rates in March 2022, and it will at the same time ...

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The CPA Journal

Published: 08/22/2022

Guidance on Digital Assets Seen as High Priority Option

In their priority guidance suggestions, both the Tax Law Center at New York University and the American Bar Association Section of Taxation assigned a high priority to the tax treatment of digital assets. The Tax Law Center asked for guidan...

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Tax Notes

Published: 08/22/2022

Trump: D.C. Circuit Made ‘Several Errors’ in Tax Return Case

Former President Trump filed a petition for rehearing, arguing that the court was too deferential to the House Ways and Means Committee in its decision to hold the panel’s request for his tax returns valid.

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Tax Notes

Published: 08/19/2022

Letter to the Editor: Shedding Light on Audit Deficiencies

I read with interest “Article on the New Working World of the COVID-19 Pandemic” (Hila Fogel-Yaari and Kelly Gebhart, March/April 2022) of The CPA Journal. The article is interesting and insightful vis-à-vis COVID-19; however, I believe the...

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The CPA Journal

Published: 08/19/2022

Italian Police Break Up Antarctic Tax Haven Citizenship Scam

Italian police have arrested 12 individuals for their alleged roles in selling citizenships to a bogus country in Antarctica that they claimed has a 5 percent income tax rate.

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Tax Notes

Published: 08/19/2022

IRS Appeals Is Keeping Videoconference Option

Taxpayers will continue to have the ability to resolve their disputes through videoconferences with IRS Appeals, an option that was initially necessitated by the COVID-19 pandemic.

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Tax Notes

Published: 08/19/2022

Ink Is Finally Dry on Charlie Sheen’s Agreement With IRS

Actor Charlie Sheen is now on the same playing field as any taxpayer in a similar financial situation, which wasn’t the case when he had his first hearing, according to his counsel, Steven L. Jager.

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Tax Notes

Published: 08/19/2022

Former Trump Organization CFO Pleads Guilty to Tax Fraud Scheme

A former Trump Organization CFO has pleaded guilty to all charges against him for his role in a 15-year tax fraud scheme and will serve five months in jail in exchange for his testimony against his former employer in an upcoming criminal tr...

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Tax Notes

Published: 08/17/2022

Beware the Working Capital Adjustment Trap

Here is a familiar story: An entrepreneur works for decades to build a successful business and has reached the point of successfully exiting from the business through a lucrative sale transaction. At the closing of the sale, the buyer pays ...

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The CPA Journal

Published: 08/16/2022

Supplier Finance Programs: Audit Concerns and Adjustments

Both FASB and the IASB recently issued exposure drafts related to supplier finance programs (SFP). The exposure drafts were issued in response to requests for greater transparency in financial reporting of supplier finance programs. They su...

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The CPA Journal

Published: 08/16/2022

IRS Statement by IRS Commissioner Chuck Rettig on the Inflation Reduction Act

The signing of the historic reconciliation package marks a transformational moment for our agency – and an opportunity for the future of tax administration. The IRS has struggled for many years with insufficient resources to fulfill our imp...

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IRS

Published: 08/15/2022

The Inflation Reduction Act of 2022 and Its Impact on Your Retirement

As a watered-down version of the Build Back Better Act of 2021, the Inflation Reduction Act of 2022 is set to be signed by President this week. The bill is designed to reduce the deficit and lower inflation while investing in domestic energ...

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Retirement Risk Advisors

Published: 08/15/2022

ESG: The Latest in Sustainability Reporting

The final panel session of the morning was focused on environmental, social, and governance (ESG) issues and sustainability reporting. The panel was moderated by Kristen Sullivan, U.S. sustainability and ESG services leader, Deloitte. Todd ...

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The CPA Journal

Published: 08/15/2022

Jump-Starting Clean Vehicles

With the passage of the Inflation Reduction Act of 2022 (H.R. 5376), Congress created a credit for clean vehicle technology for which few, if any, vehicles on the market qualify. That has troubled the industry, but if a credit is intended t...

