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Everybody seems to be talking about a wealth tax heading into next year’s presidential election. Clients are no different. Should the wealthy be taxed more? “The answer will depend on who’s asked the question,” said Twila Midwood, an Enrolled Agent at Advanced Tax Centre in Rockledge, Florida. “Our wealthy clients are appalled. I’d venture that […]
The Internal Revenue Service has signed a new agreement with Free File Inc., formerly known as the Free File Alliance, after controversy erupted during tax season this year over the difficulty of finding free versions of consumer tax filing software like TurboTax. A series of articles by the investigative news site ProPublica exposed problems with […]
Having a great, well-thought-out succession plan for your business shows a lot of care and respect for the people that you love and care about. With a proper agreement, the beneficiaries will be your family, your staff, your clients and every supplier from your landlord to the office supply company that you use. It isn’t […]
The Organization for Economic Cooperation and Development is proposing what observers call the most significant restructuring of the international tax system in decades, including a single set of nexus rules and a global minimum tax. The proposals are the result of Action One (of 15 action points) of the OECD’s “Inclusive Framework on Base Erosion […]
The aftershocks of events at the federal level continued to have major tax repercussions at the state level throughout 2019. As was the case last year, the annual list of the top developments in the state tax arena compiled by Jamie Yesnowitz, principal and SALT practice and National Tax Office leader at Top Five Firm […]
It’s no surprise that accounting professionals tend to be exacting about their work. Balancing the books leaves no room for error, and accuracy is an essential component in a firm’s value. It’s also no surprise that people who spend their careers getting things just right apply that same logic to themselves. To put it another […]
In addition to the CEO or managing partner, CPA firms should have two standing groups that are important to success. Other part-time committees aren’t necessary if your CEO and these two groups are functioning as one cohesive team with different roles, responsibilities and authorities: A supporting senior management team (usually referred to as the management […]
Rea Associates completes annual Help Can Hunger competition; KPM promotes six; and more CPA news.
For tax year 2018 filings, the Internal Revenue Service made a drastic change to the Form 1065, U.S. Return of Partnership Income, that went unnoticed by most practitioners. Specifically, the instructions to Form 1065 added the following requirements: “If a partnership reports other than tax basis capital accounts to its partners on Schedule K-1 in […]
The Internal Revenue Service issued final regulations last week on opportunity zone funds, but while they answer some of the questions, many other issues remain that are likely to prompt questions from tax clients. Opportunity zones were introduced as part of the Tax Cuts and Jobs Act, providing tax breaks for real estate investors and […]
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