Latest Articles

  • The Tax Cuts and Jobs Act: What Practitioners Need to Know

    By:
    Ben Lederman, CPA
    |
    Dec 1, 2017
    Coming into its first year, the Trump administration set two major goals—one, to repeal or replace the Affordable Care Act (ACA), also known as Obamacare, and two, to reform the tax code, primarily through tax cuts. After failing to pass ACA repeal several times, Congress and the Trump administration have moved on to tax reform. 

  • How Will the Trump Administration Impact Estate Taxes and Medicaid Benefits for Long-Term Care?

    By:
    Anthony J. Enea, Esq.
    |
    Dec 1, 2017
    While it still remains to be seen which specific legislative policies the Trump administration will enact, a repeal of the federal estate tax may be very likely if Congress passes tax reform or tax cuts.  
  • With Tax Reform Uncertainty, Roth Conversions Need a Tremendous Amount of Confidence

    By:
    David M. Barral, CPA/PFS, CFP
    |
    Dec 1, 2017
    Tax reform has been on every tax professional’s mind—even more so as we approach year-end. Without any certainty of where we’re heading and when any changes will take effect, tax planning for clients has become increasingly difficult. It is a particularly difficult decision for those contemplating a Roth conversion, which can carry with it a hefty tax bill. 
  • Divorce and Taxes

    By:
    Stewart Berger, CPA
    |
    Dec 1, 2017

    In the United States, there is a divorce every 36 seconds—or about 876,000 per year. The average marriage lasts approximately eight years before a couple gets divorced. Most people who get divorced, however, do not know the tax consequences or ramifications.

  • The Current State of Leveraged Partnership Structures and Liability Allocations

    By:
    Jorge Otoya, CPA and Jim Dubeck
    |
    Nov 1, 2017
    One of the many benefits of using partnerships to conduct business is that a partner can include its allocable share of partnership liabilities in the tax basis of its partnership interest (“outside basis”). 
  • Tax Court Declines to Follow Revenue Ruling 91-32 in Grecian Magnesite Mining Case

    By:
    Ari Berk, Jim Calzaretta, Paul Epstein, JD, LLM (taxation) and Christine Piar, JD
    |
    Nov 1, 2017
    After a three-year period following the trial and briefs from the taxpayer and the IRS, during which the Obama administration each year sought legislation ratifying the IRS’s position in Revenue Ruling 91-32, the Tax Court has finally issued its opinion declining to follow the ruling.
  • Avoiding the Exit Tax

    By:
    Philip D. W. Hodgen
    |
    Nov 1, 2017

    Every year, more and more U.S. citizens renounce their citizenship, and green card holders give up their visa status. These actions trigger a tax problem: the exit tax.

  • Social Security Benefits for Non-Working Spouses

    By:
    Daniel Mazzola, CPA, CFA
    |
    Nov 1, 2017
    In 1945, Michigan’s legislators passed a law requiring all bartenders to be licensed but prohibiting women to secure such licenses unless they were the wives or daughters of male bar owners. 
  • Tools and Techniques to Shield and Defer Taxes On Unrealized Stock Gains

    By:
    Thomas Boczar, ESQ., LLM, CPWA, CFA, and Elizabeth Ostrander, CFA
    |
    Oct 1, 2017
    What strategies might investors consider to strategically manage their single-stock risk over a longer-term period? Exchange funds, stock protection funds, and completeness portfolios are the primary tools investors can use to manage their stock concentration risk over a long-term period.
  • Long-Term Care Premiums Paid by New York Resident Taxpayers: A Potential Double Benefit

    By:
    David M. Barral, CPA/PFS, CFP
    |
    Oct 1, 2017

    For those who are proactive in planning for their end-of-life care, purchasing long-term care (LTC) insurance is a great idea. There are also tax benefits available for the premiums paid. Most CPAs are familiar with considering these premiums as an itemized deduction at the federal level under IRC section 213(d)(1)(D), but these premiums are not 100% deductible—it is adjusted annually and limited by the age of the taxpayer.

Tax Quote

“Tax day is the day that ordinary Americans send their money to Washington, D.C., and wealthy Americans send their money to the Cayman Islands.” 


- Jimmy Kimmel

Death, taxes and childbirth! There's never any convenient time for any of them.
*Outside the Box is a new addition to the TaxStringer featuring important articles on financial and investment management topics by top authors who have expertise both inside and outside the realm of taxation.

 

 

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