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Federal Taxation

  • How You Can Lose a Passport Due to Tax Debt

    By:
    Alicea Castellanos, CPA
    |
    Oct 1, 2022

    If you owe enough in delinquent American federal taxes, the U.S. government can take your passport. The IRS certifies “seriously delinquent” tax debt to the U.S. State Department. This is an individual's unpaid, legally enforceable federal tax debt, including interest and penalties, that totals more than $55,000. (That amount is adjusted yearly for inflation.)

  • IRS Issues Proposed Regulations on Estate Administration Expenses and Claims

    By:
    Kevin Matz, Esq. CPA, LLM
    |
    Sep 1, 2022
    Proposed Changes to IRC Section 2053 Would Introduce Present Value Concepts for Estate Tax Deductions, Limit “Graegin Loans,” Complicate Deductions where Illiquidity Results from Estate Planning, and Limit the Deductibility of Guarantee Obligations in the Absence of Entity Control.
  • Coming to America? Plan before you Plane: “Tried & True” Tax Tips to Consider Before the Move

    By:
    Timothy R. Larson, CPA
    |
    Jul 1, 2022
    It may be no surprise that the United States has more immigrants than any other country in the world. Just prior to the COVID-19 pandemic, there were an estimated 45 million immigrants living in the United States, comprising approximately 13.7% of the total U.S. population (“Frequently Requested Statistics on Immigrants and Immigration in the United States,” Migration Information Source [2021].
  • The IRS Issues Revised Audit Technique Guide for Cost Segregation Analysis

    By:
    Peter J. Scalise
    |
    Jul 1, 2022
    On June 9, the Internal Revenue Service (hereinafter the “Service”) issued a revised Audit Technique Guide to assist examining agents in evaluating the validity of cost segregation studies submitted by taxpayers to substantiate accelerated depreciation deductions.
  • Dealing with Proposed Regs under the SECURE Act

    By:
    Steven B. Gorin, CPA, Esq., CGMA
    |
    Jun 1, 2022
    My article, “Strategy Under the SECURE Act” (the “prior article”) (https://www.nysscpa.org/news/publications/the-tax-stringer/article/strategy-under-the-secure-act) examined certain strategic issues that CPAs may need to explain to their clients. This article complements those ideas with provisions of proposed regulations issued in February (the “proposed regs”).
  • COVID-19: Relationships and Financial Pressures

    By:
    Hana Boruchov, JD and Leo Gabovich, JD
    |
    May 1, 2022
    Coronavirus (COVID-19) has been a pandemic that has affected many aspects of our daily lives. One of the unfortunate results of the major changes to our lifestyle and economic impacts has been a surge in separations and divorces worldwide. According to Legal Templates, a company that provides licensed attorneys in the United States with legal form templates, there was a 34% increase of sales of its divorce agreements in the first half of 2020 alone, as compared to 2019.
  • Cybersecurity Best Practices for Family Offices

    By:
    Jamie Herman, CCISO, CISSP, CISM
    |
    May 1, 2022
    Cyber risks and the resulting impacts are at an unprecedented high, with the potential to cause significant monetary and reputational damage. Today, cybercriminals seek out high-value entities that are perceived to have insufficient cybersecurity controls — making family offices prime targets.
 

 
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.