Newsletters

AUDITOR INSIGHT: DO YOU KNOW HOW MUCH AN AUDIT ADJUSTMENT COSTS YOU?
Jayme L. McWidener, CPA -  HJ & Associates, LLC

In a perfect world an audit of your financial information is as simple as the financial statements that they support; everything matches and all of the schedules, invoices, and reports tie out to the penny.  However, in the real world, auditors seem to have a way of always finding something that you, or one of your accounting team members, had overlooked.  Whether it’s transposing a number, a data entry error, or just a formula in a spreadsheet that wasn’t updated or had an incorrect reference, there is always something, and your auditors always seem to find it.   Read More    

TAX DIGEST - JULY 2013

FEDERAL

  • Plan sponsors must pay new health plan fee by July 31, 2013
  • Update on state estate and inheritance laws
  • Taxpayer-friendly ruling provides guidance on applying the 70 percent safe harbor for success-based fees
  • IRS transcripts can help you discover and fix IRS account problems
  • Partnership tax planning opportunities - The real estate rebound

INTERNATIONAL

  • Appellate court upholds gross valuation penalty in case involving no valuation of property
  • Mexico’s Supreme Court holds that stock losses may not offset ordinary business income
  • Certain Mexican Land Trusts may not be trusts

STATE AND LOCAL

  • Iowa statute goes beyond “click-through” nexus
  • Remote sellers can prepare for Marketplace Fairness Act legislation
INSIGHTS - JULY 2, 2013
 
PUBLIC SECTOR
  • Proposed concepts for measurement of assets and liabilities
  • Preliminary views on fair value
Tax Alerts

The Treasury Department and IRS have finalized regulations regarding the deduction of up to $10,000 in personal car loan interest by individuals for tax years 2025 through 2028. This includes regulations on information returns required to be filed by a lender or other person engage in a trade or business who receives $600 or more of qualified interest during the calendar year. The final regulations adopt the proposed regulations published in January 2026 (NPRM REG-113515-25) with some changes in response to public comments.


The Treasury Department and IRS have issued proposed regulations providing that a private school is not eligible for Federal income tax exemption under section 501(c)(3) if it considers race, color, or national or ethnic origin in any of its educational, admissions, scholarship, athletic, or other school-administered policies. Any such consideration, under the proposed regulation subsection, would be considered de facto racial discrimination. The proposed rules would apply to taxable years beginning after May 31, 2027.


A Notice of Final Partnership Adjustment (FPA) issued by the IRS to a partnership was timely under Code Sec. 6235 because the partnership and IRS had agreed to extend the limitations period for making partnership adjustments. It was determined that the extended period under Code Sec. 6235(a)(1) controlled because the statute permits adjustments until the latest of the periods specified in Code Sec. 6235(a). Accordingly, the partnership’s motion for summary judgment was denied.


The Doug LaMalfa Federal Disaster Tax Relief Certainty Act has been signed into law by President Trump.


The IRS has modified automatic accounting method change procedures for research or experimental expenditures and certain residential construction contracts. Rev. Proc. 2026-32 modifies sections 7 and 19 of Rev. Proc. 2025-23 to reflect changes made by the One, Big, Beautiful Bill Act (OBBBA).