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Federal Taxation

  • Navigating the New Schedule K-2 and K-3 for Asset Management Clients

    By:
    Joe Zhou, CPA, Natallia Shapel, CPA, MST, MBA, and Stephen Arber, CPA, JD, LLM
    |
    Feb 1, 2022

    On June 3-4, 2021, the IRS released final versions of Schedules K-2 and K-3 for tax year 2021 (2022 tax filing season). Final instructions were released in early September of 2021, and additional changes and clarifications were released on January 18, 2022.

  • Sec 461(l) Excess Business Loss Limitation is Back

    By:
    Shashi Singal, CPA, MSA, CA
    |
    Feb 1, 2022

    The Tax Cuts and Jobs Act of 2017 (TCJA) added the excess business loss (EBL) limitation under sec 461(l) applicable to noncorporate taxpayers,  in addition to the already existing limitations of basis, at-risk and passive activity loss rules,  effective for taxable years beginning after December 31, 2017 and before January 1, 2026.

  • CPA Evolution and the Masters in Taxation: What's Next?

    By:
    Nina Terranova-Dorata, PhD, CPA
    |
    Feb 1, 2022

    The word is out that the CPA Evolution exam takes effect January 2024. According to the AICPA, the Evolution CPA exam will provide for a strong core in accounting, auditing, tax, and technology and a deeper knowledge in one of three disciplines: Business Analysis and Reporting (BAR), Information Systems and Controls (ISC), and Tax Compliance and Planning (TCP). Audrey Katcher, CPA/CITP, CGMA, AICPA Board of Examiners indicates that the overall purpose is “…to embrace what’s changing in the profession and the business environment and the skills a newly licensed CPA will need to possess for licensure.” Evolution expects to reflect the reality of practice and for TCP, that is knowing tax law and tax planning strategies.

  • World Leaders Agree on a New Global Corporation Tax System to Adjust to the Digitalization of the Economy

    By:
    Mathieu Aimlon, CPA
    |
    Jan 1, 2022
    Tax systems are designed to raise the revenue that is needed to absorb the cost of government operations including the country’s infrastructure and military. On the other side, in most countries and jurisdictions, compliance to the tax system is generally voluntary and taxpayers are allowed to structure their business to minimize their tax bill. Some taxpayers have the opportunity to plan their tax internationally.

  • Tax Credits and Incentives to Benefit Growing Businesses Part 1

    By:
    Barry Halpern, CPA, and Mark Leaheey, CPA, CGMA, MSA
    |
    Dec 1, 2021

    Credits and Incentives can be very beneficial to companies in all industries, yet credits continue to go unclaimed. Companies without the capacity to perform the necessary compliance and diligence to obtain the incentives explain part of this, but the more prevalent reason is probably sheer ignorance. Companies are unaware of the potential benefits available to them.

  • What I Learned from IRS Audits and Tax Court Testimony

    By:
    Bruce A. Johnson, ASA
    |
    Nov 1, 2021
    I can remember worrying about getting audited by the Internal Revenue Service (IRS) on the first gift tax appraisal I conducted 27 years ago when I first started as a full-time business appraiser. Over the next several years, I learned that if an appraiser followed the best practices in business valuation, complied with IRS regulations and documented all inputs and assumptions, there was no real need to be concerned about an appraisal being challenged.

  • Retirement Plan Basics

    By:
    Lisa L. Jones
    |
    Nov 1, 2021
    This article will provide an overview of qualified retirement plan options, their differences, contribution and deduction limits, the factors that influence the choice of the right plan or plans, and an overview of the discrimination testing/compliance issues that a qualified Plan must satisfy.
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