By  David Lifson, CPA January 2018 In order to meet legislative rules that would have required some bipartisan support, the Republicans have passed historic and comprehensive tax reform legislation that is already in need of comprehensive reform. This version of the Internal Revenue Code (IRC) will almost certainly not last long; it is designed to be modified before it reverts to the old law with respect to most of its provisions for individuals and estates. Other provisions are experiments that may be heavily burdened with administrative complexity; reading the 1,000-page law and explanation is a little like a treasure hunt that sometimes unearths items better left buried. Popularly known as the…

An Historical Perspective on the Passage of TRA ’86 By  Walter Primoff, CPA/PFS, CGMA January 2018 Editor’s Note: The Tax Cuts and Jobs Act, the most significant overhaul of the federal tax system since the Tax Reform Act of 1986 (TRA ’86), recently passed Congress and was signed into law by the President. This occasion presents an opportunity to reflect on the passage of TRA ’86 and the role that the NYSSCPA played in the process on behalf of its members. The following interview with former NYSSCPA Deputy Executive Director Walter Primoff describes the history of the Society’s efforts and the differences between the process for enacting TRA ’86 and today’s…

A Tax Reform Law for Our New Normal Publisher’s Column By  Joanne S. Barry, CAE January 2018 In The CPA Journal‘s December 1986 issue, authors Stanley Rier and Leonard Goodman summed up their analysis of how that year’s major tax reform bill would affect individuals this way: “It appears that under the banner of tax simplification, Congress has treated us to a head-spinning array of changes which will leave the individual taxpayer gasping for breath.” Well, it’s January 2018, President Trump has just delivered on his own promise of tax reform, and we are, once again, gasping. Not because of the breathtaking number of changes this latest overhaul brings to our tax…

By Edward Mendlowitz Published January 08 2018, 1:09 pm EST Back in 2010, I wrote a book called “Power Bites,” containing some concise management, leadership and lifestyle advice I give to my clients. I was recently asked to update the book, but after rereading it, I still like it the way it is. Here are some excerpts from the book in which I provided some of my favorite quotes from various writers. You can download a free copy of the book at the end of this column. If you want a print version, it’s available for less than $20 from Amazon and other online sellers. Think of all your lost…

By Edward Mendlowitz Published January 01 2018, 3:38pm EST All of the accountants I know and interact with are nice caring people and I like them. However there is one area where I believe they are being shortsighted and neglectful—when they have not made arrangements for the continuation and sale of their practice should they suddenly become disabled or die prematurely. I get many calls from colleagues, most of whom I do not even know. A topic near the top of the most asked questions is from practitioners with an opportunity to acquire a practice from the widow of a deceased sole practitioner, or worse, from the surviving partner of…

By  Sidney Kess, JD, LLM, CPA and Walter Primoff, CPA/PFS, CGMA December 2017 In the wake of the Equifax computer breach—in which key personal information of 145 million Americans was stolen—it may be correct to assume that anyone with a credit history is affected. In the words of noted cybersecurity expert Brian Krebs, “Assume you’re compromised, and take steps accordingly” (“Fear Not: You, Too, Are a Cybercrime Victim,” KrebsonSecurity.com, Oct. 17, 2017, http://bit.ly/2A67XLX). For professionals, there are broader cybersecurity concerns, as CPA firms of all sizes have recently been hacked, from local firms whose stolen client Social Security numbers were used to divert clients’ IRS tax refunds to firms that have been subject to ransomware…