n an earlier era, typical divorced people might have been stressed-out parents in their 30s fighting for custody. Today, however, they're as likely to be empty nesters fighting over their rightful share of the 401(k) account. While divorce for younger couples is becoming less common, the rate for people 50 and older has doubled since 1990, according to the Pew Research Center.

Tax reform bill has some hidden gotchas The tax reform legislation that Congress approved Wednesday has a number of complexities that could prove problematic for tax professionals and their clients.

Amanda Coston was preparing for a meeting with her advisor Monday afternoon when her friend, another first-year PhD student in Carnegie Mellon's machine learning department, knocked on her door. Had she seen the email? A few minutes earlier, the university's Graduate Student Assembly had sent a Google Doc to department representatives across the university, and those reps had forwarded the document to their grad students.

Accounting standard-setters are tweaking the rules for the standards taking effect in the next few years, according to officials. Financial Accounting Standards Board chairman Russell Golden explained how FASB is using what he called the “Kaizen” approach to standard-setting, a Japanese word for “change for the better.”

Even though the successor corporation in an attempted tax-freemerger filed a single tax return in the year of reorganization that only included a pro forma attachment for the activity of the predecessor corporation, the Tax Court held that the filing was sufficient to trigger the running of the statute of limitation, thereby barring the IRS from assessing a deficiency for the predecessor corporation's failure to file under Sec. 6501(c)(3).

The implementation effort surrounding FASB’s new revenue recognition standard is nearing an end for many companies, which have prepared for the transition for several years running. The deadline for compliance for public companies is the beginning of 2018 (private companies have an additional year for implementation).

Reduces income tax brackets: There are seven federal income tax brackets in today's code that are taxed at 10%, 15%, 25%, 28%, 33%, 35% and 39.6%. The House bill consolidates those into four brackets: 12% (on the first $45,000 of taxable income for individuals; $90,000 for married couples filing jointly) 25% (starts at $45,000 for individuals; $90,000 for married couples) 35% (starts at $200,000 for individuals; $260,000 for married couples)

Another holiday season is in high gear, and CPAs of all ages are turning their thoughts to family, food, festivities, and what kind of high-tech gear they might get as gifts this year.

You may wonder what a financial advisor does with your money and how this professional decides on the best investments and course of action for you. This article breaks down, step-by-step, exactly what a financial advisor does. You’ll understand what informs the advisory process and how the professional selects appropriate investments for you.

• The Senate began debate on the tax bill at 10 a.m. Friday, with Republicans pushing for a final vote later in the day. • Senator John Cornyn, the majority whip, says he is confident they have the votes needed to pass the bill along party lines.