Federal Taxation

  • Obama’s Budget Proposal to Tax Unrepatriated Foreign Earnings

    By:
    LISA S. GOLDMAN, CPA, AND THOMAS V. RUTA, CPA
    |
    Mar 1, 2015
    President Obama’s 2016 Budget contains a proposal to end "deferral” of tax on income earned in Controlled Foreign Corporations (CFC).
  • Virtual Currency Exchange Accounts, Hosted Wallet Services, and Vault Services Located Abroad May Trigger FBAR Filing Requirements

    By:
    Keith Miller, Richard Peterson and Joseph Cutler
    |
    Feb 1, 2015
    As the title suggests, there remains an open question as to whether virtual currency accounts, hosted wallet services and vault services located abroad may trigger FBAR filing requirements. Based on case law and the probability of FinCEN deciding to treat virtual currency the same as money, it appears likely that the FBAR filing requirements applicable to monetary accounts will also be applied to accounts funded with virtual currency.
  • Charitable Solicitation Across State Lines: What You Need To Know When Your Charity Clients Engage in Multi-State Fundraising Activities

    By:
    Seth Perlman, Esq. and Tracy L. Boak, Esq.
    |
    Feb 1, 2015
    Currently, 45 states, as well as the District of Columbia have some degree of statutory regulation of charitable solicitation activity conducted within their borders. Many, although not all states, require registration and reporting.
  • Dealing with Virtual Currency? Taxation, Reporting FBARs, and FATCA Worries

    By:
    Keith Miller, Richard Peterson and Joseph Cutler
    |
    Jan 1, 2015
    You or your client decide to jump into the exciting but volatile world of Bitcoin and virtual currencies. What are some of the most important tax-related implications of dealing in virtual currency, and what are the hidden reporting requirements associated with such transactions?
  • Qualified Longevity Annuity Contracts – Something New Under the Sun

    By:
    Bruce Resnik, JD, CPA/PFS
    |
    Dec 1, 2014
    On July 2, 2014, the Internal Revenue Service promulgated new regulations to the Internal Revenue Code which permitted the use of a new type of deferred annuity contract called a “Qualified Longevity Annuity Contract” (QLAC) to be used in conjunction with tax-qualified defined contribution plans and IRA’s. The purpose of the regulations was to make the purchase of lifetime annuities more attractive within retirement plans and help individuals to secure lifetime guaranteed monthly income no matter how long they live.
  • De Minimus Can Be Maximus under the New Tangible Property Regulations

    By:
    James J. Wienclaw, CPA
    |
    Nov 1, 2014
    So much has been written on the tangible property regulations during their evolution from proposed standards to final regulations, and even the CPA community has been outspoken with regard to these regulations. Still, many taxpayers are paying less attention than expected to them, perhaps because the lengthy implementation delays left some taxpayers taking a wait-and-see approach.
  • Transparency Top 12: Managing Risk and Disclosure Issues for Charitable Organizations

    By:
    Luana K. Lewis
    |
    Oct 1, 2014
    Since the 1920s, the Better Business Bureau (BBB) has developed charity reports that seek to help both public and business donors make more informed giving decisions. This service flows out of the BBB's mission to promote trustworthy business practices, especially in solicitations of any kind.
Page
 

 
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.