Latest Articles

  • Partnership Examinations After the Bipartisan Budget Act of 2015

    By:
    Dean L. Surkin, JD, LLM
    |
    Mar 1, 2017

    The playing field for partnership examinations changes next year, along with how the IRS collects tax on adjustments to partnership income. The partnership—rather than the partners—will pay the tax in the first instance. 

  • Major New Reporting Requirements for Foreign-Owned Single-Member LLCs

    By:
    Lisa S. Goldman, CPA
    |
    Mar 1, 2017
    The Treasury Department has clamped down on a key reporting exemption that foreign-owned, single-member limited liability companies (LLCs) previously enjoyed, significantly impacting any foreign person or entity with holdings in U.S. single-member LLCs that are disregarded for federal income tax purposes. 
  • U.S. Tax Implications of Working Overseas – What You Need to Know

    By:
    Linda M. Bruckner, CPA
    |
    Mar 1, 2017
    Clients are often surprised when we inform them that although they will be living and working abroad, they must continue to file U.S. income tax returns and report their worldwide income as American citizens. 
  • Energy Incentive Programs: Good for the Earth and the Bottom Line

    By:
    Bruce A. Johnson, MBA, CEM
    |
    Mar 1, 2017
    These days, people talk a lot about “going green.” Companies promote environmentally conscious programs and policies to win new customers, improve public image, and reduce costs. Indeed, energy incentive programs may confer tremendous tax savings. 
  • A Comparison of State Residency Rules

    By:
    Brian Gordon, CPA
    |
    Feb 1, 2017
    All states agree that you are taxed as a resident in the state where you are domiciled, although some exemptions apply for extended absences. They also agree on the definition of “domicile”—which, in simple terms, is your primary residence. States don’t, however, uniformly agree on the factors that determine your domicile. 
  • Doing Business on the Web: State Tax Traps for the Unwary

    By:
    Elizabeth Pascal, JD, Mark Klein, and Joe Endres, JD
    |
    Feb 1, 2017
    It isn’t easy being an online retailer or service provider these days. Businesses have increasing opportunities and economic pressures to expand their market beyond a single state or region—in fact, other than “mom and pop” stores serving a single local community, it’s rare to find any business that isn’t seeking to expand its geographic market. 
  • Planning for the Stars: Estate and Insurance Planning for Entertainers and Professional Athletes

    By:
    K. Eli Akhavan, Esq., and Jonathan I. Shenkman
    |
    Feb 1, 2017

    This article is the second in a two-part series about some of the types of planning for entertainers and professional athletes. To read the first part published in the January 2017 TaxStringer, “Planning for the Stars: Financial & Investment Planning for Entertainers and Professional Athletes,” please click here.

  • Rev. Proc. 2016-49: QTIP Elections Designed to Take Advantage of Portability of the Deceased Spousal Unused Exclusion Amount Will Not Be Disregarded

    By:
    Kevin Matz, Esq., CPA, LLM (Taxation)
    |
    Feb 1, 2017

    Revenue Procedure 2016-49 answers in the affirmative the question of whether the IRS will respect a qualified terminable interest property (“QTIP”) election where the executor has elected portability of the deceased spousal unused exclusion (“DSUE”) amount under IRC section 2010(c)(5)(A).  

  • Tax Implications of Purchasing Real Estate from a Foreign Person—What You Need to Know

    By:
    Linda M. Bruckner, CPA
    |
    Feb 1, 2017

    Many tax clients think that the tax withholding rules apply only to those in business. They are familiar with withholding on employee wages and may have even needed to withhold tax on income allocated or paid to a foreign investor in their company; however, most clients do not expect a federal tax withholding requirement when making payments for personal purposes—which is why the rules surrounding the purchase of a home may come as a surprise.

  • Pre- and Post-Mortem Planning

    By:
    Elana S. Bronson, Esq.
    |
    Jan 1, 2017
    When a client is nearing the end of his or her life, advisors should be aware of both pre- and post-mortem planning opportunities. While the majority of this article will focus on tax planning techniques, there are also practical considerations. This article is not exhaustive, but is intended to serve as a helpful guide for practitioners.  

Tax Quote

“The best things in life are free, but sooner or later the government will find a way to tax them.

- Anonymous

Death, taxes and childbirth! There's never any convenient time for any of them.
Interested in writing for the TaxStringer? Click here for Submission Guidelines and contact TaxStringer@nysscpa.org.


 
Views expressed in articles published in Tax Stringer are the authors' only and are not to be attributed to the publication, its editors, the NYSSCPA or FAE, or their directors, officers, or employees, unless expressly so stated. Articles contain information believed by the authors to be accurate, but the publisher, editors and authors are not engaged in redering legal, accounting or other professional services. If specific professional advice or assistance is required, the services of a competent professional should be sought.