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Tax Notes

Published: 08/12/2022

IRS Accepts Charlie Sheen’s Offer in Compromise Over Tax Debt

Actor Charlie Sheen finally got the agreement he was looking for to settle his tax liabilities, with the IRS’s acceptance of a $3.3 million offer in compromise.

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Tax Notes

Published: 08/12/2022

Tax Season as a Gallon of Milk

My daughter is learning about volume and liquid capacity in her math class. She frequently asks me questions like, “How many quarts are in a gallon?” or “How many pints are in a quart?” There are many analogies one could use for tax season,...

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The CPA Journal

Published: 08/12/2022

The Sneaky Small Business Tax Democrats Almost Passed

To the Editor: While most Americans were enjoying their weekend, Senate Democrats were scrambling to pass a combination of tax increases and wasteful government spending. Wonky Senate procedure and dry tax policy doesn’t exactly make for t...

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Tax Notes

Published: 08/10/2022

Rental Activity and Self-Employment Tax

Tax planning for real estate activities often involves a myriad of tax considerations. For example, if the real estate produces a loss, a determination must be made whether the loss is limited by insufficient basis or by the at-risk or pass...

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The CPA Journal

Published: 08/09/2022

More Than a Trend: Why Dashboards Matter

The modern business owner must inhabit two worlds: the present, where they react to daily crises or problems, and the future, where they make proactive decisions that impact the organization in the long run. Business owners thrive in this f...

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Boomer Consulting, Inc.

Published: 08/09/2022

A New Approach to Client Filtering

It seems as though every firm we speak to these days has the same problem: capacity. While there are many ways to look at capacity, most firm leaders agree they don’t have enough people to properly serve the number of clients they have.

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Boomer Consulting, Inc.

Published: 08/09/2022

House Request for Trump Tax Returns Is Valid, Appeals Court Says

An appeals court agreed that the House Ways and Means Committee’s request for former President Trump’s tax returns has a proper legislative purpose and doesn’t violate separation of powers.

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Tax Notes

Published: 08/09/2022

Taxation of Cryptocurrency Resources

Individual taxpayers have probably noticed that they have been required to answer questions on Form 1040 about virtual currency transactions in recent years. The U.S. Congress has introduced, and in some cases passed, a variety of legislati...

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The CPA Journal

Published: 08/08/2022

FASB Panel Discussion from the Baruch College Financial Reporting Conference

The second day of the conference continued with a panel on major FASB standards, proposals, projects, and Emerging Issues Task Force (EITF) matters. The panel was moderated by Kimber Bascom, partner in charge of the accounting group of the ...

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The CPA Journal

Published: 08/05/2022

Working with CPAs in the Wealth Management Business: A Reflection

When Brian Mackey, Jesse Mackey, and I decided 10 years ago to start 4Thought Financial Group (4TFG), it was a process to feel comfortable with giving up some of our independence. As I later learned, being “comfortable being uncomfortable” ...

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The CPA Journal

Published: 08/05/2022

Shifting Goal Posts in Digital Taxation

Within the span of just four weeks last month, Nepalese Finance Minister Janardan Sharma resigned from office but was then reinstated after he was absolved of an alleged corruption scandal.

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Tax Notes

Published: 08/05/2022

Senate Drops Carried Interest Curbs to Secure Sinema's Vote

A provision to make it more difficult to claim reduced tax rates on carried interest income has been dropped from the Senate's reconciliation bill at the request of Arizona Democrat Sen. Kyrsten Sinema.

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Tax Notes

Published: 08/04/2022

House Taxwriter Walorski Dies in Car Accident

Rep. Jackie Walorski, R-Ind., a member of the House Ways and Means Committee since 2017, was killed in a car accident August 3. She was 58.

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Tax Notes

Published: 08/03/2022

Tax-Advantaged Strategies for Inflation-Protected Investing

As inflationary pressures continue to mount (e.g., 8.3% for the 12-month period ending April 2022), individuals may look to their financial advisors for practical and, where possible, tax-advantaged strategies for addressing this challengin...

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The CPA Journal

Published: 08/02/2022

Gift Tax Returns on Extension: What to Consider Before Filing

Gift tax returns that have been extended can provide a breather for tax preparers. That time should be used to plan the return, obtain relevant information, and identify issues that might require follow-up. Using the extension time to merel...

