Dec 1, 2021, 13:01 PM by Edward A. Kollar, CPA, EA, CSEP

Pennsylvania has a vast wealth of natural resources: minerals, coal, stone, forests, and, of course, natural gas and petroleum. This abundance can result in an economic benefit for property owners as well as for those who develop, mine, and harvest such resources.

Dec 1, 2021, 13:01 PM by Brendan P. Cox, CPA

In Revenue Procedure 2018-44, the IRS modified Revenue Procedure 2018-31 to add temporary rules for corporations changing from a cash to an accrual method of accounting in connection with revoking S corporation status.

Dec 1, 2021, 13:01 PM by Vito A. Cosmo Jr., CPA, CGMA, Matthew Cable, CPA, and Matthew D. Melinson, CPA

In Adam Smith’s The Wealth of Nations: Book V, he proposed that there are four elements necessary for a good tax system: fairness, certainty, ability to pay, and administrative simplicity. Certainty, which refers to a taxpayer knowing when, how, and what to pay, is paramount to a good tax system. The AICPA also cites certainty as a guiding principle in its Tax Policy Concept Statement No. 1, whereby “[t]he tax rules should clearly specify how the amount of payment is determined, when payment of the tax should occur, and how payment is made.”

Sep 7, 2021, 10:23 AM by Michael A. Zaydon, CPA, Tony Diab, and Jeffrey M. Dahlgren

The Tax Cuts and Jobs Act became law in December 2017, and now private companies and their investors must consider how the changes in tax law impact business valuations. Specifically, stakeholders should consider how the Tax Act impacts their projected cash flows and the inputs and assumptions that drive the estimation of enterprise value.

Sep 7, 2021, 10:20 AM by James J. Newhard, CPA

In June 2018, the U.S. Supreme Court altered five decades of perspective regarding where an entity is “doing business.” Certainly, there are significant implications for tax compliance, but there are also immediate financial reporting issues for companies reporting under generally accepted accounting principles.

Sep 7, 2021, 10:18 AM by Herbert R. Fineburg, LLM

Recently enacted changes under the Pennsylvania Uniform Limited Liability Company Act will have a dramatic impact on the governance of limited liability companies in Pennsylvania. The act took effect on April 1, 2017, and because LLCs are the most frequently used legal entity, it is essential that CPAs understand the new rules.

Aug 31, 2021, 09:01 AM by Andrew M. Bernard Jr., CPA

Offers a detailed look into passive foreign investment companies, including implications of rules regulating their operation and other considerations for U.S. investors to keep in mind.

Aug 31, 2021, 08:13 AM by Drew VandenBrul, CPA, and Narjit S. Bhogal, CPA

Reviews the benefits organizations experience from a thorough review of their structure for tax purposes, including optimization of tax posture and bolstering of tax compliance.

Aug 31, 2021, 08:01 AM by Barry D. Groebel, CPA

Details an attempt to resolve a private letter ruling with the Internal Revenue Service during a time of coronavirus, offering a step-by-step walkthrough of the issue, process, timeline, and resolution.

Jun 4, 2021, 15:22 PM by Jed M. Silversmith, JD, and Miranda A. Galvin, PhD

The U.S. Sentencing Commission, which provides sentencing guidelines, collects substantial amounts of information on sentencing, including dozens of data points for every criminal case. The data are publicly available, permitting an analysis of specific categories of crimes, including tax crimes.

May 27, 2021, 07:59 AM by James P. Swanick, CPA, and Michael J. Tighe, CPA

Takes a look at how tax changes driven by the Biden administration could affect both investors and businesses involved in merger and acquisition discussions.

May 27, 2021, 06:30 AM by Laurie A. Siebert, CPA, CFP, AEP

Details the travails of personal financial planning for clients in a time of continuing legislative change due to coronavirus.

May 26, 2021, 07:56 AM by Michael Beck, JD, and Alycia Solecki, EA

Of the many factors that go into a nonprofit achieving its mission, one of the most important assets sometimes goes overlooked: tax exemption. The benefit provided at the federal, state, and local levels frees essential funds to support operations that otherwise would be paid out in taxes. This can often be the difference between success or failure.

Apr 29, 2021, 13:51 PM by James J. Newhard, CPA

On Dec. 22, 2017, President Donald Trump signed the Tax Cuts and Jobs Act. Several provisions have extraordinary implications to financial statement reporting under generally accepted accounting principles in the United States. ASC 740, Accounting for Income Tax, is fairly extensive and robust, but there is no precedent for the extent of corporate changes found in the Tax Act.

Apr 29, 2021, 13:50 PM by Robert E. Duquette, CPA

The Tax Cuts and Jobs Act provides a significant benefit for many business owners in the form of a 20 percent deduction of their qualifying business income from a pass-through entity. Unfortunately, there is a high level of complexity, ambiguity, and lack of official guidance in trying to determine what type of income qualifies and how much. Taxpayers and their advisers need answers.

Apr 29, 2021, 13:49 PM by Matthew D. Melinson, CPA, Drew VandenBrul, CPA, and Katherine M. Piazza, JD

When the Tax Cuts and Jobs Act was signed into law on Dec. 22, 2017, the primary focus naturally fell on federal and international taxes, which were directly affected. However, there will be related impacts on the 50 states and many localities that will be diverse, compelling, and ongoing for years to come.

Apr 29, 2021, 13:48 PM by Sean J. Brennan, CPA

The Tax Cuts and Jobs Act of 2017 is the most significant reform to the Internal Revenue Code since the 1986 Tax Reform Act. The Tax Act dramatically changes 2018 tax filing for both individuals and corporations. This article focuses mainly on the changes affecting individual tax filers.

Mar 1, 2021, 10:15 AM by Andrew M. Bernard Jr., CPA, and Benno Tamminga

Takes a look inside the concept and execution of value-added taxes for U.S. businesses with financial concerns in countries around the world.

Mar 1, 2021, 08:42 AM by Edward A. Kollar, CPA, EA, CSEP, and Tim Cotter, CPA, JD

Explores the impact the Tax Cuts and Jobs Act has had on Internal Revenue Code Section 1031, as well as the further developments that could take place under the administration of Pres. Joe Biden.

Mar 1, 2021, 08:16 AM by Gregory M. Rineberg, CPA, and James J. Newhard, CPA

The Tax Cuts and Jobs Act of 2017 (TCJA) reformed many aspects of the Internal Revenue Code of 1986, but the $10,000 state and local tax deduction limitation (SALT cap) has remained one of its more controversial aspects. The SALT cap prevents many individuals from being able to fully deduct their state and local income and property taxes on their federal individual income tax returns. This is further exacerbated for individuals filing in multiple states through their ownership interests in partnerships, S corporations, and certain limited liability companies.