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Auditing
Catch the Deception if you Can! Preventive & Detective Controls
Sunish Mehta, CPA, CGMA
Webcast
Credits: 1 $49.00$49.00
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Auditing
Catch the Deception if you Can! Audits & SSARS
Sunish Mehta, CPA, CGMA Webcast
Credits: 1 $49.00$49.00
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Auditing
Catch the Deception if you Can! Technology
Sunish Mehta, CPA, CGMA Webcast
Credits: 1 $49.00$49.00
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Auditing
Catch the Deception if you Can! Stories & the ACFE Study
Sunish Mehta, CPA, CGMA Webcast
Credits: 1 $49.00$49.00
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Accounting
SSARS Top Tips: Reviews
Sunish Mehta, CPA, CGMA Webcast
Credits: 1 $49.00$49.00
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Accounting
SSARS Top Tips: Preparation Services
Sunish Mehta, CPA, CGMA Webcast
Credits: 1 $49.00$49.00
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Personnel/Human Resources
The Mindful CPA
Sunish Mehta, CPA, CGMA Webcast
Credits: 2 $98.00$98.00
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Accounting
SSARS Top Tips: Compilations
Sunish Mehta, CPA, CGMA Webcast
Credits: 1 $49.00$49.00
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Accounting
The Art of Controlling: A Controller’s Handbook
Sunish Mehta, CPA, CGMA Webcast
Credits: 4 $196.00$196.00
2018 Tax Postcard July 2, 2018
By: The IRS is about to officially release a draft of a postcard Form 1040. The smaller size is meant to convey that taxes are simpler after the enactment of the Tax Cut and Jobs Act. Take a look at the draft Form 1040 postcard and see for yourself if the 1040 postcard is the answer to the public’s need for simple tax.The form is not really a postcard as it must be submitted in an envelope (and it has no pretty pictures with “wish you were here” sentiments). The 1040 postcard does have fewer lines, but their are six new …
Instructor Spotlight: Jeff Sailor, CPA February 22, 2018
“Fun,” “creative,” and “outside-the-box” are not terms that often come to mind when one thinks of CPE education. Most of us envision long hours in brightly-lit conference rooms, surviving from cup-to-cup of dark coffee. Some choose to study at home, parking in front of the laptop for a webcast or delving through pages of a written course. But more than 20 years ago, Jeff Sailor, CPA, realized CPE didn’t have to equate boredom.The BeginningIn 1992, Jeff Sailor was sitting in a CPE seminar, fulfilling his annual requirements for his accounting practice. “It was horrid,” he said honestly. “Some speakers were …
The Bipartisan Budget Act of 2018 February 9, 2018
By: Bipartisan Budget Act of 2018, signed February 9, 2018, makes changes you need to know about for 2017 tax returns. In addition to keeping the government open, the bill retroactively extended 30 tax provisions that expired December 31, 2016. In most cases, the new expiration date for those provisions is December 31, 2017View a comprehensive list of extended items. (PDF)Learn more at 2018 Tax Reform at Western CPE Tax Reform Seminars.
