Practitioners still have a lot of questions about tax reform — including everything from dealing with binding and nonbinding Tax Cuts & Jobs Act (TCJA) guidance to individual planning considerations.
One of the areas that accountants are most interested in regarding tax reform is Sec. 199A guidance — and, more specifically, how the deduction for qualified business income relates to a specified service trade or business. In this episode, Tony Nitti, CPA, addresses some popular questions on that topic.
Each quarter, the Association of International Certified Professional Accountants surveys finance decision-makers in the United States about their outlook for the coming 12 months. The fourth-quarter results show that sentiment has dipped regarding the domestic and global economies. The decline is in part due to subsiding euphoria of the first quarter and tax law changes, though the overall outlook remains strong. Ken Witt, CPA, CGMA, the Association’s lead technical manager for management accounting, delves further into the results, focusing on hiring plans and the top challenges facing businesses.
Identical twin brothers Harold Little, CPA, CGMA, Ph.D., and Carroll Little, CPA, DPA, share the unusual distinction of having both served as the chairs of AACSB-accredited accounting departments. The brothers look back at their journey from students to practitioners to faculty members.