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Jan 22, 2025 | 
cpapracticeadvisor.com | Richard Corn
By Richard Corn, CPA. In today's rapidly evolving tech landscape, accounting firms face a critical decision: begin strategically embracing AI, or risk falling behind competitors. The good news is that it's not too late for firms to begin their AI journey. A recent CPA Practice Advisor report found that only 48% of surveyed accounting firms are currently using AI for any purposes.
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Nov 1, 2024 | 
mondaq.com | Richard Corn |Robert Friedman |Mitchell M Gaswirth |Martin Hamilton
The IRS has announced a new audit campaign targeted at the use
of private aircraft, a/k/a "corporate jets". This has
been an intensifying area of focus by the IRS over the last few
years as a result of recently-increased tax benefits for private
aircraft. Clients who use airplanes for business and have taken
advantage of these tax benefits should be prepared for additional
scrutiny of their tax returns.
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Oct 28, 2024 | 
natlawreview.com | Richard Corn
The IRS has announced a new audit campaign targeted at the use of private aircraft, a/k/a “corporate jets”. This has been an intensifying area of focus by the IRS over the last few years as a result of recently-increased tax benefits for private aircraft. Clients who use airplanes for business and have taken advantage of these tax benefits should be prepared for additional scrutiny of their tax returns.
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Sep 24, 2024 | 
accountingtoday.com | Richard Corn
As the accounting profession continues to evolve, staying ahead of the curve is not just a competitive advantage for firms — it is a necessity. BILL recently hosted our sixth annual Accountant Partner Council, which brought together industry leaders from accounting firms across the U.S. to discuss how the profession is changing and share strategies for adapting to meet changing client needs.
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Aug 21, 2024 | 
natlawreview.com | Richard Corn
1. Introduction.
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Jun 27, 2024 | 
insightfulaccountant.com | Richard Corn
The large-scale shifts in workplace dynamics over the past few years have accelerated changes in how and where accountants work. In many cases, these changes were already largely underway, as accounting firms of all sizes have been experimenting with dispersed teams for many years.
But while this was largely viewed as an exception rather than a norm, clients and accountants alike are now fully accustomed to the fact that remote work is here to stay.
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Jun 24, 2024 | 
jdsupra.com | Richard Corn |Martin Hamilton |Amanda H Nussbaum
On June 17, 2024, the IRS announced the formation of a dedicated group in the Office of Chief Counsel specifically focused on developing guidance on partnerships, which is expected to work with a new “passthrough working group” being established in the Large Business and International Division of the IRS.
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Jun 20, 2024 | 
natlawreview.com | Richard Corn
On June 20, 2024, the U.S. Supreme Court ruled 7-2 that the so called mandatory repatriation tax under Internal Revenue Code Section 965 (“MRT”) is constitutional. Justice Kavanaugh wrote the majority opinion. Justice Thomas (joined by Justice Gorsuch) dissented. Justice Barrett (joined by Justice Alito) and Justice Jackson delivered separate concurring opinions. The Court found that the MRT is constitutional under Article I, Sections 8 and 9 and the Sixteenth Amendment.
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May 20, 2024 | 
natlawreview.com | Richard Corn
Introduction On April 9, 2024, the Department of the Treasury (“Treasury”) and the Internal Revenue Service (the “IRS”) issued two sets of proposed Treasury Regulations related to section 4501, REG-115710-22, which provides guidance on the application of section 4501, and REG-118499-23 (together with REG-115710-22, the “Proposed Regulations”), which provides guidance on the reporting and payment of the excise tax.[1] Section 4501 generally imposes a nondeductible 1% excise tax (the “Tax”) on...
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Feb 19, 2024 | 
cpajournal.com | Richard Corn
November/December 2023, Featured, News & Views |
Audits, tax returns and financial statements are all critical products that CPA firms deliver. With the rise of client accounting services (CAS) offerings, the number of a firm’s “SKUs” is expanding. At the same time, the consumerization of professional and financial services continues, with clients expecting a seamless experience and exceptional service.