Cryptocurrency Generation and Taxation January 31, 2018
By: 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. How cryptocurrencies generate value Unlike a traditional monetary system like the Federal Reserve where a centralized authority decides when to print currency, cryptocurrency tokens are mined by users that utilize specialized software to connect to a network (and often allow their computer to become a …
Instructor Spotlight: Karen Brosi January 16, 2018
“Practical” is a word often associated with Karen Brosi. As we sat down for an interview in our snowy Bozeman, Montana office, Karen Brosi talked about her background as a tax professional and the upcoming challenges for CPAs in the New Year. “If I can help, I want to help,” she commented as we talked about her tax update seminars, noting that in 2018, “The challenge will be—for everyone in our business—in the form of the tax reform bill. We have not seen this kind of change in 30 years; as a result, it’s both a challenge and an opportunity. …
Tax Reform Highlights January 2, 2018
By: Happy 2018. Although some have criticized the process, priorities, and policies used in the formulation of this major tax system overhaul, we in the tax and accounting industry anticipated action. After several iterations, we finally got our wish for something—anything—in concrete so that we could have answers to the many questions our clients are asking about what tax reform does to their 2018 tax bill. On December 22, 2017, President Donald Trump signed the Tax Cuts and Jobs Act, a 1,101-page document into law. Final Business/Corporate/Partnership Provisions in Tax Cuts and Jobs Act of 2017 Here is a chart that briefly summarizes the major provisions affecting our business clients, …
Tax Reform: The 2018 Tax Bill December 19, 2017
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.On December 15, 2017, Congressional Republicans released a 1097 page document, their reconciliation of the House and Senate tax …
Proposed Tax Reform Provisions by the House and Senate November 28, 2017
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.Western CPE instructor, Mark Mirsky has provided us with a summary of the differences for both businesses and individuals.View Summaries (PDF)Tax Cut and Jobs Act of 2017 – Business ProposalsTax Cut and Jobs Act of 2017 – Individual ProposalsUpdate: The tables below have been updated …
Tax Reform Bill Introduced Nov 9, 2017 November 10, 2017
On November 9, 2017, the Senate Committee on Finance introduced the Chairman’s “conceptual mark” of its tax reform plan, and the House Ways and Means Committee voted (along strict party lines) to approve its amended Tax Cut and Jobs Act.The plans differ in many ways. There will be many changes before we see final legislation making its way to the President’s desk as donors, lobbyists, and constituents weigh in. Here is a comparison chart that briefly summarizes the major proposals affecting our individual client.Individual proposalsHouse(HR 1 as amended)Senate (“conceptual mark”)Individual tax rates12%, 25%, 35%, and 39.6%.Imposes highest rate at $1mMFJ and $500k …
House Ways and Means Committee Releases Its TCJA in First Effort Toward Tax Reform November 3, 2017
On Thursday, the House Ways and Means Committee released a 429-page bill aimed at tax reform. The Tax Cuts and Jobs Act has winners and losers. The losers are already lining up to lobby for changes to reinstate and protect their precious “sacred cows” Thus, as you would expect, this legislation has a long way to go before it is on the President’s desk. Here is a brief summary of this first try at tax reform1.Individual ProposalsIndividual rates would be reduced. Proposed Tax Rates and BracketsRateSingleMFJMFSHOH12%<$45,000<$90,000<$45,000<$67,50025% $45,001 – $200,000$90,001 – $260,00$45,001–$130,000$67,501– $230,0035%$201,000- $500,000$260,001-$1,000,000$130,001-$500,00$230,001–$500,00039.6%Over $500,000Over $1,000,000Over $500,000Over $500,0002. Personal exemptions would be eliminated.3. …
Protecting Yourself and Your Clients Against Ransomware November 2, 2017
Ransomware attacks are an increasing threat to the public. These attacks indiscriminately affect countless computers and can cause permanent loss of personal, organizational and client data every year. These attacks are responsible for billions of dollars in lost productivity, damaged reputation, and direct financial loss. Even the IRS has warned tax professionals that ransomware attacks are on the rise worldwide, and has launched a security awareness campaign called “Don’t take the Bait” to help tax professionals navigate these threats. You may be asking yourself, “what is a ransomware attack”? Or more importantly, “how do I protect myself, my organization, and …
Property Tax, Mortgage, and Filing Deadline Relief for CA Fire Victims October 17, 2017
Property taxes. Temporary property tax reductions are available for homes destroyed or damaged by fire. The property owner must apply to the County Assessor within one year from the date of the fire for tax relief. County Assessor contact information is here. Comment. This relief is available for all property where value is reduced more than $10,000 by a fire, not just property in the wildfire areas.For people who live in counties where Governor Brown has declared a state of emergency, fire victims can apply for a deferral of their next property tax payment …
A Framework for Corporate Tax Reform October 10, 2017
