CPA 2.0
Article:
If you are a CPA looking to take your knowledge and interest in technology to the next level, the CITP credential is definitely a career-enhancement tool and one that will differentiate you from the crowd
Published on April 19, 2013
Have You Audited Your Firms IT
Article:
Since its inception, information technology (IT) audit has been an enigma to many auditors, CPAs and business professionals. IT has sometimes been seen as more of a simple business tool than a business risk. Auditors and management have trouble separating the nature of IT problems (i.e. every entity has IT
Published on June 01, 2011
Prop. Regs. Provide Guidance on Meals and Entertainment Expenditures
Article:
Proposed regulations clarify the definition of a reimbursement or other expense allowance arrangement and provide guidance on the applicability of the Sec. 274(e)(3) exception under various circumstances including employer/employee, two-party, and multiparty arrangements.
Published on November 30, 2012
Debt Discharge Under Sec. 108 Partnerships vs. S Corps.
Article:
As tax liability for COD income gives many taxpayers an unpleasant surprise in today’s economy, its tax treatment continues to be a focal point for tax professionals in tax planning and preparation.
Published on November 30, 2012
Is the Sale of Real Property Ordinary Income or Capital Gain
Article:
Determining whether a real estate sale produces ordinary income or capital gain is difficult and is potentially an issue that can cause a taxpayer to be liable for significantly higher taxes.
Published on November 30, 2012
Short Sales of Investment Real Property
Article:
This item addresses a situation that often arises in today’s economic climate: a short sale of real property held for investment, not for rental, secured by a recourse note.
Published on August 24, 2012
Receipt of Form 1099-C May Not Signal Taxable COD Income
Article:
It is up to the taxpayer and his or her advisers to correctly identify the appropriate year in which to recognize COD income based on the date it is clear the debt will not be repaid.
Published on November 30, 2012
IRS Examinations of Small Businesses and Their Electronic Accounting Files
Article:
In 2010, the IRS SB/SE Division expanded its enforcement capabilities by requesting the electronic accounting software files of small businesses under examination.
Published on August 24, 2012
Reorganizations and Tax Attribute Survival
Article:
Whether tax attributes will survive corporate tax reorganizations often becomes a critical consideration in assessing the ramifications of a proposed transaction. This item discusses issues surrounding these reorganizations and emphasizes the need for practitioners to have a good foundational understanding of the relevant rules.
Published on December 01, 2010
Advising Clients Amid Constitutional Challenges to the Defense of Marriage Act
Article:
Recent court decisions provide an opportunity and responsibility for tax practitioners to assist their clients in same-sex marriages with protecting their rights to federal and state tax refunds as well as providing additional advice regarding income and gift and estate tax planning in light of DOMA’s uncertain future.
Published on November 30, 2012
Crop Insurance Proceeds Appropriate Tax Planning Strategies
Article:
The severe drought experienced by much of the United States this year, especially in agricultural regions, is expected to produce a record number of crop insurance claims.
Published on November 30, 2012
Massachusetts Passes Economic Development Act
Article:
This item reviews the 2010 Massachusetts Economic Development Reorganization Act, which made significant reforms and clarifications to Massachusetts tax law.
Published on December 01, 2010
Remodel or Rebuild How the Decision Could Affect the Sec. 121 Exclusion
Article:
The recent Gates decision forces practitioners to reexamine the types of questions they ask a client during tax planning or their annual tax interview if the client has sold his or her personal residence.
Published on December 01, 2010
The Voluntary Classification Settlement Program
Article:
In hopes of increasing tax compliance, the IRS has announced a Voluntary Classification Settlement Program to allow eligible taxpayers to voluntarily reclassify their workers as employees for federal employment tax purposes.
Published on August 24, 2012
Planning for the New Medicare Taxes
Article:
The recently passed 2010 health care reform legislation added two additional Medicare taxes intended to help pay for the new legislation. This item looks at the details of both the 3.8% investment income tax and the 0.9% hospital insurance tax increase and reviews some of the effects they will have
Published on December 01, 2010