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Selling and (Perhaps) Buying a Home under the Tax Cuts and Jobs Act
Buying or selling a home is one of the most significant financial transactions many individuals engage in. The authors examine the various ways in which CPA financial advisors can guide different kinds...
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Getting Divorced
Despite the best of intentions when couples say, “I do,” more than a few will find themselves eventually saying, “I don’t.” Aside from the emotional issues involved in divorce, there are also tax and...
View ArticleGetting Married
More than 2.1 million couples get married in the United States each year (http://www.cdc.gov/nchs/nvss/marriage_divorce_tables.htm). Few probably give any thought to the tax implications of their...
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Deep Dive on the Tax Cuts and Jobs Act
Most attorneys, accountants, and other professionals operate as unincorporated sole practitioners, or through partnerships and limited liability partnerships (LLP), making them owners of pass-through...
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Twenty Questions about Planning for Medicaid and Nursing Home Care
In Brief For elderly individuals entering into nursing care, financial assistance through Medicaid can defray the often significant costs. But Medicaid has stringent needs based requirements and...
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Maintaining Auditor Independence When Giving Accounting Assistance and Advice
Auditors serving smaller businesses know that those clients often need help navigating the highly technical and overwhelming body of accounting standards. They also know that their audits will likely...
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Unexpected Inequities in an Environment of Declining Tax Rates
In Brief Declining tax rates—such as those ushered in by the Tax Cuts and Jobs Act—can come with hidden consequences. Taxpayers who are required to return income in a year with a lower tax rate than...
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Deep Dive on the Tax Cuts and Jobs Act
The Tax Cuts and Jobs Act of 2017 (TCJA) did not make any major changes to the taxation of gains and losses from securities transactions. Favorable tax rates continue to apply to capital gains, and...
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Understanding the IRS’s Seven New Casualty Loss Safe Harbors
In Brief Losses from natural disasters are generally tax deductible, but taking the deduction requires properly valuing the amount of the loss. The IRS recently provided new guidance that gives...
View ArticleFBAR Filing for Non-U.S. Citizens
Reports of Foreign Financial and Bank Accounts (FBAR) have gained prominence since the Department of Justice began investigating the accounts of Swiss banks, starting with UBS almost a decade ago. Who...
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Tax Effecting and the Valuation of Pass-Through Entities
In Brief One of the key elements of the Tax Cuts and Jobs Act of 2017 is its lowering of corporate tax rates. As a result, the valuation of pass-through entities may now be simplified, as the more...
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Sales Tax Holidays
Even experienced tax professionals find it nearly impossible to stay on top of the plethora of sales tax holidays, which occur in some states, on a limited number of days, on specific products, once...
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Paying for Higher Education under the Tax Cuts and Jobs Act
For most students, the price of higher education is steep and getting steeper. Annual increases in the cost of higher education have consistently outpaced the overall rate of inflation, and the...
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Consolidated Group Tax Allocation Agreements
In Brief When several corporations are consolidated into one large group, the parent company deals directly with the IRS, paying the tax liabilities for the group and receiving any refunds. Tax...
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Tax and Financial Aspects of Casualty and Disaster Losses under the Tax Cuts...
Individual and business taxpayers may experience financial losses resulting from sudden damage or destruction to their property. Physical loss due to fire, windstorms, hurricanes, and flooding may...
View ArticleState and Local Tax Resources
Two major state and local tax (SALT) issues on the minds of tax professionals and taxpayers are the Tax Cuts and Jobs Act’s (TCJA) changes to the SALT deduction and the Supreme Court decision in South...
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IRA Planning at Every Age
Retirement planning may be critical at older ages, but it is just as important at younger ages as well. CPAs have the opportunity to review individuals’ tax situations at least once a year when the...
View ArticleThe Responsibilities of Audit Committees
In the August 2018 article, “Are Audit Committees Worth the Cost?” (http://bit.ly/2pkOuCA), Arthur Radin suggests that audit committees be eliminated. Unfortunately, the article focuses entirely on...
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Tax & Accounting Update
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is a quick-reference guide to the most...
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Forté Capital’s Selected Statistics
Wages Real wages—that is, wages adjusted for inflation—have resumed rising after a dip in 2016. This trend reflects tight labor market conditions and increased inflationary pressures. In addition, a...
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ICYMI | The Tax Cuts and Jobs Act: Changes for Securities Investors
The Tax Cuts and Jobs Act of 2017 (TCJA) did not make any major changes to the taxation of gains and losses from securities transactions. Favorable tax rates continue to apply to capital gains, and...
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ICYMI | The Tax Cuts and Jobs Act: QBI Deduction Issues for Professionals
Most attorneys, accountants, and other professionals operate as unincorporated sole practitioners, or through partnerships and limited liability partnerships (LLP), making them owners of pass-through...
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ICYMI | Maintaining Auditor Independence When Giving Accounting Assistance...
Auditors serving smaller businesses know that those clients often need help navigating the highly technical and overwhelming body of accounting standards. They also know that their audits will likely...
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