Latest Articles

  • 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).
  • New York Residency Audits: Defending Foreign Domicile Changes

    By:
    JACK TRACHTENBERG, JD, ESQ. and JENNIFER S. GOLDSTEIN, JD, ESQ.
    |
    Mar 1, 2015
    Generally, to establish a change of domicile, a taxpayer must demonstrate a change of lifestyle such that the taxpayer’s subjective intent to make a new location his or her permanent home is substantiated by objective evidence.
  • 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.
  • Increased Enforcement of State Abandoned Property Laws

    By:
    Joseph Endres
    |
    Feb 1, 2015
    All 50 states, the District of Columbia and three Canadian provinces have abandoned property laws on their books. These laws are intended to safeguard the abandoned property of the jurisdiction’s citizens, who, for some reason, have failed to claim the property from the businesses holding it.
  • Private & Non-Profit Company Directors and Officers Insurance

    By:
    Brian Weiss
    |
    Feb 1, 2015
    Although directors and officers of private and not-for-profit companies face similar liability exposures as do their publicly traded corporation counterparts, they often view their risks as being of a much lesser degree. Therefore, it is common for these companies not to have adequate directors and officers (“D&O”) insurance.
  • 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?
  • Employment Law Updates in New York City and State

    By:
    Jonathan A. Wexler, Esq., and Kaitlyn Fallon, Esq.
    |
    Jan 1, 2015
    As discussed in Part I, which appeared in the November 2014 TaxStringer, New York State, New York City, and New Jersey have enacted various statutes that have changed the employment landscape for both employers and employees.
  • The Value of Using Irrevocable Trusts in Medicaid Planning

    By:
    Louis Lepore, Esq.
    |
    Jan 1, 2015
    If a potential Medicaid recipient desires to qualify for benefits, but yet preserve his or her assets within the family, he or she must gift those assets away. After a 5-year lookback period, the transferred assets are no longer countable for purposes of determining the recipient’s eligibility for Medicaid benefits. This raises the question of whether the form of the gift should be an outright gift or a transfer to an irrevocable trust for the benefit of the family member(s).
  • Gaied Decision: Upon Video Review, Case Closed

    By:
    Timothy Noonan, JD, and Joshua Lawrence
    |
    Dec 1, 2014
    We know what you are thinking. Another article on the Gaied case? By now anyone who follows New York tax developments to any degree has seen articles analyzing the New York Court of Appeals’ landmark decision on New York’s residency rules.

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*Outside the Box is a new addition to the TaxStringer featuring important articles on financial and investment management topics by top authors who have expertise both inside and outside the realm of taxation.

 

 

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