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This article summarizes the Current Trends in Estate/Gift Tax Valuations presentation given at the Forensic and Valuation Services Conference sponsored by TSCPA on Tuesday, Oct. 25, 2022. Following a summary of recent developments, this article provides in-depth analysis of the recent Michael Jackson case from the Tax Court.
View MoreThere has been much conversation in the accounting profession as of late about how to strengthen the pipeline and retain talented staff. Integrating new technologies, cultivating a culture of work-life balance and offering hybrid work arrangements have all been popular ideas among firms and organizations.
View MoreWith most initiatives, it is easy to determine the resources, schedule and funding needed to achieve success. However, in the case of diversity, equity and inclusion (DEI), we too often only see “don’t give up” statements. Even the staunchest allies can get fatigued and wonder if we are truly making the progress that will undo the generations of challenges that have brought us to this point.
View MoreGovernment is the 800-pound gorilla in the economy. Frustrating as that can be, investors who know how to connect the dots between policies and stock prices stand to make impressive returns. They can trade angst for alpha.
View MoreBy now, you should be aware of the new Statement of Quality Management Standards (and related new audit and compilation and review standards) issued in June 2022. The July/August 2022 Tennessee CPA Journal included a good article that covered the requirements of these new standards. Every firm that performs attest work will be impacted by these changes.
View MoreTSCPA’s Federal Tax Committee met virtually with representatives from the IRS at the Tennessee Practitioner Liaison meeting on Dec. 13, 2022. Speakers from IRS divisions presented updates on issues affecting the tax practitioner community and engaged in discussions with the committee’s members and guests.
View MoreTSCPA’s State Tax Committee met with representatives from the Tennessee Department of Revenue at the State Tax Liaison meeting on Dec. 8. The State Tax Committee meets semi-annually with state tax officials to stay up to date on tax trends and changes, as well as discuss issues of importance to Tennessee CPAs.
View MoreThere are many considerations for tax professionals this year with IRS 5293 compliance, the tax implications of the Inflation Reduction Act, improvements in tax document automation Prepared by Client (PBC) tools and portals.
View MoreIf change is the only constant, then we understand the current dynamic economic environment will introduce challenges and opportunities. As a profession, we are learning how to better respond to the challenges and leverage the opportunities of the future. The discussion that follows provides some thoughts on some of the challenges and opportunities that are coming in 2023 and beyond.
View MoreFASB recently issued several tentative board decisions regarding its project on the disaggregation of income statement expenses.
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