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AICPA Credentials' Program - Impact Stories

February 15, 2019 PFS™. CITP®. ABV®. CFF®. When any of these four acronyms appear after your name and CPA in your title, people notice. It means you’re a credentialed expert - a Personal Financial Specialist, a Certified Information Technology Professional, Accredited in Business Valuation or Certified in Financial Forensics. But apart from the prestige of having these letters follow your name, what else can they mean for you? We recently spoke to four credential holders across the country about the impact AICPA advisory service credentials have had on them and their businesses, and the resounding response was, “a huge impact.”

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Meals and Entertainment Changes Under Tax Reform

February 14, 2019 Though the Tax Cuts and Jobs Act (TCJA) has been advertised as pro-business, there are several changes that will affect the deductibility of expenses. The TCJA issued firmer guidelines on expenses related to meals and entertainment. You’ll see these changes affecting client-related business meals, employer-provided business meals, employer-hosted activities and entertainment.

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Bonus Depreciation Safe Harbor Rules for Vehicles Issued by IRS

February 13, 2019 The IRS recently provided a safe harbor method to determine depreciation deductions for passenger automobiles that qualify for the 100 percent additional first-year depreciation deduction and that are subject to the depreciation limitations for passenger automobiles under Sec. 280F (Rev. Proc. 2019-13).

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TSCPA Legislative Update

February 1, 2019 Over 1400 bills were introduced prior to bill filing deadline in the 111th Tennessee General Assembly. Here are some that could impact the CPA profession. These may be viewed in their entirety at www.legislature.state.tn.us/.

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Update Requirement for eFiling May Take Tax Pros by Surprise

January 17, 2019 A new state electronic filing requirement – currently implemented by 33 states with possibly more to come - will likely impact many tax preparers during the filing season ahead. The requirement, the “10 Business Day Rule,” is related to the application of software updates, and applies to all software vendors, according to Shannon Bond, senior director of government relations at Wolters Kluwer Tax & Accounting.

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