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Published: 01/26/2023
How Self-Esteem and Ethics Go Together
In today’s world, having high self-esteem is arguably akin to having a superpower. There are so many voices (often our own) looking for ways to diminish our sense of self. Because ethics is, in part, our relationship to self, others and the...
Glantz & Associates, LLC
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Published: 01/25/2023
Demystifying the New Section 174 Amortization Costs
The year 2022 brought a change to the tax treatment of research expenditures under Internal Revenue Code section 174.
Leyton
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Published: 01/24/2023
The CPA’s Role In Protecting Aging or Incapacitated Individuals
The U.S. population is aging, and CPAs should consider this fact in determining which services they can offer and how they will adapt their practices to assist this growing client segment. “In 2019, the 65–74 age group (31.5 million) was mo...
The CPA Journal
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Published: 01/20/2023
Breaking the Mold of a Traditional Accounting Firm
The accounting profession is one of the oldest and most traditional industries in existence. But as the world changes, so too must accounting firms if they want to remain competitive and be able to attract top talent.
Boomer Consulting, Inc.
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Published: 01/19/2023
The Benefits of Getting Client Onboarding Right
Are you looking to set your firm apart from the competition and attract (and retain) more clients? Getting client onboarding right is one of the most important pieces of the puzzle. When done correctly, it can be one of the most profitable ...
Boomer Consulting, Inc.
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Published: 01/17/2023
Leading and Adapting Though Complexity and Uncertainty
With all the disruption and uncertainty in today's world, leading a CPA firm can feel like navigating uncharted waters. While it may seem like there are no certainties, one thing is for sure: successful leadership requires agility and adapt...
Boomer Consulting, Inc.
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Published: 01/16/2023
IRS and conflict resolution – Part 6 Thoughts on Rev. Rul. 59-60
One of the fundamentals of business valuation training is Revenue Ruling 59-60. This commentary introduces the main points of the revenue ruling, provides some insights from a historical perspective and comments on a recent publication rega...
Michael Gregory Consulting LLC
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Published: 01/13/2023
Interview: Do IRS Agents Really Need Guns?
Tax Notes contributing editors Robert Goulder and Joseph J. Thorndike consider the historical context of why the IRS Criminal Investigation division carries guns.
Tax Notes
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Published: 01/13/2023
House Leadership Taps Jason Smith as Ways and Means Chair
After just a decade in the House, Missouri Republican Jason Smith got the nod in a January 9 vote as incoming chair of the House Ways and Means Committee.
Tax Notes
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Published: 01/11/2023
Interview: Defending the Undertaxed Profits Rule
Robert Goulder and professors Allison Christians and Tarcísio Diniz Magalhães discuss the importance of the OECD’s pillar 2 UTPR (undertaxed profits rule) and its place in international tax law.
Tax Notes
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Published: 01/09/2023
Inversion Regs Define Business Activity and Inversion Gain
Inversion regs clarify when a corporation has substantial business activities in a foreign country and describe the calculation of inversion gain. These concepts are pivotal in determining whether an inversion has occurred and, if so, the a...
Tax Notes
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Published: 01/06/2023
Improvements in the Retirement Landscape: Secure 2.0 Act Retirement Impacts
With the intent to reshape the American retirement landscape, Congress passed, and President Biden signed into law the Secure 2.0 Act as part of a large end-of-the-year spending deal. This Secure 2.0 Act is meant to help Americans save more...
Retirement Risk Advisors
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Published: 01/06/2023
Off the Beaten Tax: Kanye Down on Taxes Again
Kanye West said the IRS put a $75 million hold on four of his accounts because he owes $50 million in taxes.
Tax Notes
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Published: 01/05/2023
CPAJ News Briefs: FASB, IASB, AICPA
FASB, IASB, and AICPA News provided by Thomson Reuters Checkpoint
The CPA Journal
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Published: 12/30/2022
CPAJ News Briefs: FASB, IASB
FASB and IASB News provided by Thomson Reuters Checkpoint
The CPA Journal
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Published: 12/28/2022
The CPA Examination in Evolution: Answering the Call for Change
The recent CPA Evolution Project represents the accounting profession’s attempt to transform the CPA licensure model to fit the skills and competencies that new CPAs will require today and in the future. It marks the most significant change...
The CPA Journal
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Published: 12/28/2022
Grace Perez-Navarro — A Champion of Transparency and Inclusion
Grace Perez-Navarro’s career at the OECD began unexpectedly — as many life-changing events do — with a quick, off-the-cuff decision she made on an otherwise routine day in the early 1990s.
Tax Notes
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Published: 12/28/2022
Investors’ Big Tax Transparency Experiment
During the 2022 proxy season, an old question resurfaced: Are investors receptive to corporate tax transparency proposals, and to what extent? Investors tested this question on proxy ballots at Amazon, Cisco, and Microsoft, and the results ...
Tax Notes
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Published: 12/28/2022
Why and When Did the IRS Stop Auditing the President?
The world’s most famous tax returns are finding their way into the public record. The House Ways and Means Committee has already delivered a broad overview of Donald Trump’s tax filings during a six-year period, and his actual returns are s...
Tax Notes
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Published: 12/28/2022
Punitive Deduction Rates Are Unsustainable, U.K. Think Tank Says
The combined result of U.K. child benefit and universal credit withdrawals is a “truly punitive” effective tax rate of at least 80 percent that is affecting a growing number of families, the Resolution Foundation said.
Tax Notes
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Published: 12/28/2022
CPAJ News Briefs: FASB, Audit
FASB, Audit News provided by Thomson Reuters Checkpoint
The CPA Journal
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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.
Tax Notes
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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...
The CPA Journal
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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,...
Boomer Consulting, Inc.
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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.
Tax Notes
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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.
Tax Notes
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Published: 12/22/2022
Why People Leave Public Accounting
There are many reasons why CPAs decide to leave public accounting firms. Based on my experience, I believe some of these reasons are personal and individual, but far too many of these reasons are caused by CPA firms’ leadership and can be a...
The CPA Journal
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Published: 12/21/2022
Retirement Industry Lauds Inclusion of SECURE 2.0 in Omnibus
Retirement policy groups are praising the inclusion of over 92 retirement provisions known as SECURE 2.0 in the eleventh-hour $1.7 trillion omnibus spending bill released December 20.
Tax Notes
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Published: 12/20/2022
Interview: The TCJA Five Years Later: International Tax Issues
In the third of a three-episode series, former senior Treasury official Chip Harter discusses his experience creating the international tax guidance for the Tax Cuts and Jobs Act and the evolution of those provisions.
Tax Notes
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Published: 12/19/2022
Sensitive Taxpayer Info Exposed on Florida DOR’s Website
A security flaw in the Florida Department of Revenue's website may have exposed personal information for over 700,000 taxpayers, according to the man who discovered it.
Tax Notes
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Published: 12/19/2022
Lawmakers Query Tax Prep, Tech CEOs About Taxpayer Data Sharing
Congressional Democrats are seeking answers in response to reporting that several tax preparation software companies discreetly sent sensitive taxpayer data to Meta and Google.
Tax Notes
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Published: 12/16/2022
Chinese Canadian Rapper Fined $84 Million for Tax Evasion
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.
Tax Notes
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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...
CPAacademy.org Top Presenter Awards
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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.
Tax Notes
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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 ...
The CPA Journal
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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...
The CPA Journal
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Published: 12/12/2022
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...
Retirement Risk Advisors
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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...
Retirement Risk Advisors
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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.
Tax Notes
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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.
Tax Notes
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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.
Tax Notes
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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 ...
The CPA Journal
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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...
The CPA Journal
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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...
The CPA Journal
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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.
Tax Notes
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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...
The CPA Journal
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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...
Retirement Risk Advisors
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Published: 11/16/2022
Annuities: A Longevity Risk Solution
What makes an annuity tick? Short answer: Annuities are contracts made with an insurance company. Your annuity can be personalized to fit your exact needs. The downside? The options can be overwhelming.
