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The concept of valuation comes up frequently in the realm of tax compliance. The value placed on an asset is critical for accurate tax reporting and may have significant impact on tax liability. There are instances when the IRS requires a qualified appraisal. There are also instances when the IRS does not explicitly require an appraisal but securing one is prudent and strongly encouraged by experienced tax advisors.

Forty-two states and the District of Columbia impose an income tax on resident trusts as well as state-sourced income of nonresident trusts. Thus, state income taxation of trusts is an area with an overabundance of rules at play. Researching and understanding the tax laws of each state with a possible connection to the trust is essential to providing complete and accurate tax return compliance.

As part of the Medicare cost report that helps determine a facility’s Medicare reimbursement, Worksheet A-8-2 performs the calculation of the allowable provider-based physician costs a facility incurs. Physicians often fill many roles, however, and costs related to direct hands-on patient care and costs related to administrative activities are reimbursed by different Medicare trust funds.

Leases can serve as a great mechanism for all sorts of businesses to gain access to resources and financing without the risks of ownership. However, how to properly capture the substance of these transactions and agreements has been an area of concern for the Financial Accounting Standards Board (FASB) and the users of financial statements. Current US Generally Accepted Accounting Principles (GAAP) require the lessee to record lease agreements as either an “operating lease” or a “capital lease.”