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Accounting Topics

IRS Clarification: Who Can Take Bonus Depreciation on Used Property?

December 3, 2019

The IRS has finalized regulations released in August 2018 and proposed new regulations on bonus depreciation issues not previously addressed, including rules relating to used property, components, and consolidated groups. The 100% additional depreciation deduction, enacted by the Tax Cuts... Read More

Do Your Real Estate Activities Qualify for a 20% QBI deduction?

December 3, 2019

If taxpayers carefully follow new IRS rules, their income from rental real estate will be considered qualified business income (QBI) eligible for the 20% deduction. Revenue Procedure 2019-38  finalizes a safe harbor for “rental real estate enterprises” (RREEs), defined as... Read More

Untangling the Technical: Revenue Recognition: Points to Ponder for Private Companies

October 30, 2019

Assurance and Advisory Partner Bill Godshall speaks with Mike Cheng, Frazier & Deeter’s National Professional Practice Partner and former Senior Project Manager at the Financial Accounting Standards Board (FASB), about upcoming changes to Topic 606, standards on revenue recognition and... Read More

FASB Delays Major Upcoming Standards for Private Companies

October 16, 2019

On October 16th, the FASB unanimously approved an additional delay for private companies on three major upcoming standards, including Leases (Topic 842), Financial Instruments – Credit Losses (Topic 326), and Derivatives and Hedging (Topic 815). While the credit losses and... Read More

partnership interest

IRS Unveils New Process for Selecting Large Corporations for Audit

June 21, 2019

For years, Congress has been steadily cutting the IRS’s budget while piling more work on the agency with huge legislative initiatives, such as the Affordable Care Act and the Tax Cuts and Jobs Act. The result is that the audit... Read More

retirement reform

Retirement Reform Bills in Congress

June 3, 2019

Both Parties and Both Sides of Congress Agree on Retirement Savings Reform. What Now? After years of work, both the House and the Senate have developed comprehensive, bipartisan retirement bills that lift some of the long-standing restrictions on retirement plans.... Read More

Congress Gets Serious About IRS Reform

May 2, 2019

For years, Congress has legislated tax changes without regard to the burden placed on the IRS and with no real plan to help the agency modernize its systems to better handle its ever-increasing workload. With the scare of the government... Read More

IRS Finalized Reportable Transaction Penalty Regulations

May 2, 2019

The IRS has finalized regulations that impose penalties for failing to disclose what the IRS considers to be suspect tax avoidance transactions. Both individuals and entities are required to make disclosures of so-called “reportable transactions”, including “listed transactions”, which essentially... Read More

IRS Lists Dirty Dozen Tax Scams for 2019

March 26, 2019

It’s that time of year again when the IRS makes a special effort to warn taxpayers about ever-evolving tax scams. Fake charities, phony R&D and fuel credits and fraudulent phone calls are highlighted in this year’s annual “Dirty Dozen” list.... Read More

Mental Condition Results in Bankruptcy Discharge of Tax Debt

March 26, 2019

Mental State is Key to Discharging Federal Taxes in Bankruptcy Tax professionals including attorneys and CPAs must read court cases for a living to keep up with the proper interpretation of the tax laws. The more cases you read, the... Read More

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