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A doubled estate/gift tax exemption makes policies less necessary, while more favorable basis rules decrease gain on their sale.
The Tax Court denies the taxpayers' claimed loss on the sale of their former home followed by an exclusion of cancellation-of-debt income.
The Tax Court holds that writing checks from funds distributed is not a transfer of an account interest incident to divorce.
Middle-income taxpayers are more likely to have a greater benefit than before.
IRS to shut down OVDP ... Longer carried interest holding period includes S corporations ... Coinbase notifies customers of IRS summons compliance
Survive IRS scrutiny of this potentially valuable arrangement.
Annette Nellen, CPA, CGMA, Esq., chair of the AICPA Tax Executive Committee, outlines federal, state, and local tax obligations for clients involved in sharing economy activities.
The comments were prompted by new questions that have emerged about how the tax rules apply to virtual currency transactions since the AICPA first submitted comments.
The IRS issued guidance on the standard mileage rates and depreciation limits that were changed by the Tax Cuts and Jobs Act.
The IRS alerted tax practitioners to beware of a phishing scheme in which cybercriminals send out emails posing as state accounting and professional associations.
The IRS announced that it intends to issue regulations explaining that legislation attempting to recharacterize state and local taxes as charitable contributions will be subject to interpretation under federal tax law.
The IRS issued new procedures for contributions to charitable organizations, including rules for when donors can rely on the information about an organization’s tax-exempt status on the IRS database Tax Exempt Organization Search.
The IRS should provide a simplified adjustment procedure for partnership audits, the AICPA recommended in a letter to the IRS Chief Counsel’s Office.
The IRS issued the inflation-adjusted contribution limits for 2019 for health savings accounts.
The IRS issued updated procedures for automatic accounting method changes. The new rules generally apply to changes on or after May 9, 2018.
Consumers are seeking a primary point of contact to address the full scope of their financial needs.
The IRS urged small businesses to be wary of a growing amount of identity theft attempts aimed at employers and small businesses in general, and partnerships and trusts and estates.
Due diligence begins with one question you should be asking every client, according to Annette Nellen, CPA, CGMA, Esq.
New rules limit utilization of net operating losses.