Latest Articles

  • Revised Nonresident Audit Guidelines

    By:
    Barry Horowitz, CPA, MST, and Alex Fishbane, JD, LLM
    |
    Oct 1, 2014
    New York State has once again revised its nonresident audit guidelines and released several cases that clarified previously murky areas of New York’s residency rules. The new guidelines reflect these changes.
  • IRS Guidance on the Two Percent of AGI Floor for Trusts and Estates

    By:
    Kevin Matz, JD, LLM, CPA
    |
    Sep 1, 2014
    On May 9, 2014, the IRS issued final regulations under Treasury Regulations section 1.67-4 that provide guidance on which costs incurred by estates or trusts, other than grantor trusts (nongrantor trusts), are subject to the two percent of adjusted gross income (AGI) floor for miscellaneous itemized deductions under Internal Revenue Code (IRC) section 67(e).
  • The Lapsing Policy Crisis: An Intervention Plan Is Needed

    By:
    E. Randolph Whitelaw, AEP, and Henry Montag, CFP, CLTC
    |
    Sep 1, 2014
    For the past 35 years, flexible premium nonguaranteed death benefit policies—adjustable life, universal life, variable universal life, and equity indexed universal life—have been the life insurance products of choice; however, only a few of these policies will achieve their originally illustrated values.
  • New York’s 2014 Trust Income Tax Changes

    By:
    Jonathan J. Rikoon
    |
    Sep 1, 2014
    The estate tax law changes that New York enacted earlier this year were accompanied by new rules intended to close two perceived loopholes in New York’s taxation of trust income. Although the original version of the proposals would have been far-reaching, the final changes that went into effect on Apr. 1, 2014, are somewhat more modest.
  • New York State Tax Benefits for Seniors

    By:
    Joseph Rosoff, CPA
    |
    Sep 1, 2014
    Senior citizens or retired individuals filing a New York state income tax return may qualify for special income tax benefits and breaks that can reduce tax liability, including subtraction modifications and credits. Some examples of income exempt from New York state taxation include Social Security benefits, New York state pensions, pensions from local and federal governments, and the pension and annuity income exclusion.
  • The June 2014 Revised Offshore Voluntary Disclosure Program and Streamlined Programs

    By:
    Melissa Gillespie, JD, CPA, MST
    |
    Aug 1, 2014
    It has been interesting to watch the IRS mold and remodel its original 2009 Offshore Voluntary Disclosure Program (OVDP). Since then, updates have included the 2011 Offshore Voluntary Disclosure Initiative (OVDI), which closed in September 2011; the December 2011 new compliance procedures for nonresident U.S. taxpayers, with a promise of “more to follow”; the 2012 OVDP program, which replaced the 2011 OVDI; and the announcement in June 2012 of new streamlined filing compliance procedures for U.S. citizens or dual citizens residing outside the United States. On Jun. 18, 2014, it was announced that the IRS has once again revised its OVDP.
  • Fraud Case Study: Travel and Expense Fraud

    By:
    David Zweighaft, CPA/CFE, CPE
    |
    Aug 1, 2014
    Certain situations increase the likelihood of fraud, such as when a trusted employee is under financial pressure, feels he deserves greater recognition or more pay, and has the ability to prepare and obtain approval for reimbursement of any travel and expense submissions.
  • Trusting the Trustees and Additional Trust-Related Issues

    By:
    Shahnaz Mahmud
    |
    Aug 1, 2014
    The first article in this series discussed trusting the beneficiaries, but what about trusting the trustees? At the NYSSCPA Family Office Committee conference, Randy Werner, a loss prevention executive at CAMICO, urged participants to truly think about what is involved.
  • The Grantor Retained Annuity Trust: A Jackpot for Taxpayers Who Want to Limit Gift Tax Liability

    By:
    Daniel Mazzola, CPA, CFA
    |
    Aug 1, 2014
    One of the first things lottery winners learn is that their prize money is subject to taxation. In the United States, lottery prize money is classified as gambling winnings and is considered taxable income, just like wages from employment and interest earned at a bank. There is not much the lottery winner of a significant cash prize can do regarding income taxes, but he can reduce gift taxes by establishing a grantor retained annuity trust.
  • Advancements in Reproductive Technology Raise Estate Planning Issues

    By:
    Carole M. Bass, Esq.
    |
    Jul 1, 2014
    Massive scientific advancements in the field of reproductive technology—coupled with delays in childbearing, the growth of nontraditional families, and increased success rates in cancer treatment—have resulted in rapid expansion in the use of assisted reproductive technology (ART). In 2012, the American Society of Reproductive Medicine removed the “experimental”label from egg freezing, signaling an anticipated expansion in the number of women who will harvest and store unfertilized eggs for later use.

Tax Quote

“I shall never use profanity except in discussing house rent and taxes.” 


- Mark Twain

Death, taxes and childbirth! There's never any convenient time for any of them.
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