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The Fantasy Sports Trade Association says fantasy sports is a $7 billion industry. The ongoing tax debate is whether fantasy sports should be classified as “gambling” or “hobby.”

The IRS reform bill, H.R. 3151—also known as the Taxpayer First Act—passed in both the House and the Senate last week and is now waiting for the president to sign it into law.

The AICPA has posted tutorial videos and CPA Exam sample tests to help candidates prepare.

The IRS provided the limitations on depreciation deductions for passenger vehicles placed in service or amounts of income inclusion for leased vehicles in 2019.

Revenue procedure 2019-25 provides the 2020 inflation-adjusted amounts for health savings accounts as determined under Section 223 of the Internal Revenue Code.

CPAs and tax advisers may be able to help their clients save significant taxes using a new strategy that most taxpayers know nothing about.

Section 199A aggregation may allow a taxpayer to claim a greater QBI deduction for the combined trade or business than if the wages and capital limitation was applied separately.

There are several basic questions that CPAs can ask business clients to help create awareness about things their clients should consider without exceeding the scope of their expertise.

The Tax Cuts and Jobs Act (TCJA) left unchanged some factors contributing to a marriage tax penalty, while other TCJA changes actually increased the penalty in certain instances.

NASBA and the AICPA seek feedback from CPAs and stakeholders as they consider ways to evolve the CPA licensure model. The WICPA board is keenly aware and plans to provide input.