Federal Taxation

  • Tax Issues in Divorce: Before and After Tax Reform Part 2

    By:
    Justin T. Miller, J.D., LL.M., TEP, AEP®, CFP®
    |
    Mar 1, 2021
    This is the second in a three-part series focusing on tax issues in divorce before and after tax reform. To view the first part, please click here. Stay tuned for the concluding piece in the March issue, which will be discussing retirement accounts, property transfers and division of property and support trusts in lieu of alimony.
  • IRC Section 163(j) Update, Including Highlights of CARES Act Modifications and IRS Final Regulations

    By:
    Edward P. Rigby, CPA, MST
    |
    Feb 1, 2021
    This article summarizes the key highlights of the Coronavirus Aid,  Relief, and Economic Security (CARES) Act modifications and recent IRS regulations associated with the interest expense limitation rules under IRC Section 163(j). In general, the interest expense limitation rules under Section 163(j) were enacted as part of the Tax Cuts and Jobs Act (TCJA), effective for tax years beginning after December 31, 2017. 
  • Tax Issues in Divorce: Before and After Tax Reform

    By:
    Justin T. Miller, J.D., LL.M., TEP, AEP®, CFP®
    |
    Feb 1, 2021

    This is a three-part piece focusing on tax issues in divorce before and after tax reform. Stay tuned for pieces in the February and March issues, which will be discussing many other aspects including dependency exemptions and child tax credits, sale of principal residence exclusion, deductions related to divorce, support trusts in lieu of alimony and more.

  • The SECURE Act: Increased Income Taxes on Inherited Retirement Accounts

    By:
    Nicholas S. Proukou, Esq.
    |
    Feb 1, 2021
    The Setting Every Community Up for Retirement Enhancement (SECURE) Act accelerated income taxation on inherited retirement accounts dramatically. This was huge news for the estate and financial planning worlds in early 2020—until it wasn't. This past year was full of strange and dramatic turns, many of which have overshadowed this seismic shift in retirement account taxation under the SECURE Act.
  • PPP Loan Forgiveness Update

    By:
    Stewart Berger, CPA
    |
    Jan 1, 2021
    In response to COVID-19, the Coronavirus Aid, Relief and Economic Security (CARES) Act was enacted whereby Paycheck Protection Program (PPP) e-loans made from February 15, 2020 to August 8, 2020 may be forgiven. The cancelled debt will be excluded from income under Reg. 1.265.1. Taxpayers cannot deduct expenses that are allocable to income, whether they are excluded from income or exempt from taxes. The IRS has previously determined that businesses whose PPP loans are forgiven cannot deduct business expenses paid for by the loan.
  • Cannabis Tax Update

    By:
    John V. Pellitteri, CPA
    |
    Jan 1, 2021

    There are many factors that set the cannabis industry apart from other business sectors–chief among them, the unique tax treatment that puts cannabis business owners at a distinct financial disadvantage to their counterparts in other industries.

  • A Tale of Two Citizenships: Taxation of American Citizens with Dual Citizenship Living Abroad

    By:
    Alicea Castellanos, CPA
    |
    Dec 1, 2020
    According to a recent New York Times article, the current pandemic in the United States has created an uptick in the number of citizens applying for dual citizenship in other areas of the world. With a focus on Europe, the author of the article notes that the laws for obtaining citizenship in European countries are favorable to those descended even several generations from their original ancestor immigrants.

 

 
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