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 IRS has announced that, under the phased implementation of the One Big Beautiful Bill Act (OBBBA), there will be no changes to individual information returns or federal income tax withholding tables for the tax year at issue. 


The IRS issued frequently asked questions (FAQs) relating to several energy credits and deductions that are expiring under the One, Big, Beautiful Bill Act (OBBB) and their termination dates. The FAQs also provided clarification on the energy efficient home improvement credit, the residential clean energy credit, among others.


The IRS has provided guidance regarding what is considered “beginning of constructions” for purposes of the termination of the Code Sec. 45Y clean electricity production credit and the Code Sec. 48E clean electricity investment credit. The One Big Beautiful Bill (OBBB) Act (P.L. 119-21) terminated the Code Secs. 45Y and 48E credits for applicable wind and solar facilities placed in service after December 31, 2027.


The Treasury Inspector General for Tax Administration suggested the way the Internal Revenue Service reports level of service (ability to reach an operator when requested) and wait times does not necessarily reflect the actual times taxpayers are waiting to reach a representative at the agency.


The Financial Crimes Enforcement Network (FinCEN) has granted exemptive relief to covered investment advisers from the requirements the final regulations in FinCEN Final Rule RIN 1506-AB58 (also called the "IA AML Rule"), which were set to become effective January 1, 2026. This order exempts covered investment advisers from all requirements of these regulations until January 1, 2028.