CPA Conflicts of Interest

Article:  Avoiding conflicts of interest requires CPAs to aggressively identify potential conflicts and take appropriate remedial action.
Published on January 28, 2011

Tax Practice Quality Control

Article:  Practitioners should consider implementing a tax practice quality-control system.
Published on October 31, 2012

IRS Guidance on FSA and HSA Reimbursements for OTC Drugs

Article:  The IRS has issued guidance implementing the Patient Protection and Affordable Care Act’s prohibition on reimbursement of the cost of over-the-counter drugs by HSAs, HRAs, Archer MSAs, and FSAs, which allows reimbursement for an OTC drug only if the individual has a prescription for the drug.
Published on January 28, 2011

IRS Intensifies Focus on Worker Classification

Article:  As the IRS intensifies its scrutiny of worker classification, businesses may want to take a fresh look at how their policies, procedures, and documentation around engaging independent contractors might withstand IRS review.
Published on May 12, 2010

Adapting to the United Kingdoms New Remittance Basis Rules

Article:  There have recently been some radical changes in the taxation of certain taxpayers in the United Kingdom.
Published on July 13, 2012

Inadvertent Waiver of the Tax Practitioner Privilege Salem Financial, Inc.

Article:  A decision by the Court of Federal Claims last year has important implications for tax practitioners who represent taxpayers before the IRS.
Published on December 31, 2012

Establishing an Ethical Culture in a Tax Practice

Article:  This column offers practical suggestions for ways a professional firm can communicate, reinforce, and monitor its code of conduct in tax practice.
Published on January 31, 2013

Sec. 7216 Regulations

Article:  The AICPA Tax Division has formed a task force to review the impact of final regulations released by Treasury and the IRS in January 2008, involving the disclosure and use of tax return information by tax return preparers under Sec. 7216.
Published on June 01, 2010

Conflicts of Interest IRS Rules Differ from AICPA Professional Standards

Article:  Circular 230 forbids federal tax practitioners from having conflicts of interest, defined as representation of one client that is directly adverse to that of another client, or representing a client in circumstances creating a significant risk that the representation of one or more clients will be materially limited by the
Published on January 08, 2013

Accelerating FICA and FUTA Tax Deductions for Vacation and Bonus Pay

Article:  Rev. Rul. 2007-12 holds that if the all-events test and recurring-item exception of Sec. 461 are otherwise met, an accrual-method taxpayer may deduct FICA and FUTA tax expenses (payroll taxes) in the year that the deferred compensation to which they relate is earned, regardless of whether that deferred compensation is
Published on May 18, 2010

Tax Practitioners Face Increasing Regulation

Article:  Congress and the IRS have been focusing on regulating tax and financial services. Although the problems that are being addressed were not caused by CPAs, practitioners may be swept up in the solution.
Published on January 28, 2011

How Changes in Corporate Tax Rate Can Affect Choice of C vs. S Corp.

Article:  This item examines the effect of the proposed lower corporate tax rates in an analysis of the tax results of converting an S corporation to a C corporation.
Published on September 30, 2012

Analyzing the Tax Implications of Grants Received for Investment Tax CreditEligible Property

Article:  The recent availability of grants in lieu of the production tax credit (Sec. 45) and the investment tax credit (Sec. 48) has become a well-documented source of funding for the installation of certain energy property.
Published on July 13, 2012

Personal Goodwill Alive and Well

Article:  A pair of recent decisions calls into question whether the sale of personal goodwill is still available as a tax planning strategy.
Published on January 28, 2011

The HIRE Act of 2010

Article:  In March 2010, Congress enacted the Hiring Incentives to Restore Employment Act, which includes provisions to encourage employers to hire new employees and to make new capital investments. This article discusses these new incentives, as well as the revenue-raising provisions included in the act to offset their cost.
Published on January 28, 2011