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.

hobby loss for your client

Peter J. Reilly, CPA, a 30-year veteran of accounting and a regular contributor for Forbes.com, discusses the complexities of hobby loss. Watch this video for a crash course in how to navigate this rule for your client.

No. 132

In February 2017, the AICPA issued SAS No. 132, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern, a key reason being that the AICPA needed to update the auditing literature for the accounting guidance found in FASB ASU No. 2014-15, which became effective at the end of 2016. To apply SAS No. 132 to an entity following the FASB or GASB standards, it is important to understand the accounting requirements found in those standards.