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The CPA Journal

Published: 08/01/2022

IRS Tech Targets S Corp Officer Compensation

The IRS is deploying technology and big data to combat compensation under-reporting. What does this likely mean for you and your S Corps? That Reasonable Compensation challenges will likely occur outside the traditional exam process. A chal...

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RCReports, Inc.

Published: 08/01/2022

Digital Assets: Discussion from Baruch College Financial Reporting Conference

The second day of the conference kicked off with a panel on digital assets. Beth Paul, Deputy Chief Accountant, PricewaterhouseCoopers Accounting Services Group, moderated the discussion. Alicia A. Manders, assistant director of technical a...

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The CPA Journal

Published: 07/29/2022

Spanish Prosecutors to Seek 98-Month Prison Term for Shakira

Spanish prosecutors told a Barcelona court they will seek a 98-month prison term and a hefty fine if Colombian pop singer Shakira Mebarak is found guilty of tax evasion.

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Tax Notes

Published: 07/29/2022

U.K. Lawmakers Call for ‘Affordable’ Resolution of Loan Charge

A cross-party group of parliamentarians has asked Chancellor of the Exchequer Nadhim Zahawi to set up a “fully independent” review of the controversial loan charge and to work toward a “genuinely affordable settlement opportunity.” The APP...

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Tax Notes

Published: 07/29/2022

Qualified Business Income Deduction and the Self-Employed

The Tax Cuts and Job Act of 2017 (TCJA) included a new 20% deduction, known as the Qualified Business Income (QBI) deduction under IRC Section 199A, for sole proprietors and owners of pass-through entities for tax years beginning after Dece...

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The CPA Journal

Published: 07/29/2022

Qui Tam Suits: A Dust-Up Over Government Intervention

Roxanne Bland is Tax Notes State’s contributing editor. Before joining Tax Analysts, Bland spent 17 years with the Multistate Tax Commission, where she worked with state revenue agency representatives to draft model legislation pertaining t...

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Tax Notes

Published: 07/29/2022

Firehouse Subs Founders and IRS Dispute Share Valuation

Robin and Chris Sorensen, the brothers who founded the restaurant chain Firehouse Subs, are fighting the IRS over the value of shares they contributed and sold to their living and family trusts. At issue in Sorensen v. Commissioner is whet...

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Tax Notes

Published: 07/27/2022

Tax Provisions of the Marijuana Regulation and Taxation Act

On March 31, 2021, former New York Governor Andrew Cuomo signed the Marijuana Regulation and Taxation Act (MRTA), creating a new Tax Law Article 20-C that legalizes and taxes the sale of adult-use marijuana by persons age 21 or older. Broad...

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The CPA Journal

Published: 07/27/2022

Shakira Faces Tax Fraud Trial in Spain After Rejecting Plea Deal

Colombian pop singer Shakira Mebarak has rejected a plea deal offered by Spanish prosecutors that would have let her avoid trial on charges of evading €14.5 million in taxes.

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Tax Notes

Published: 07/26/2022

The Taxability of Third-Party Food Delivery Services

Two years into an unprecedented global pandemic, the impact of coronavirus (COVID-19) is still felt in many industries. The hospitality industry continues to be one of the hardest-hit. Although hotel occupancy is steadily rising as summer t...

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The CPA Journal

Published: 07/25/2022

Current Developments at the SEC

The final session of the first day of the conference was focused on current developments at the SEC. Lindsay McCord, chief accountant, SEC Division of Corporation Finance, served as moderator and discussion leader. Jonathan Wiggins, senior ...

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The CPA Journal

Published: 07/22/2022

Greetings from your New CEO

I want to take a moment to introduce myself to you. I am Calvin Henry Harris Jr., CPA, your new NYSSCPA Chief Executive Officer. It is an honor to serve the first and oldest state CPA society in America, and I am excited to join the Society...

