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CERTIFIED PUBLIC ACCOUNTANTS

Tax Alerts
Tax Briefing(s)


On July 25, 2018, in a statement posted to their firm's respective websites, the leaders of the largest CPA firms reaffirmed the audit profession's commitment to audit quality. 


In a 5 to 4 decision, the US Supreme Court overturned the landmark court case that required a physical presence to establish a seller's responsibility to collect and remit sales tax to a state.


On June 21, 2018, the Financial Accounting Standards Board (FASB) issued its latest updated guidance for nonprofit organizations.


Ellicott City Main Street has again suffered tragic losses from torrential rain storms. 


This represents MACPA's Accounting and Auditing Standards Committee's comments on the exposure draft issued by the Auditing Standards Board addressing changes to the auditor reporting model and the auditor's consideration of disclosures in a financial statement audit.


Welcome to volume 18.02 of our Tax Update newsletter.


Welcome to volume 18.01 of our Tax Update newsletter.


By now we are all well aware of the devastation and displacement caused by Hurricanes Harvey and Irma.  The effort to restore and rebuild will be massive and long-enduring.  For our clients and friends, we have put together this article to be a source of information on matters related to helping those affected.  In the coming weeks and months, we will update and revise this resource as needed. 


The proposed ASU is designed to help organizations decide if a transaction should be accounted for as a contribution or as an exchange.


This article discusses the importance of timing of enrollment.


This newsletter covers the recent ASU issued on revenue recognition in context of exchange transactions.


This newsletter summarizes the new ASU addressing accounting for leasing transctions.


This represents our firm's comment on the PEEC exposure draft on proposed interpretations under the Integrity and Objectivity Rule.


The U.S. Tax Court lacks jurisdiction over a taxpayer’s appeal of a levy in a collection due process hearing when the IRS abandoned its levy because it applied the taxpayer’s later year overpayments to her earlier tax liability, eliminating the underpayment on which the levy was based. The 8-1 ruling by the Court resolves a split between the Third Circuit and the Fourth and D.C. Circuit.


The Internal Revenue Service collected more than $5.1 trillion in gross receipts in fiscal year 2024. It is the first time the agency broke the $5 trillion mark, according to the 2024 Data Book, an annual publication that reviews IRS activities for the given fiscal year.


The IRS has released guidance listing the specific changes in accounting method to which the automatic change procedures set forth in Rev. Proc. 2015-13, I.R.B. 2015- 5, 419, apply. The latest guidance updates and supersedes the current list of automatic changes found in Rev. Proc. 2024-23, I.R.B. 2024-23.


The Treasury Department and IRS have issued Notice 2025-33, extending and modifying transition relief for brokers required to report digital asset transactions using Form 1099-DA, Digital Asset Proceeds From Broker Transactions. The notice builds upon the temporary relief previously provided in Notice 2024-56 and allows additional time for brokers to comply with reporting requirements.


The IRS failed to establish that it issued a valid notice of deficiency to an individual under Code Sec. 6212(b). Thus, the Tax Court dismissed the case due to lack of jurisdiction.


A limited partnership classified as a TEFRA partnership was not entitled to exclude its limited partners’ distributive shares from net earnings from self-employment under Code Sec. 1402(a)(13). The Tax Court found that the individuals materially participated in the partnership’s investment management business and were not acting as limited partners “as such.”


A new year may find a number of individuals with the pressing urge to take stock, clean house and become a bit more organized. With such a desire to declutter, a taxpayer may want to undergo a housecleaning of documents, receipts and papers that he or she may have stored over the years in the event of an IRS audit. Year to year, fears of an audit for claims for tax deductions, allowances and credits may have led to the accumulation of a number of tax related documents—many of which may no longer need to be kept.


IRS Chief Counsel recently examined the tax treatment of crowdfunding activities in a new information letter (Information Letter 2016-36). Crowdfunding is a relatively recent phenomenon, used by an individual or entity to raise funds through small individual contributions from a large number of people. The guidance notes that the income tax consequences to a taxpayer of a crowdfunding effort depend on all the facts and circumstances surrounding that effort.


Employers and other organizations must obtain an employer identification number (EIN) to identify themselves for tax administration purposes, such as starting a new business, withholding taxes on wages, or creating a trust. Entities apply for an EIN by filing IRS Form SS-4. Page two of the form advises whether an applicant needs an EIN.