Category Archives: General

From those whose firms have recently gone through a peer review as part of the AICPA’s Peer Review Program (PRP), the feedback is consistent. Things have changed. While the underlying requirements of the PRP are the same, a review of a sample of an accounting firm’s engagement workpapers in order to assure compliance with applicable […]

On July 25, 2019, the announcement of Rev. Proc. 2019-32 provided welcomed relief for Form 1065 filers. Under Section 6031(b), partnerships under the centralized audit regime are prohibited from amending, after the return’s due date, K-1 information required to be provided to partners. For 2018 returns, the K-1s show for the first time Line 20 […]

The 2018 Yellow Book is effective for financial audits for periods ending on or after June 30, 2020. However, that does not mean that auditors can wait until 2020 to become familiar with the new standards. A prime example of why early familiarity is necessary lies in the area of independence. Under the Yellow Book, […]

Throughout 2019, not-for-profit entities (NFPs) are implementing ASU No. 2016-14, Presentation of Financial Statements of Not-for-Profit Entities. ASU No. 2016-14 allows flexibility in how and where certain information is presented. Recently, I reviewed the audited financial statements for 20 NFPs which have implemented ASU No. 2016-14 to see the choices they are making. NFPs are […]

The Taxpayer First Act of 2019 was signed into law on July 1, 2019. The Act contains numerous provisions largely dealing with customer service to taxpayers and IRS organization. As such, there is little for professionals to digest in terms of substantive planning or practice. Two points, though, are noteworthy. The Act established the IRS […]

IRS issued final regs (T.D. 9864) reiterating if a taxpayer receives or expects to receive a state or local tax deduction exceeding the amount of the payment or fair market value of the property, the federal charitable contribution deduction faces mandatory reduction. The final regs largely mirror the proposed regs of August 2018 with little […]

It’s been one month since the 2018 income tax season officially ended, and if you’re a paid preparer, you’re probably just now surfacing from a much needed break. Although you likely have several income tax returns to file due to extensions, you’re mostly recovered from a complicated and time consuming first four months of the […]

A Horse Named Tax Of the three Triple Crown races, the Kentucky Derby is the most well-known, highest attended, and highest grossing. It’s the most exciting two minutes in sports. And if you’re an accountant this year’s race will leave you beside yourself with excitement. Why you ask? Because there is a horse racing in […]

  Top Trends in Continuing Professional Education for 2019   Continuing professional education is a necessity for individuals who have either a credential and/or certification to maintain their ability to practice. Accounting professions, beyond certified public accountants, all have respective hours of CPE credits they must fulfill to maintain their ability to practice. Whether their […]

Mike Tucker is a leading author for Surgent CPE, writing and presenting on a variety of incredibly valuable topics for thousands of CPAs, EAs, and financial professionals every year. Here he covers some client questions from the latest best-selling webinar, Section 199A NEW Developments: What You Need to Know to Prepare 2018 Tax Returns in […]