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The CPA Journal

Published: 07/22/2022

Russia’s Revenue Roller Coaster

Since its invasion of Ukraine on February 24, the Russian government has denied access to a lot of financial statistics, but the data we can see show that Russia’s tax revenue in the first five months of 2022 was sky-high. Calendar year 202...

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Tax Notes

Published: 07/21/2022

OECD’s Deputy Director of Tax Policy to Retire in 2023

Grace Perez-Navarro, deputy director of the OECD Centre for Tax Policy and Administration, is retiring from her post next year.

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Tax Notes

Published: 07/19/2022

Opening Remarks from the SEC and FASB: Richard Jones and Paul Munter

Richard Jones is the Chair of the Financial Accounting Standards Board (FASB). He began his term as the eighth chair of FASB in July 2020. Prior to that, Jones was a partner at Ernst & Young and served as the firm’s chief accountant on tech...

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The CPA Journal

Published: 07/19/2022

Having An HSA While on Medicare

Health savings accounts can be tricky, especially when you are on Medicare. Not only do you need to meet certain criteria to have one, but you need to meet the same requirements to keep contributing to it.

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Retirement Risk Advisors

Published: 07/18/2022

Highlights from the 20th Annual Baruch College Financial Reporting Conference

The 20th Annual Financial Reporting Conference was hosted virtually by Baruch College on May 4 and 5, 2022. The longstanding conference brought together—via videoconference—representatives from leading regulators, standards setters, prepare...

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The CPA Journal

Published: 07/18/2022

Tax History: Will Slumping Stocks Doom Mark-to-Market Tax Reforms?

There’s nothing like watching an actual expert school a snarky columnist on Twitter. It happened last week when Samuel D. Brunson, a law professor at Loyola University Chicago, explained some basic income tax to Matthew Yglesias, a smart, p...

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Tax Notes

Published: 07/13/2022

Expanding Options for Providing Attestation Services

In September 2020, the Auditing Standards Board issued Statement on Standards for Attestation Engagements (SSAE) 21, Direct Examination Engagements. Its provisions are effective for assertion-based and direct examination engagement reports ...

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The CPA Journal

Published: 07/12/2022

Historic Rehab Projects at Risk From State Credit Lapse, Pillar 2

The expiration of Minnesota’s historic tax credit puts historic building rehabilitation projects there at risk, and similar projects nationwide may face head winds if proposed global minimum tax rules remove incentives for investors to help...

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Tax Notes

Published: 07/12/2022

Dutch Finance Secretary Wants to Investigate Uber Tax Avoidance

Dutch State Secretary for Finance Marnix van Rij said he wants to investigate whether the Dutch tax service followed correct procedures in reviewing Uber’s tax affairs and inform the parliament of the Cabinet’s findings.

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Tax Notes

Published: 07/12/2022

Seeking Truly Global Financial Reporting Standards

For decades, leading standards setters have advocated a single set of global financial reporting standards. After large strides were made in converging U.S. GAAP and IFRS in the first decade of this century, progress seemingly stalled. The ...

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The CPA Journal

Published: 07/11/2022

Reading the Tea Leaves on Retirement Legislation

Last year marked the centennial of the inclusion of tax incentives for employer-sponsored retirement plans in the code. For the 101st anniversary, passage of large retirement savings tax legislation that refines the system is looking increa...

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Tax Notes

Published: 07/11/2022

FASB Streamlines Income Tax Accounting

Recently, FASB issued a new Accounting Standards Update (ASU 2019-12), Simplifying the Accounting for Income Taxes. The new standard amends section 740 of the Accounting Standards Codification (ASC), eliminating some problematic exceptions ...

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The CPA Journal

Published: 07/08/2022

Finding Financial Experts for Audit Committees

Regulatory and market pressures have led to increased responsibilities for corporate audit committees, as well as greater demand for such members to possess financial expertise. Companies have responded by offering a wider variety of compen...

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The CPA Journal

Published: 07/07/2022

Former IRS Officials Skeptical of Foul Play in Comey, McCabe Audits

Former IRS officials familiar with the highly selective audit process that ensnared two top rivals of former President Trump say the IRS is likely innocent of wrongdoing, despite the seemingly impossible odds.

