Tax resolutions aren’t for every accountant, but it can be lucrative if you know the right way to deal with them. For any tax pro, soorner or later their clients need to resolve back tax debt. This inevitably leads to many hours of dealing with the IRS, going through the
CEOs who prefer risky sports hobbies are more likely to take a risky approach to their company’s tax planning, according to a new study published by the American Accounting Association. The study, from researchers at the University of Hong Kong, the University of California Irvine, the National University of Singapore,
What does it mean to be an ‘authentic’ accountant and how can this actually help your practice? In her opening keynote address at AccountingWEB Live Summit, Jina Etienne, CPA, CGMA dove right in to address the issue of accountants not truly embracing who they are as people, having to play
Accountants across America are facing the serious issue of capacity management, which has shown itself to be complicated to understand and has left practitioners struggling to find a viable solution. Many attempt to handle the increasing amount of work available by hiring more staff members, but Will Baker says there’s
A group of tax enforcement leaders from five countries, including the U.S., are collaborating on ways to investigate the use of nonfungible tokens and decentralized finance exchanges by tax criminals. The Joint Chiefs of Global Tax Enforcement (J5) brought together a group of investigators, cryptocurrency experts and data scientists this
The basic focus of the Section 183 hobby loss provisions is on Section 162 and its “ordinary and necessary” criteria for deducting business expenses and losses. It also mentions the Section 212 investment expense provisions. If your activity is considered not-for-profit rather than a business, the tax rules can find taxable
The Public Company Accounting Oversight Board named the members Monday of its two new advisory groups, the Investor Advisory Group (IAG) and the Standards and Emerging Issues Advisory Group (SEIAG), and scheduled their initial meeting dates. The selection of the members came after the PCAOB started a nomination process in
Sometimes history repeats itself. Years ago, when I was a financial advisor in Brooklyn, New York, a large number of people leaving Eastern Europe, where inflation was high, and settling in the United States. When it came to investing, some people assumed all stocks went up in price, and some
Financial Accounting Standards Board chair Richard Jones said that, over the course of its agenda consultation process, stakeholders have communicated that a project to permit or require companies to account for certain digital assets at fair value should be a “top priority.” Speaking at Baruch College’s Financial Reporting Conference, Jones said
The accounting profession is undergoing a reexamination of its efforts to address the lack of diversity, not only in the U.S. but in other parts of the world. Last month, the Institute of Management Accountants, the California Society of CPAs and the International Federation of Accountants released a global survey
