Iryna Stepanchuk, CPA

1,999 Added | 2 Magazines | 5 Likes | 9 Following | 554 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

10 tax planning tips for an uncertain environment

As 2017 draws to a close, an uncertain tax and legislative environment means that year-end tax planning is more important than usual. The possibility …

Retirement

Practical considerations for lease accounting

On the heels of a transformative and challenging revenue recognition standard, FASB's new lease accounting standard presents a potential tsunami of …

Finance

Inspector general finds problems with electronic filing IDs

The Internal Revenue Service isn’t doing enough to ensure that Electronic Filing Identification Numbers are assigned to qualified applicants or …

Identity Theft

Pence promises estate tax repeal, but Senate’s plan doesn’t

Vice President Mike Pence said Republicans would repeal the estate tax—a step that the Senate GOP tax plan doesn’t currently plan to take.<p>“Death …

Mike Pence

Software companies may see earnings volatility under revenue recognition standard

The upcoming revenue recognition standard is likely to accelerate the earnings of many software companies, with many companies likely to transition …

Accounting

House Ways and Means approves amended Tax Cuts and Jobs bill

The House Ways and Means Committee voted 24–16 on Thursday to send the Tax Cuts and Jobs Act, H.R. 1, to the full House for a vote. However, the …

Retirement

Senate tax reform bill differs from House version in many ways

Thursday saw two developments in the tax reform legislative process. The Senate Finance Committee released a proposed tax reform bill, the Tax Cuts …

Retirement

Accountants need to plan their technology transformation

There are three types of accounting firms, according to Thomson Reuters’ Jon Baron, and roughly a third of them are dooming themselves to extinction …

Thomson Reuters

Reform plans are up in the air – and so are tax pros

As it has so often in the past, Congress is making the end of the year difficult for accountants and tax practitioners, dragging tax legislation out …

U.S. Congress

The foreign income provisions in the new Tax Cuts and Jobs Act bill

The draft Tax Cuts and Jobs Act, H.R. 1, released by the House Ways and Means Committee last week, makes many important changes to the tax treatment …

Finance

Koskinen warns IRS will need a bigger budget to implement tax reform

Outgoing Internal Revenue Service Commissioner John Koskinen foresees problems with tax reform if major provisions apply to the current tax year and …

Identity Theft

What the House tax bill holds for individuals

The starting points for each bracket would be adjusted for inflation for years after 2018. The 12% rate would be phased out for taxpayers with high …

Retirement

Trump tax drive nears major milestone as U.S. House readies bill

Thomson Reuters Tax & Accounting NewsFeaturing content from Checkpoint<i></i> Back to Thomson Reuters Tax & Accounting News<i></i> Subscribe below to the …

Donald Trump

A tax reform bill is in sight

The big day is almost here, as the House Ways and Means Committee prepares to release its long-awaited tax bill Wednesday (now postponed until …

Retirement

Tax credits for qualified plug-in electric vehicles make their lofty cost more palatable

Thomson Reuters Tax & Accounting NewsFeaturing content from Checkpoint<i></i> Back to Thomson Reuters Tax & Accounting News<i></i> Subscribe below to the …

Electric Vehicles

U.S. House passes budget plan, paving way for tax cut legislation

Thomson Reuters Tax & Accounting NewsFeaturing content from Checkpoint<i></i> Back to Thomson Reuters Tax & Accounting News<i></i> Subscribe below to the …

U.S. House of Representatives

What are the Most Tax-Friendly States?

Topic • Business Tax<br>Tags • Research <br>• Small business <br>• Tax tips

Retirement

IRS will enforce health coverage reporting on 2017 returns

This filing season will be the first time the IRS has enforced this requirement and will not accept tax returns that omit this information.

Identity Theft

Tax Know-How on Ownership and Use Tests for Home Sellers

Topic • Individuals<br>Tags • Property tax <br>• Tax tips <br>• Wealth management

Real Estate

2018 pension plan contribution limits are announced

The IRS announced on Thursday that the limit on elective deferral for contributions to 401(k) plans, 403(b) plans, most 457 plans, and the federal …

Retirement

IRS issues 2018 inflation-adjusted tax tables and many other tax provisions

On Thursday, the IRS issued the annual inflation adjustments for 2017 for more than 50 tax provisions as well as the 2017 tax rate tables for …

Retirement

Republicans unveil tax reform framework

Republican leadership released a tax reform framework that calls for fewer individual tax brackets, a lower corporate tax rate, and elimination of …

Retirement

IRS updates special per-diem rates for business travel

The IRS issued its annual updates of per-diem rates for use in substantiating expenses when traveling away from home on or after Oct. 1.

Business Travel

House and Senate budget measures advance tax reform

The House took a giant step on the path of tax reform Thursday by adopting a budget resolution for fiscal year 2018 by a 219 to 208 vote. The same …

U.S. Congress

Discord among Republicans already weighs on Trump’s tax plan

Thomson Reuters Tax & Accounting NewsFeaturing content from Checkpoint<i></i> Back to Thomson Reuters Tax & Accounting News<i></i> Subscribe below to the …

Donald Trump

Treasury rolls back some tax regulations

The Treasury Department released a report Wednesday outlining a set of actions it plans to reduce eight tax regulations it identified earlier this …

U.S. Dept. of the Treasury

What’s new and what’s coming in tax research

At the time this is being written, President Trump and congressional leaders are promising to simplify the Tax Code. Unless he and Congress can get …

Machine Learning

Republicans unveil tax reform framework

Republican lawmakers released a framework for tax reform on Wednesday, announcing that their goals are to cut tax rates, simplify the Internal …

Retirement

A Breakdown of the Proposed Framework on Tax Reform

Topic • Business Tax<br>Tags • Economy <br>• Estate tax <br>• Government

Tax Reform

GOP framework takes big step toward tax reform

The tax reform plan released Wednesday by Republican leaders and the Trump administration is more focused on corporate taxes than individual taxes, …

Retirement