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Tax Notes

Published: 07/07/2022

Rettig Requests TIGTA Investigation of Comey, McCabe Audits

IRS Commissioner Charles Rettig has requested an investigation into how the agency selected the returns of two top former FBI officials for intensive audits.

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Tax Notes

Published: 07/05/2022

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Qualified Charitable Distributions May Reduce Retirement Taxes

Required minimum distributions may increase your tax bracket in retirement, but there is a way to help manage your tax exposure and help great causes: qualified charitable distributions (QCDs). At 72, you are required to take distributions ...

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Retirement Risk Advisors

Published: 07/01/2022

Connecticut Governor Seeks to Lure Businesses Post-Roe

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CPAacademy.org

Published: 06/27/2022

Exploring the Gender Gap: Does it Begin Earlier than Expected?

Previous research has established that women suffer from the impacts of the “gender gap” in the middle to late stages of their career. This gender gap manifests itself as reduced pay and reduced advancement opportunity for women relative to...

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The CPA Journal

Published: 06/21/2022

CPAJ News Briefs: Tax & Accounting Update

Tax & Accounting Update provided by Thomson Reuters

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The CPA Journal

Published: 06/20/2022

Retirement Savings: Consider a Roth IRA

A Roth individual retirement account is a brilliant way to save for retirement. Much like a traditional IRA, a Roth IRA allows you to invest and for it to grow tax-free. One great advantage this type of account has is that it also lets you ...

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Retirement Risk Advisors

Published: 06/20/2022

Smoke and Mirrors - Race and the Black CPA

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The CPA Journal

Published: 05/26/2022

The Battle of Assumptions in Facebook's U.S. Tax Court Case

Recent testimony in the U.S. Tax Court's Facebook v. Commissioner trial highlighted a problem with the U.S. cost-sharing regulations, which establish valuation rules for a type of related-party intangible property transfer that has long bee...

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Tax Notes

Published: 05/25/2022

New Reporting and Disclosure Requirements for Contributed Nonfinancial Assets or

Almost all not-for-profit organizations rely on contributions to help fulfill their mission. Contributions can either be in the form of financial assets, such as cash and investments, or nonfinancial assets, generally referred to as gifts-i...

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The CPA Journal

Published: 05/24/2022

Compulsory Payments Under the Final FTC Regulations

New final foreign tax credit regulations have generated much controversy by limiting the kinds of foreign taxes that are creditable, but other changes made by the regulations also deserve careful attention; in particular, changes to the lon...

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Tax Notes

Published: 05/24/2022

‘Flat Sum’ Settlements: An ‘End Run’ Around New York’s Reporting Requirements?

In computing a state resident’s adjusted gross income for personal income tax purposes, New York, like many states, starts with the individual’s federal adjusted gross income and makes certain additions or subtractions to arrive at the indi...

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The CPA Journal

Published: 05/23/2022

Examining the Ethics Education Requirements for CPA Candidates

Although ethics is undoubtedly at the core of what it means to be a public accountant, there has long been dispute and divergence about how to ensure that new entrants to the profession possess the requisite ethical training to be licensed ...

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The CPA Journal

Published: 05/21/2022

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What You Need to Know About Cryptocurrency and Your Retirement

Started as a small project, cryptocurrency has become a large and continuously growing part of the finance industry. These blockchain tokens are making way into retirement planning slowly. Recently, some major companies have opened their do...

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Retirement Risk Advisors

Published: 05/20/2022

CPAs’ Role in Food Relief Organizations after COVID-19

This article considers the role CPAs take in nongovernmental nonprofit organizations and explores the opportunities for CPAs to help nonprofit food relief organizations face the challenges presented by the coronavirus (COVID-19) pandemic. T...

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The CPA Journal

Published: 05/16/2022

Smartphone Apps Raise New Ethical Issues on Client Data Security

Tax professionals need to carefully examine what they do with their smartphones and how they use social media programs to ensure that they don’t accidentally disclose confidential client data. It might not take a John Doe summons to identi...

