The previous five parts in this series discussed how ownership of conventional single-family dwellings differs from ownership of condos or co-op apartments. They also explained when the IRS allows owners of a co-op apartment to build up the adjusted basis for their apartment or requires them to decrease it, as
Last year saw a record number of reverse merger transactions, with 398 reverse mergers valued at nearly $135 billion, according to Bloomberg Law. Although 2021 marked the first time that many such transactions involved special purpose acquisition companies (SPACs), which totaled 246 out of the 398 transactions, it still marked
In addition to the fantastic networking opportunities and engaging content agenda you’ll find at the AccountingWEB Live Summit this May in San Diego, we also have exhibit halls filled with vendors who offer the latest technology that will solve your problems and help you work more efficiently. This week, we
When it comes to maximizing cash flow for small businesses, the Mining Your Business method consists of breaking your client’s operation down into two separate categories: cash generating activities and cash conversion activities. By understanding the difference between the two you can help illuminate problems that exist in the way
Remote auditing, previously a rarity, quickly became the norm during the COVID-19 pandemic. It seems that shift is here to stay — creating both challenges and opportunities for CPAs engaged in audit work. Over the past two years of the COVID-19 pandemic, the auditing profession has undergone a major transformation. Auditors
The Financial Accounting Foundation is looking for nominations to the Private Company Council that shares the perspectives of privately held businesses with the Financial Accounting Standards Board. The PCC advises FASB on the appropriate accounting treatment for private companies for items under active consideration on the board’s agenda. The council
One of the lessons learned from the Great Recession of 2008 was that the big banks should always be prepared for an emergency. How would they react under similar dire circumstances in the future? This is a good strategy for your clients, too, to get them thinking about financial planning
There’s no place like your tax home. In a Tax Court new case, Harwood, TC Memo 2028-8, 2/15/22, a taxpayer was able to deduct most of his travel expenses while he was away from home on temporary assignments. If you’re away on a temporary asignment, you are considered to be
Attending an accounting conference provides many opportunities, such as earning CPE, networking with big names in the industry and reuniting with friends and colleagues after a years-long pandemic. Most trade shows offer similar opportunities, but some have a defining quality that makes them unique. For AccountingWEB’s inaugural Live Summit, that
If you have high-net-worth clients, you should understand the ins and outs of charitable giving. Of course, many U.S. families and individuals give to charity and are likely already aware of the general tax rules, such as needing a receipt to prove the donation and itemizing deductions. Most, however, are
