News

Tax professionals should always be evaluating and adjusting their WISP based on relevant circumstances, changes in the firm's business or operations or the results of security testing and monitoring.

With fewer resources and oversight, not-for-profits can be more susceptible to financial wrongdoing. Three experts discuss how accounting and finance teams can prevent these attacks.

This week we look at: IRS releases optional form taxpayer can use to make an IRC §83(b) election; IRS extends for one year more a transitional 45-day period to perfect research credit claims found to be invalid claims; IRS provides additional relief on the issuance of Forms 1099-K

The world of Client Advisory Services is getting more and more competitive. Many accounting firms today have or have started to add it to their services. This means that getting your firm in front of the clients that are looking for those services is imperative.

Guidance on how HSA contribution rules intersect with Medicare enrollment is limited, with many clients receiving conflicting answers from HSA providers, Medicare and Social Security representatives, and even their own tax professionals. This article answers three of the most common questions that JofA readers asked in response to an earlier article.

The transformative leader, who is retiring on Dec. 31, guided the organization and the profession for nearly three decades.

In a letter ruling, the IRS stated that investment advisory fees paid by an annuity contract would not be considered an amount received in gross income by a contract’s owner.

In today’s competitive business environment, accounting and tax firms must continually strive for efficiency and effectiveness. The path to achieving a more efficient firm involves adopting best practices, exploring offshoring options, and meticulously preparing for the peak season.

Rejecting the IRS’s assertion that the step-transaction doctrine applied to a series of transactions with respect to life insurance policies, the Tax Court held that the proceeds of the policies were not includible in a decedent taxpayer’s estate.

In general, distributions from a partnership do not result in a taxable transaction and generally only reduce the partner’s basis in their partnership interest. Unfortunately, this is not always true, and some very unexpected taxable transactions may result from the distribution of money or property from the partnership.

Tax planning is a crucial aspect of wealth management, particularly for high-income professionals such as physicians. Many physicians, whether they are transitioning from residency or have been attending physicians for decades, must navigate complex decisions related to benefits, retirement contributions, and tax strategies.

Want to learn more about how to quickly list financial projections? This Tech Q&A column item shows how to model and compare multiple “what if” possibilities using Excel Scenario Manager.

This week we look at: IRS announces program using IP-PIN to allow taxpayers who find a dependent on their return has already been listed on another to get their return processed immediately; The ERC Second Voluntary Disclosure Program ends but the IRS gives some additional relief for withdrawing a claim filed via third-party payer such as a payroll service

Offshoring can open the door to a global talent pool, but firms should follow best practices and avoid common pitfalls.

An AICPA tax leader explains advocacy efforts related to beneficial ownership information reporting and discusses the potential extension of the Tax Cuts and Jobs Act. Listen to the episode or read the Q&A.

Potential denial of a deduction for the corporation and an excise tax on individuals receiving “excess parachute payments” could pose a hazard as a company approaches a change in control.

Caregiving comes with many challenges — financial and emotional. CPA financial planners can help clients and their families prepare for both the expected and unexpected.

In celebration of American Indian and Alaska Native Heritage Month, we’re honored to share insights from Stuart Ketzler, a proud Alaska Native and Nenana Native Council member. Learn how his deep connection to the land, community, and gratitude have shaped his path in accounting.

Compensating student-athletes for their name, image, and likeness does not serve an exempt purpose, the IRS again rules. This is at least the third IRS letter ruling this year involving organizations seeking tax-exempt status for activities involving student-athlete NIL deals.

This week we look at: IRS may stop putting “taxpayer may rely” statements on proposed regulations; Tax Court rules partnership basis calculations are cumulative in nature and not stand-alone annual calculations under IRC §705; Latest speculations on what will get through Congress in 2025 - if anything