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
Tax Briefing(s)

The American Institute of CPAs in a March 31 letter to House of Representatives voiced its “strong support” for a series of tax administration bills passed in recent days.


The Tax Court ruled that the value claimed on a taxpayer’s return exceeded the value of a conversation easement by 7,694 percent. The taxpayer was a limited liability company, classified as a TEFRA partnership. The Tax Court used the comparable sales method, as backstopped by the price actually paid to acquire the property.


State and local housing credit agencies that allocate low-income housing tax credits and states and other issuers of tax-exempt private activity bonds have been provided with a listing of the proper population figures to be used when calculating the 2025:


The value of assets of a qualified terminable interest property (QTIP) trust includible in a decedent's gross estate was not reduced by the amount of a settlement intended to compensate the decedent for undistributed income.


An individual was not entitled to deduct flowthrough loss from the forfeiture of his S Corporation’s portion of funds seized by the U.S. Marshals Service for public policy reasons. The taxpayer pleaded guilty to charges of bribery, fraud and money laundering. Subsequently, the U.S. Marshals Service seized money from several bank accounts held in the taxpayer’s name or his wholly owned corporation.