Recent Articles
Life Settlement Taxation at the Federal and State Levels.
Implications for Policyholders and Financial Reorganization Strategies Selling policyholders life settlement were subject to a greater tax burden due to the lower cost basis because proceeds up to the policyholder’s cost basis are not subject to taxation. As record-high inflation...
IRS No Longer Able to Impose Penalties for Late Foreign Information Forms
Farhy v. Commissioner Case Paves the Way for Taxpayers to Reclaim Penalties Fees Under new regulations, the IRS can no longer administratively assess penalties for not filing or being late with foreign information forms, such as Forms 5471, 5472, 8865,...
Mastering Team Collaboration: Strategies for Remote Accounting Firms
Tips and Tools for Seamless Remote Accounting Collaboration The rise of remote work has had a significant impact on the accounting industry. Accounting firms, like many other businesses, have had to adjust to a new way of working that requires...
How to Become a Virtual CFO: Tips for Success
A Guide to Building a Successful Career as a Remote Financial Professional. In recent years, the role of a virtual Chief Financial Officer (CFO) has become increasingly popular among businesses of all sizes. A virtual CFO is an experienced financial...
IRS Tax Relief for Indiana Residents Impacted by Tornadoes and Severe Storms
Additionally, the IRS has granted taxpayers an extension until July 31, 2023, to file tax returns and make payments. Taxpayers in Indiana who were affected by tornadoes and severe storms on March 31 and April 1, 2023, have been granted...
Assessing remote accountants: Key Factors to Consider
Evaluating Self-Discipline, Communication, Technical Proficiency, Collaboration, Adaptability, and Work Samples As more companies move to remote work, accountants are no exception. Working from home can provide flexibility and convenience, but it also requires a different set of skills and traits...