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Tax Notes

Published: 05/13/2022

A Fireside Chat with Joanne S. Barry

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Retirement Risk Advisors

Published: 03/31/2022

CPAJ News Briefs: FASB, IASB

FASB, IASB News provided by Thomson Reuters Checkpoint

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The CPA Journal

Published: 03/29/2022

The Variety of Career Opportunities Offered by the Accounting Profession

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The CPA Journal

Published: 02/15/2022

Book Review: Dear Accountant - Stories, Advice, and Explorations

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The CPA Journal

Published: 01/13/2022

CPAJ News Briefs: PCAOB, GASB, AICPA

PCAOB, GASB, and AICPA News provided by Thomson Reuters Checkpoint

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The CPA Journal

Published: 01/11/2022

Public Speaking Is Not What You Think It Is

Whether you are an introvert or extrovert, one thing is certain - public speaking is an important skill to build. This, of course, is no secret. After all, almost every profession requires it.

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 to maintain a fully operational economy.

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The CPA Journal

Published: 12/16/2021

Pragmatic Realities of Bitcoin and Crypto-Investing

Although many investors in cryptocurrencies like Bitcoin have witnessed great gains in the past year, values have also fluctuated dramatically in short order. Whether Bitcoin and other virtual currencies can retain their value over time is ...

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The CPA Journal

Published: 11/10/2021

An Unconventional Tax Saving Strategy for Parents of College Students

PART 2 - Lifetime Learning Credit The Lifetime Learning Credit (LLC) and the American Opportunity Credit (AOC) offer significant tax savings for education expenses. This second article in a two-part series for parents of college students e...

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The CPA Journal

Published: 11/09/2021

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Kansas Clarifies Sales Tax Responsibilities for Remote Retailers

From a sales tax compliance perspective, the past few years have been a roller-coaster ride for companies with customers in Kansas but no physical presence in the Sunflower State. Exactly who needed to register for sales tax hasn’t always b...

Just how big of an issue is S Corp. officer compensation under reporting? Big would be an understatement. The most recent estimate (TY 2011-2013) has S Corp. owners underreporting compensation by $24 billion per year, twice as much as ten y...

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RCReports, Inc.

Published: 09/20/2021

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Claiming the 45L Tax Credit for Eligible Contractors

Since 2006, U.S. tax code allows contractors building energy efficient residences to claim the 45L tax credit. The process is a bit time-consuming for accountants and CPAs, and there are multiple steps to claim the $2,000 per home or “dwell...

“The only reason for time is so that everything doesn’t happen at once.” Albert Einstein Use time to your advantage! Here’s how one RCReports subscriber brought every S Corp he worked with into Reasonable Compensation compliance in three e...

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RCReports, Inc.

Published: 02/10/2021

The Impact of Coronavirus on Education in the Accounting Profession

An unexpected side effect of the COVID- 19 pandemic might benefit CPAs. Experts predict we will see lower-cost continuing education as the supply of online content increases-- something that the profession has badly needed for far too long.

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CPAacademy.org

FREE

Published: 08/01/2019

Did the IRS Really Lose? Lessons From the Davis Case

The IRS usually wins when it challenges an S Corp.’s Reasonable Compensation in court. Over the years there have been in the neighborhood of 25 to 30 such cases. The IRS has come out on top in all except one: The Davis Case. What made Davis...

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RCReports, Inc.

Published: 05/01/2019

IRS Lays Out Steps to Keep Reasonable Comp Challenges Out of Tax Court

In a recent memorandum to its examiners and appeals agents, the IRS lays out steps to keep Reasonable Compensation challenges out of Tax Court. Great, you say, nobody wants to go to court! Not so fast. The option of filing a petition in T...

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RCReports, Inc.

Published: 02/01/2019

1099 or W-2 for Shareholder-Employees of S Corps? Updated for 199A

1099 or W-2? That’s the number one question Jack receives at RCReports. Read on to find out more.

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RCReports, Inc.

Published: 01/01/2019

How to Stress Test a Reasonable Compensation Figure

Stress testing a reasonable compensation figure is simple. The courts have listed the factors they consider when determining whether a reasonable compensation figure is indeed reasonable. We can use those factors to “stress test” any reason...

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RCReports, Inc.