On Tuesday, the Senate passed a bill that would retroactively extend more than 50 expired tax provisions though 2014. The bill was passed by the House of Representatives on Dec. 3 and is now awaiting a signature from President Barack Obama. Earlier proposals to permanently extend some of the expired provisions or to extend […]
Displaying: Industry News
The Adage Is Right. There Really Is No Free Lunch
Written by Guy Schmitz J.D., LL.M. The IRS has decided to look at tax-exempt meals offered by Google (and other companies) to its employees. Once again we have an example of the core of tax law (and all law for that matter): the application of a general principle to specific facts. See below. […]
No Groundhog Day This Time?
Written By: Guy Schmitz, J.D., LL.M. Is there anything worse than the Congressional ritual of letting temporary provisions expire and then resuscitating them, nominally retroactively? While the members of Congress undoubtedly trumpet their extender legislation as an accomplishment to save these important tax benefits, the fact was that the taxes that affect decisions on […]
Four Facts About Accounting You Probably Didn’t Know
Did you know an accountant invented bubble gum? In 1928, Walter Diemer invented the sweet and chewy stuff that keeps our mouths busy and our breath fresh. Pretty cool! Want to know more? Here are four more facts about accounting you might not already know. Before they rocked Hollywood, they rocked accounting Stars like […]
SCOTUS Ruling on Inherited IRAs: What CPAs Need To Know
One of the non-tax advantages of qualified plans is that they are not subject to being claimed by any creditors. If a taxpayer has financial troubles before retirement, they may lose other, individually owned assets, but qualified individual retirement accounts (IRA) cannot be touched. However, once the money has been distributed from the plan, they […]
Statement on Standards for Accounting and Review Services No. 21 Released
Today, the Accounting and Review Services Committee (ARSC) will release a new and updated Statement on Standards for Accounting and Review Services (SSARS). In 1979, the world of compilation and review services saw a significant change in operation procedures when the Statement on Standards for Accounting and Review Services No. 1 was first released. 35 […]
Breaking Down The Affordable Care Act’s Tax Changes
The Affordable Care Act has forever changed the healthcare system in the United States. It’s also forever changed the tax codes. The ACA was passed on March 23, 2010 and went into effect on Oct. 1, 2013. Changes that came with the ACA included improving the quality of healthcare and lowering healthcare costs, increasing access […]