Artificial intelligence may incrementally become a product’s component until it crosses a threshold into being a digital ...

Just as for other businesses, tax considerations come to the fore when CPA practices combine. This article delves into some of the possible entity deal structures for CPA firm mergers and acquisitions ...

Editor: Mo Bell-Jacobs, J.D. Irrevocable life insurance trusts (ILITs) continue to be a cornerstone of estate planning for many clients. Advisers often recommend ILITs to accomplish key objectives: ...

Though the lifetime estate tax exemption remains historically high at $15 million, 1 advisers still encounter many households whose estates will face a large estate tax liability despite their best ...

As applicable to costs incurred in years beginning prior to 2022, Sec. 174 provided that research or experimental (R&E) expenditures could generally be fully expensed or, at the election of the ...

In 2021, Congress enacted the Infrastructure Investment and Jobs Act (IIJA), P.L. 117-58, which requires brokers to report digital asset transactions to the IRS and taxpayers. In enacting the IIJA, ...

Consolidation of CPA firms continues to advance at a steady pace. Advisers and consultants often play a key role in locating acquisition or merger targets, facilitating discussions and negotiations, ...

The case requires students to assume the role of an entry–level tax professional in a public accounting firm. Students are given the task of calculating the state income tax liability for a ...

To understand the implications of in–kind distributions and the Sec. 643(e)(3) election, it helps to first review how income is taxed at the trust and beneficiary levels. One of the unique features of ...

Editor: Susan M. Grais, CPA, J.D., LL.M. The presidential report notes that “the IRS does not have authority to require digital asset exchanges to report on controlling persons of many shell companies ...

In a tax environment defined by uncertainty and complexity, advisers are under increasing pressure to deliver proactive and strategic planning, especially in the context of business sales, transitions ...

Under Sec. 213(a), taxpayers may deduct expenses paid during the tax year for medical care, provided these expenses are not compensated by insurance or otherwise. The deduction is available for ...