So, I left for a wedding in France…

You know that saying “the grass isn’t always greener on the other side”? Debra Callicutt, our International Tax Partner, and I were talking before she left for a recent wedding in France. First, she was stressed about leaving because she has so many Forms 5471 to review before the September 15 tax deadline. But, goodness, …

Keep Reading

FTC: How to avoid a Bitcoin blackmail scam

When I received the August 21 Consumer Alert from the Federal Trade Commission (FTC) via email, I was amazed to find out that the FTC was forwarding instructions on, “How to avoid a Bitcoin blackmail scam.” Had the FTC had found a way to make us always behave in an appropriate manner? Or maybe they …

Keep Reading

Fiduciary responsibilities for an employee benefit plan

Many companies offer retirement plans, which is both rewarding and challenging. Managing a plan requires certain actions and involves certain responsibilities that make the person or entity performing them a fiduciary. Fiduciaries play an essential role and are subject to standards of conduct because they act on behalf of the participants. Their responsibilities include: Acting …

Keep Reading

When work just becomes a nuisance – IRS notices

I am thrilled with my clients. I have a lot of fun and interesting and dynamic and sweet clients. What I am not so thrilled with is the annoying and completely incomprehensible notices that come in and that we are forced to deal with. The problem with a notice from the IRS is that two …

Keep Reading

New business: reasonable certainty test for lost profits

Several years ago, I wrote about whether a new or unestablished business can recover a claim for lost profits. Older case law precluded the recovery of lost profits for new businesses due to the remote or speculative nature of the damages. This was known as the “New Business Rule.” A review of the older case …

Keep Reading

Prepare your organization for new standards, smooth transitions

The Government Accounting Standards Board is always issuing new standards on a range of topics such as pensions, postemployment benefit plans, lease standards and more. With so many technically complex changes issued within a short time frame, it can be hard to keep up. Implementing changes can be a time-consuming process, especially for those with …

Keep Reading

Changes: state tax credit and federal charitable deduction

We don’t get to say this too often… breaking news! The IRS is out with new proposed rules limiting charitable donations and state tax credits and you need to act fast to receive the maximum tax benefit. Arizona has several state tax credits that have also qualified as a federal charitable tax deduction, potentially helping …

Keep Reading

Teenager wins World Excel Championship, accountants rejoice

If there is one thing that accountants of all backgrounds share, it is a fondness of Excel. I know it might sound kind of nerdy, but there is just something satisfying about creating a clean, functioning spreadsheet. In our office, I’ve seen tons of Excel spreadsheets and templates. Some of which are used to perform …

Keep Reading

Practical tips to prepare for the CPA exam

Since the CPA Exam is notoriously difficult, it is essential for CPA candidates to implement effective study habits as they prepare. As someone who has completed the exam recently, I would like to pass along some advice for those taking or planning to take the exam. Carefully choose your study materials Becker is the most …

Keep Reading