Retirement Risk Advisors
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Published: 11/16/2022
Washington Revenue Official Tries to Clarify Position on NFTs
The Washington Department of Revenue has not decided whether it will pursue tax on sales of non-fungible tokens (NFTs) for transactions that occurred before July 1, 2022, the date the agency published interim guidance.
Tax Notes
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Published: 11/11/2022
Georgia Tribunal Says Uber Owes Millions in Unpaid Sales Tax
Uber's fee to improve the safety of its platform should be included in the sales price of rides for tax purposes, according to the Georgia Tax Tribunal.
Tax Notes
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Published: 11/11/2022
Rettig’s Legacy: The Straight-Shooting COVID Commissioner
As outgoing IRS Commissioner Charles Rettig’s term as head of the agency comes to a close, observers agree that his legacy is indelibly linked with the COVID-19 pandemic.
Tax Notes
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Published: 11/10/2022
IRS Appears to Be Working on ITIN Requests
As the IRS works to clear the backlog of paper tax returns that amassed during the COVID-19 pandemic, it also appears to be trying to catch up on requests for individual taxpayer identification numbers.
Tax Notes
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Published: 11/10/2022
Voters Decide Tax Measures in Several States
Voters in the 2022 midterm election weighed in on numerous state tax policies, including in California, where they rejected a Lyft-backed tax on the rich to fund electric vehicle adoption.
Tax Notes
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Published: 11/09/2022
Evolution and Transformation, Transformation and Evolution
From the very first certified public accountancy law (passed in 1896 in New York State) to the present day, the accounting profession and the nature of being a CPA have been marked by constant evolution and transformation. Even if we don’t ...
The CPA Journal
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Published: 11/09/2022
IRS Announces Job Openings to Hire Over 700 New Employees Across the Country
In addition to the more than 4,000 people recently hired to fill critical customer service representative positions, the Internal Revenue Service is now seeking over 700 new employees to help taxpayers at Taxpayer Assistance Centers across ...
IRS
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Published: 11/08/2022
Benefits of a Technology Strategic Plan
Technology leaders put a lot of effort and energy into time management. And while managing your time well is always a worthwhile pursuit, our time will always be limited. We cannot say yes to every project, so everything we say yes to has a...
Boomer Consulting, Inc.
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Published: 11/08/2022
4 Steps to Break Down Process Silos
Process silos are common in many accounting firms, leading to inefficiencies and communication breakdowns. To break down these process silos, you'll need to implement strategies that will encourage collaboration and communication between de...
Boomer Consulting, Inc.
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Published: 11/08/2022
3 Benefits of Engaging in a Professional Peer Community
When it comes to our careers, we all want to feel like we’re a part of something bigger. We want to be surrounded by people who understand what we do and can help us grow professionally and personally. That’s why engaging in a professional ...
Boomer Consulting, Inc.
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Published: 11/08/2022
3 Questions to Better Support Your Team and Your Clients
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.
Boomer Consulting, Inc.
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Published: 11/08/2022
10 Lessons Learned from Recording 100 Podcast Episodes
Over the past year, I’ve had the opportunity to help produce podcast episodes for Boomer Consulting, Inc, The Boomer Briefing. But, the podcast has been around for two years! In that time, over 100 episodes have been recorded and released. ...
Boomer Consulting, Inc.
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Published: 11/04/2022
IRS Looking for Real Tax Crime in Virtual Reality
Criminals interacting and exchanging money in the metaverse aren’t safe from the IRS Criminal Investigation division, according to division Chief Jim Lee.
Tax Notes
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Published: 11/04/2022
IRS Faces Stiff Hiring Challenges, Ex-Officials Say
An 87,000-employee hiring spree for the IRS sounds great on paper, but actually getting that many new workers through the door is another matter, according to two former officials.
Tax Notes
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Published: 11/03/2022
IRS Says 1040 Cryptocurrency Question Is Meant to Be Broad
The income tax return question about cryptocurrency and digital assets is meant to capture more than just taxable transactions, according to IRS officials.
Tax Notes
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Published: 11/03/2022
D.C. and Minnesota File Worker Classification Suits Against Shipt
The District of Columbia and Minnesota have filed suits against online grocery shopping and delivery company Shipt Inc., alleging that the company avoids payroll taxes and other obligations by improperly classifying its workers as independe...
Tax Notes
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Published: 11/02/2022
Trump Granted Temporary Stay in House Tax Return Fray
The Supreme Court has agreed to temporarily keep Treasury from releasing former President Trump’s tax returns to the House Ways and Means Committee.
Tax Notes
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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...
The CPA Journal
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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 ...
Retirement Risk Advisors
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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.
Tax Notes
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Published: 11/01/2022
The ABCs of the Taxation of Virtual Currency
With new technologies come new forms of assets and, eventually, new rules for the regulation and taxation of such assets. Beyond the current frontier lies the land of the digital assets—cryptocurrencies, non-fungible tokens, and the like—th...
The CPA Journal
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Published: 10/31/2022
What CFOs Should Consider Concerning ESG Reporting
Chief Financial Officers have seen their job description expand over the years to include broader responsibilities and more reporting requirements, such as those mandated under the Sarbanes-Oxley (SOX) and Dodd-Frank Acts. There is no quest...
The CPA Journal
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Published: 10/26/2022
Yellen Dismisses Rumors of Post-Midterm Departure
Treasury Secretary Janet Yellen batted down speculation that she could be leaving her post amid talk of a possible Cabinet reshuffle in the Biden administration following the midterm elections.
Tax Notes
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Published: 10/26/2022
Smart Contracts, AI, and the Future of Asset Valuation
To date, “smart contracts” have had only limited use. Nevertheless, they have the power to be transformative, particularly when combined with artificial intelligence (AI). The authors examine the possible combination of these two technologi...
The CPA Journal
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Published: 10/25/2022
Tax Crime Roundup: IRS Employees Charged With COVID Fraud
Five current and former IRS employees allegedly defrauded pandemic relief programs and used their ill-gotten gains to procure cars, manicures, Gucci products, and trips to Las Vegas, according to the government.
Tax Notes
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Published: 10/25/2022
Detecting and Resolving ‘Dirty’ Data
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...
The CPA Journal
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Published: 10/24/2022
Your Options for Facility-Based Care in Retirement
Nursing homes are not your only option for care in retirement. Some facilities offer only housing and housekeeping, but many do provide a more personal care and even medical services. Oftentimes, with medical care there are specialized unit...
Retirement Risk Advisors
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Published: 10/24/2022
Russia Defers Taxes for Soldiers Mobilized for Ukraine Invasion
The Russian government said qualifying small business owners who have been mobilized for the war in Ukraine can defer payment of some taxes and fees beyond the duration of their service.
Tax Notes
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Published: 10/24/2022
An Overview of the SEC’s Proposed Climate-Related Disclosures
Corporations have long grappled with the question of how to report the potential impact of climate-related risks on their business. Recent years have seen progress and in the reporting frameworks and consolidation of the standards setters p...
The CPA Journal
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Published: 10/21/2022
The Benefits of Cloud-Based Software Over Desktop
Cloud-based software has quickly taken over the digital world, outpacing desktop software in a number of ways and providing newfound benefits for many industries, including accounting and audit. But what is cloud software? It’s a digital pr...
Boomer Consulting, Inc.
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Published: 10/21/2022
Accounting Technology Software to Solve the CPA Talent Shortage
The year 2020 brought with it an unfortunate convergence of factors that drained the CPA talent pool: beyond the obvious pandemic-related difficulties, that was the year that the AICPA estimated 75%—that’s right, 3 out of 4—of its members b...
Boomer Consulting, Inc.
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Published: 10/21/2022
How to Leverage Extroversion or Introversion at Work
At some point, you’ve probably been called—maybe even referred to yourself as—an introvert or extrovert. Psychologist Carl Jung coined these terms in the 1920s. The difference between these two personality types essentially comes down to en...
