Tax & Accounting Blog

Legislation Updates for 2017

Legislation Updates for 2017

Let’s take a look at what we can anticipate in the next few months with potential new legislation. Federal health reform — President Trump wants to replace the Affordable Care Act…what he’ll replace it with is anyone’s guess. What we know for now is that the ACA is here to stay for 2017 and possibly … Read More

Part 1: India’s Goods and Services Tax: Key challenges for corporates to consider

Part 1: India’s Goods and Services Tax: Key challenges for corporates to consider

GST is being touted as one of the single biggest economic reform in India since liberalization and one that promises to change the way India does business. This is Part 1 of a two part blog series discussing the challenges for corporations implanting the impending India’s Goods and Services Tax requirement. You can read … Read More

New Phishing Scheme Reiterates the Need for Stronger Data Security Within Accounting Firms

New Phishing Scheme Reiterates the Need for Stronger Data Security Within Accounting Firms

Accounting Firms, Blog February 21, 2017

The IRS recently warned accountants and tax preparers about a new, two-phased phishing scam involving cybercriminals posing as potential clients. This new scam is especially deceiving as many of tax professionals are so inundated with client requests during tax season that they may let their guard down. Here’s how it works. The first phishing email … Read More

UltraTax/1120 – Now Track Basis from a 1065 Schedule K-1 Pass-Through Entity

UltraTax/1120 – Now Track Basis from a 1065 Schedule K-1 Pass-Through Entity

With 2016 UltraTax/1120, you can track a corporation’s basis in a partnership interest. Losses reported on a pass-through 1065 Schedule K-1 are limited by the amount of the corporation’s basis in the pass-through entity. UltraTax/1120 includes partner’s basis worksheets for regular tax and AMT that report these calculations. In addition, K-1 reconciliation worksheets were added … Read More

State Driver’s License Requirements

State Driver’s License Requirements

On June 11, 2015, the IRS issued an announcement regarding the collaborative effort to combat identity theft and tax refund fraud. Thomson Reuters supports and is participating in this initiative. In an effort to reduce identity theft and fraudulent return filing, complete the Form of identification field on federal Screen IDAuth for state electronic filing … Read More