Latest Articles

  • Taxpayer Advocate Office Working to Make System Comprehensible

    By:
    Chris Gaetano
    |
    Dec 6, 2019
    That the tax system is vast and complex is a truism, to the point where a speaker from the local National Taxpayer Advocate's office says that even their efforts to simplify things for the taxpayer are, themselves, vast and complex.
  • New Head of IRS Small Business/Self Employed Division Aims to Bring New Enforcement Mindset to Office

    By:
    Chris Gaetano
    |
    Dec 6, 2019
    Eric Hylton, the keynote speaker at the FAE's IRS Practice and Procedures Conference, said he hopes to leverage his decades of experience as a member of the Criminal Enforcement division in his new job as head of the Small Business/Self Employed (SBSE) division.
  • Trust and Estate Work For Young Startup Founders Comes With Different Needs, Different Techniques

    By:
    Chris Gaetano
    |
    Dec 4, 2019
    Trust and estate planning tends to involve people nearer to the end of their lives who want to take care of their children and spouse once they are gone. But what about when the client is young, single and childless? A pair of speakers at the FAE's Trust and Estate Taxation Conference said that even in these cases, there's much that can be done for such a client. 
  • In Implementing an Estate Plan, Knowledge of Client Quirks a Must

    By:
    Chris Gaetano
    |
    Dec 4, 2019
    You can have encyclopedic knowledge of trusts and estates, but a pair of speakers at the FAE's Trust and Estate Taxation Conference said that if you don't know the ins and outs of the life of the client and their family, none of that will lead to a satisfying experience. 
  • Speaker Says New Rent Regulations Extended An Already Record-Long Market Correction

    By:
    Chris Gaetano
    |
    Dec 3, 2019
    Robert Knakal, chair of New York Investment Sales at JLL Capital Markets and a speaker at the FAE's Real Estate Conference today, said there's a lot to dislike about the current state of the market, exacerbated by new rent regulations passed early this year, but that there's still a few bright spots that can give some hope to investors. 
  • Speaker: Due Diligence Means Going Beyond the Financials

    By:
    Chris Gaetano
    |
    Dec 3, 2019
    Kicking the tires on a real estate deal involves more than just reading a financial statement: everything from management agreements to delinquency rates to insurance premiums all factor in to the due diligence process, though not every seller will necessarily want to reveal this information, said a speaker at the FAE's Real Estate Conference today.
  • Study Finds Footnotes Increasingly Fertile Grounds for Earnings Distortion

    By:
    Chris Gaetano
    |
    Dec 2, 2019
    A recent study has found that public firms are increasingly using the footnotes to distort earnings and present a rosier picture than reality suggests. 
  • Former Big Four Auditor Suggests Public Firm Audits Be Truly Public

    By:
    Chris Gaetano
    |
    Dec 2, 2019
    A former Big Four auditor and current accounting software CEO is suggesting that the government handle all public company audits, citing what he feels is an inherent conflict of interest in being paid by the same firm one audits. 
  • TIGTA: IRS Background Checks Generally Effective, But Uneven in Places

    By:
    Chris Gaetano
    |
    Nov 26, 2019
    The Treasury Inspector General for Tax Administration (TIGTA) has issued a report saying that IRS vetting of tax preparers has been effective overall, but procedures are inconsistent from program to program. 
  • SEC Comment Letters Show Slow Trend Toward Cracking Down on Non-GAAP Earnings Metrics

    By:
    Chris Gaetano
    |
    Nov 26, 2019
    An analysis from MarketWatch shows that the Securities and Exchange Commission has been less and less tolerant of "adjusted earnings" metrics that depart from traditional U.S. Generally Accepted Accounting Principles (GAAP), although progress has been slow and its application uneven.