Level the Playing Field


“Some hedge fund managers and private equity managers are taking home more than $100 million a year in what is called ‘carried interest’ income…being taxed at the long-term capital gains rate of 15%. They are not paying the higher rate for ordinary income. Now, professional athletes, Silicon Valley executives and lawyers on contingency fees will also often take home a great deal of income. God bless them!…They tend to pay taxes at the ordinary income rate.”

Senate Finance Committee Chairman Max Baucus,
D-Mont., during the committee’s hearing
on carried interest, July 11
.

Source: www.senate.gov/~finance .

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6 key areas of change for accountants and auditors

New accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.

PODCAST

How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.