The US corporate income tax rate is the highest among the industrialized nations and the fourth highest in the world. As economies become global, international competitiveness becomes more important.Most agree that corporate tax reform is needed to put US corporations on a more equal footing with foreign businesses. Although short on details, leadership from the House, Senate and administration have proposed a Tax Reform Framework to the House Ways and MeansCommittee, charged with writing the tax reform legislation. The proposals include:1. Lower the top corporate tax rate from current 35% to 20%. This reduction is estimated to cost $1.5 trillion in the …
Tax Reform Framework for Individuals October 10, 2017
Tax reform was part of President Trump’s campaign promises. We each know personally of the complexities in a tax code with 4,029 pages and year-after-year changes. Individuals want tax reform. Is this the year?Although short on details, leadership from the House, Senate, and administration has proposed a TaxReform Framework to the House Ways and Means Committee, charged with writing the tax reform legislation. The individual proposals include:1. Reduce tax rates from seven to three—12%, 25%, and 35%. The increase from the current 10% to 12% could cost some taxpayers more but the larger standard deduction is intended to offset the rate increase. The income …
Equifax Data Breach Takes Immediate Action September 11, 2017
There has been a massive data breach at Equifax, one of the nation’s three major credit reporting agencies. 143 million individuals are at risk for identity theft. Hackers accessed people’s names, Social Security numbers, birth dates, addresses and, in some instances, driver’s license numbers. They also stole credit card numbers for 209,000 people.To protect yourself and your client, go to https://www.equifaxsecurity2017.com to determine if your data was breached and to sign up for credit file monitoring and identity theft protection. The offering, called TrustedID Premier, includes 3-Bureau credit monitoring of Equifax, Experian and TransUnion credit reports; copies of Equifax credit reports; the …
eTax Alert: Self-Directed IRAs August 23, 2017
Tax expert Vern Hoven, CPA, MT discusses the challenges of self-directed IRAs using real-life scenarios, and how to legally establish Rollovers as Business Startups (ROBS).To stay current on topics like this and potential changes from the Trump administration, sign up for the industry’s most comprehensive tax update. Make sure you and your clients are prepared for the changes as they happen. Sign up now to take advantage of early bird pricing.Vern Hoven: If we have any area that is causing a little bit of consternation for preparers, it is in the area of self-directed IRAs. Your material and the slides cover self-directed IRAs. I guess the problem …
Tax Ramifications of Missed 401(k) Loan Payments August 15, 2017
A few missed payments on a 401(k) loan, even though the delinquency was the employer’s mistake, didn’t stop the IRS from collecting tax and penalty on a deemed distribution. This is “borrower beware” tax law.Missed Payments on 401(k) Loan Result in Deemed Distribution (Louelia Salomon Frias and Mervyngil Salomon v. Comm., TCM 2017-139)Louelia Frias borrowed $40,000 from her 401(k) plan when she went on maternity leave. The loan agreement required biweekly payroll deductions to start on the first billing statement beginning after August 10, 2012. In the event that a payment was missed, the loan agreement allowed Mrs. Frias to pay …
eTax Alert: Tax Ramifications of Medical Marijuana August 14, 2017
Law requires reporting of all income including that from illegal activity. Tax expert Vern Hoven breaks down what the IRS and court cases say about deductions and reporting related to medical marijuana sales. To stay current on topics like this and potential changes from the Trump administration, sign up for the industry’s most comprehensive tax update. Make sure you and your clients are prepared for the changes as they happen. Sign up now to take advantage of early bird pricing.Vern Hoven: What is the tax ramification of selling Marijuana? In this case, it’s medical marijuana. In medical marijuana, the reportable rule 61A says you got to …
eTax Alert: Tax Ramifications of Divorce August 10, 2017
Divorce settlement, so what’s the first thing we need to know? In a divorce, if the division of the marital assets is a non-taxable event, that’s what quotation 10-41 says. Now, the problem is when it says it’s a not-taxable event, it’s treated like a gift. Most certainly it isn’t a gift. They like each other and so when we’re talking about a divisional marital asset is treated like a gift that means that the basis goes with whoever gets the property. It’s not a sale. It’s a gift. Why could we have a problem with this? What happens if …
eTax Alert: Charitable Deductions August 3, 2017
Don’t stop reading this important Tax Court decision because the charity deduction is so big – none of my clients donate that much – or because the taxpayer claimed outrageous FMV on the donated property – I’d never let my client get that greedy. Instead, read to the end to find out that the Tax Court disallowed the entire charitable deduction because there was an omission on the Form 8283. Did I forget to completely fill in the form? The court didn’t care if the omission was intentional or unintentional. The deduction was disallowed.Missing Cost on Appraisal Summary Nixes Charitable Deduction (RERI I, LLC, 149 …