By Dan Davidson The CPA Journal December 2020/January 2021 Edition It is never pleasant when a client relationship ends on less than amicable terms. This is especially true when the relationship’s demise leads to litigation. A contract dispute that was recently litigated in bankruptcy court [In re Kent, 615 B.R. 171
By Eric Smith The CPA Journal December 2020/January 2021 Edition The liquidation of a partner’s entire partnership interest can take various forms, including payment made by the partnership to the retiring partner in complete redemption of the partner’s interest or a sale of such interest to the remaining partners. In both
By Stephen A. Josey The CPA Journal May 2020 Edition Typically, the sale of a capital asset held by an individual is a straightforward affair from a tax accounting perspective. Under the most common scenario, the buyer will offer a one-time cash payment to the seller in exchange for the subject
By Sidney Kess The CPA Journal April 2020 The Coronavirus Aid, Relief, and Economic Security (CARES) Act (H.R. 748), signed into law on March 27, 2020, is a $2.2 trillion package enacted to help individuals and businesses get through the health and economic crisis triggered by the coronavirus pandemic. The act
By Eric Smith The CPA Journal December 2019 Edition Thanks to legalized sports gambling, U.S. casinos generated a record amount of gaming revenue in 2018. As might be expected, it is becoming increasingly common for individuals to have questions regarding the taxation of gambling income and losses, and these questions will
By Sidney Kess and Steven I. Hurok The CPA Journal September 2019 On July 1, 2019, President Trump signed into law the Taxpayer First Act of 2019 (TFA), enacting changes to the IRS’s organizational structure, customer service, enforcement procedures, management of information technology, and use of electronic systems, with a focus
By Sidney Kess and James R. Grimaldi The CPA Journal August 2019 At first glance, the Tax Cuts and Jobs Act of 2017 (TCJA) had little direct impact on the tax treatment of charitable giving. Drilling down, however, it has significantly affected donation-related tax benefits. Many individuals might not be
By Sidney Kess and Edward Mendlowitz The CPA Journal August 2019 Financial planning services can be a separate service or an add-on to tax or other services. With the Tax Cuts and Jobs Act’s (TCJA) simplification of tax returns for many individuals, the CPA’s role as a preparer is being diminished;
By Sidney Kess and Edward Mendlowitz The CPA Journal June 2019 Trusts enable individuals to ensure the financial health of loved ones long after they are gone, but only if they are properly set up and administered. Trustees bear a great personal responsibility in ensuring that the trust is handled properly.
