The Top Tax Cases of 2017
By Roger Russell By any measure 2017 was a momentous year for tax professionals. Just by itself, the Tax Cuts...
Demand for Accounting Advisory Services Is on the Rise. Are You Ready?
It may not be surprising that the accounting services industry is projected to grow at 1.8% overall between 2012 and 2017. But it may come as a surprise that specialized advisory services are projected to grow the most aggressively—at a 5.7% clip during that same time period. There also is an increasing international demand for…
IRS Advisory: Prepaid Real Property Taxes May Be Deductible in 2017 If Assessed and Paid in 2017
IR-2017-210, Dec. 27, 2017 WASHINGTON – The Internal Revenue Service advised tax professionals and taxpayers today that pre-paying 2018 state and local real property taxes in 2017 may be tax deductible under certain circumstances. The IRS has received a number of questions from the tax community concerning the deductibility of prepaid real property taxes. In…
Exempt Organization Tax Alert—Tax Cuts & Jobs Act
By John Huskins [Earlier this month] the Congressional Conference Committee released what may be the final version of the Republican Tax Cuts and Jobs Act (“the Act”). While this legislation has not yet become law, it appears to be headed for approval in Congress this week. Further, as currently written, this legislation would be in…
IRS Organizes Virtual “Flash Mob” to Advocate for Smooth Processing of 2018 Taxes
If you’ve never joined a flash mob and it’s on your bucket list, now is your opportunity. Well, virtually. The IRS is organizing the “Thunderclap” movement—an effort for CPAs across the country to flood social media platforms with a unified message at once—with a focus on advocating for smooth processing of taxes in 2018. If…
Update & Resources—NC Tax Security Awareness
Tax filing season might be upon us, but never fret…the IRS has a wealth of resources to help tax practitioners have a more seamless and data-secure busy season. Read below for an update from a tax security meeting recently held in our state, and resources now available for tax practitioners. Who: The IRS, NC Department…
New Department of Revenue Site is Live
As referenced in CEO Sharon Bryson’s recent blog post, NCACPA Meets With NC Department of Revenue, the Department’s new website is now live. This is the first of a series of anticipated updates to the Department’s electronic services. A list of improvements included in the website redesign is included here.
Triangle Student Night—Event Recap
Thanks to all who came out to last month’s Triangle Student Night, held the evening of November 2 at the...
What’s Next for Health Care Reform?
Health care reform has been one of the biggest policy issues of the year. In this AICPA podcast, which was...
Tax Reform Legislation Takes First Step
The official process to potentially make the biggest changes to the tax code since 1986 has begun. And as the nation’s premier tax practitioners, the accounting profession will be very engaged as the proposed legislation winds its way through Congress. On Nov. 2, the House Ways and Means Committee released draft tax reform legislation. Among…