Publications Archives - Page 18 of 27

Tax and Financial Aspects of Casualty and Disaster Losses under the Tax Cuts and Jobs Act

By Sidney Kess, James R. Grimaldi, James A.J. Revels, and Thomas K. Lauletta CPA Journal October 2018 Issue Individual and business taxpayers may experience financial losses resulting from sudden damage or destruction to their property. Physical loss due to fire, windstorms, hurricanes, and flooding may

Offshore Account Holders Should Beware: The IRS Is Still Coming

By Christopher M. Ferguson AICPA Tax Insider Newsletter October 25, 2018 The recent end of the OVDP is not the end of IRS enforcement of undisclosed offshore accounts. For most of the past decade, the IRS has maintained a safe harbor for taxpayers who want to

Federal Courts Disagree On Whether The 50% Willful FBAR Penalty Is Illegal

By: Bryan C. Skarlatos & Michael Sardar June – July 2018 Edition Journal of Tax Practice & Procedure Imagine a situation in which Congress passed a statute establishing civil penalties for certain conduct, including the maximum penalty that may be imposed for such conduct, and delegated enforcement of

FBAR Filing For Non-U.S. Citizens

By Wilda Lin The CPA Journal October 2018 Edition Reports of Foreign Financial and Bank Accounts (FBAR) have gained prominence since the Department of Justice began investigating the accounts of Swiss banks, starting with UBS almost a decade ago. Who must file FBARs? Many people

Deep Dive on the Tax Cuts and Jobs Act: Changes for Securities Investors

By Sidney Kess CPA Journal October 2018 Issue 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

Selling and (Perhaps) Buying a Home under the Tax Cuts and Jobs Act

By Sidney Kess, James R. Grimaldi, James A.J. Revels, and Thomas K. Lauletta CPA Journal October 2018 Issue Buying or selling a home is one of the most significant financial transactions many individuals engage in. The authors examine the various ways in which CPA financial

Adding a Legacy Division: Providing Taxpayers with Peace of Mind

By Sidney Kess, Carol R. Kaufman, James R. Grimaldi, and James A.J. Revels CPA Journal September 2018 Issue Because of the Tax Cuts and Jobs Act (TCJA), more individuals—90% of taxpayers, by some estimates—will decide to prepare their own tax returns. With the simplification of

Paying for Higher Education under the Tax Cuts and Jobs Act

By Sidney Kess, James R. Grimaldi, James A.J. Revels, and Thomas K. Lauletta CPA Journal October 2018 Issue For most students, the price of higher education is steep and getting steeper. Annual increases in the cost of higher education have consistently outpaced the overall rate

Deep Dive on the Tax Cuts and Jobs Act: QBI Deduction Issues for Professionals

By Sidney Kess CPA Journal October 2018 Issue 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

Watch Out For These NOL Carryover Hazards

By Megan L. Brackney Journal of Passthrough Entities, Volume 21, Issue 5 September - October, 2018 The net operating loss ("NOL") deduction is ubiquitous, and most tax practitioners have a solid understanding of the rules. Yet, there are two areas that trip up taxpayers and