Frequently asked engagement letter questions - Journal of …
WEBSep 1, 2021 · Learn why engagement letters are important for CPAs and how to implement them efficiently. Find out how to use standard terms and conditions, negative assurance, and evergreen letters, and how to respond to client requests.
Keep or toss? A guide to CPA firm record retention
WEBLearn how to determine what records to keep or toss, and for how long, based on various factors such as type of service, statute of limitation, and regulatory requirements. The web page does not mention CEP (Continuing Education Program) specifically, but it may be relevant for CPAs who need to comply with CPE requirements.
5 missteps to avoid when evaluating internal controls
WEBJul 1, 2019 · Misstep No. 2: Not understanding which controls are relevant to the audit. Auditors are required by paragraph .13 of AU - C Section 315 to obtain an understanding of internal control relevant to the audit. This includes all controls assessed as relevant by the auditor and is not limited to those controls that the auditor plans to test for ...
A practical guide to economic nexus - Journal of Accountancy
WEBJun 1, 2021 · Learn how states enforce economic nexus rules after Wayfair, which require sellers to collect sales tax in states where they exceed certain thresholds. Find out the different types of thresholds, how to comply, and what challenges and arguments exist in this area of tax law.
IRS issues more bonus depreciation rules - Journal of Accountancy
WEBSep 22, 2020 · The IRS issued final regulations (T.D. 9916) providing guidance on additional first-year (bonus) depreciation under Sec. 168 (k), which was amended by the law known as the Tax Cuts and Jobs Act, P.L. 115-97. T.D. 9916 provides taxpayers with guidance on issues involving the application of Sec. 168 …
Unclaimed property: What is it, and what are the risks?
WEBNov 1, 2020 · Learn what unclaimed property is, how states regulate it, and what penalties and options companies face if they are not in compliance. This article covers the basics of unclaimed property, the uniform acts, the audit process, and the recommendations for CPAs and other professionals.
Dropping the curtain on entertainment deductions
WEBMar 1, 2021 · The Tax Cuts and Jobs Act (TCJA) eliminated the deduction of entertainment, amusement, or recreation expenses after Dec. 31, 2017. The IRS issued final regulations to clarify the separation of meals from entertainment and the 50% limitation for food and beverage expenses.
Accounting for sale and leaseback transactions
WEBJul 1, 2020 · Learn how to apply new revenue recognition and lease accounting standards to sale and leaseback transactions, which involve the seller selling an asset to a buyer and then leasing it back. See the criteria and illustration for determining whether the transaction qualifies as a sale or a finance lease.
Mechanics of the new Sec. 199A deduction for qualified business …
WEBMay 1, 2018 · Learn how to calculate the new Sec. 199A deduction for passthrough businesses and determine who qualifies for the break. The deduction is based on 20% of QBI, but may be limited by income level, type of business, or wage and capital factors.
Tax compliance after M&As - Journal of Accountancy
WEBDec 1, 2017 · This article discusses common U.S. federal income tax implications and challenges for tax compliance professionals after merger and acquisition (M&A) transactions. It covers topics such as form of acquisition, taxable income, elections, carryovers, and debt.
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