Boomer Consulting, Inc.
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Published: 10/21/2022
7 Tips for Surviving Budget Season
Accounting firms and companies around the globe are in the midst of many finance and accounting professionals’ least favorite times of the year: budgeting season (although I enjoy it).
Boomer Consulting, Inc.
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Published: 10/21/2022
Redefining Wealth
I recently attended the Unstoppable conference in Scottsdale, AZ and had the opportunity to hear Patrice Washington speak on redefining wealth. With so many firms discussing a “people first” company and trying to create wellness programs to...
Boomer Consulting, Inc.
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Published: 10/21/2022
Uncertainty-Leadership-Adaptability-Resources
Uncertainty. The capital markets don’t like it, nor do most professionals or their clients. The current talent market, new technology, interest from private equity and now The Inflation Reduction Act (IRA) continue to bring more uncertainty...
Boomer Consulting, Inc.
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Published: 10/21/2022
The Next Level of Process Improvement
Managing a growing firm and serving clients is a challenge. It requires multiple people, applications and processes. To deal with the complexity, lower costs, boost productivity, increase accuracy and support greater efficiency, firms under...
Boomer Consulting, Inc.
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Published: 10/21/2022
Embedding Sustainability into Practice
Our latest issue is all about sustainability, often defined as long-term value creation. For New York State CPAs, that sustainability can show up in various ways—including Environmental, Social, and Governance. To remain relevant as a profe...
The CPA Journal
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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.
Tax Notes
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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.
Tax Notes
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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...
The CPA Journal
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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.
Retirement Risk Advisors
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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.
Tax Notes
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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.
Tax Notes
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Published: 10/18/2022
ESG Integration and Small Business
Growing numbers of small and medium-sized enterprises (SME), spanning a range of sectors and geographies, are signaling their commitment to an ESG-rooted integrated purpose—that is, a people, planet, and profit triple–bottom-line purpose. T...
The CPA Journal
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Published: 10/17/2022
Help Wanted: Treasury and the IRS Gear Up on IRA Energy Guidance
When Congress added a host of new credits, concepts, and changes to the energy provisions in the tax code through the Inflation Reduction Act (IRA, P.L. 117-169), it became clear that the guidance writers at the IRS and Treasury would have ...
Tax Notes
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Published: 10/17/2022
Zagging to Tax Returns
The trend in today’s modern CPA firm is to pursue business cloud accounting services (CAS) and only offer tax returns as an “add-on” service. Many firms will not take one-off individual tax clients anymore, seeing them as unprofitable and t...
The CPA Journal
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Published: 10/14/2022
Blurring Lines with a Mobile Workforce
In the realm of information technology, “Bring Your Own Device” (BYOD) is the practice of allowing employees to use personal technology devices such as laptops and smartphones for work purposes. In one form of BYOD, employees use personal d...
The CPA Journal
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Published: 10/14/2022
What the Social Security 2023 Increase Means for You Now and Later
The Social Security Administration announced that there will be an 8.7% cost-of-living-adjustment (COLA) beginning January 2023. Overall, this means benefits will increase an average of $140 a month.
Retirement Risk Advisors
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Published: 10/13/2022
2023 Means Savings on Medicare
Medicare beneficiaries will pay lower Part B premiums for coverage come 2023. Those who are paying these premiums need to be aware of two major changes.
Retirement Risk Advisors
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Published: 10/12/2022
Regulatory Concerns Could Dampen Investor Excitement for Stablecoins
Stablecoins, a class of digitial asset touted as being more constant in their value than other cybercurrencies, have become increasingly popular in recent years. But recent market declines in the past couple of months have turned the spotli...
The CPA Journal
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Published: 10/11/2022
Tax Experts Renew Call for Affordable Loan Charge Resolution
A fresh approach to the controversial U.K. loan charge is needed because affected taxpayers “simply cannot afford to pay” the taxes demanded by HM Revenue & Customs, according to a group of U.K. tax professionals.
Tax Notes
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Published: 10/11/2022
Philippine Court Voids Manny Pacquiao’s $55.8 Million Tax Bill
A Philippine court has voided PHP 3.3 billion (about $55.8 million) in assessments issued to boxing legend Manny Pacquiao, saying the tax agency lacked sufficient basis for the claim and violated his due process rights.
Tax Notes
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Published: 10/11/2022
B Corporation Resources
B Corporations are for-profit entities that not only provide products or services with a goal of earning a profit for its owners, they also contribute positively to stakeholders beyond their investors and creditors. The B Corporation concep...
The CPA Journal
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Published: 10/07/2022
IRS Locates 79 Tax Fugitives in Mexico and Central America
The IRS’s Criminal Investigation unit in Mexico said it has located 79 tax fugitives in Mexico and Central America.
Tax Notes
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Published: 10/05/2022
Risk Impacts of SaaS Cloud Computing
Software as a Service (SaaS) has gone from the cutting edge to a core technology for many businesses. But given the wide scope of cloud services companies engage in under the umbrella of SaaS, it is also important to understand the attendan...
The CPA Journal
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Published: 10/04/2022
Nobel’s Tax Domicile and Future of Prizes Tied to Horse Stables
Horses are often raced for prize money. A far more prestigious set of prizes might never have materialized if a French court hadn’t ruled that Alfred Nobel’s tax domicile depended on where he stabled his horses.
Tax Notes
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Published: 10/04/2022
CFO of the Future
The title of this article is more than a little misleading. The future is now—effective CFOs not only know this, they strive to bring the future forward. Changes in business and technology have pushed CFOs into a world of constant transform...
The CPA Journal
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Published: 10/03/2022
Coordination of Sections 959, 316, and 312 Is a Priority
The Tax Law Center at New York University and the American Bar Association Section of Taxation prioritize guidance on coordinating the rules in section 959 with the provisions in sections 316, 312, and 961. Section 959 excludes a corporatio...
Tax Notes
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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.
Tax Notes
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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.
Tax Notes
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Published: 09/30/2022
European Value Chain Legislation Marches On
On February 23, 2022, the European Commission adopted a Proposal for a Directive on Corporate Sustainability Due Diligence (CSDD) that addresses social and environmental concerns, including global warming. If, as expected, the proposed dire...
The CPA Journal
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Published: 09/29/2022
CPAJ News Briefs: FASB, PCAOB
FASB, PCAOB News provided by Thomson Reuters Checkpoint
The CPA Journal
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Published: 09/29/2022
FOIA Requests Are Piling Up at the IRS
Freedom of Information Act requests have been accumulating at the IRS during the COVID-19 pandemic in addition to its giant backlog of paper returns.
Tax Notes
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Published: 09/28/2022
FOIA Requests Are Piling Up at the IRS
Freedom of Information Act requests have been accumulating at the IRS during the COVID-19 pandemic in addition to its giant backlog of paper returns.
Tax Notes
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Published: 09/28/2022
IRS Sent $1 Billion in Mistaken CTC Payments
The IRS was able to get advance child tax credit (CTC) payments out relatively quickly, but millions of the payments were sent to taxpayers who shouldn’t have gotten them, and millions more didn’t get to others who qualified, according to a...
Tax Notes
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Published: 09/28/2022
Shakira to Face Six Tax Fraud Counts in Court, Judge Says
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.
Tax Notes
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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 ...
Tax Notes
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Published: 09/27/2022
Operational Compliance in a Highly Regulated Environment
Plan administrators named in the plan document, or acting as administration fiduciaries by filing Form 5500, must administer their 401(k) plan in accordance with plan terms and management’s expressed intentions. Many plan administrators mis...
The CPA Journal
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Published: 09/26/2022
GOP’s First Bill Would ‘Repeal 87,000 IRS Agents,’ McCarthy Says
If Republicans take control of the House in 2023, they will support the addition of 200,000 police officers nationwide, a 50 percent cut in permitting times for energy development, and full funding of border enforcement. But first, they’ll...
