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Federal Taxation

  • 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.

  • The Not-So-Basic Basis of Bases: Tax Basis Reporting Calculations and Analysis

    By:
    Dean L. Surkin, JD, LLM
    |
    Apr 1, 2022

    The IRS directed partnerships to report capital accounts on the tax basis starting in 2020. In this article, I’ll address the prior rule, why the IRS wasn’t happy, the change they wanted, how to process the transition, and the need to maintain both the former capital account and the IRS-prescribed method.

  • IRS Update – Practice, Procedures and Enforcement in the COVID Environment

    By:
    Michael J. Tedesco, Esq., JD
    |
    Mar 1, 2022
    The IRS is asked to do more with less as each year passes. During the COVID-19 pandemic, the strain on the IRS has been more severe than ever. Many service centers were shut down or operating at significantly diminished capacity for lengthy periods during the early days of the pandemic. These shutdowns put an already strained IRS several months further behind. Often, letters dated in March 2020 were not mailed until May or June 2020.

  • The IRS Updated Automatic Accounting Method Change Procedures

    By:
    Mathieu Aimlon, CPA
    |
    Mar 1, 2022
    Taxable income must be computed under the method of accounting regularly used by the taxpayer in keeping its books. An accounting method is a set of rules used to determine when and how income and expenses are taken into account for federal income tax purposes. A taxpayer filing its first return may adopt any permissible method of accounting. This method is binding typically after a year; but the taxpayer may elect to change to another permissible method. However, it must secure the consent of the Commissioner before changing [IRC section 446(e) and Treas. Reg. 1.446-1(e)].

  • PPP Loan Forgiveness: Preparing for and Responding to SBA Reviews, Appeals of Forgiveness Denials, and Other Governmental Scrutiny

    By:
    Reetuparna Dutta and Jason E. Markel
    |
    Feb 1, 2022
    Nearly two years ago, on March 27, 2020, the Paycheck Protection Program (PPP) was created with the enactment of the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act.1 The CARES Act substantially expanded eligibility for small business loans administered by the U.S. Small Business Association (SBA) under its existing Section 7(a) loan program.
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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.