In Chief Counsel Advice Memorandum 202325007 (https://www.irs.gov/pub/irs-wd/202325007.pdf, Mar. 22, 2023), legal staff within the IRS determined that a worthless ...

Talking about Diversity, Equity and Inclusion (DEI) in the accounting space has always been a politically charged affair. It is an area I am passionate about, but not to the extent of silencing voices ...

Major changes to estate and gift taxes are periodically a topic of discussion in Congress and the popular press. The Tax Cuts and Job Act (TCJA, PL 115-97) amended federal estate and gift tax ...

The profession lost a wonderous and special guiding light in Sid Kess. I do not think he let anyone call him “Sidney” or “Mr. Kess,”… ...

CPAs are distinguished by being subject to high professional standards. But what happens when professional standards overlap, or even conflict with, federal and state laws and regulations? Under many ...

On December 22, 2023, New York Governor Kathy Hochul signed the LLC Transparency Act as Chapter 772 of the Laws of 2023. The act is modeled on the federal Corporate Transparency Act, which requires ...

Planning for 2025 is becoming a hotter topic as the scheduled halving of the transfer tax exemption draws closer. But while many are focusing on the end of 2025 as the critical deadline, the end of ...

Corporate mergers and acquisitions create practical and legal considerations as to whether to terminate, merge, or maintain the 401(k) plan of an acquired entity. A decision to terminate, merge, or ...

A common way for individuals to save for college is through the use of state-administered IRC section 529 plans or what the tax code refers to as qualified tuition programs. These plans come in two ...

A focus on sustainability in academia seems to go a long way in helping younger students overcome the stereotype of isolated accountants crunching numbers. Students view sustainability concerns as a ...

A group of state treasurers and auditors has sent a preemptive letter to FASB, urging it to reject any potential proposals to include climate-related reporting standards in U.S. GAAP. In the letter, ...

When staff members at a CPA firm are handed a tax return and informed they must “roll equity,” the two simple words induce panic and a premonition of additional hours spent on the return. There is no ...