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New Form 990-EZ has Help Icons to Aid Exempt Organizations in Filing

Form 990-EZ, Short Form Return of Organization Exempt From Income Tax, which can be filed by small exempt organizations that meet certain gross receipts and assets tests, now has 29 help icons on various parts of the form that link to explanations, instructions and other resources, the Internal Revenue Service announced Tuesday.  Sally Schreiber, JofA senior editor, explains. To read the full article in the ...

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IRS Issues 2017 Inflation Adjustments for Many Tax Provisions

The Internal Revenue Service issued its annual revenue procedure containing inflation-adjusted amounts for the 2017 tax year, affecting more than 50 Code provisions, as well as the new tax-rate tables for individuals and estates and trusts.  Sally Schreiber, JofA senior editor, takes us through the revenue procedure. To read the full article in the Journal of Accountancy, click: IRS Issues 2017 Inflation Ad ...

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Phishing Scams Target Tax Professionals

As cybercriminals become more sophisticated and cast a wider net, tax practitioners should take a number of steps to protect themselves and their clients.  Shannon Smith Retzke, Esq., explains that practitioners need to be careful about everything they do online as cybercriminals proliferate. To read the full article in The Tax Adviser, click: Phishing Scams Target Tax Professionals. ...

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Will Your Next Tax Appeal be a Videoconference?

More widespread use of videoconferencing could ease burdens on taxpayers who must meet in person with Internal Revenue Service Appeals personnel, but stringent privacy rules limit its use.  Joseph Brophy, CPA, ABV, explores what it would take to expand this service. To read the full article in The Tax Adviser, click: Will Your Next Tax Appeal be a Videoconference? ...

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IRS Section 2704

NACVA Present at the Congressional Hearings on the Proposed Regulations In 2015, the IRS issued proposed section 2704 regulations. The proposal would severely impact valuations of family held businesses that are the subject of gifts. On December 1, 2016, hearings were held in Congress regarding the impact of the proposed regulations. NACVA members, Peter Agrapides, Robert Grossman, and Mark Hanson testified ...

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A Crisis is Brewing

What NACVA is Doing to Protect Our Industry On August 4, 2016, the U.S. Treasury in lock-step with the Internal Revenue Service (IRS) published Proposed Treasury Regulation 163113-02 (hereafter, the “proposed regulations”) which intend to drastically alter the application of current Internal Revenue Code §2704, particularly as it applies to valuations of family owned businesses and family farms. The propose ...

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How to Add a New Specialty to Your Practice

By developing expertise in a new practice area, a CPA can increase income and become a more well-rounded professional.  Robert M. Caplan, CPA, shares his helpful insights on how to help you and your practice. To read the full article in The Tax Adviser, click: How to Add a New Specialty to Your Practice. ...

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5 Scary Tax Characters to Watch Out For

Demons and witches are scary, but the Creatures from Schedule C and the Overstatement Ogre can be downright terrifying, especially if they generate a notice from the Internal Revenue Service.  Not sure who they are?  Ann Marie Maloney, communications manager for AICPA, says, read on, if you dare. To read the full article in AICPA Insights, click: 5 Scary Tax Characters to Watch Out For. ...

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IRS Issues 2016–2017 Special Per-Diem Rates for Travel

The IRS issued its annual updates of per-diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home on or after Oct. 1, 2016.  Sally Schreiber, senior editor for JofA, explains. To read the full article in the Journal of Accountancy, click: IRS Issues 2016–2017 Special Per-Diem Rates for Travel. ...

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Private Collection Agencies to Start Collecting Tax Debts in the Spring

Under legislation enacted last year, the IRS is required to use private debt collection agencies to collect outstanding inactive tax liabilities.  The IRS has awarded contracts to four companies to participate in the program in spring 2017.  Sally Schreiber, JofA senior editor, explains what this all means. To read the full article in the Journal of Accountancy, click: Private Collection Agencies to Start C ...

