By: Sharon L. McCarthy The CPA Journal February 2019 Edition On December 14, 2018, former CPA Marc Berger was sentenced to eight months in prison after a federal jury convicted him on three counts of aiding and abetting tax evasion for a client. Berger’s fall from
By: Usman Mohammad The CPA Journal January 2019 Edition On November 20, 2018, the IRS published an Interim Guidance Memo concerning voluntary disclosures, captioned “Updated Voluntary Disclosure Practice” (http://bit.ly/2UHHdLm). The memo sets forth the IRS’s current policy for handling voluntary disclosures (both offshore and domestic) following
By Megan L. Brackney Journal of Passthrough Entities January – February 2019 Edition The Bipartisan Budget Act of 2015 (the “BBA”) made substantial changes to the audit procedures for passthrough entities. This column discusses how partnerships and individual partners will be able to challenge penalties under
By Sidney Kess The CPA Journal January 2019 Under the Tax Cuts and Jobs Act of 2017 (TCJA), the number of taxpayers that take the standard deduction on their federal income tax return may rise to over 90%, according to the White House Council of Economic
By Sidney Kess The CPA Journal December 2018 The Tax Cuts and Jobs Act of 2017 (TCJA) did not make any major changes to the taxation of gains and losses from securities transactions. Favorable tax rates continue to apply to capital gains, and losses continue
By Sidney Kess The CPA Journal December 2018 Most attorneys, accountants, and other professionals operate as unincorporated sole practitioners, or through partnerships and limited liability partnerships (LLP), making them owners of pass-through entities. Such professionals may be able to cut the effective tax rate on
By Sidney Kess The CPA Journal December 2018 On December 20, 2017, Congress passed a major tax package (H.R. 1) designed to cut taxes on businesses and individuals, as well as to stimulate the economy and create jobs. The tax cuts are estimated to cost
By Sidney Kess The CPA Journal December 2018 On December 20, 2017, Congress passed the Tax Cuts and Jobs Act (H.R. 1) designed to cut taxes on individuals and businesses, stimulate the economy, and create jobs. The tax cuts are projected to cost the government
By Sidney Kess and Walter Primoff The CPA Journal December 2018 In the wake of the Equifax computer breach—in which key personal information of 145 million Americans was stolen—it may be correct to assume that anyone with a credit history is affected. For professionals, there
By: Jay Nanavati The CPA Journal December 2018 Edition In modernizing the tax whistleblower statute over the last 12 years, Congress has finally created a simple and enforceable entitlement to substantial compensation for tax whistleblowers. Unfortunately, in practice, the IRS’s whistleblower program still falls short of
