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To take advantage of the earned income tax credit, taxpayers must file a tax return and claim the credit. They should do so even if they don’t owe tax and aren’t required to file. EITC can be worth up to $6,557 for tax year 2019. Continue Reading
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
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
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
CPAs’ advice and diligence can help older clients and their families avoid costly mistakes. Continue Reading
The Internal Revenue Service wants tax-exempt organizations to know about recent tax law changes that might affect them. Continue Reading
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
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
The AICPA Peer Review Program (Program) is committed to support and enhance audit quality of firms on an ongoing basis, not just during the formal process of peer review. As such, starting in mid-2020 the AICPA Peer Review Board (PRB) will require annual submission of peer review information from all firms enrolled in the Program. Continue Reading
This week we look at discharge of certain student loan debt, a possible state tax workaround for certain passthrough credits, and more. Continue Reading