Tax Notes
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Published: 09/26/2022
Pittsburgh's 'Jock Tax' Is Unconstitutional, Pennsylvania Court Holds
Pittsburgh's 3 percent fee on personal income earned by nonresident professional athletes while using the city's sports venues violates the Pennsylvania Constitution, according to a state trial court.
Tax Notes
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Published: 09/26/2022
Info Reporting Regime Sets Up IRS Crypto Crackdown
The third-party reporting of cryptocurrency transactions scheduled to begin next year could revolutionize the IRS’s efforts to combat tax evasion of digital assets — if the agency can capitalize on the opportunity.
Tax Notes
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Published: 09/22/2022
Colorado Now Accepts Cryptocurrency for Tax Payments
Colorado now accepts cryptocurrency as tax payments, the state Department of Revenue has confirmed. The payment program, which started September 1, was first announced by Gov. Jared Polis (D) earlier this year.
Tax Notes
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Published: 09/22/2022
New York Attorney General Files Financial Fraud Case Against Trump
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.
Tax Notes
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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.
Retirement Risk Advisors
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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.
Tax Notes
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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.
Tax Notes
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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,...
The CPA Journal
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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.
Tax Notes
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Published: 09/16/2022
Squaring Off Between Carbon Taxes and Renewable Energy Incentives
Some European renewable energy producers are concerned that the EU may lose green energy investments to the United States in the wake of recently enacted U.S. legislation.
Tax Notes
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Published: 09/15/2022
California Governor Urges No on Lyft-Backed Measure to Tax the Rich
California Gov. Gavin Newsom (D) has lent his voice to the campaign opposing a ballot measure to tax the state’s rich to fund electric car adoption and wildfire mitigation.
Tax Notes
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Published: 09/14/2022
What Exactly is a LIRP?
Much like a game of chess, retirement planning is about strategy. Back in the 1970s the traditional route was relying on Social Security and having a pension. Today retirement is entirely on the individual to fund—and Social Security only s...
Retirement Risk Advisors
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Published: 09/14/2022
Department of Labor Position on Cryptocurrency Investment in 401(k) Plans
Many 401(k) plan sponsors mistakenly believe that they have no liability for investment fund options made available to participants in core investment menus and self-directed brokerage accounts.
The CPA Journal
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Published: 09/13/2022
Who Owns the Keys to Your Castle?
During the pandemic, many people switched from being on-site full-time to working entirely from home or in a hybrid environment. This was a blessing for many during this period but also an emergency action. We were all sent home one day, ex...
Boomer Consulting, Inc.
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Published: 09/13/2022
How to Approach Business Development at a Conference
This summer, I attended Connections 2022, put on by the CPA Firm Management Association. While it wasn’t my first in-person conference since the start of the pandemic, it was the first with a lot of networking outside our sponsor booth.
Boomer Consulting, Inc.
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Published: 09/13/2022
Are You Basing Decisions on Junk Employee Engagement Metrics?
Employee engagement has shifted from solely a human resources metric to a top priority in many firms. But we have a long way to go.
Boomer Consulting, Inc.
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Published: 09/13/2022
4 Growth Marketing Trends That Can Help You Achieve Your Goals in 2023
If you want to grow your firm in 2023, consider incorporating growth marketing strategies. There are several ways to do this. You can start by identifying opportunities with your current clients and creating a team strategy that aligns with...
Boomer Consulting, Inc.
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Published: 09/13/2022
Examining Recognition & Measurement of Financial Assets/Liabilities: ASU 2016-01
Accounting Standards Update (ASU) 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, became effective for financial statements beginning after December 15, 2017. One of its key provisions was a change in the...
The CPA Journal
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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...
Tax Notes
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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.
Tax Notes
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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...
The CPA Journal
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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.
Tax Notes
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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 ...
Tax Notes
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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.
Tax Notes
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Published: 09/07/2022
How Should I Take My RMDs in Retirement?
Using tax-advantaged retirement accounts to save during your working years is a smart move. By using these accounts, you are deferring taxes. However, this postponement does eventually come with an expiration date. The government will come ...
Retirement Risk Advisors
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Published: 09/07/2022
Using Data Visualization To Help Uncover Fraud
Wirecard, one of Germany’s largest financial services companies, had long been suspected of employing questionable accounting methods before its auditor publicly announced in 2019 that it could not confirm the existence of €1.9 billion in c...
The CPA Journal
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Published: 09/06/2022
Timelines in Tax History: Moralistic Tax Policy in the 1930s
As Franklin D. Roosevelt took the oath of office on March 4, 1933, the United States was struggling through the darkest days of the Great Depression. A quarter of the nation’s workers were unemployed, the banking system was nearing collapse...
Tax Notes
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Published: 09/06/2022
Employee Turnover Is Impacting Not-for-Profits Too
Over the past two years, Americans have quit their jobs in record numbers. According to the U.S. Labor Department, 47.4 million people have left their jobs since the start of the coronavirus (COVID-19) pandemic. In November 2021, 4.5 millio...
The CPA Journal
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Published: 09/02/2022
Yellen to Promote New Tax Measures With Speaking Tour
Treasury Secretary Janet Yellen will make a series of speeches in the coming weeks to highlight the various tax provisions in the recently enacted Inflation Reduction Act.
Tax Notes
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Published: 09/01/2022
Do Not Forget Healthcare Costs When Retirement Planning
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...
Retirement Risk Advisors
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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.
Tax Notes
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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...
Tax Notes
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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.
Tax Notes
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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...
The CPA Journal
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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...
Tax Notes
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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.
Tax Notes
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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.
Tax Notes
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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.
Tax Notes
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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...
The CPA Journal
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Published: 08/23/2022
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 ...
The CPA Journal
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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...
Tax Notes
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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.
Tax Notes
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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...
The CPA Journal
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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.
Tax Notes
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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.
Tax Notes
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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.
Tax Notes
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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...
Tax Notes
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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 ...
The CPA Journal
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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...
The CPA Journal
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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...
IRS
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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...
Retirement Risk Advisors
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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 ...
The CPA Journal
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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...
Tax Notes
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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.
Tax Notes
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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,...
The CPA Journal
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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...
Tax Notes
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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...
The CPA Journal
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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...
Boomer Consulting, Inc.
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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.
Boomer Consulting, Inc.
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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.
Tax Notes
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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...
The CPA Journal
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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 ...
The CPA Journal
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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” ...
The CPA Journal
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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.
Tax Notes
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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.
Tax Notes
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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.
Tax Notes
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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...
The CPA Journal
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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...
The CPA Journal
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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...
RCReports, Inc.
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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...
The CPA Journal
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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.
Tax Notes
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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...
Tax Notes
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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...
The CPA Journal
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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...
Tax Notes
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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...
Tax Notes
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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...
The CPA Journal
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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.
Tax Notes
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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...
The CPA Journal
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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 ...
The CPA Journal
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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...
The CPA Journal
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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...
Tax Notes
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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.
Tax Notes
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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...
The CPA Journal
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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.
Retirement Risk Advisors
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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...
The CPA Journal
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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...
Tax Notes
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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 ...
The CPA Journal
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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...
Tax Notes
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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.
Tax Notes
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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 ...
The CPA Journal
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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...
Tax Notes
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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 ...
The CPA Journal
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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...
The CPA Journal
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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.
Tax Notes
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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.
Tax Notes
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Published: 07/05/2022
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 ...
Retirement Risk Advisors
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Published: 07/01/2022
Connecticut Governor Seeks to Lure Businesses Post-Roe
The governor of Connecticut has issued an open letter to businesses, touting the state’s protections for reproductive rights and its pro-growth environment and tax stability to lure businesses from states limiting access to abortion.
Tax Notes
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Published: 07/01/2022
Wielding the Brussels Effect: A Self-Help Approach to Pillar 1
Sometimes you read something in Tax Notes that causes you to stop and do a double take. The people who write for the publication are not immune from this phenomenon. The latest occurrence came as I read Elodie Lamer’s recent article on Hun...
