FAQs about fair value in accounting

In recent years, accounting rule makers have issued guidance that requires certain items on the balance sheet to be reported at “fair value.” Here are some answers to frequently asked questions about this standard of value and how it’s measured. What is fair value? Under U.S. Generally Accepted Accounting Principles (GAAP), fair value is “the […]

Qualified Opportunity Funds review by IRS

The Qualified Opportunity Zone (QOZ) program allows investors to make long-term investments in distressed communities. More specifically, it allows investors who recognize capital gains to reinvest those gains in Qualified Opportunity Funds (QOFs) that, in turn, invest in one of nearly 9,000 designated QOZs. If you’ve made QOF investments, you may soon receive a letter […]

Foreclosure cases

Sometimes to satisfy delinquent tax debt, the IRS pursues foreclosure of a primary residence. Recently, the Treasury Inspector General for Tax Administration (TIGTA) looked at whether the IRS needs to improve its handling of these actions. In 96 lien foreclosure cases over two years ending Sept. 30, 2020, revenue officers generally followed procedures. But in […]

Once you file your tax return, consider these 3 issues

The tax filing deadline for 2021 tax returns is today, April 18. After your 2021 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations: 1. You can throw some tax records away now You should hang onto tax records related to […]

Identity Theft

What happens if a thief steals your identity and files a fraudulent tax return? Although not all fraud can be easily detected, the IRS scans tax returns for possible fraud as they’re received. Returns that are flagged as suspicious will be pulled for extra review. If this happens with your return, you’ll receive an IRS […]

Happy Easter

May God shower you with blessings, love, and peace this Easter.From all of us to you; have a wonderful Easter celebration.

Tax Court rules on accrual business accounting

U.S. businesses must generally follow strict rules in how they report income and expenses. One key rule is the matching principle, which requires that income and related expenses be reported in the same period. Even when a business strictly adheres to “generally accepted accounting principles” (GAAP), the IRS might challenge it. In one case, the […]

How sanctions against Russia may affect U.S. companies

Did you owe tax?

The 2021 tax filing season is nearly over, with the April 18 tax filing deadline fast approaching. If you’ve filed your return, were you unpleasantly surprised to learn that you owed the IRS money? Or perhaps you thought your refund was too small or too big? If this was the case, your withholding adjustments might […]

The GAO reviews the IRS

The IRS’s recent woes are well documented. So it’s probably no surprise that the Government Accountability Office (GAO) is recommending changes. In a report assessing the 2021 tax season, the GAO notes problems. For example, online refund information was limited and in-person services declined. The GAO suggests such steps as modernizing the “Where’s My Refund” […]