The Senate released its long-anticipated Obamacare replacement bill on June 22, 2017. Senate GOP leaders are intent on voting on it before the July 4th recess, pegging June 29th as the likely day for the vote. Read more for how this bill will affect the net investment income tax, Medicaid, and more.
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Portability Election Extension for Decedents Dying Within Last Two Years
Here's what you need to know about Revenue Procedure 2017-34.
What Happens When a Promise to Give Goes Unfulfilled? It’s Time to Weigh the Cost vs the Benefit
Just because donors generally have a legal obligation to fulfill promises to give, this does not mean that not-for-profits pursue donors that fail to fulfill their promises. In this article, we take a look at a case of a Duke University donor.
FASB Continues its Rapid 2017 Pace by Issuing 4 Accounting Updates
The FASB continued to clear its current technical agenda by issuing 4 new ASUs over the past few weeks. Read more for how each of these standards updates could affect your practice and your clients.
Trump’s Tax Reform Plan: What It Means for CPAs and Tax Professionals
The core principles of the Trump tax reform plan were revealed on April 26, 2017. Many details are still being negotiated, but here's a recap of the latest.
“A Better Way,” The Mnuchin Rule, and Anticipation of Trump’s April 26 Announcement
In anticipation of President’s Trump’s proclaimed “big tax reform and tax reduction” announcement on April 26, we take a closer look at the proposals of each of the key players in the Republican tax reform effort.
Finally, Some Movement in Washington on the Race to Tax Reform—And It’s Not What We Were Expecting
On its face, the executive order President Trump signed April 21, 2017 feels like the firing of the starter’s gun for the much-anticipated Republican tax reform effort, and that may well be the intention. But is it? Let's take a closer look.
CPAs’ Modern-Day Charge of the Light Brigade: The AICPA’s Proposal for a New “S-Corp Basis” Form Could Be Just the Armor We Need
Often CPAs and tax preparers have a similar feeling to the 600+ cavalrymen coined by Alfred, Lord Tennyson as "The Light Brigade," fighting the battle with imprecise instructions and vague guidelines. Read more for how the AICPA's proposed new "S-Corp Basis" form could make the battle much easier.
GAO Releases Exposure Draft for a Revised Yellow Book
The GAO just released a 2017 exposure draft for a revised Yellow Book. This will replace the 2011 version when issued in its final form. Read more for some of the key proposed changes.
The AHCA Fails and GOP is “Moving On”
With the failure of the AHCA, read more for what you should tell your clients about Obamacare now, and what this means for tax reform.