Newsletters

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 Internal Revenue Service is looking toward automated solutions to cover the recent workforce reductions implemented by the Trump Administration, Department of the Treasury Secretary Bessent told a House Appropriations subcommittee.


A taxpayer's passport may be denied or revoked for seriously deliquent tax debt only if the taxpayer's tax liability is legally enforceable. In a decision of first impression, the Tax Court held that its scope of review of the existence of seriously delinquent tax debt is de novo and the court may hear new evidence at trial in addition to the evidence in the IRS's administrative record.


The IRS has reminded taxpayers that disaster preparation season is kicking off soon with National Wildfire Awareness Month in May and National Hurricane Preparedness Week between May 4 and 10. Disasters impact individuals and businesses, making year-round preparation crucial. 


A decedent's estate was not allowed to deduct payments to his stepchildren as claims against the estate.


The IRS issued interim final regulations on user fees for the issuance of IRS Letter 627, also referred to as an estate tax closing letter. The text of the interim final regulations also serves as the text of proposed regulations.These regulations reduce the amount of the user fee imposed to $56.


The Tax Court appropriately dismissed an individual's challenge to his seriously delinquent tax debt certification. The taxpayer argued that his passport was restricted because of that certification. However, the certification had been reversed months before the taxpayer filed this petition. Further, the State Department had not taken any action on the basis of the certification before the taxpayer filed his petition.


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.