New Podcast | 5-20-2019

This week’s podcast focuses on the following items: Review Wolters Kluwer IRS response and other issues IRS releases a new worksheet for computing tax when there are 25% or 28% gains Tax Court finds IRS did not have authority to find Medicare difficulty payments nontaxable in Notice 2014-7 CA10 agrees with Tax Court that S […]

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2019 North Carolina Tax Bills Advance in House and Senate

The following information was provided by our lobbyist, and is the latest North Carolina General Assembly state budget update. This Alert summarizes and compares the most important provisions of the House and Senate tax bills. ALERT May 17, 2019 2019 North Carolina Tax Bills Advance in House and Senate  A previous Alert summarized the North […]

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New Podcast | 5-15-2019

This week’s podcast focuses on the following items: Wolters Kluwer CCH systems suddenly taken offline due to malware issue GAO criticizes security of e-file providers and software developers IRS updates maximum vehicle values for cents-per-mile and FAVR IRS clarifies redemptions treated as dividends taxation when paid during post-termination transition period Deduction for Connecticut estate taxes […]

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New Podcast | 5-7-2019

This week’s podcast focuses on the following items: Taxpayer’s marriage forces repayment of advance PTC, unfairness is not a defense State tax refundable credit in excess of taxes is taxable income to taxpayer IRS expands determination letter to cover a limited number of existing plans LLC operating agreement adoption terminates S election You can listen to […]

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New Podcast | 4-30-2019

This week’s podcast focuses on the following items: Taxpayer finds expense can’t be assigned to business based on best result IRS greatly expands the FAQ on Section 199A, including a major surprise to many on handling S corporation shareholders IRS updates the EPCRS program to add more self-correction options Chief Counsel Email holds that using […]

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New Podcast 4-23-2019

This week’s podcast focuses on the following items: Draft forms issued to be used to report §199A deduction on 2019 returns Proposed regulations address NRA potential current beneficiaries of ESBTs that are also grantor trusts Memorandum address impact of §318 attribution rules on §1372 and self-employed health insurance deduction Second (and maybe final) set of […]

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New Podcast | 4-16-2019

This week is a break from the regular updates. The program takes an overview at the end of tax season of where we stand on guidance on the TCJA, including what is final, what is likely to become final in the near future, and those areas current without guidance. This week’s podcast also focuses on […]

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Return & Extension Acknowledgements by NC Department of Revenue

Due to a massive volume of e-filed tax returns and extensions, the NC Department of Revenue is experiencing a delay in sending out acknowledgements. They anticipate these confirmations will be behind by a few days, and will relay more specific updates to NCACPA as they are received by the Department’s I.T. staff. However, returns and […]

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Responding to Pressure to Provide CPA-to-Lender ‘Comfort’ Letters

By Suzanne M. Holl, CPA CPAs at times come under fire from banks and other lenders pressuring them to provide assurances regarding their clients’ financial strength. Many CPAs have shared their frustrations and concerns with CAMICO regarding veiled threats from aggressive brokers and lenders alleging that their clients will not qualify for a loan without […]

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New Podcast | 4-8-2019

This week’s podcast focuses on the following items: IRS sends proposed regulations on §199A for cooperatives to OIRA for review PMTA outlines intereaction of home office and SALT cap Trade or business definition for instructions in Form 461 issue identified by IRS Second Circuit reverses Tax Court decision that found a tax “black hole” You […]

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