What are the issues or consequences to the taxpayer and the tax return preparer if a taxpayer does not comply with the new tangible property regulations (TPRs), i.e., file the required 3115(s)?
The Internal Revenue Service (IRS) has issued guidance indicating that health reimbursement arrangements (HRAs) that do not comply with the Affordable Care Act (ACA) are subject to severe penalties.
Since the time this Alert was written, the AICPA has announced that the IRS and Treasury are considering the AICPA’s recommendations to provide relief from the reporting requirements related to the repair regulations. The AICPA stated that it is “hopeful” that the IRS and Treasury “will release some form of relief for small businesses in the next couple of weeks."
CLAIMS HANDLING APPROACH
In spite of a CPA’s best intentions, there is always the potential for an error, omission, ... read more
The 13th edition of the CPA's Guide to Effective Engagement Letters is now available for purchase from the publisher, CCH. Policyholders will receive a 20% discount from the publisher, and we will publish the order form including the discount on the Engagement Letter Resource... read more
By Josh Yager and Ryan Wolfshorndl, Anodos Advisors
So, you're a CPA and a trustee. You said "Yes" when your client asked, "Will you serve as my successor trustee?" We don’t need to belabor why you said yes, or whether you regret saying yes, or if your partners are ha... read more
