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Accounting Topics

corporate compliance

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

shutdown

How the Shutdown Affects IRS Operations Going Forward

February 22, 2019

Despite Upbeat Messaging, IRS “Inundated” with Overdue Tasks from Government Shutdown “The IRS has reopened following the end of the government shutdown, and IRS employees are working hard to resume normal operations and help taxpayers as much as possible.” “IRS... Read More

Court Ruling on Conservation Easement Case

October 3, 2018

Long-Term Lessee of Historic Buildings Not Entitled to Deduction for Facade Easement Lessees cannot claim a conservation easement deduction. That is what a partnership with long-term leases on two historic buildings in Massachusetts found out when it tried to take... Read More

Untangling the Technical – Lease Accounting Update

May 11, 2018

Sean Lager, Audit Partner at Frazier & Deeter and member of AICPA’s Technical Issues Committee explains the changes to lease accounting. He also describes how public and private companies are impacted by these changes. Untangling the Technical is available on iTunes and Google... Read More

Technology Companies: the Revenue Recognition Transition

April 12, 2018

The accounting world has been debating the pending changes to how revenue is recognized for nearly a decade. The new standard (ASC 606) for revenue recognition became effective for public companies beginning January 2018 and nonpublic companies are on deck... Read More