Global Accounting: 2021 & Beyond


Book Description

As the world grows increasingly connected, global accounting standards are converging. Whether practitioners, CFOs, controllers or students, top U.S. accountants know it's essential to understand International Financial Reporting Standards (IFRS) thoroughly if they are advising their companies (or clients) who do business across borders. Likewise, non-U.S. accountants know they must now understand the nuances of US GAAP (Generally Accepted Accounting Principles). Global Accounting: 2021 and Beyond helps financial professionals worldwide understand the similarities and differences between US GAAP and IFRS. As a result, they're better equipped to advise foreign corporations operating in the U.S. and U.S. companies operating abroad. Written by Cecil K. Nazareth ACA, CPA, MBA, a widely-respected thought leader in international tax and accounting circles. A member of the AICPA's International Tax Issues Task Force Nazareth shares his three-decades of international tax and accounting expertise, with a heavy emphasis on small to midsize companies, subsidiaries of foreign parents, and high-net-worth individuals and families across the globe. He's a highly sought-after speaker and university professor for both national and international locations. Tax firms around the world call Cecil to conduct sessions for their teams. He's also the author of International Tax & Compliance Handbook (2018).




Fiduciary Duties and Liabilities


Book Description







The Crisis in Tax Administration


Book Description

People pay taxes for two reasons. On the positive side, most people recognize, even if grudgingly, that payment of tax is a duty of citizenship. On the negative side, they know that the law requires payment, that evasion is a crime, and that willful failure to pay taxes is punishable by fines or imprisonment. The practical questions for tax administration are how to strengthen each of these motives to comply with the law. How much should be spent on enforcement and how should enforcement be organized to promote these objectives and achieve the best results per dollar spent? Over the last few years, the U.S. Congress has restricted spending on tax administration, forcing the Internal Revenue Service to curtail enforcement activities, at the same time, that the number of individual filers has increased, tax rules have become more complex, and more business have become multinational operations. But if too many cases of tax evasion go undetected and unpunished, those who may have grudgingly paid their taxes may soon find it easier to join the scofflaws. These events in combination have created a genuine crisis in tax administration. The chapters in this volume evaluate the capacity of authorities to enforce the tax laws in a modern, global economy and examine the implications of failing to do so. Specific aspects of tax law, including tax shelters, issues relating to small businesses, tax software, role of tax preparers, and the objectives of tax simplification are examined in detail. The volume also builds a conceptual basis for future scholarship, with regard not only to tax administration, but also to such fundamental questions as whether taxpayers respond mostly to economic incentives or are influenced by their experiences with the filing process and what is the proper framework for evaluating the allocation of resources within the IRS.




CPA Liability


Book Description

Excerpt: ... Meaning is central As in our discussion of judgment we were making more explicit what is involved in inference, so in the discussion of meaning we are only recurring to the central function of all reflection. For one thing to mean, signify, betoken, indicate, or point to, another we saw at the outset to be the essential mark of thinking (see p. 8). To find out what facts, just as they stand, mean, is the object of all discovery; to find out what facts will carry out, substantiate, support a given meaning, is the object of all testing. When an inference reaches a satisfactory conclusion, we attain a goal of meaning. The act of judging involves both the growth and the application of meanings. In short, in this chapter we are not introducing a new topic; we are only coming to closer quarters with what hitherto has been constantly assumed. In the first section, we shall consider the equivalence of meaning and understanding, and the two types of understanding, direct and indirect. I. Meaning and Understanding To understand is to grasp meaning If a person comes suddenly into your room and calls out "Paper," various alternatives are possible. If you do not understand the English language, there is simply a noise which may or may not act as a physical stimulus Pg 117 and irritant. But the noise is not an intellectual object; it does not have intellectual value. (Compare above, p. 15.) To say that you do not understand it and that it has no meaning are equivalents. If the cry is the usual accompaniment of the delivery of the morning paper, the sound will have meaning, intellectual content; you will understand it. Or if you are eagerly awaiting the receipt of some important document, you may assume that the cry means an announcement of its arrival. If (in the third place) you understand the English language, but no context suggests itself from your habits and expectations, the word has meaning, but not the whole event. You are then perplexed and incited to...




General Explanation of Tax Legislation Enacted in ...


Book Description

JCS-5-05. Joint Committee Print. Provides an explanation of tax legislation enacted in the 108th Congress. Arranged in chronological order by the date each piece of legislation was signed into law. This document, prepared by the staff of the Joint Committee on Taxation in consultation with the staffs of the House Committee on Ways and Means and the Senate Committee on Finance, provides an explanation of tax legislation enacted in the 108th Congress. The explanation follows the chronological order of the tax legislation as signed into law. For each provision, the document includes a description of present law, explanation of the provision, and effective date. Present law describes the law in effect immediately prior to enactment. It does not reflect changes to the law made by the provision or subsequent to the enactment of the provision. For many provisions, the reasons for change are also included. In some instances, provisions included in legislation enacted in the 108th Congress were not reported out of committee before enactment. For example, in some cases, the provisions enacted were included in bills that went directly to the House and Senate floors. As a result, the legislative history of such provisions does not include the reasons for change normally included in a committee report. In the case of such provisions, no reasons for change are included with the explanation of the provision in this document. In some cases, there is no legislative history for enacted provisions. For such provisions, this document includes a description of present law, explanation of the provision, and effective date, as prepared by the staff of the Joint Committee on Taxation. In some cases, contemporaneous technical explanations of certain bills were prepared and published by the staff of the Joint Committee. In those cases, this document follows the technical explanations. Section references are to the Internal Revenue Code unless otherwise indicated.




IRS Practice and Procedure


Book Description