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Think and speak like a CFO to influence decisions

  • January 28, 2020

To quote a very old phrase, it’s a brand-new world out there, and the financial options that will effectively impact management decisions have more variations than ever before — new financial products, new technology, risk management options, government regulations, global economic challenges, and more. All this requires that the financial executive keep constantly learning and growing in awareness of the nuances of all the financial tools available to a business today. Continue Reading

IRS spotlights requirement to have a written information security plan

  • January 28, 2020

Data security continues to be a hot topic for tax professionals — and the IRS. That is because tax practitioners and their clients continue to be frequent targets of data breaches. Although the IRS has implemented many successful tactics to fight tax refund fraud, more work is needed, especially as cyberthieves continue to become more sophisticated. Continue Reading

Avoiding estate tax return claims

  • January 28, 2020

Late-filing penalties for estate tax returns are often used as grounds for professional liability claims against CPAs, in large part because of their cost: Given the steeply progressive tax rates for estate tax and rapidly accruing penalties, they often exceed $300,000. Here are some tips for avoiding penalties… Continue Reading

SECURE Act brings changes for inherited accounts

  • January 27, 2020

The SECURE Act changed the rules for inherited retirement accounts by stipulating that many beneficiaries will have only 10 years to withdraw all of the funds. "We'll be looking at beneficiary designations in greater detail, particularly those who are leaving retirement accounts directly to children or non-spouse beneficiaries and to trusts for the benefit of children," said Oscar Vives Ortiz, CPA/PFS. Continue Reading

Tax Podcast: Real Soon Now

  • January 27, 2020

This week we look at the need to carry burden on each individual transaction if disallowing kickbacks and illegal payments under §165(C), financial institutions granted relief for issuing erroneous notices of RMDs due to Secure Act changes, and more. Continue Reading