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Disguised-Sale and Partnership Liability Allocation Rules Issued

The Internal Revenue Service issued three sets of regulations last week that address issues of disguised sales of property by or to a partnership and allocations of excess nonrecourse liabilities to partners.  Alistair Nevius, The Tax Adviser’s editor-in-chief, explains these regulations. To read the full article in The Tax Adviser, click: Disguised-Sale and Partnership Liability Allocation Rules Issued. ...

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Noncompete Agreements for Section 280G Compliance

Golden parachute payments can lead to significant tax consequences for both the company and the individual.  Lucas Parris, senior member of Mercer Capital’s Financial Reporting Valuation Group, discusses strategies to mitigate these tax risks to reduce the likelihood of additional excise taxes. To read the full article in Mercer Capital's Financial Reporting Blog, click: Noncompete Agreements for Section 28 ...

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Sometimes it Sucks to be Right

IRS Wins, Business Founders and their Families Lose Is cheap debt good for closely held families? Are closely held business overleveraged? Are FLP discounts about to come to an end? Why aren’t business founders and their families doing more to counter the proposed regulations that would target family business transfers? What should valuation professionals do in this environment? Dr. Sheeler answers these qu ...

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Agencies Propose Amendments to Employee Benefit Plan Reporting

Federal Agencies Plan Amendments to Form 5500 Employee benefit plans would face new reporting requirements under extensive changes to Form 5500, Annual Return/Report of Employee Benefit Plan, proposed by the federal government last month. The federal agencies are also proposing to require all group health plans to file Form 5500 along with a new Schedule J. Sally P. Schreiber, Tax Adviser senior editor, exp ...

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Worker Classification and the Evolving Service Delivery Model

Worker Classification in the Gig Economy With one-third or more of Americans working as freelancers, the traditional factors for classifying workers as employees or independent contractors are becoming obsolete.  Here's what tax practitioners need to know about changing employment relationships in the gig economy. To read the full article in The Tax Adviser, click: Worker Classification and the Evolving Ser ...

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IRS Future State is Not a One Size Fits All

Forum Discusses Future State of the IRS Nina Olson, the national taxpayer advocate, heard from tax practitioners and taxpayer groups on how the Internal Revenue Service can modernize its taxpayer services.  Troy Lewis, chair of the AICPA's Tax Executive Committee, called for better training and technology and IRS cooperation with stakeholders.  Ann Marie Maloney, AICPA communications manager, reports. To re ...

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Social Security: Keeping Exorbitant Tax Rates at Bay

Don't Let Clients Fall into This Social Security Tax Trap Social Security recipients may face disproportionately high tax rates because of the way the IRS calculates income with respect to Social Security.  So-called combined income includes adjusted gross income as well as tax-free income, half of Social Security income and some add-ons.  Paul Norr, certified financial planner with Bucks County Financial P ...

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Using PPA Data as Comparables in Upcoming Valuations

The Case of Trademarks and Brands Since the adoption of fair value accounting governed by SFAS 141 (in 2001) and IFRS 3 (in 2004), hundreds of thousands of different intangible assets have been valued, audited, and reported in financial statements of public companies all over the world. After fifteen years of fair value accounting, the debate about the accuracy of such values and their relevance for readers ...

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Auto Dealership Business Valuations

Nuances Valuing and Normalizing an Auto Dealership There are many reasons an auto dealership may require a business valuation; buy-sell agreements, shareholder disputes, employee stock ownership plans (ESOPs), and estate planning and gifting strategies. In many instances, there will be an opposing party that questions the validity of the final value, whether it be a dissenting stockholder or the Internal Re ...

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2016’s Dirty Dozen Tax Scams

Here are the IRS's Top "Dirty Dozen" Tax Scams for 2016 The Internal Revenue Service released its annual list of the "dirty dozen" worst tax scams, starting with identity theft and winding up with frivolous tax arguments.  Sally P. Schreiber, senior editor of JofA, lists what taxpayers and practitioners need to watch out for. To read the full article in the Journal of Accountancy, click: 2016’s Dirty Dozen ...

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