Sec. 743(b) requires a partnership for which a Sec. 754 election is in effect to adjust the basis of partnership property in the case of a sale or exchange of a partnership interest to eliminate the difference between inside basis and outside basis. This calculation become more complicated when multitier partnerships are involved.
Is your firm truly a firm, or simply an affiliation of individualized CPAs? A siloed CPA firm can face serious challenges because the actions of one silo can put the entire firm at risk.
Revenue from state personal income taxes declined an average of 6.6% in April on a year-over-year basis, according to an analysis by Reuters. High-earning individuals could be deferring income based on their expectation that there may be tax cuts at the federal level, analysts said.
Several behavioral finance obstacles may inhibit retirement planning, but advisers can help clients overcome these hurdles. Here is a look at six such problems, starting with a failure by some clients to recognize the urgency of planning.
Firms should conduct cyberrisk assessments, update software and perform vulnerability tests, according to a ransomware alert issued by the Securities and Exchange Commission's Office of Compliance Inspections and Examinations. Meanwhile, recent developments suggest that the SEC could increasingly rely on big data in its examination of firms. Expert Joel Bruckenstein interviews expert Brian Edelman in this podcast from the AICPA PFP Division on the topic of ransomware and cybersecurity.
Despite expectations that the administration could work with Congress to revamp tax rules, uncertainty remains about exactly what form the overhaul will take or when it might occur. Meanwhile, estate planners can help clients in several ways, such as by assisting them in making gifts to heirs and considering the potential of grantor retained annuity trusts. Expert Steve Siegel, CPA/PFS, dives deeper into estate planning in this webcast, available to PFP/PFS section members.