Tax Notes
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Published: 07/01/2022
How Independence and Commercialism Can Coexist
This article is an updated and expanded version of one written by this author seven years ago (“Can Professionalism and Commercialism Coexist in CPA Firms? Putting the Public Interest before Increased Profits,” The CPA Journal, February 201...
The CPA Journal
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Published: 06/29/2022
Implementing CECL During the Pandemic: Unexpected Consequences Revealed
The much-anticipated and -deliberated changes to the accounting for financial instruments ushered in by ASU-2016-13, Financial Instruments–Credit Losses, happened to take effect during an unprecedented economic crisis brought about by the C...
The CPA Journal
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Published: 06/28/2022
After Taxes Now, Tax-Free Later: Roth 401(k)
Tax-advantaged has quite the ring to it, doesn’t it? Unlike the tax-advantages a traditional 401(k) offers—funded with pretax wages—a Roth 401(k) is funded with after tax wages. Income tax has already been paid so when it comes to withdrawi...
Retirement Risk Advisors
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Published: 06/28/2022
The State of the Profession – Predictions for 2022
To complement the data-driven analysis presented in the Rosenberg Survey (see page 20), the authors assembled a virtual roundtable of observers from around the profession to give us their predictions for the 2022. What will this new year br...
The CPA Journal
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Published: 06/27/2022
Continuing Professional Education “Disruptor” Reaches 10 Years
CPAacademy.org, the U.S. leader in free online continuing education for accounting professionals—with over 400,000 members and more than 17,300 courses—celebrated its first 10 years in business this month. Founded in 2012 in a converted gar...
CPAacademy.org
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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...
The CPA Journal
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Published: 06/21/2022
CPAJ News Briefs: Tax & Accounting Update
Tax & Accounting Update provided by Thomson Reuters
The CPA Journal
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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 ...
Retirement Risk Advisors
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Published: 06/20/2022
Smoke and Mirrors - Race and the Black CPA
Change is in the air for accounting. Many promises have been made about increasing diversity, particularly for Black accountants. But have all the projects, initiatives, and reports lived up to expectations? Or has it been a shell game?
The CPA Journal
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Published: 06/17/2022
Inventories, Inflation, and Supply Chain Disruption
I think we’re going to see a new era in how we manage this type of thing. My hope is people are going to give more thought to the importance of carrying inventory and safety stock so that we can survive some of these disruptions, especially...
Tax Notes
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Published: 06/17/2022
New International Accounting Ethics Standards
In September 2018, the International Ethics Standards Board for Accountants (IESBA) issued a new International Code of Ethics for Professional Accountants, which was recently revised with changes effective in 2022. The AICPA Code of Profess...
The CPA Journal
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Published: 06/14/2022
The Risks Facing the CFO
Business risk is defined in generic terms as the exposure a company must consider that may lower its profits or lead it to fail. This definition will suffice for purposes of this discussion, especially because it clearly lays business risks...
The CPA Journal
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Published: 06/13/2022
The New Working World of the COVID-19 Pandemic
The coronavirus (COVID-19) pandemic created a new working world for businesses, accounting firms, and government. Most offices, including CPA firms and the PCAOB, pivoted to remote work. Unprecedented labor shortages meant auditors had to d...
The CPA Journal
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Published: 06/07/2022
Growing Today’s Accounting Businesses
Over the past 20 years, many public accounting practices transformed into accounting businesses, with some even becoming multifaceted professional services organizations. The shift was precipitated by the emergence of effective, low-cost s...
The CPA Journal
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Published: 06/04/2022
Reasons to Pursue Entrepreneurship in Retirement
Filling the time retirement allows is never the same for everyone. For some the relaxation is important and long overdue. Others may struggle to fill that free time, even with travel or hobbies. To feel fulfilled starting a new business may...
Retirement Risk Advisors
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Published: 06/03/2022
The Tax Implications of Disability Income
The Centers for Disease Control and Prevention (CDC) reports that 61 million adults in the United States have some type of disability affecting mobility, cognition, hearing, or vision (https://bit.ly/3ujKOlv). According to the Council for D...
The CPA Journal
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Published: 06/01/2022
Government Accounting and Auditing: Clearing a Cloud of Confusion
An estimated 3,000 audit practice units in the United States engage in state and local governmental audits. Most of these (65%) are members of the AICPA’s Governmental Audit Quality Center (GAQC), a voluntary membership center that serves a...
The CPA Journal
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Published: 06/01/2022
Why Retirees are Targeted Most by Scammers
Annually, an estimated 3.5 million retirees fall victim to financial exploitation. Scammers take advantage of elders due their vulnerability. Those who are 80+ are the most at-risk group for scammers. Ruthless and always on top of trends an...
Retirement Risk Advisors
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Published: 05/27/2022
A First Look at the Addenda to the 2021 OMB Compliance Supplement
The guidance and requirements that auditors must follow to perform single audits, including program specific audits, are included in the U.S. Office of Management and Budget’s (OMB) annual Compliance Supplement. Although the supplement is w...
The CPA Journal
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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...
Tax Notes
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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...
The CPA Journal
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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...
Tax Notes
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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...
The CPA Journal
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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 ...
The CPA Journal
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Published: 05/21/2022
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...
Retirement Risk Advisors
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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...
The CPA Journal
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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...
Tax Notes
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Published: 05/13/2022
A Fireside Chat with Joanne S. Barry
Let’s start at the beginning. What is the story of how you came into the NYSSCPA? How did you get your start? My undergraduate degree was in English/Journalism and my early career included communications positions in the not-for-profit and...
The CPA Journal
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Published: 05/12/2022
CPAJ News Briefs: FASB, PCAOB
FASB, PCAOB News provided by Thomson Reuters Checkpoint
The CPA Journal
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Published: 05/11/2022
Keys to Successful Remote Audits of Not-for-Profit Organizations
The coronavirus (COVID-19) pandemic made remote audits a necessity rather than a luxury. CPA firms have adapted to the new environment, but challenges still remain with any client, perhaps especially not-for-profit organizations. The author...
The CPA Journal
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Published: 05/10/2022
SEC Enforcement Actions Support Critical Skills-based Ethics Training
The question of how to teach ethics has plagued academics for generations, with some even wondering whether it can be taught at all. Steven Mintz, an expert in ethics education, captured the landscape of ethics education in accounting in a ...
The CPA Journal
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Published: 05/09/2022
The Four ‘Ps’ of a Successful Business Presentation
Among the phrases that likely send shivers down the spines of many young CPAs is, “next week, you’ll have to make the presentation.” Rather than embracing the opportunity, too many CPAs dread the thought of delivering a presentation in fron...
The CPA Journal
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Published: 05/07/2022
Quick Check: How Ready for Retirement are You?
Retirement readiness is not an overnight success story. It is not a simple formula either. It takes dedication, hard work, and good strategies. Why? Because it is simply not just retirement savings. Read this article for a quick check to as...
Retirement Risk Advisors
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Published: 05/06/2022
An Outdated Sterotype? Accounting Compared with Competing Professions
The popular accountant stereotype portrays a person who lacks creativity, sitting alone crunching numbers. Those within the profession know that this portrayal is inaccurate and that the accounting profession encompasses a wide variety of s...
The CPA Journal
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Published: 05/04/2022
Paycheck, Culture, Work-Life Balance
Millennials are the future of the accounting profession. Much has already been written about their generation’s preferences and the implications for employers. To attract and retain employees, however, it is important for employers to under...
The CPA Journal
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Published: 05/02/2022
Defining Client Service
The buzzword in CPA firms these days is advising: How do we get our firm to do more advising, how do our teams become advisors, and how do we sell advising to our clients?
The CPA Journal
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Published: 04/29/2022
The CPA Evolution Project Realigns the Professional Certification
Accounting—at least as an independent field of study—is becoming obsolete in today’s technology- and analytics-focused world. Its value lies in its interdisciplinary applicability and position as a foundational business curriculum. In recog...
