Tax practitioners have enough concerns without having to fear the specter of a professional liability claim resulting from a preventable mistake or oversight. Many of these slip-ups can be prevented by simply jotting a contemporaneous note recording the rationale for an election or flagging a filing deadline
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The Dreaded Kiddie Tax
EXECUTIVE SUMMARY Since 1987, taxpayers wanting to shift income to children subject to lower tax rates had to consider the kiddie tax when the children were under 14 years old. TIPRA, which became law in May 2006, made a significant change in the kiddie tax retroactive
ROI on XBRL
EXECUTIVE SUMMARY The reality of XBRL has grown exponentially over the past two years, in large part due to the SEC’s focus and encouragement. With the time, money and effort that Chairman Cox and the SEC have dedicated to this initiative, it appears highly likely that
Highlights
FASB issued an exposure draft that calls for expanded disclosure about financial guarantee insurance contracts. The ED, Accounting for Financial Guarantee Insurance Contracts—an Interpretation of FASB Statement No. 60, would, among other things, reduce diversity in the way financial guarantee insurance contracts are accounted for by insurers. That diversity has
Remote Assistance
You are visiting an office in Texas and need immediate help with a computer application. Because of the problem’s complexity, you figure a phone call won’t resolve the issue. You need a live visit from an expert. The only problem is he or she is in New
The Accounting Allure
Temptations such as better pay and job satisfaction are drawing more people to the accounting world. A Salary.com survey ranked public accounting among the best jobs for career-changing professionals, citing a projected 10-year job growth rate of 22% and salary range of $36,800 to $90,700. More than 30% of career-switchers
Whose Fraud?
The statute of limitations does not protect a taxpayer from a deficiency assessment for fraudulent returns when the fraud was committed by a preparer, the Tax Court ruled. In 2005, Vincent Allen was assessed a deficiency of $12,212 for income taxes in 1999 and 2000, based on false itemized deductions
IRS Targets Foreign Tax Credit Generators
The Joint International Tax Shelter Information Centre—an organization of tax administrators from Australia, Canada, the United Kingdom and the United States—recently focused on transactions by U.S. taxpayers with foreign counterparts to generate foreign tax credits. The IRS in response proposed amendments to regulations section 1.901-2, which targets transactions involving U.S.
Uncover Hidden Worksheet Tabs
Right-click on any of the navigation arrow buttons and a menu of all your worksheets will appear (see screenshot). Then just click on your target tab and the worksheet will appear.
Government
Current accounting standards require endowments to report those investments at historical cost, although other entities that exist for the purpose of generating income—such as pension plans—report them at fair value. The proposal, titled Land and Other Real Estate Held as Investments by Endowments, would be effective for financial statement periods
Place a Bet on Gaming
EXECUTIVE SUMMARY Gaming has come of age and become a real discipline and a serious nationwide business. It involves a lot of different industries under one roof: gaming, lodging, entertainment, food and beverage, golf and other recreational activities. CPAs with auditing skills are in high demand
E-Filing Surges
Electronic income-tax return filing rose in 2007 over the year before, the IRS said, surging as the April filing deadline approached. Late filers often owe the government money and tend to favor slower paper forms, the IRS said. But by early April, e-filed returns were up 6.2% over the same
Financial Services
The privacy notices must describe an institution’s information-sharing practices and the consumer’s right to opt out of certain types of information sharing. The notices must be provided when a consumer first becomes a customer of a financial institution and annually for as long as the customer relationship lasts. The NPR
CPAs Prescribe AMT Relief
Congress should repeal the individual alternative minimum tax (AMT) or at least reform it, said Joseph W. Walloch, incoming chair of the AICPA’s technical resource panel on individual income tax. Walloch, along with other CPAs and taxpayers, testified in March before a House Ways and Means subcommittee to the AMT’s
Useful Goods
A mouse for the CPA who has (nearly) everything… First there was the mouse—a simple one-button device that guided your cursor. Then a second button was added, creating right- and left-button commands. After that the design incorporated a scroll wheel, which maneuvered the cursor down or up the page. Now,
Fraud
Colorado has taken what may be a first-in-the-nation approach to combat fraud and ID theft with the creation of the Colorado Fraud Investigators Unit, a division of the Colorado Bureau of Investigation (CBI). While other states have regional fraud units, CBI officials say the new unit is the first of
Performance Dashboards and Analysis for Value Creation
Performance Dashboards and Analysis for Value Creation by Jack Alexander, CPA 301 pages with CD-ROM; hardcover John Wiley & Sons; Hoboken, N.J.; 2007 Like the proverbial elephant described by blind men, company performance and value are parts of the same beast but feel vastly different to managers and investors. In
Data Point: 84
The percentage of financial institutions with a chief risk officer on staff. Another 8% plan to add this position. Source: Deloitte & Touche USA LLP’s Accelerating Risk Management Practices , www.deloitte.com .
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How to find the right CAS clients
The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
From The Tax Adviser
March 31, 2026
Current developments in taxation of individuals: Part 1
March 31, 2026
Current Developments in Taxation of Individuals: Part 1
March 6, 2026
