News & Tips

More proposed regs. on qualified opportunity funds issued

The regulations define the term “substantially all,” the definition of which was reserved in the earlier proposed regulations issued in October 2018.

Read More

Can a state tax a trust based on the beneficiary’s residency?

The U.S. Supreme Court heard oral arguments in a case that will decide whether states can tax trusts based solely on the fact that a trust beneficiary lives in the state.

Read More

Yellow Book revisions update independence guidance

Revised rules published in July 2018 by the U.S. Government Accountability Office clarify the need for safeguards for practitioners when performing preparation of accounting records and financial statement services.

Read More

Safe harbor issued for valuing pro sports trades

The IRS will permit professional sports teams that trade player contracts to recognize zero gain if both parties to the exchange adopt the safe harbor and do not exchange cash.

Read More

AICPA asks government to issue more QBI deduction guidance

The AICPA asked Treasury and the IRS to issue additional guidance on Sec. 199A beyond the recently finalized regulations and a proposed revenue procedure in the form of a notice on a safe harbor for rental real estate.

Read More

Ways to keep your talented CPAs

Flexible scheduling can ward off burnout and help retain staff.

Read More

Lease accounting tips for public and private companies

Public companies are finding that even though they have implemented FASB’s new lease accounting standard, their work is not nearly done. Private companies, meanwhile, are struggling with their own adoption of the standard.

Read More

The barriers to enhanced risk oversight

One theme that has emerged from 10 years of survey data on risk management: It’s not getting any easier.

Read More

Tax treatment of state and local tax refunds clarified

The IRS issued guidance on the tax treatment of state and local refunds now that taxpayers are limited to a $10,000 deduction on their individual tax returns.

Read More

Lease accounting: A private company perspective

Private companies implementing new lease accounting rules can expect a complex transition and a substantial financial statement impact.

Read More