Investing in real estate is a great way to build wealth, and it’s a strategy that is increasingly used by businesses, rather than individuals. Because of this trend, many individuals who are interested in investing in real estate for the first time may be wondering whether they should buy an
The Tax Court recently upheld the IRS’s rejection of an attorney’s “offer in compromise” (OIC) as it was seen as an unreasonably low offer. For a quick review, an OIC is an agreement between a taxpayer and the IRS settling the taxpayer’s tax liability for less than the full amount owed. If
Whether digital goods are subject to sales tax sometimes depends on who you ask. Regardless, states need to sort out sales tax policies on digital products sooner than later. The following case, which focuses around decisions being made in Mississippi and their Department of Revenue in particular, illustrates why states need
Tax increment financing (TIF) is a seemingly simple economic development tool that has become anything but—and it’s somewhat controversial in its use to promote improvements in certain city areas. Proponents contend that TIF provides necessary funding for cities to redevelop blighted properties and infrastructure, which can increase property value and even increase
Financial and occupational fraud has become a serious problem in the United States, clarifying the need for enhanced fraud risk management. Donald R. Cressey’s Other People’s Money: A Study in the Social Psychology of Embezzlement set the foundation for studying fraud. From his research, the fraud triangle was born. Each
In our continuing effort to improve the AICPA Peer Review Program, we rarely take a step back to look at how far we have come and the positive impact the peer review process has on our profession, those it serves and its overall impact on audit quality. The AICPA, its
Our focus for this article is on the Section 199A deduction that arose with the 2017 Tax Cuts and Jobs Act and the potential impact new legislation may have. Maximizing this deduction is a significant tax planning consideration through 2025. The deduction is “above the line,” and so available to taxpayers even if they
If President Joe Biden’s revenue proposals (the “green book”) for fiscal year 2022 are passed by Congress, fund managers could be facing increased tax liability. One section in the green book identifies carried interest (or profits interest) as a primary source of income to the investment industry. If passed, carried
Often, you start your career as a generalist. But to grow, you have to find your niche—the unique corner of the world where you can become an expert. No matter the size of your firm, finding and embracing a niche industry is key to growth. But where do you start?
The child tax credit is unlike other tax benefits and practitioners should educate their clients now to avoid any unpleasant April 15 surprises. The enhanced credit is built on the original child tax credit found in IRC Sec. 24. When paired, the result is a more robust combined credit available
