News & Tips

Tax Cuts and Jobs Act (TCJA) for Business

The recently enacted “Tax Cuts and Jobs Act (“TCJA”)” is a sweeping tax package. Here’s an overview of some of the more important business tax changes in the new law. Unless otherwise noted, the changes are effective for tax years beginning in 2018.Continue Reading..

Tax Cuts and Jobs Act (TCJA) for Individuals

The recently enacted “Tax Cuts and Jobs Act (TCJA)” is a sweeping tax package. Here’s a look at some of the more important elements of the new law that have an impact on individuals. Unless otherwise noted, the changes are effective for tax years beginning in 2018 through 2025.Continue Reading..

July 2017 Tax Section News

Monthly tax news for July 2017 that includes a Letter from the AICPA Tax Executive Chair, Annette Nellen, the latest on tax reform, an update on Sec. 7345 passport legislation, and much more.

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Attorney Client Privilege and Use of Kovel Arrangements FAQs

This series of frequently asked questions (FAQs) explains several privileges and protections that are relevant to a CPA who provides tax services, including the concept of attorney-client privilege, its implication on CPAs, and the use of Kovel arrangements

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June 2017 Tax Section News

Read the latest on the future of tax technology from the Letter from the Director as well as the latest on PTINs and simplified portability election guidance

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Letter from the AICPA Tax Executive Committee Chair: Embracing Uncertainties – The Reality (and Excitement) of Tax Work

The tax world is constantly plagued with uncertainties. Temporary rules are a standard feature of federal and state tax systems, and create uncertainty as to their extension or eventual passage into permanence. Because of laws that are often vague or incomplete, we cannot always answer client

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Update on Sec. 7345 Passport Legislation

As part of the Fixing America’s Surface Transportation Act, Sec. 7345 authorizes the IRS to notify the State Department of taxpayers who owe a seriously delinquent tax debt. The IRS certification will request action for denial, revocation, or limitation of the passport

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Making Virtual Meetings a Part of Your Practice

Building a successful tax practice includes nurturing a strong relationship with your clients and the effective management of your staff. The foundation for a strong client relationship is engaging in effective communication that serves to draw out the relevant information you need to provide

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Are You Ready for a Tax Appeal by Phone? At Least You Won't Have to Dress Up

When there is a disagreement with an IRS employee (such as a Revenue Agent or Revenue Officer) as to proposed adjustments to a tax return or proposed collection action, in most instances a taxpayer has the right to request a hearing with the IRS Office of Appeals.

In the past,

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Partnership Audit and Adjustment Rules

As  result of the Bipartisan Budget Act of 2015, Congress enhanced the IRS’s ability to audit large partnerships. The changes are expected to dramatically increase the audit rates for partnerships and will require partners to review and possibly revise their operating agreements. Here is

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