Capital gains at death; ounces of prevention; extremely dark money; and other highlights from our favorite tax bloggers. The fine print Federal Tax Crimes (http://federaltaxcrimes.blogspot.com/): In United States v. Kronowitz, the court sustained the government’s assertion of the FBAR civil willful penalty. “The facts were bad” for Kronowitz, an accountant
Whether you are dealing with tax or Client Accounting Services engagements, your client experience should be considered in all areas of your firm. You need to have the best possible experience for your clients and your firm’s staff, while maximizing profit to the partners. Effective document exchange, gathering, management, and distribution
Grantor retained annuity trusts (GRATs) can have non-tax purposes, but they are basically tools to help wealthy clients avoid the estate tax. The person setting up the trust keeps an annuity for a term. The trust’s assets then usually pass to a family member. The tax measurements turn on the
The Internal Revenue Service is sending letters to over 36 million families about how they may be able to qualify for monthly Child Tax Credit payments, beginning in July. The American Rescue Plan Act that Congress passed in March expanded the Child Tax Credit to provide families with up to
Many articles tell you what you should do, but few tell you how to do it. This one shows how to build HR services into your practice with confidence. Building a Service Offering As an accountant, it is fairly easy to add in a payroll services line. If you do not
The Group of Seven rich nations secured a landmark deal that could help countries collect more taxes from big companies and enable governments to impose levies on U.S. tech giants such as Amazon Inc. and Facebook Inc. The agreement by the G-7 finance ministers in London satisfies a U.S. demand
UWorld Roger CPA Review has released major content updates to prepare CPA candidates for success not only on the CPA exam, but also in their careers. The course content updates were designed to give students a head start in preparing for the newly released AICPA Blueprints that will go into effect
The Securities and Exchange Commission abruptly removed William Duhnke as chairman of the Public Company Accounting Oversight Board on Friday. As part of the shakeup, PCAOB board member Duane DesParte will become acting chair, but the SEC plans to replace the entire slate of all five board members. The SEC’s
In a new Tax Court case, (Pankratz, TC Memo 2021-26 3/3/21), charitable deductions were denied because an appraiser didn’t meet the requisite standards. Background: Generally, a taxpayer may deduct the fair market value (FMV) of property owned longer than a year. For example, if you bought a sculpture for $2,000
Auditing work on Hong Kong’s listed companies needs a “significant improvement” with almost three-quarters of inspections showing sub-par work, according to the accounting industry watchdog. In inspections, 73% of the cases showed a need for “improvement” or “significant improvement,” the Financial Reporting Council said. More than 80% of the audits
