Blog

1 month ago

KJ Law & CPA

All the Good Stuff!
Virtual currency not FBAR reportable (at least for now)
The AICPA Virtual Currency Task Force has reached out to the Treasury Department's Financial Crimes Enforcement Network to help practitioners answer the question of whether virtual currency, or cryptocurrency, must be reported on FinCEN Form 114, Report of Foreign Bank and Financial Accounts.
Journal of Accountancy online (6/19)
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1 month ago

KJ Law & CPA

The Curse of Inheritance!
"Family gravity" is a cornerstone of a strong family business
Successful family businesses tend to share certain traits, including good governance and a concept known as "family gravity." Here is a look at the six elements of family gravity.
Harvard Business Review online (tiered subscription model) (6/18)
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1 month ago

KJ Law & CPA

What do you consider?
How companies can maximize the value of performance reviews
Leaders have started questioning the value of performance reviews, but workers still want to know how they are doing. To get the most value out of performance reviews, it is important to consider these four tips.
Entrepreneur online (6/18)
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1 month ago

KJ Law & CPA

Do you have foreign income?
Final rules govern GILTI, Subpart F income and foreign tax credits
The Internal Revenue Service has issued final regulations on the Sec. 951A global low-taxed income inclusion and foreign tax credits, finalizing proposed rules issued in October and December. The IRS has also issued proposed regulations on Subpart F income inclusions.
Journal of Accountancy online (6/17)
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1 month ago

KJ Law & CPA

More health insurance stuff!
Final HRA rules permit integration with individual health insurance
The Internal Revenue Service has issued final regulations on health reimbursement arrangements, which may be offered to individuals as individual coverage HRAs and integrated into health insurance plans.
Journal of Accountancy online (6/17)
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1 month ago

KJ Law & CPA

Where are you going?
The best place to retire early in each state
Kiplinger has considered cost of living and taxes to pick one great place for early retirement in each state.
Kiplinger online (6/17)
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1 month ago

KJ Law & CPA

Are you a Libra?
Facebook unveils plan for new type of cryptocurrency
A consortium led by Facebook and with partners including Visa and Mastercard will launch a cryptocurrency called Libra in 2020. Unlike bitcoin, Libra will be backed by assets contributed by Libra partners, a group that comprises the likes of Uber, Lyft, Spotify, PayPal and eBay.
The Verge (6/18)
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1 month ago

KJ Law & CPA

Always an Issue.
What tax firms need to know now about technology
Artificial intelligence and robots get a lot of attention, but automation and cloud computing-enabled outsourcing are technology-related terms that should be top of mind for tax practices, according to a session at AICPA ENGAGE 2019 in Las Vegas.
Journal of Accountancy online (6/12)
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1 month ago

KJ Law & CPA

Do you have issues with SALT?
SALT deduction cap rules finalized; safe harbor proposed
Here are details on rules that deny a federal tax deduction to taxpayers who donate to a state charitable fund and receive a state or local tax credit in return. The Internal Revenue Service has also created a safe harbor that lets certain donors treat charitable deductions as state tax payments in this situation.
Journal of Accountancy online (6/12)
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1 month ago

KJ Law & CPA

Do you have a non-profit?
Liquidity, regulation among not-for-profits' top challenges
Not-for-profits are facing restrictions on funding that have lingered for more than a decade, growing requirements from regulations and increased demand for services, according to a BDO USA LLP survey.
Journal of Accountancy online (6/11)
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