The CPA Journal
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Published: 04/22/2022
Leading the Way on Sustainable Development
In the past decade, sustainability has moved from the periphery to become central in the global efforts to promote economic development, foster trade, and lift people of all nations out of poverty. The UN has blazed a trail, as its Millenni...
The CPA Journal
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Published: 04/22/2022
An Interview with SASB Chair Jeffrey Hales
Sustainability is an increasingly important topic for the accounting profession. Recently, the editors interviewed Jeffrey Hales, the Catherine W. and Edwin A. Wahlen, Jr., Professor of Accounting at Georgia Tech and the current chair of th...
The CPA Journal
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Published: 04/22/2022
The ESG Reporting Journey: Take the First Steps … Before It’s Too Late
Environmental, social, and governance (ESG) reporting is no longer considered a soft investment. Market demand and regulatory guidance are coalescing quickly. Consistent and transparent financial reporting standards have helped investors me...
The CPA Journal
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Published: 04/19/2022
State of the Profession
The seventh annual 2021 NYSSCPA–Rosenberg Survey identifies trends from the national 23rd Annual Practice Management Survey and provides profitability and growth data of participating New York CPA firms. This survey reflects how our profess...
The CPA Journal
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Published: 04/18/2022
How Inflation Silently Robs Your Retirement
Even with careful retirement planning, one risk that is often not planned for well-enough is inflation. Inflation alone can hit retirement assets the hardest. The budget retirees begin with will change easily within the first 5-10 years—eve...
Retirement Risk Advisors
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Published: 04/12/2022
Market Volatility: Invest Smart, Know the Risks
Investing into the market for retirement funds is a risky business. Retirees often purchase individual stocks or invest in financial products such as mutual funds, exchange-traded funds (ETFs), or even variable annuities. There are other op...
Retirement Risk Advisors
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Published: 04/12/2022
Book Review: Advice for a Successful Career in the Accounting Profession
Jerry Maginnis has written a book that should be on the bookshelf of anyone in the accounting profession, from interested students to experienced practitioners.
The CPA Journal
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Published: 04/11/2022
Implementation of Critical Audit Matters
On October 23, 2017, the SEC approved Auditing Standard (AS) 3101, The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion. This standard requires some of the most significant changes to th...
The CPA Journal
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Published: 04/09/2022
CPAs: Want to Stay Connected to the Profession in Retirement?
There’s a fork in the road when it comes to retirement. You leave behind your career to begin a new fulfilling chapter in life, but how do you fill your time? Some travel, others spend those years making hobbies a lifestyle or help raise th...
Retirement Risk Advisors
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Published: 04/08/2022
Nine Valuation Mistakes for Business Owners to Avoid
Whether or not a business owner plans to sell or transfer their business in the next few years, obtaining a proper business valuation is critical. A professional valuation performed by an accredited specialist, based on accurate modeling an...
The CPA Journal
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Published: 04/05/2022
Center for Audit Quality and Critical Audit Matters
Accounting trend observers report that audit and assurance services regarding environmental, social, and governance reporting, as well as cybersecurity risks, continue to be prominent issues for auditors. Retaining and recruiting talent als...
The CPA Journal
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Published: 04/04/2022
Asset Acquisition Accounting: Understanding the Available Guidance
A business combination is a transaction or event by which an acquirer obtains control of a business (i.e., the acquiree). If the acquisition of an asset or asset group (including liabilities assumed) does not constitute a business, however,...
The CPA Journal
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Published: 04/01/2022
Understanding Financial Independence, Retire Early (FIRE)
Brought to light from the 1992 book Your Money or Your Life by Vicki Robin and Joe Dominquez, the Financial Independence, Retire Early (FIRE) community was born as a movement that analyzes spending in terms of working hours as the ‘payment....
Retirement Risk Advisors
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Published: 03/31/2022
CPAJ News Briefs: FASB, IASB
FASB, IASB News provided by Thomson Reuters Checkpoint
The CPA Journal
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Published: 03/29/2022
The Variety of Career Opportunities Offered by the Accounting Profession
In my role as an executive in residence at Rowan University in southern New Jersey, I have had the opportunity to meet with many students and discuss their future.
The CPA Journal
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Published: 03/29/2022
The Variety of Career Opportunities Offered by the Accounting Profession
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 ...
The CPA Journal
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Published: 03/25/2022
Working Smarter, Not Harder: Leveraging Your Life Insurance Policy
An unconventional strategy for retirement, to maximize your life insurance policy is premium finance. Premium finance is where policyholders will pay substantial premiums via borrowing from a third-party lender—tying up the bank’s money ver...
Retirement Risk Advisors
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Published: 03/25/2022
Making SELF a Priority
Listen in to this interview between CPAacademy.org founder, Scott Zarret, and Roger Knecht of Universal Accounting. You'll hear the story of their personal and professional journeys. Scott and Roger will review choices made and how they are...
Universal Accounting Center
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Published: 03/23/2022
An Introduction to Lattice Allocations
The invention of the system of equations method (i.e., the reciprocal method) was a significant step in the allocation of service department costs to production departments. Compared with the two other methods commonly in use—the direct met...
The CPA Journal
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Published: 03/22/2022
The Many Skills of the CFO
The demands placed on CFOs and their related financial organizations are driven by the many hats that they wear in discharging their responsibilities. As summarized in our prior column, “The Five Hats of the CFO” (October/November), these a...
The CPA Journal
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Published: 03/18/2022
Advocating for CPAs for 125 Years and Counting
As we enter our 125th year of representing and advocating for CPAs, I can’t help but be struck by the footprint we have made on the profession over multiple generations. From the moment our founder, Charles Waldo Haskins, championed new leg...
The CPA Journal
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Published: 03/16/2022
How Long is a Year? A Deeper Look at 52/53-Week Reporting Conventions
Although many businesses operate on a fiscal year distinct from the calendar year, some use a distinctive 52/53-week fiscal year. This reporting convention can enhance the comparability of periods and the convenience of reporting timeframes...
The CPA Journal
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Published: 03/15/2022
The Complexity of Sales Taxation of Information Services
The proper taxation of “information services” under the New York Sales Tax Law can raise complex and costly issues resulting in difficult audits and even litigation. Three recent tax cases in New York nicely illustrate the painstaking and l...
The CPA Journal
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Published: 03/08/2022
COVID-Related Tax Resources
In addition to the human health, remote work environment, and technology challenges presented by the coronavirus (COVID-19) environment, tax practitioners have had to absorb and apply several tax law and related changes in the past two busy...
The CPA Journal
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Published: 03/07/2022
The Five Hats of the CFO
The increasing complexity of business, whether it be from technology or globalization, has placed more responsibilities on an entity’s CFO and financial organization. In addition, these enhanced responsibilities have driven a need for CFOs ...
The CPA Journal
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Published: 03/04/2022
How ASU 2016-16 Changed the Treatment of Intra-Group Asset Transfers
This article reviews the changes made by ASU 2016-16 pertaining to intra-group asset transfers and provides several illustrations seeking to assist CPAs and other accounting professionals in applying the new standard for intra-group asset t...
The CPA Journal
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Published: 03/02/2022
Accounting for Operating Leases
This article examines the initial impact of the adoption of ASU 2016-02 (ASC Topic 842, Leases), which requires lessees to record assets and liabilities for operating leases. Under prior standards, operating lease payments were simply expen...
The CPA Journal
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Published: 03/01/2022
A New Approach to Finally Stop the Hackers
Everyone knows that hacking is a huge problem that typically results in the theft of large amounts of confidential information. But they don’t know a major cause of the problem: many organizations use only software-based procedures instead ...
The CPA Journal
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Published: 02/25/2022
A Survey of Tax Analytics and Automation Technologies
Tax departments are always looking for ways to streamline their processes and procedures, and provide greater value-added services to management. Tax analytics and automation technologies present new opportunities to corporate tax departmen...
