The Dodd-Frank Wall Street Reform and Consumer Protection Act, PL 111-203 (Reform Act, tinyurl.com/26zalzn), which was signed into law by President Barack Obama in July 2010, will require sweeping changes to virtually all areas of the financial services industry in the United States and will affect a wide variety of
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Personal financial planning
Divorce Settlement Issues
How can you assist your client and the client’s attorney in realizing a fair and equitable divorce settlement? Here are several critical tax and financial planning issues: —By John Raspante, CPA, (jraspante@grafrepetti.com) and Arthur Garcia, Esq., (agarcia@grafrepetti.com) co-directors of Graf Repetti & Co. LLP’s matrimonial advisers group in New York
Using Refund Splitting to Fund IRAs
Individual taxpayers have the option to split direct deposit federal tax refunds among up to three (open) accounts with up to three U.S. financial institutions that accept direct deposits. Refunds can fund several kinds of accounts, including checking, savings, individual development accounts, IRAs (traditional, Roth and SEP), health savings accounts,
Don’t Neglect to Elect, Part 2
In the hustle and bustle of tax season, practitioners may overlook some of the elective tax benefits available to clients. Although many elections can be made under extension or on amended returns, a little forethought can go a long way. Here’s a follow-up to our June 2010 JofA article (“Tax
Taking the “Sting” Out of S Corporations’ Earnings and Profits
Under current tax law, an S corporation cannot produce earnings and profits (E&P); only C corporations can. However, if the S corporation was previously a C corporation, it may have accumulated E&P from years when it was a C corporation. Similarly, if an S corporation was a party to a
IRS Updates Guidance on Adequate Disclosure of Positions
The IRS has released updated guidance identifying when a taxpayer’s disclosure of an item or position in an income tax return is adequate for purposes of reducing the understatement of tax penalty and the tax return preparer penalty for understatement due to unreasonable positions (Revenue Procedure 2011-13). The IRS regularly
Tax Law Changes Will Delay Start of Filing Season for Some Taxpayers
The IRS is warning taxpayers that it will not accept certain 2010 individual tax returns until mid- or late February due to tax law changes recently enacted by Congress (IR-2010-126). Taxpayers affected include all those who itemize deductions on Schedule A, as well as those who take certain recently extended
PCAOB Proposes Interim Program for Inspection of Broker-Dealer Audits
The PCAOB on Tuesday proposed for public comment a temporary rule to establish an interim inspection program for registered public accounting firms’ audits of brokers and dealers, while the board considers the scope and other elements of a permanent inspection program, consistent with the Dodd-Frank Wall Street Reform and Consumer
Highlights of the Small Business Stimulus Act
The Small Business Jobs Act of 2010 (PL 111-240), which Congress passed and President Barack Obama signed in September, expands loan programs through the U.S. Small Business Administration (SBA), strengthens small business preference programs for federal government projects, provides incentives for exporters, offers a variety of small business tax breaks
Deductibility of Work-Related Educational Expenses
The effects of the Great Recession are still being felt in high unemployment rates and other symptoms in the U.S. job market. The Business Roundtable reported in late 2009 that even as employment shrank, 60% of employers said they had trouble finding qualified applicants for the vacancies they had. Eighty-one
Notice Gives Guidance on In-Plan Roth Rollovers
On Friday, the IRS issued guidance on how plan participants can make rollovers from a 401(k) or 403(b) plan to a designated Roth account in the same plan (Notice 2010-84). Such in-plan Roth rollovers are now permitted under IRC § 402A(c)(4), as amended by the Small Business Jobs Act of
AICPA Comments on SEC Proposed Rule for Family Offices
The definition of a family office’s “family clients” must be inclusive enough to encompass all of the clients and arrangements that are typically present in a single-family office, the AICPA said. The suggestion was among comments submitted by the Institute on Tuesday on a proposed SEC rule defining family offices, part of
Multiemployer Gap Drives Up Pension Insurer’s Deficit
The Pension Benefit Guaranty Corp. (PBGC) said its deficit increased to $23 billion at the end of fiscal 2010, a 5% increase over the $22 billion deficit recorded in 2009, and more than half of that increase was attributed to a growing gap in multiemployer plans, according to the 2010
Deferring COD Income: Burden May Outweigh Benefit
The election provided in the American Recovery and Reinvestment Act of 2009 (ARRA) to defer until 2014 and spread over five years cancellation of debt income (CODI) has been touted as an attractive relief option for taxpayers struggling with cash flow problems. However, partnerships and S corporations and their owners
Personal Financial Planning
Banks, thrifts and credit unions received a new framework for providing clear and balanced information to consumers about the risks and benefits of reverse mortgages under final guidance issued by the Federal Financial Institutions Examination Council. The guidance (available at tinyurl.com/3xdddl7) is of importance to CPAs who may consider
Income Tax Accounting for Trusts and Estates
Estates and nongrantor trusts must file income tax returns just as individuals do, but with some important differences. For one, their income is taxed at either the entity or beneficiary level depending on whether it is allocated to principal or allocated to distributable income, and whether it is distributed to
AICPA Establishes PFP Conference Scholarship
The Institute has established the P. Thomas Austin Personal Financial Planning Division Scholarship in honor of the CPA who has chaired the Advanced Estate Planning Conference for three decades. The scholarship will cover the registration fee and travel expenses of a young CPA to attend the conference each year beginning
AICPA Urges Lawmakers to Ban Tax Patents
The AICPA joined a group of national consumer and taxpayer organizations to urge Congress to ban tax strategy patents before adjourning for the year. In a letter to lawmakers, the groups said that tax strategy patents effectively create a monopoly for patent holders on certain parts of the U.S. tax
New Life for Charitable Lids
One common estate planning technique the IRS has opposed or blocked for years is “charitable lid planning.” This technique relies on “defined value” and “value adjustment” clauses or similar provisions in wills, deeds or other transfer documents to cap the transfer taxes on estates, gifts or generation-skipping trusts at some
Advice to Clients in Uncertain Markets
In the “flash crash” on May 6, 2010, the Dow Jones Industrial Average dropped nearly 1,000 points only to recover more than 600 points by the market close. On the heels of the financial crisis of 2008, this incident only exacerbated investors’ concerns. Some strategies to manage volatility risk that
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SPONSORED REPORT
Preparing clients for new provisions next tax season
As the 2025 filing season approaches, H.R. 1 introduces significant tax reforms that CPAs must be prepared to navigate. These legislative changes represent some of the most comprehensive tax updates in recent years, affecting both individual and corporate taxpayers. This report provides in-depth analysis and guidance on H.R. 1.
From The Tax Adviser
October 31, 2025
Recent developments in estate planning
October 31, 2025
Current developments in taxation of individuals: Part 2
September 30, 2025
Current developments in taxation of individuals: Part 1
August 30, 2025
