IRS to Study Like-Kind Exchanges

The IRS will study reporting and compliance issues regarding like-kind exchanges of property under IRC section 1031. The move comes in response to a September report by the Treasury Inspector General for Tax Administration that faulted the IRS for what it called little oversight of the method for deferring capital gains tax. Amounts so deferred more than tripled in six years, to $73.6 billion in 2004, TIGTA said. The report also called for more consistent guidance on filing requirements for Form 8824, Like-Kind Exchanges , and clarification of rules and regulations regarding exchanges of second and vacation homes (see “ Home Free ,” JofA , Jan. 07, page 40).


Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.