Rubio signals potential opposition to GOP tax bill | Which large cities are best for retirees? | A 2017 federal tax deduction for prepaying anticipated 2018 state income taxes? Not likely!
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December 15, 2017
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Rubio signals potential opposition to GOP tax bill
Sen. Marco Rubio, R-Fla., has indicated he will not support the Republican tax bill unless the child tax credit is increased, a provision that would raise the cost of the bill.
The New York Times (free-article access for SmartBrief readers) (12/14),  Los Angeles Times (tiered subscription model) (12/14) 
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Financial Focus
Which large cities are best for retirees?
A ranking by Bankrate looks at the best and worst large metropolitan areas for retirees based on factors such as weather, public transportation and health care.
The New York Times (free-article access for SmartBrief readers) (12/14) 
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Tyler Winn's goal is to eventually process 1,000 payrolls with just 3 staff members. What's his secret? Tyler shares specifics on how he transformed his processes and used the Payroll Relief solution to grow his practice.
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Tax Spotlight
IRS issues 2018 standard mileage rates
The Internal Revenue Service has issued standard mileage rates for business, medical and moving expenses incurred in 2018. For the first time in a couple of years, the rates have increased slightly.
Journal of Accountancy online (12/14) 
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A 2017 federal tax deduction for prepaying anticipated 2018 state income taxes? Not likely!
In anticipation of possible elimination or reduction of the state and local income tax deduction, some are suggesting taxpayers prepay 2018 state taxes in 2017. Here's why that probably wouldn't work.
Journal of Accountancy online (12/14) 
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Tax reform: Steps to implementation
The House and the Senate have been working to resolve differences in their respective tax bills. But that doesn't mean tax reform is a done deal. A lot has to happen before the bill gets to the president's desk. And once it's signed, we'll see a regulatory and legislative chain of events that will take years to complete.
AICPA Insights (12/14) 
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Sample credit card authorization form
Whether you already accept credit cards in your practice or you're considering it, this free authorization form can make running payments easier and protect you if payment disputes ever arise. Download the form
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Leadership
Ideas for making the holidays special for employees
Companies on Inc.'s 2017 Best Workplaces list relate how they are making the holidays a happy time for employees by holding parties, participating in philanthropy and helping workers achieve personal goals. Giving employees time off also is a popular strategy.
Inc. online (11/29) 
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Subscribe to Journal of Accountancy news alerts for the latest breaking news about tax, financial reporting, auditing, or other topics.
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Technology
The 2017 CPA technology gift guide
These high-tech gifts can provide holiday cheer for accounting professionals.
Journal of Accountancy print issue (12/2017) 
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Policy & Regulatory
FCC votes 3-2 to repeal net neutrality
The Federal Communications Commission has voted 3-2 to repeal net neutrality, which prohibits internet service providers from favoring some users over others. Supporters of net neutrality, which was enacted during the Obama administration, said they might challenge the FCC's action in court.
Bloomberg (free registration) (12/14),  NBC News (12/14) 
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Market Update
Execs examine threats to bull market
Wall Street executives discuss what could go wrong as the bull market continues with historically low volatility and high equities. A run on quant funds, cyberthreats and the health of China's economy top the list of worries.
Bloomberg (free registration) (11/28) 
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BoE expects Brexit development to aid economy
The Bank of England says a recent breakthrough in Brexit talks, in which negotiators agreed to move on to trade discussions, should bolster the UK economy. Meanwhile, the BoE has kept its benchmark interest rate unchanged but has signaled a series of marginal increases in coming years.
Bloomberg (free registration) (12/14) 
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AICPA News
AICPA says tax bill has unintended consequences for some accounting firms
The AICPA has made the House and Senate aware of its concern about any disparity in the tax treatment of accounting firms versus other pass-throughs. In a statement, President and CEO Barry C. Melancon, CPA, CGMA, said the AICPA will work with lawmakers to address that concern.
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The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, not-for-profit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination and offers credentials for a number of specialized areas. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.
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