Five CPA financial planners discuss hot topics in personal financial planning, tax, and firm practice management.
The U.S. Supreme Court issued a unanimous decision holding that North Carolina’s attempt to tax a trust based solely on the residence of a beneficiary violates the Due Process Clause of the 14th Amendment.
The AICPA Virtual Currency Task Force reached out to Treasury’s Financial Crimes Enforcement Network (FinCEN) to help practitioners answer the question of whether virtual currency (or cryptocurrency) must be reported on FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).
The IRS issued methods for calculating W-2 wages for the Sec. 199A(g) deduction for agricultural and horticultural cooperatives, similar to the former Sec. 199 domestic production activities deduction.
The IRS issued final regulations on health reimbursement arrangements, which may be offered to individuals as individual coverage HRAs and integrated into health insurance plans.
The IRS issued final regulations on the Sec. 951A global low-taxed income inclusion and foreign tax credits, finalizing proposed rules issued in October and December 2018.
The bill establishes an independent appeals office and requires the IRS to develop a customer service strategy. A controversial provision codifying the Free File program was dropped from the bill.
Artificial intelligence and robots get a lot of attention, but automation and cloud computing-enabled outsourcing are the technology-related terms that should be top of mind for tax practices, according to a session at AICPA ENGAGE 2019 in Las Vegas.
Here are details on the new rules that deny a federal tax deduction to taxpayers who donate to a state charitable fund and receive a state or local tax credit in return.
The Ninth Circuit Court of Appeals reversed a Tax Court decision that had held that a cost-sharing regulation that required allocation of stock-based compensation was invalid.
To fight identity theft, starting June 28 the IRS will no longer fax transcripts to taxpayers, tax professionals, and other third parties. And in July it will stop providing an option for mailing transcripts to third parties.
Know how this loss limitation differs from partners’ tax basis, and some industry-specific criteria.
The Tax Cuts and Jobs Act made some widely applicable but, perhaps, lesser-known changes to accrual accounting rules.
The Tax Court declines to expand 'other casualty' beyond one sustained with respect to tangible property.
Reversing a district court, the Seventh Circuit upholds the Sec. 107 housing exclusion for 'ministers of the gospel.'
Despite the taxpayers' use of their new address on a power-of-attorney form and extension request, the IRS properly sent deficiency notices to their old address, and the taxpayers' petition to the Tax Court was ruled untimely.
IRS expands relief from underpayment penalty ... Credit for GM electric cars phasing out ... IRS extends private letter ruling pilot program
Delegating and trusting others isn’t always easy, but it helps a leader manage a workload and develop others’ skills, says Laurie Austin, CPA.
An examination of Maryland’s records of accounting firm data breaches reveals what is known about these illicit activities and how to protect your firm.
The new draft form, which has been extensively redesigned, is intended to simplify the calculation of income tax withholding after the changes made by the law known as the Tax Cuts and Jobs Act.