The Ninth Circuit, affirming the Tax Court, recently held that to deduct a nonbusiness bad debt, the debt must be “wholly worthless,” and if the debtor reports cancellation-of-debt (COD) income, the discharged debt is not thereby presumed to be worthless to the creditor. Facts: From 2007 to 2010, Michael R.
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Tax Court denies $23 million façade easement deduction
The Tax Court denied a limited liability company’s (LLC’s) claimed charitable conservation contribution deduction under Sec. 170(h) for its donation of a façade easement because the LLC failed to establish that the building was a “certified historic structure” under Sec. 170(h)(4)(C). The court also rejected the LLC’s argument that the
Create a dynamic to-do list with Excel’s checkboxes
Checkboxes can help you create interactive to-do lists and other types of lists that track progress.
Another way to manage authentication texts
Q. How can I manage multifactor authentication for text messages when I don’t want my staff to rely on my mobile device or use theirs? A. The most common method of multifactor authentication (MFA) involves using a text message. However, I don’t want the text message sent to my phone in case
7 retirement tips for small firm CPAs
Former firm owners share advice on how to exit the profession after a fulfilling career and set up the practice for success.
Start risk management with employee onboarding
Include risk management training during new employee onboarding to
help establish their risk
management mindset from
Day 1.
2025 tax software survey
CPAs rate their return preparation software’s performance during this year’s tax season.
Building a better CPA firm: Stepping up service offerings
A key step in business model modernization is determining how to implement services that satisfy clients and employees.
Calming nervous clients nearing retirement
Experts in personal financial services recommend helping clients keep economic shocks in perspective, simplify their finances, and try out aspects of retirement life.
8 steps to build your firm’s quality management system on time
Firms that haven’t started establishing their quality management system can get it done by the Dec. 15 deadline by following these steps.
Intelligent process automation (IPA) pre-implementation planning guidelines
This framework helps firms and finance departments align strategies, optimize processes, and get ready for deploying IPA.
Professional liability risk stemming from CPA firm acquisitions — part 2
Disparity in processes can lead to heightened risk.
High school outreach to boost the accounting pipeline
Interactive presentations related to the students’ interests increased awareness and interest in the accounting field.
Building a better CPA firm: Getting governance right
One firm’s example shows what’s important to consider when firms transform their governance models.
How one firm helps recruits pass the CPA Exam
Weinstein Spira provides time for study, food for study groups, and a $10,000 bonus for staff who successfully complete the CPA Exam process.
Eleventh Circuit finds some FBAR penalties are excessive
The appeals court held that some of a taxpayer’s FBAR penalties were disproportional to the offense and thus an excessive fine under the Eighth Amendment.
LLC lacks reasonable cause for information-reporting failures
An auto dealership failed to prove that its software operated incorrectly or that it had adequate controls to identify noncompliance, the Tax Court held.
Tax Court denies constitutional challenge to IRS Appeals officers’ and supervisors’ appointments
The Tax Court follows its prior holding on the application of the Appointments Clause to the staff of the IRS Independent Office of Appeals, finding that the prior holding was not altered by amendments under the Taxpayer First Act and intervening judicial decisions.
Line items
IRS hotline questions resolved faster in 2025; concern grows about agency’s future … Revenue agents who conduct audits lead IRS job losses … AICPA makes recommendation for updated Form 8971 instructions … HSA inflation-adjusted maximum contribution amounts for 2026 announced … Basis-shifting transaction-of-interest regulations to be removed … AICPA publishes additional resources in push to preserve PTET SALT deduction
Accounting automation’s intelligent future
Unlike robotic process automation, intelligent process automation has advanced AI that can assist with judgments previously only CPAs could handle.
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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.
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