State of Accounting – Points of View from the Accounting Leaders’ Desks. The Future of the CPA Profession: What Firms Need to Do to Keep Up

August 31, 2018By Greg Kniss

It’s such an amazing but unsettling time to be in our profession. Over the next several years, the accounting industry will look quite different due to technological advances. Many of the things we are doing today will be done significantly different down the road. When I look back over the last 30+ years, there have … Read More

Loan Out Corporations – To be or not to be?

February 27, 2018By Jonathan Louie

With the passing of the Tax Cuts and Jobs Act of 2017, many actors, writers, directors, and other professionals in the entertainment industry will likely see their taxes increase beginning in 2018. The entertainment professionals who earn wages are being hit the hardest because employee business deductions will no longer be allowed in 2018 going … Read More

Tax Treatment of Cryptocurrency Transactions

February 20, 2018By Matthew Weber, CPA, MAcc

Many taxpayers realized significant gains from the disposition of cryptocurrencies in 2017, and as tax season approaches, these taxpayers must compile accounting reports, review the latest tax guidance, and determine how to correctly report their transactions to the IRS. Coinbase has a new online tax report: In the summer of 2017, the IRS narrowed its … Read More

Reporting Foreign Accounts

February 6, 2018By Evelyn Fernandez

Nowadays, it is not uncommon for taxpayers to have bank accounts and investments held in different countries. While there is nothing wrong with this, it is important to make sure you are in compliance with US tax filings with respect to foreign accounts and investments in order to avoid getting hit with penalties. There are … Read More

QSBS Questionnaire

February 1, 2018By KROST

The stock of a qualified small business is known as a Qualified Small Business Stock (QSBS). The stock needs to be issued by a domestic C corporation that does not have more than $50 million of gross assets as of the date the stock was issued and immediately thereafter to qualify. The benefit of QSBS … Read More

How to Co-ordinate Cost Segregation with Like-kind Exchange

January 23, 2018By KROST

The Tax Cuts and Jobs Act (TCJA) was signed by the President on December 22, 2017. The TCJA is the most significant overhaul of Internal Revenue Tax code since the 1986 Tax Act under President Reagan. The Committee Report has over a thousand pages of modifications to many areas of the tax code. One piece … Read More

Ways and Means Committee Report – Detail

December 19, 2017By KROST

A final tax bill appears eminent. The House and Senate agreed to the reconciliation of their competing bills and most people expect it to be passed before the end of the year. On Wednesday December 13, 2017, the Conference Committee issued a reconciliation of the House and Senate proposed tax legislation. A copy of the … Read More

It’s Almost Time to File 1099’s

December 11, 2017By Jamie Graham, CPA

Per the IRS guidelines, payments made in the ordinary course of a trade or business are required to be reported on Form 1099-MISC to report certain payments to reportable vendors. Examples of the types of payments reportable on Form 1099-MISC include: 1. at least $10 in royalties or broker payments in lieu of dividends or … Read More