Course Description This course will cover issues that arise for the tax-preparer when working with clients who don’t have adequate records. Schedule C pitfalls, the Earned Income Tax Credit (EITC), use of reconstructions and estimates, the Cohan rule, and the AICPA Statement on Standards with
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
Course Description This program will cover the basic requirements for reporting non-U.S. assets, and then discuss the penalties for failure to file these foreign information returns, the procedures for assessment and review, and taxpayer defenses. CLE: 1 credit hour in Areas of Professional Practice CPE:
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
Under 26 U.S.C. § 7216, it is a crime for a tax return preparer to knowingly or recklessly disclose any tax return information, or use that information other than in tax return preparation. There are also civil penalties under 26 U.S.C. § 6713 for wrongful
By: Caroline Rule The American Bar Association, Section of Litigation, Criminal Litigation Committee November 15, 2018 If you are an attorney who practices in the criminal tax area, be aware of 26 U.S.C. § 7216, which makes it a crime for a tax return preparer to
