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Changes to DC’s Tax Filing Process for Gross Receipts Effective October 29, 2018

Effective  October 29, 2018 , the Office of Tax and Revenue (OTR) will require utility providers to file and pay their District of Columbia tax returns via OTR’s tax portal,  MyTax.DC.gov . The following information provides an overview of...

Are Grants Subject to Revenue Recognition?

The FASB clarifies longstanding question for nonprofits  Nonprofits have finally received long-awaited clarification on a key accounting question from the Financial Accounting Standards Board (FASB). The FASB released a final accounting standards...

U.S. Supreme Court Rules in Favor of South Dakota in Wayfair Sales Tax Case

The Supreme Court on Thursday standardized taxing rules for traditional retailers and online transactions, ruling that states and localities may collect sales taxes on all purchases over the internet. By a 5-4 vote, the justices that ruled that...

SEC unveils goals for next 4 years

Technology and data are top of mind for the SEC in the initial draft of its   strategic plan   for fiscal years 2018–2022. The SEC sets three goals in the document, which was released for comment on Tuesday, but the overarching theme is the...

AICPA report: Seniors increasingly targeted for investment fraud

The average American's lifespan is increasing, and many retirees fear that they won't have enough money in savings, investments, or Social Security benefits to cover their remaining years. As a result, they are vulnerable to fraudulent investment...

AICPA advocates for IRS tax guidance priorities

The AICPA submitted a   letter   to the IRS recommending priorities for guidance the Service should issue under the 2018–2019 IRS Priority Guidance Plan. In late April, the IRS in   Notice 2018-43   asked the public to comment on items of...

Need for IRS Guidance on New Pass-Through Deduction A Top Member Concern

When will the Internal Revenue Service (IRS) issue guidance on new Internal Revenue Code section 199A?  That’s the number one question on CPAs’ minds related to the Tax Cuts and Jobs Act. The answer is soon, according to Acting IRS...

Draft 2019 Form W-4 and instructions posted

The IRS issued a draft version of the 2019 Form W-4,   Employee’s Withholding Allowance Certificate , and instructions for the form, in an attempt to further simplify the task of determining income tax withholding for individual taxpayers...

Planning ideas from Form 1040 (and beyond)

Form 1040,   U.S. Individual Income Tax Return , is one of the most important documents that CPAs who do tax work will encounter. In addition to providing a view of the current tax situation, the form also provides insights into planning...

Add value to audits with client-focused analytics

Accounting services are rapidly becoming commoditized, and when clients don’t perceive a clear difference between service providers, they may choose the least expensive option. This is especially true for audit services, where clients...