The Biden administration is ramping up new audit teams and regulations to collect some $50 billion in taxes over the next decade from business partnerships such as hedge funds, real estate investors and wealthy individuals it says inappropriately use “basis shifting” to avoid paying taxes, the Treasury Department announced. […] Click here to view full […]

Eric A. Kreuter, PhD, CPA, CGMA, CFE, CASAC-T, and Andre Roland Castillo, MBA, CPA, ABV, CFF, CFE, and Ryan Constantino Finance-related disputes are inevitable in business. Disagreements can arise between enterprises of all sizes due to differing expectations, miscommunication, or outright misconduct. When disputes arise, forensic accountants provide an […] Click here to view full […]

Many nonprofits that were affected by the COVID-19 pandemic have financially benefited from claiming the Employee Retention Credit (ERC). But the ERC has become the source of considerable notoriety over the last several years and is now the focus of significant government enforcement activity. Originally enacted in 2020 as […] Click here to view full […]

The Internal Revenue Service is once again waiving the hefty penalties for taxpayers who haven’t taken their required minimum distributions on the traditional IRAs they inherited. The agency will waive the penalty for distributions missed in 2024 from IRAs inherited in 2023, where the deceased owner was already subject […] Click here to view full […]

Editor’s Note: The following article by David T. Wolfe and Dana R. Hermanson was originally published in the December 2004 CPA Journal and appeared online at http://archives.cpajournal.com/2004/1204/essentials/p38.htm. The editors republish it here on the occasion of its 20the anniversary and a forthcoming retrospective article in the March/April 2024 issue. […] Click here to view full […]

Capital gains taxes are the price of making a good investment. They’re levied on profitable stock trades and real estate deals and can also apply to sales of businesses, pieces of art, collectible cars, gold or other assets. President Joe Biden has long vied to increase the capital gains […] Click here to view full […]