The CPA Journal
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Published: 02/23/2022
The Accounting Profession and the Pandemic
When the entire world shut down because of the coronavirus (COVID-19) pandemic, the accounting profession had to adapt quickly. Not only did many CPA firms have to figure out how to provide services remotely, they also had to ensure that th...
The CPA Journal
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Published: 02/17/2022
CPAJ News Briefs: FASB, IASB, GASB
FASB, IASB, GASB News provided by Thomson Reuters Checkpoint
The CPA Journal
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Published: 02/15/2022
Book Review: Dear Accountant - Stories, Advice, and Explorations
Cece Leung’s Dear Accountant is an innovative and creative work in accounting. It is both inspiring and entertaining, and provides a smorgasbord of enriching and helpful career journeys of extraordinary people—all of whom are accountants! T...
The CPA Journal
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Published: 02/14/2022
Accounting Diversity, Equity, and Inclusion Resources
The accounting profession has a long and respectable history, and has made important contributions to business, commerce, and economies for hundreds, if not thousands, of years. The accounting profession can provide a lifetime career to any...
The CPA Journal
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Published: 02/11/2022
Medical Coverage When Working Past Retirement Age
It can be hard to know which medical insurance to use during the age of retirement when someone continues working. This is especially true when someone still has health insurance through a longtime employer. Medicare is managed by the Cente...
The CPA Journal
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Published: 02/09/2022
Five Ways for CPAs to Boost Their Technology Skills
Technology trends can encompass a multitude of different areas, such as data analytics, cybersecurity, robotic process automation, and blockchain. Because these areas have saturated all industries, learning more can promote personal develop...
The CPA Journal
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Published: 02/04/2022
Understanding CPA Mobility: How to Abide by the Rules
Although CPA mobility laws and regulations have significantly eased the process for CPAs to practice across licensing jurisdictions, recent enforcement reports of the New York Board of Accountancy suggest that at least some CPAs may not rec...
The CPA Journal
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Published: 02/01/2022
Recent Developments in FBAR Jurisprudence
Failing to report foreign bank accounts on a Report of Foreign Bank and Financial Accounts (FBAR) form can carry severe financial consequences. The civil penalty for non-willful violations of the FBAR reporting requirement is $10,000. The c...
The CPA Journal
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Published: 02/01/2022
What if an S Corp Owner can’t afford to pay Reasonable Compensation?
Depending on the company’s financial condition and business strategy, a shareholder-employee may be able to take Reasonable Compensation plus a distribution, just Reasonable Compensation, or neither. What the shareholder-employee can’t do t...
RCReports, Inc.
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Published: 01/31/2022
How the Next Generation of CPAs Can Restore the Public Trust
Corporate fraud has resurfaced in the headlines, troubling those who might have believed the profession had moved past its audit failures of the past decades. Thought leaders throughout the profession are using the current moment to reexami...
The CPA Journal
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Published: 01/26/2022
The Value of Incorporating Values into Recruiting and Mentoring Program
Many CPA firms are losing more than 25% of their staff each year, which is more than double the national average (Carolyn Kmet, “CPAs: Why They Leave, Where They Go,” Insight, Fall 2018). Shockingly, the direct costs associated with replaci...
The CPA Journal
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Published: 01/25/2022
To Confirm or Not to Confirm—Risk Assessment is the Answer
Bank confirmations have been a valuable source of audit evidence since the dawn of the profession. Like all confirmations, they can be both effective and efficient, but only to the extent the auditor has properly identified and assessed the...
The CPA Journal
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Published: 01/19/2022
Identifying Delaware Statutory Trusts in §1031 Like-Kind Exchanges
There is surprisingly little information available for investors who wish to identify Delaware Statutory Trusts (DSTs) as potential replacement property in their 1031 exchange. Delaware Statutory Trusts have become increasingly popular with...
Accruit
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Published: 01/17/2022
Debating the Guideline Method
I read with interest the article “Using the Guideline Company Method in Valuing Closely Held Companies,” by Nicholas Mastracchio (CPAJ July/August 2020), and I applaud the authors on their informed methodology. Read comments and the author'...
The CPA Journal
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Published: 01/14/2022
Proposed European Value Chain Legislation Affects Companies Globally
U.S. business owners and their accounting professionals may be surprised to learn about a proposed European legal regime that will have a major impact on global business. Their surprise might turn to shock when they learn that businesses th...
The CPA Journal
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Published: 01/13/2022
CPAJ News Briefs: PCAOB, GASB, AICPA
PCAOB, GASB, and AICPA News provided by Thomson Reuters Checkpoint
The CPA Journal
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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.
Misty Megia LLC
FREE
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Published: 01/07/2022
Book Review: Corporate Law and the Theory of the Firm
In Corporate Law and the Theory of the Firm, author Wm. Dennis Huber, an attorney and CPA with graduate degrees in economics and finance, challenges decades of judicial opinions, as well as accounting, economic, and legal research by provid...
The CPA Journal
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Published: 01/03/2022
Divorce and Tax Considerations
Since January 1, 2019, the tax rules for divorce instruments fall under dramatically new rules included in the Tax Cuts and Jobs Act (TCJA) of 2017. These law changes were largely made as a result of tax underreporting, meaning that the tax...
The CPA Journal
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Published: 12/31/2021
An Introduction to Structured Installment Sales
When the right set of circumstances presents itself, there may be no simpler way to defer, reduce, or completely eliminate long-term capital gains taxes when selling real estate, businesses, or certain other appreciated assets than a struct...
The CPA Journal
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Published: 12/29/2021
Material Participation as Significant Participation Activity
A recent case serves as a convenient reminder for 2020 tax return elections. In Gurpreet S. Padda, et al. v. Comm’r (TCM 2020-154), a physician met the test for significant participation activities with respect to several restaurants and a ...
The CPA Journal
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Published: 12/27/2021
Did the Tax Cuts and Jobs Act Really Lower Corporate Taxes?
The Tax Cuts and Jobs Act (TCJA) of 2017 modified several aspects of corporate income tax rules, including a key change to the treatment on foreign-generated earnings. Preliminary results from the authors’ investigation suggest the TCJA was...
The CPA Journal
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Published: 12/24/2021
Year-End Tax Planning for Individuals and Businesses
There is still time in the final quarter of 2021 for tax professionals to advise taxpayers to take actions that can favorably impact tax liability for the full year and help to get ready for 2022. The American Rescue Plan Act of 2021 (ARPA)...
The CPA Journal
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Published: 12/22/2021
Transitioning to Updated Required Minimum Distribution Tables in 2022
The rules for required minimum distributions (RMD) can be challenging to navigate. New regulations that update the life expectancy tables to be used add another layer of complexity. The switch to those new tables can be simple for some taxp...
The CPA Journal
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Published: 12/21/2021
An Overview of Current Developments in D.C., Florida, and Maryland
CPAs need to be aware of current developments in key states in order to properly advise companies doing business in multiple jurisdictions. This article will provide an overview of some recent developments in the jurisdictions of District o...
The CPA Journal
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Published: 12/20/2021
A Survey of Tax Analytics and Automation Technologies
Tax departments are always looking for ways to streamline their processes and procedures, and provide greater value-added services to management. Tax analytics and automation technologies present new opportunities to corporate tax departmen...
The CPA Journal
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Published: 12/17/2021
How Businesses Can Claim COVID-19 Relief Before Time Runs Out
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.
The CPA Journal
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Published: 12/16/2021
CPAJ News Briefs - FASB, IASB
FASB News and IASB News provided by Thomson Reuters Checkpoint
The CPA Journal
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Published: 12/15/2021
“Cohan Rule” Estimates - A Useful Tool if Properly Used
If a taxpayer lacks documentation to support items on a tax return, preparers may use estimates, following an approach long known as the “Cohan rule.” Although the rule remains useful for tax preparers, it is limited, and its application va...
