Federal Taxation

  • Federal Tax Planning Strategies for Individuals and Small Businesses

    By:
    Warren M. Bergstein, CPA, AEP
    |
    Jan 1, 2017
    Every year, to minimize their overall liability, taxpayers should start giving consideration to moves that may either lower their current year tax bill or equalize their tax liability over a two-year period. 
  • Planning for the Stars: Financial & Investment Planning for Entertainers and Professional Athletes

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

    Financial and legal advisors representing entertainers and professional athletes—“celebrities”—confront unique circumstances not usually present when working with more traditional clients. These challenges include the “sudden wealth” effect, short earnings horizon, inconsistent cash flow, unrestrained spending habits, limited financial literacy, and incompetent advising.

  • The Life Insurance Policy Lapse and Litigation Crisis: What CPAs Need to Know in Order to Avoid a Client Crisis and Create a Glide Path to Safety

    By:
    E. Randolph Whitelaw, AEP Distinguished, and Henry Montag, CFP, CLTC
    |
    Jan 1, 2017

    After more than 35 years of “buyer beware” warnings, why do consumers continue to purchase flexible premium non-guaranteed death benefit life insurance products for a 10 to 50 year planning duration period, assume policy performance risk without knowing the risks to be managed, and forego annual policy performance monitoring—all while knowing there is a high probability that the policy will lapse without value during their lifetimes? 

  • Deconstructing Hedge Fund Schedule K-1s for Individuals

    By:
    Suzy Lee, CPA, MST and Stacy L. Palmer, CPA, MBA, MST
    |
    Dec 1, 2016

    Hedge fund K-1s can be voluminous and difficult when determining how to handle the tax treatment of the income and deductions at the individual level. This article will help you navigate K-1s to understand how certain items would impact the tax treatment at the individual level. The first step in determining the proper treatment of income and expense items is to identify whether the partnership is a trader fund, investor fund, or fund of funds.

  • Straddle Identifications: Making the Best out of a Bad Situation

    By:
    Mark Fichtenbaum CPA, JD, LLM
    |
    Dec 1, 2016

    Straddles are defined in IRC section 1092(c) as two or more offsetting positions in personal property. A taxpayer holds offsetting positions with respect to personal property if the taxpayer’s risk of loss from holding any position is substantially reduced by reason of their holding one or more other positions with respect to personal property—whether or not of the same kind. 

  • Federal Investigators Increase Scrutiny of Offshore Bank Accounts

    By:
    Alicea Castellanos, CPA, TEP, N.P., and Jack Brister, TEP
    |
    Dec 1, 2016

    Federal watchdogs are demonstrating their renewed focus on the illegal use of offshore bank accounts, as the Department of Justice (DOJ) says it is zeroing in on potential tax evaders. 

  • To Have and to Hold But to Not Be Held Accountable

    By:
    Jacalyn F. Barnett, Esq.
    |
    Nov 1, 2016
    New Year’s Eve is not just a time for fireworks and celebrations—it is also the moment when the IRS determines whether or not you are married. If you are married at the stroke of midnight, the IRS considers you to have been married for the whole year. 
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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.