tax reform mnuchin rule april 26

In anticipation of President’s Trump’s proclaimed “big tax reform and tax reduction” announcement on April 26, we take a closer look at the proposals of each of the key players in the Republican tax reform effort.

tax reform race

On its face, the executive order President Trump signed April 21, 2017 feels like the firing of the starter’s gun for the much-anticipated Republican tax reform effort, and that may well be the intention. But is it? Let’s take a closer look.

Modern Day Light Brigade

Often CPAs and tax preparers have a similar feeling to the 600+ cavalrymen coined by Alfred, Lord Tennyson as “The Light Brigade,” fighting the battle with imprecise instructions and vague guidelines. Read more for how the AICPA’s proposed new “S-Corp Basis” form could make the battle much easier.

We talked to Craig W. Smalley, EA, Founder & CEO of CWSEAPA, PLLC, a multi-state tax firm, about a phishing scam that’s targeting tax professionals. CPAs, EAs, and tax preparers: find out how not to become a victim.

yellow book

The GAO just released a 2017 exposure draft for a revised Yellow Book. This will replace the 2011 version when issued in its final form. Read more for some of the key proposed changes.

IRS

The IRS announced the latest “Dirty Dozen” scams. As this year’s tax season nears the finish line, keep in mind that taxpayers are subject to these scams year-round.

business expenses receipts

Can individuals deduct for business expenses associated with education outside of work? Read more for where the Tax Court drew the line in this case.

comedian-Greg-Kyte-CPA

Take a quick break from busy season and hear stand-up comedian Greg Kyte, CPA share his latest joke.

GOP

With the failure of the AHCA, read more for what you should tell your clients about Obamacare now, and what this means for tax reform.

2017-reporting-deadlines

Though we’re on the brink of some sort of changes to the ACA, current guidance around healthcare reporting still stands. Here’s a quick rundown of what were we still need to comply for form 1095 and taxpayer self-reporting.