Written by industry professionals on the latest trends and changes in the accounting landscape. Our CPE courses offer comprehensive instruction taught by the same instructors that author our blog posts.
“Practical” is a word often associated with Karen Brosi. As we sat down for an interview in our snowy Bozeman, Montana office, Karen talked about her background as a tax professional and the upcoming challenges for CPAs in the New Year.
On December 22, 2017, President Donald Trump signed the Tax Cuts and Jobs Act, an 1,101 page document into law. Here is a chart that briefly summarizes the major provisions affecting our business clients, including corporations, partnerships and sole proprietorships.
Although some have criticized the process and the policy decisions in the formulation of this major tax system overhaul, we in the tax and accounting industry wanted action and less talk about "maybe this will change and maybe that will stay." We are about to get our wish for something—anything—in concrete so we can get tax plans in place before year end and have answers to the many questions our clients are asking about what tax reform does to their 2018 tax bill.
There are differences between the tax reform provisions proposed by the House and Senate. More changes are likely to occur as the Senate votes on its version in the next several days. Then, there must be a reconciliation of differences before we finally see the Tax Cuts and Jobs Act head to the President's desk for signature.
New cryptocurrency investors and CPAs alike have questions about how digital currency tokens are created, traded, and taxed. Below, we’ll give an overview of how miners acquire derivatives of a cryptocurrency token, as well as a brief synopsis of what the IRS has said so far regarding the taxation of gains on the trading of digital currencies.
With the exponential rise in the value of Bitcoin over the last year, interest in cryptocurrencies is higher than ever. Investors, CPAs, and the IRS are all trying to figure out what it means and where we’re headed. The truth is, no one is entirely sure. But, what is certain is that cryptocurrencies aren’t going anywhere and will prove to be a disruptive technology in coming years.
Check tampering is a type of fraudulent disbursement that occurs when an employee converts an organization’s funds by either: fraudulently preparing a check drawn on the organization’s account for his own benefit, or intercepting a check drawn on the organization’s account that is intended for a third party and converting that check for his own benefit.
Because stealing from the cash register is common in business, owners and managers know to look out for a high number of voids. Skimming without voiding receipts can lead to imbalances on the receipts, which also alerts managers and auditors.