Federal Taxation

  • 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. 
  • Fundamental Tax Reform Is Mostly Dead—but Not Quite

    By:
    Curtis S. Dubay
    |
    Oct 1, 2016

    In the classic children’s movie The Princess Bride, Billy Crystal plays a miracle-performing medicine man. When the hero of the story is brought to him, Crystal’s character says that he is “mostly dead.” That is an apt description of fundamental tax reform’s current state. 

  • Proposed Regulations Under IRC Section 2704

    By:
    Kevin Matz, Esq., CPA, LLM (Taxation)
    |
    Oct 1, 2016

    On Aug. 2, 2016, the U.S. Department of the Treasury and the IRS issued proposed regulations under IRC Section 2704 (the “Proposed Regulations”) that, if enacted in its present form, might significantly curtail the ability of taxpayers to claim valuation discounts for both lack of control and lack of marketability in family-controlled entities. 

  • A Brief Update on Filing Requirements for U.S. Citizens Living Abroad and Resident Aliens in the United States

    By:
    R. John Smith, Esq.
    |
    Oct 1, 2016

    Who has to file Form 1040NR? Form 1040NR may need to be filed if a specified individual is a nonresident alien engaged in a trade or business in the United States, represented a deceased person who would have had to file Form 1040NR, or represented an estate or trust that had to file Form 1040NR. See the form’s instructions for more information.

 

 
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