Income Taxation

  • U.S. Tax Implications of Working Overseas – What You Need to Know

    By:
    Linda M. Bruckner, CPA
    |
    Mar 1, 2017
    Clients are often surprised when we inform them that although they will be living and working abroad, they must continue to file U.S. income tax returns and report their worldwide income as American citizens. 
  • Form 8865: Return of U.S. Persons with Respect to Certain Foreign Partnerships

    By:
    Mitchell Sorkin, CPA, MBA, PFS, CEA
    |
    Nov 1, 2016

    The purpose of Form 8865 is to report the information required under IRC section 6038 (reporting with respect to controlled foreign partnerships). This form also reports transfers to foreign partnerships and acquisitions, depositions, and changes in interest in foreign partnerships.

  • Does My Organization Have Unrelated Business Taxable Income?

    By:
    Robert Lyons, CPA, MST
    |
    Aug 1, 2016

    Unrelated business taxable income (UBTI) is a relatively simple concept: It represents activities conducted by an organization that are both (1) commercial and (2) not in furtherance of the organization’s exempt purpose. UBTI is based on the idea that when a nonprofit participates in commercial activities or exploits its exempt purpose, it would be competing at an unfair advantage with for-profit entities because, as a nonprofit, it generally does not pay taxes on its income. 

  • Examining the Nuances of New York Income Taxation of Trusts

    By:
    Catherine B. Eberl, JD
    |
    Feb 1, 2016
    Just like a resident individual, a New York resident trust is subject to New York income tax on all of its income. 
  • Maintaining Beneficial Tax Treatment of Employer Stock After Job Loss

    By:
    Daniel Mazzola, CPA, CFA
    |
    Nov 1, 2015
    A combination of low interest rates, abundance of cash in company coffers, and a need for growth has led to an explosion of corporate mergers and acquisitions this year.  
  • SCOTUS: Same Sex Marriage for All

    By:
    Jane Bernardini, CPA, PFS
    |
    Oct 1, 2015
    Throughout my long career as a public accountant, I have never experienced and observed changes in tax laws and federal benefits as sudden as those related to same-sex marriage.  
  • The Supreme Court Decided on Colorado Sales Tax—Or Did It?

    By:
    Brian Gordon, CPA
    |
    Jul 1, 2015
    In 2010, Colorado came up with a unique way to collect use tax on sales from remote sellers outside that state: because states cannot require out-of-state retailers to collect sales tax for them, Colorado passed a law requiring out-of-state sellers to report, to their customers and to the state, the amount of purchases made that is subject to use tax.
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