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Technology has turned everyone into explorers – and that gives accountants an opportunity to be the expert navigators all those new explorers rely on, according to software executive Jennifer Warawa. “There is a lot of complexity in technology today, but there is also opportunity in that complexity — to become the advisor and interpreter, to […]
Late in the day on Friday, the Republican leadership released the final details of their tax reform bill, after a week of hammering out compromises in the conference committee. They’re expected to vote on it early in the week before Christmas. Here are the highlights and most important provisions.
The Internal Revenue Service has issued guidance providing safe harbor methods for taxpayers looking to determine the amount of their casualty and theft losses, including losses from recent hurricanes and natural disasters. Revenue Procedure 2018-08 provides safe harbor methods that individual taxpayers can use in determining the amount of their casualty and theft losses for […]
Many victims of Hurricanes Harvey, Irma or Maria may be able to deduct greater portions of hurricane disaster losses that occurred in Florida, Georgia, Texas, Puerto Rico or the U.S. Virgin Islands because part of the usual casualty loss limit does not apply, the IRS said – and some may be able to do so […]
Last-minute changes to the Republican tax bill contain an unpleasant surprise for married couples who make between $600,000 and $1 million: They won’t be getting as big a tax cut as lawmakers planned earlier. The final bill would include those households in the highest individual income-tax bracket, which would pay a marginal rate of 37 […]
Two years ago, the Financial Accounting Standards Board decided to defer the effective date of the revenue recognition standard for a year until Dec. 15, 2017 for public companies to give them more time to adjust to the new standard and to work out some kinks in the far-reaching rules. The deferred effective date arrived […]
The final version of the tax bill struck by Congressional negotiators would continue to subsidize municipal bonds that help businesses to finance infrastructure projects such as airports and toll roads, dropping one provision that threatened to cut sales of tax-exempt debt by tens of billions of dollars starting next year. The compromise legislation, hashed out […]
Price is a one-dimensional sales pitch. Your firm is either the lowest priced or you’re not—end of the story and end of the sales pitch. What clients or prospective clients want from their CPA firm is value for the fee (motivation to select your firm = perceived benefits – perceived cost). A well done and […]
Lots of loot, lots of cars; figures that didn’t add up; Fast time; and other highlights of recent tax cases. LaPlace, La.: Preparer Shawanda Nevers, 49, has been sentenced to seven years in prison for filing fraudulent returns. According to court documents, Nevers, a.k.a. Shawanda Hawkins, Shawanda Bryant and Shawanda Johnson, operated a series of […]
Congressional Republicans are scheduled to reveal final details of their agreed-upon tax-overhaul legislation Friday. It’s the culmination of a six-week legislative sprint designed to deliver a major policy victory for their party and President Donald Trump before year’s end. Here are the latest developments, updated throughout the day: Mystery, Suspense Mount as Final Plan Is […]
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