Federal Taxation

  • The New Moneyball

    By:
    Alan Pogroszewski, MBA, Kari Smoker, JD, and Keith Donnelly, JD, CPA
    |
    Sep 1, 2019

    In 2003, Michael Lewis’ book, Moneyball: The Art of Winning an Unfair Game, outlined the economic disadvantages the small-market Oakland A’s faced competing against the New York Yankees and other large-market teams. Lewis’ book also examined the A’s strategy of exploiting market inefficiencies in the valuation of Major League Baseball players to not only compete, but actually succeed, within the parameters of large-market and small-market teams. Such is the business of sports.

  • What Professionals Need to Know About the Cannabis Industry

    By:
    Zachary Gordon, CPA
    |
    Aug 1, 2019

    Cannabis is an industry that is of great interest to CPAs, finance professionals, investors, and the public at large. While many have found their way into the industry, there is still a fundamental question to be answered by each professional: should I take on this cannabis client or investment?

  • The Nuts and Bolts of an IRS Audit and the Collection Process

    By:
    Hana Boruchov, Esq., JD, and Leo Gabovich, Esq., JD
    |
    Jul 1, 2019
    The IRS audit process is rife with procedural rules to ensure taxpayers are notified before action is taken against them and they have time to respond. However, these procedures also introduce added complexity for tax professionals who may face multiple pressures—they may lack expertise in handling audit and collection matters and/or their clients may have delayed in getting them involved in the matter and deadlines are looming.
  • Overview of Current Federal Income Taxation on Cryptocurrency Transactions

    By:
    Hanni Liu, PhD
    |
    Jul 1, 2019

    Since the inception of cryptocurrency in 2009, the very concept of currency has been challenged and debated. This article explains briefly what cryptocurrency is, how it works, and the current federal income tax implications on transactions using cryptocurrency.

  • IRS Can Resume Charging PTIN User Fees—But Final Cost Still to Be Determined

    By:
    Frank G. Colella, Esq., LL.M, CPA
    |
    Jun 1, 2019

    According to the IRS 26 C.F.R. § 1.6109-2(d), “Beginning after December 31, 2010, all tax return preparers must have a preparer tax identification number or other prescribed identifying number that was applied for and received at the time and in the manner, including the payment of a user fee, as may be prescribed by the Internal Revenue Service.” However, since June 2017, the IRS has suspended this fee charged for a “practitioner tax identification number” or PTIN.

  • Tax Accounting Method + Form 3115 + Under $25 Million

    By:
    Eric P. Wallace, CPA
    |
    May 1, 2019

    Tax accounting methods, and the ability to change those methods, are key issues for taxpayers.  Proper tax accounting methods, and continuing IRS changes to their method-change procedures, are at the front and center of all IRS audits. Tax accounting methods and their change procedures certainly have heightened awareness and importance to tax practitioners; and this is the rule yet again for this tax year.

  • IRS Issues New Guidance for Offshore Voluntary Disclosures

    By:
    Michael Sardar, Esq.
    |
    Apr 1, 2019
    On March 13, 2018, the IRS announced that it would end its long-running Offshore Voluntary Disclosure Program (“OVDP”) on September 28, 2018. With the closure of one of the IRS’s most successful compliance enforcement programs, practitioners were anxious for the IRS to announce a new program to take its place.
 

 
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