News

This week's topics: Deduction for non-qualified deferred compensation not accelerated for the seller when the liability is transferred to the buyer of a business;Tax professionals and taxpayers warned about issues with certain employee stock ownership plan (ESOP) arrangements;Reduction of non-recourse debt amount was added to sales proceeds, not a cancellation of debt so no §108 relief was available

New pay transparency laws are requiring employers to disclose wages to prospective candidates and/or current employees. Though not required in all states, many employers—including CPA firms—are gambling on using the practice to attract and retain talent.

CFOs can keep the finance departments' growing pains to a minimum by assessing their current talent, promoting teamwork, and following the rest of these key steps.

This week's topics: IRS rules cryptocurrency staking rewards are taxable when taxpayer obtains dominion and control;Interim guidance issued for home energy audit tax credit under IRC §25C added by IRA 2022;Proposed regulations issued to add monetized installment sales to listed transactions

Hear from the 2023-24 OSCPA Educational Foundation President, Chris Dahlvig, on the importance of supporting the next generation of CPAs.

Read about how Tracy Allen centers gratitude and compassion in her first few months as 2023-24 OSCPA Chair.

A new rule will allow rollovers from a 529 educational savings plan to a beneficiary's Roth IRA up to a certain dollar limit.

This week's topics: Oversight Subcommittee of House Ways & Means Committee holds a hearing on ERC issues, discusses potential amnesty program;IRS ending most announced revenue officer visits;Taxpayer finds out that there may very well be a tax consequence when you borrow against your life insurance policy and then let the policy lapse

Get to know the clear signs that it's time to sell your CPA practice, from exhaustion to increasing market competition.

CPA Evolution is bringing changes to the CPA exam in 2023 and 2024.

How to build a positive work environment for talent retention.

This week's topics: IRS memo makes it clear the agency is very skeptical about extended supply chain ERC claims;Third Circuit rules that equitable relief is available for failure to file Tax Court petition in 90 day period for a deficiency;IRS asked by Tax Court to justify suspense account method for losses deducted in excess of basis in closed years;Taxpayers had to pay tax on funds taken from IRA/pension funds that were paid to fraudster

Businesses and tax-exempt organizations should watch out for telltale signs of misleading claims involving the Employee Retention Credit. Scammers and unscrupulous promoters continue to run aggressive broadcast advertising, direct mail solicitations and online promotions for the credit. Many of these ads wildly misrepresent and exaggerate who can qualify for the ERC, which is sometimes also called ERTC or the Employee Retention Tax Credit.

CPAs' best practices for mapping out a client's retirement.

Not sure what to do with old employer retirement savings? Here are some options for your 401(k) rollovers.

Meet OSCPA's new Legislative Counsel, dedicated CPA advocate and strategic communications expert Nicole Palmateer Hazelbaker of Bravio Communications.

Read about retiring OSCPA Legislative Counsel Rob Douglas and his lasting impact on the CPA profession.

This week's topics: IRS extends SECURE Act inherited IRA RMD relief for one additional year, adds special rollover rule for those born in 1951 due to SECURE 2.0 Act changes;IRS grants relief to victims of Vermont flooding.;Failure to attach simple election leads to requesting (and paying for) 11 separate private letter rulings

How Brandie's CPA career flourished while working remotely on her family's cattle ranch.

How accounting professors, macaroni and cheese, and a positive mindset fuel Jakki's CPA career.