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Disasters are an unfortunate reality of life that you can never fully prepare for. Knowing that there are safeguards in place both as a CPA and taxpayer can ease the recovery process. The AICPA has made several recommendations to the IRS for effective disaster relief tax provisions.

The U.S. Supreme Court decision in South Dakota v. Wayfair, Inc. allows states to require out-of-state retailers to collect sales tax. While there are still unknown implications, the Department of Revenue recently issued several statements on this issue.

Tax practitioners have been waiting for guidance from the IRS regarding the qualified business income deduction section since the Tax Cuts and Jobs Act was passed last fall. This morning, regulations for Section 199A have been released.

Despite what Schoolhouse Rock would have you believe, passing legislation is not an easy task. Bracing from a long 2017 session that lasted 105 days and three additional special sessions each 30 days long, the legislature prepared itself for 60 days of nonstop activity, fearing another ominous series of special sessions if they failed to pass supplemental budgets and resolve key issues such as McCleary and Hirst.

U.S. Representative Mike Conaway (R-Texas) has introduced the Occupational Licensing Board Antitrust Damages Relief and Reform Act (H.R. 6515) to protect state boards – including accountancy boards – board members and staffs from damage awards.