The CPA Journal
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Published: 12/14/2021
Tax Software in the Ongoing Pandemic Environment
CPAs continued to deal with a global pandemic during the 2021 tax season, requiring many tax practitioners to work from home, often while balancing other responsibilities. In addition to the persistent coronavirus (COVID-19) environment, ta...
The CPA Journal
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Published: 12/13/2021
An Introduction to Blockchain
Bitcoin was introduced to the world under a cloud of mystery in January 2009. A white paper, Bitcoin: A Peer-to-Peer Electronic Cash System, published in 2008 under the pseudonym of Satoshi Nakamoto, outlined the concept; to date, the autho...
The CPA Journal
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Published: 12/09/2021
Using Sustainability Initiatives to Engage Young Professionals
Generation Z, like the millennial generation before it, is pessimistic about careers, life in general, and the world around it. However, it shares a deep concern for the environment and a desire to serve a higher purpose. Sustainability ini...
The CPA Journal
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Published: 12/07/2021
Whistleblowing Intentions for Internal Auditors
Financial fraud represents a serious threat to financial markets, and it has long been noted that whistleblowing can be an important deterrent to fraud. Because of their positions within corporations, internal auditors are uniquely position...
The CPA Journal
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Published: 12/07/2021
Quick Tips on Building Confidence for Public Speaking
Picture this… you just finalized the writing of your speech, but now, it’s time to start practicing the delivery! Translating your written words into spoken ones requires more than simply reading the words off the page. Your writing is an ...
Misty Megia LLC
FREE
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Published: 12/01/2021
Robotic Process Automation in Accounting Education
Not very long ago, the word robot conjured a vision of a human-like mechanical being moving around and completing tasks. Then robots moved into the manufacturing area as arms and tools. Now robots are moving into the office. Organizations c...
The CPA Journal
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Published: 11/30/2021
Step 5 of 6: Encrypt Files on Computers and Removable Media
Tax season is around the corner. If you don't have a written data security plan (or if you have one and haven't recently reviewed it), today is the day to start it. In these articles, we will walk you step-by-step through the process. The...
Woodard
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Published: 11/15/2021
Growing Interest in Lifelong Learning Creates a Positive Outlook
Although the last year has spurred hardships for those in the accounting profession, the coronavirus (COVID-19) pandemic has presented a promising opportunity for future generations of accountants—a chance to become enriched in accounting p...
The CPA Journal
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Published: 11/12/2021
Standardization - The Key to Efficient Production Workflows
In a recent webinar, Joe Woodard asked attendees, "Which of the following operational areas is your biggest challenge - the area you most need to streamline? More than half of them selected processes and workflows as their biggest pain poin...
Woodard
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Published: 11/11/2021
What now? Key Takeaways for Businesses Navigating the Federal Vaccine-or-Testing
On November 4, 2021, OSHA issued the long-awaited Emergency Temporary Standard (“ETS”), detailing President Biden’s COVID-19 vaccine-or-testing mandate for most large employers (with 100 or more employees).
Greenwald Doherty LLP
FREE
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Published: 11/11/2021
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 ...
The CPA Journal
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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...
The CPA Journal
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Published: 11/09/2021
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...
Avalara
FREE
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Published: 11/08/2021
Step 4 of 6: Securely Back Up Files on a Routine Basis
Tax season is around the corner. If you don't have a written data security plan (or if you have one and haven't recently reviewed it), today is the day to start it. In these articles, we will walk you step-by-step through the process. The...
Woodard
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Published: 11/08/2021
An Unconventional Tax Saving Strategy for Parents of College Students
PART 1 - American Opportunity Credit The American Opportunity Credit (AOC) and the Lifetime Learning Credit (LLC) have been topics of discussion for their utility in helping to fund college education expenses. This article is the first of ...
The CPA Journal
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Published: 11/01/2021
CPA Evolution Resources
According to the U.S. Bureau of Labor Statistics Occupational Outlook Handbook, there were more than 1.4 million accountants and auditors in 2019 (https://bit.ly/3DYhhSC). Based on the National Association of State Boards of Accountancy (NA...
The CPA Journal
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Published: 10/29/2021
Diversity, Equity, and Inclusion in the Accounting Profession
The accounting profession must be understanding and sensitive to the changing landscape of diversity, equity, and inclusion (DEI) in the workplace. Frankly, we can—as individuals and as firms—do more. We can be proactive about advancing the...
The CPA Journal
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Published: 10/28/2021
Five Ways Tax Preparers Can Utilize SharePoint for Their Data Security
The Internal Revenue Service (IRS) has strict requirements that tax preparers must meet to remain compliant. They must create and implement a data security plan that ensures consumer information confidentiality and security, select service ...
Woodard
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Published: 10/28/2021
Internal-Use Software R&D Credits for Non-Traditional Industries
There are a number of misconceptions out there concerning the eligibility of expenses incurred in the development of internal use software for the R&D tax credit. These include a belief that internal use software development doesn’t qualif...
Tri-Merit Specialty Tax Professionals
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Published: 10/21/2021
Step 3 of 6: Use Two-Factor Authentication
Tax season is around the corner. If you don't have a written data security plan (or if you have one and haven't recently reviewed it), today is the day to start it. In these articles, we will walk you step-by-step through the process. The...
Woodard
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Published: 10/14/2021
Step 2 of 6: Use Firewalls to Shield Your Computer or Network
Tax season is around the corner. If you don't have a written data security plan (or if you have one and haven't recently reviewed it), today is the day to start it. In these articles, we will walk you step-by-step through the process. The...
Woodard
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Published: 10/07/2021
Step 1 of 6: Install and Update Antivirus Software
Tax season is around the corner. If you don't have a written data security plan (or if you have one and haven't recently reviewed it), today is the day to start it. In these articles, we will walk you step-by-step through the process. The...
Woodard
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Published: 10/01/2021
“More Action Can Be Taken”: IRS Aims Big Data at Officer Compensation
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...
RCReports, Inc.
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Published: 09/20/2021
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...
Tri-Merit Specialty Tax Professionals
FREE
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Published: 09/01/2021
Blossom Day Care v. IRS Tests 20-Year-Old Precedent
It has been about seven or eight years since we last had an S Corp Reasonable Compensation challenge come out of the tax courts. In the author’s humble opinion, that’s because there is very little left for taxpayers to test out in court. Mo...
RCReports, Inc.
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Published: 08/30/2021
Your Role in Client Response Times - and What You Can Do About It!
After the last tax season ended, it was disheartening to see so many practitioners express on social media that they were at their wits end with client response times. On #TaxTwitter, one poll indicated that many wanted to fire all their cl...
Woodard
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Published: 08/01/2021
Fact or Fiction – How Are You Advising Your Clients?
We recently polled 993 CPAs, EA’s, and other tax professionals to find out if they could recognize fact from fiction as it applies to the IRS’s guidance on how to determine reasonable compensation. 81% believed the fiction. Congratulations ...
RCReports, Inc.
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Published: 07/01/2021
Don’t Get Ambushed: The IRS Is Arming and So Should You
For two decades the IRS has been preparing an assault on reasonable compensation for S Corporations. Their arsenal is now fully stocked. In it there’s everything from commonsense tools to obscure memos. Get ready. Arm yourself with facts an...
RCReports, Inc.
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Published: 06/01/2021
How the IRS Determines Reasonable Compensation Using the IRS Job Aid
Over the last decade the IRS has steadily and methodically tackled the compliance hassle that is reasonable compensation. According to an exhaustive 2009 GAO Report, S Corps were under-reporting shareholder compensation by more than $23 bil...
RCReports, Inc.
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Published: 05/01/2021
Reasonable Compensation for All Your S Corps in Three EZ Steps
“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...
RCReports, Inc.
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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.
CPAacademy.org
FREE
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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...
RCReports, Inc.
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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...
RCReports, Inc.
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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.
RCReports, Inc.
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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...
RCReports, Inc.
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