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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

Has The New Partnership Representative Been Granted Too Much Power?

By: Kevin M. Flynn September 2018 The CPA Journal On November 2, 2015, Congress enacted the Bipartisan Budget Act of 2015 (BBA), which contained sweeping changes to the Internal Revenue Code’s (IRC) partnership audit, litigation, assessment, and collection procedures. The BBA repealed the partnership audit and

Financial Knowledge for Recent Graduates

By Sidney Kess, James R. Grimaldi, and James A.J. Revels CPA Journal August 2018 Issue Young people are not taught enough about financial literacy. Schools do not teach kids the basics about the value of money, how to save, how to invest, how to spend,

Financial Planning for Workers in the Gig Economy

By Sidney Kess, James R. Grimaldi, and James A.J. Revels CPA Journal August 2018 Issue The gig economy is a sector of the workforce in which people do not have long-term employment. Those in the gig economy are contingent workers—freelancers, consultants, tradespeople—who cannot necessarily count

Reporting Undisclosed Foreign Assets: The Clock Is Ticking

By: Michael Sardar August 2018 Edition The CPA Journal On March 13, the IRS announced that it will close the Offshore Voluntary Disclosure Program (OVDP), effective September 28, 2018. In the announcement, the IRS encouraged taxpayers who need to disclose noncompliant and unreported foreign accounts and

Passport Revocation And Denial For Seriously Delinquent Tax Debts: New IRS Procedures Signal More Stringent Enforcement

By: Megan L. Brackney The CPA Journal July 2018 Edition In January 2018, the IRS published procedures to begin enforcement of Internal Revenue Code (IRC) section 7345, which requires the State Department to deny the application for, or revoke the passport of, any individual whom the