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Man Finds 9-Carat Diamond. IRS Finds—And Taxes—Man

(Forbes) - The stone has not yet been appraised, but whatever the massive diamond turns out to be worth, does Mr. Kinard really have to worry about looking over his shoulder for the IRS? Yes according to the IRS, money or valuables you find are taxed, even if you just happen upon something by pure luck, and even if you don’t sell it to turn it into cash.



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Lesson From The Tax Court: State Law Matters 
(TaxProf Blog) - In Clinton Deckard v. Commissioner, 155 T.C. No. 8 (Sept. 17, 2020) (Judge Thornton), the effect of state law was to preclude the taxpayer from electing S Corporation status. There Mr. Deckard formed a nonprofit corporation under Kentucky law but soon started operating it for profit.


Now’s the Time for Estate Tax Planning 
(Kiplinger) - There's a wealth of opportunity with IRS interest rates at an all-time low and the federal estate and gift tax exemption at an historic high.


Fed Survey: Household Finances Improve, Uncertainty Remains 
(CFO) - Overall, at least 77% of adults said they were at least “doing OK” in July, up from 72% in April.


Should U.S. Broaden Mandate on Auditor Rotation? 
(CPA Practice Advisor) - Drawing on publicly available data, the AJPT study employs a novel method to focus on the years immediately preceding and following mandated partner rotations. Joining Prof. Whited as co-authors in the AJPT’s current issue are Huan Kuang and Matthew G.


A Flood of Risk Assessment Rising in Review Engagements During COVID-19 
(Accounting Web) - There are vast financial reporting implications arising from COVID-19, creating new matters of concern, assessment and evaluation.


Live CPE webinar: Driving Meaningful Change to Foster Inclusion, Equity & Belonging

Leadership across the accounting profession have been quick to demonstrate their commitment to diversity & inclusion (D&I). While important, it is also fleeting. In this webcast, Jina Etienne will share the building blocks any firm can use to develop a D&I strategy. REGISTER




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