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Federal Tax Update – January 2019

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INDIVIDUALS In 2590 Associates LLC v. Commissioner, TC Memo 2019-3, the Tax Court allowed an entity owned in part by Alabama football coach, Nick Saban, to claim a bad debt deduction as assignee of a loan made by Saban to a developer, the Court finding that Saban expected repayment on advancing the funds as did […]

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Dually-licensed Attorney-CPAs Offer Best Of Both Worlds

Both

There are myriad options available when it comes to selecting the professionals you will utilize in your business and personal life, but the two most common are likely a CPA and an attorney. The skillsets required for both of these specialists are unique; the attorney must be able to devise creative and persuasive solutions within […]

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Federal Tax Update – December 2018

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INDIVIDUALS In Connell v. Commissioner, TC Memo 2018-213, the Tax Court determined that forgiveness of a broker’s debt to Merrill Lynch, as ordered by the Financial Industry Regulatory Authority (FINRA) gave rise to ordinary income and could not be tied back to the sale of a business. Hassan v. Commissioner, TC Summary Opinion 2018-56, and […]

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Avoiding Ethical Issues When Using Social Media

Social media can be a powerful tool to build brand awareness for your firm and help elevate your status as an expert in your respective field. Yet attorneys and CPAs always need to keep in mind when it comes to web interactions of possible breaches of ethics rules. Due to the rapid growth of social […]

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Due Diligence Activities in Merger and Acquisition Transactions

Why Not Hire

Due Diligence Activities in Merger and Acquisition Transactions When is Due Diligence conducted? Due diligence in a merger and acquisition transaction may begin during the negotiation of a letter of intent/term sheet – typically this part of the due diligence process will be undertaken without the assistance of the target (the “Target”, which term includes […]

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Leverage Effective Counsel to Influence Changes and Impact Business Performance

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Leverage Effective Counsel to Influence Changes and Impact Business Performance Learning Objectives: Importance of involving counsel to be proactive in establishing controls that reduce risk and influence change to increase business results  Definition of Corporate Governance  “Corporate Governance refers to the way in which companies are governed and to what purpose. It identifies who has power […]

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AAA-CPA Listserv ‘Alone Is Worth The Annual Dues’

From discounts with numerous retailers to earning your CPE and CLE credit simultaneously, the American Academy Of Attorney-CPAs offers a number of useful resources to its members. However, one of the most beneficial (and often underappreciated) is the AAA-CPA Listserv, which connects all members of the organization regardless of where you practice. Utilizing this service […]

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Federal Tax Update – November 2018

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INDIVIDUALS In Duncan v. Commissioner, TC Memo 2018-190, the Tax Court agreed with IRS that a lawyer who handled a disability claim for a fixed fee of $2,500 and reached a great result causing the client to give the lawyer an additional $30,000 had reportable income rather than a nontaxable gift despite the lack of […]

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The Benefits Of A Dually-Licensed CPA

There are many situations that require the assistance of a skilled financial advisor and even more where professional guidance is beneficial. From improving your credit rating and reducing debt to starting a business or managing real estate, having an experienced accountant you can turn to can save you many headaches in the future. However, selecting […]

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Federal Tax Update – October 2018

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INDIVIDUALS In Felton v. Commissioner, TC Memo 2018-168, the Tax Court found that donations to a reverend were income rather than gifts, the IRS finding a “routinized, highly structured program.” In Antonyshyn v. Commissioner, TC Memo 2018-169, the Tax Court held that work done in an individual’s capacity as an investor including studying and monitoring […]

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