Significant Event Planning

How to help clients make the right Social Security election

As the wave of Baby Boomer retirements continues, it is more important than ever for CPAs to understand how to help clients be in the best position to maximize Social Security benefits. Mastering the intricacies of the rules is no easy task, especially for accountants who don’t concentrate full time

Daily money management

As Americans enter old age in rapidly increasing numbers, more accountants will run into situations like the one a Virginia CPA encountered last year. The CPA spent five hours rummaging through the home of a 94-year-old client, trying to find the paperwork needed to complete the man’s 2010 tax return.

Tax Court Allows Deduction for Payment to Long-Term Caregivers

The Tax Court held that payments made to an elderly woman’s caregivers for personal care that she required due to her diminished capacity qualified as long-term-care services and were therefore deductible under IRC § 213(d)(1)(C) (Estate of Baral, 137 TC no. 1 (2011)). Lillian Baral was diagnosed by her physician

Smart Stops on the Web

TAX SOFTWARE SITES Links to Tax Programs www.futureofsoftware.net CPAs and tax preparers can find links here to sites that offer software—either to demo for free or purchase—as well as hardware and peripherals. Users can explore categories such as computer rentals, data recovery and storage, and multimedia. A search on the

Are You Ready For New Assurance Services?

EXECUTIVE SUMMARY THE INTRODUCTION OF NEW ASSURANCE services could double or even triple the CPA profession's $7 billion accounting and auditing income. But the new opportunities will not come easily. New services must be identified, new competencies developed and barriers will have to be overcome. THE REPORT OF THE AICPA

SPONSORED REPORT

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.