Iryna Stepanchuk, CPA

1,915 Added | 2 Magazines | 4 Likes | 9 Following | 535 Followers | @irynastepanchuk | Iryna Stepanchuk, CPA offers tax preparation and planning, accounting and consulting services to small and mid-sized domestic and international businesses and individual taxpayers | Read more: stepanchukcpa.com

3 Tax Technologies You Shouldn’t Ignore

Cloud-based servers save time and money by removing the burden of purchasing and maintaining dedicated servers, the infrastructure to properly house …

Software

Countries sign multilateral tax treaty agreement to fight BEPS

The finance ministers of 72 countries on Wednesday signed a multilateral agreement to update over 2,000 tax treaties to combat tax avoidanceand …

Climate

Soda taxes: Old and new

<i>Editor: Mary Van Leuven, J.D., LL.M.</i><p>One hot trend in the state and local tax arena is the enactment of special excise taxes on soda and other …

Retirement

IRS provides simplified method to request an extension of time to make a portability election

In a taxpayer-friendly development on Friday, the IRS issued guidance permitting certain estates to make a late portability election if they did not …

Retirement

Employment taxes: Beware civil and criminal penalties

An employer is responsible for withholding federal income tax and the employee's share of Federal Insurance Contributions Act taxes (FICA, which …

Retirement

The Monk Who Left the Monastery to Fix Broken Retirement Plans

SANTA FE, N.M. — There are many things that Doug Lynam has to think about now that he no longer wears a robe and lives in a monastery. Socks, for one. Do they match? Should he care? “How does this color thing work?” he wondered aloud in his office this week while sporting a muted gray pair that did …

401(k)

Consider Taxes before Converting Your Home to a Rental Property

<b>Have you ever thought about becoming a landlord?</b> This option may be tempting if your local real estate market is surging and rental rates are strong, …

Real Estate

Closed years are fair game in exam of NOL carryovers

Clients should know that audits of NOLs and other carryforwards can reach back past the otherwise applicable statute of limitation.<p>While most of the …

IRS to accept only electronic payments for ruling requests

The IRS announced on Thursday that it will no longer accept checks in payment for ruling requests beginning June 15; taxpayers will be required to …

Banking

Federal court strikes down PTIN fees, upholds PTINs

A federal district court held that the IRS has the authority to require tax return preparers to obtain preparer tax identification numbers (PTINs) …

Judiciary

Coming Trends in Services to Individuals

<b>CPA as a Value Hub</b><p>In this digital era, consumers expect value, convenience and immediacy. The demands on their time and tolerances are now such that …

Financial Planning

Tax tips for June weddings

In all the frenzy that goes into the June wedding season, the last thing and bride- or groomzilla is thinking about is their tax situation – but as …

Weddings

President’s budget includes tax proposals and regulation of return preparers

The Office of Management and Budget (OMB) released President Donald Trump’s proposed FY 2018 budget for the federal government on Tuesday. Included …

Tax Preparation

A pragmatic approach to sourcing sales of services

<i>Editor: Jennifer Jensen, CPA</i><p>It is a question tax practitioners frequently find themselves asking taxpayers.<p>The responses they get vary, but they …

U.S. Supreme Court

Obama’s Fiduciary Rule, After a Delay, Will Go Into Effect

New consumer protections requiring financial advisers to put their customers’ interests ahead of their own — at least when handling their retirement money — will take effect next month, putting to rest the question of whether they would be delayed further.<p>The fate of the so-called fiduciary rule, …

Finance

Want a Great Mentor? Look for This, Says New Study

Learn an unexpected truth about picking a great mentor.<p>A recent scientific study, motivated by the need for mentors support women studying STEM fields, took aim on what you're looking for in a great mentor. Along the way, it also discovered some interesting and even surprising take-aways about …

Leadership

7 tax tips for new college grads

Graduating from college brings huge life changes — many of which have big effects at tax time. Here are a few ways you can save a little money — or even snag a refund — come filing time.<p>1. Take interest in interest<p>Student loan payments are a fact of life for many new graduates. But up to $2,500 of …

Personal Finance

The Big Lie About S-Corporations

I was part of the big lie, which was that every new business needed to be taxed as an S-Corporation. I agreed because as a sole proprietorship, the …

Retirement

Find Answers to Your Cash and Tax Basis Questions

• <b>How should changing from U.S. GAAP to the tax basis or vice versa be accounted for and reported in the financial statements?</b><p>Authoritative literature …

Microsoft Excel: Rules for designing Excel workbooks

Q. Is there a list of standard Excel design rules we should be following as we create new Excel worksheets?<p><b>A.</b> By following a common set of …

Five top qualities of a CFO

By Eleanor O’Neill<p><i>Financial expertise and top business acumen are the most obvious requirements for a good CFO. But what else makes up the mark of a</i> …

4 Simple Things Every Team Wants From Their Leader

Leadership is simple, don't overcomplicate it<p>While it can be difficult to become a great leader and to achieve great things, practicing great leadership is actually quite easy. There is a tendency to over-complicate or to overthink what leadership is, but actually, leadership can be very simple. I …

Leadership

Don’t Let Clients’ Retirement Fall into This Trap

<b>A Real-Life Example</b><p>The main culprit in a self-directed retirement plan gone wrong is the dreaded PT – prohibited transaction. Let’s look at a recent …

Losses disallowed where S corp. not indebted to shareholder

<i>Editor: Kevin D. Anderson, CPA, J.D.</i><p>In <i>Hargis</i>, T.C. Memo. 2016-232, the Tax Court held that an S corporation shareholder could not claim losses from …

Leveraged spinoffs removed from IRS no-ruling list

The IRS will once again issue letter rulings on leveraged spinoff transactions the agency announced, reversing a 2013 decision that put the …

7 Obamacare Tax Provisions on Chopping Block

After a series of setbacks, the Republican-led House finally passed proposed legislation that would replace the Affordable Care Act (ACA), the health …

Don’t Let Clients’ Retirement Fall into This Trap

<b>A Real-Life Example</b><p>The main culprit in a self-directed retirement plan gone wrong is the dreaded PT – prohibited transaction. Let’s look at a recent …

New IRS rules, no increased funding in appropriations bill

Congress passed the Consolidated Appropriations Act, 2017, H.R. 244, on Thursday, and it will go to President Donald Trump for his signature. The …

IRS notice response tips everyone should know

Everyone must pay federal income taxes. Yet exactly how much taxpayers owe, and on exactly how much, is famously complex. All tax returns must be …

The Ins and Outs of Deducting Legal Expenses

<b>Legal expenses incurred by individuals</b> are typically not currently deductible under the federal income tax rules. Instead, they’re most often treated …