Latest Articles

  • Tax Incentives for Film Production in New York State

    By:
    Zev Landau, CPA, MBA
    |
    Jul 1, 2014
    Because New York state is a financial powerhouse (just consider Wall Street), it has an important edge in securing financing for film productions. New York’s government and its wealthy entities can provide financing through government grants, tax incentives, and tax credits.
  • Fraud Risks and Prevention Techniques for Exempt Organizations

    By:
    David Zweighaft, CPA/CFE, CPE
    |
    Jun 10, 2014
    Reliance on documents is often the basis for initiating, recording, or approving accounting transactions—and, in a perfect world, that would be reasonable and acceptable. Unfortunately, there is always the risk of fraud in clients’ organizations.
  • Pressure Builds on U.S. Taxpayers with Foreign Accounts

    By:
    Robert Barnett, CPA, JD, MS (taxation) and Renato Matos, JD, LLM (taxation)
    |
    Jun 1, 2014
    The Foreign Account Tax Compliance Act of 2010 (FATCA) has manifested outside the United States in recent months, as a result of an agreement announced on Aug. 29, 2013, between the U.S. Department of Justice and the Swiss Federal Department of Finance.
  • Estate Tax Changes under the 2014/2015 Executive Budget

    By:
    Jonathan Rikoon
    |
    Jun 1, 2014
    Governor Andrew M. Cuomo announced in January that he would introduce legislation intended to reduce the estate tax provisions that may provide an incentive for New Yorkers to move out of the state shortly before death. But even though the new law, signed on Apr. 1, 2014, provides some tax relief for moderately well-off taxpayers, the wealthiest New Yorkers will see little—if any—change. In some cases, they will actually experience an increase in estate and income tax.
  • New York’s Film Tax Credit Program Bolsters Its Success in the Film Industry

    By:
    Zev Landau, CPA, MBA
    |
    Jun 1, 2014
    New York state recently enacted a bill that will extend tax credits for film production and postproduction, based on qualified costs. Find out how your clients or company can take advantage of this state's Film Tax Credit in this first of a two-part series by CPA and MBA Zev Landau.
  • To Live and Die in New York: Recent Tax Changes Affecting Estates and Trusts - Tax Stringer May 2014

    By:
    Kevin Matz, JD, LLM, CPA
    |
    May 1, 2014
    On Apr. 1, 2014, Governor Andrew M. Cuomo signed into law, as part of the New York State Executive Budget, what might appear to be sweeping changes affecting estate planning and trusts. But the new law falls short of achieving the laudable objective that Governor Cuomo had specified in his State of the State address: keeping wealthy New Yorkers in the Empire State during their golden years.
  • New York State Nursing Home Assessment Credit

    By:
    Laura LaForgia, CPA, MST
    |
    May 1, 2014
    One commonly overlooked New York state income tax credit that could provide some real money to those who need it is the nursing home assessment credit. For tax years beginning on or after Jan. 1, 2005, this credit refunds the portion of an assessment imposed by the Commissioner of Taxation and Finance on a New York nursing home that is passed through on the nursing home resident's bill.
  • Opting Out of the IRS Offshore Disclosure Programs

    By:
    Eric L. Morgenthal, Esq., CPA, MS (Taxation)
    |
    May 1, 2014
    In 2009, the IRS had introduced an Offshore Voluntary Disclosure Initiative/Program (OVDI/OVDP). In the years that followed, the program was reintroduced and revised. Soon enough, thousands of practitioners started jumping on the foreign tax repair bandwagon. Many had no foreign tax experience or held limited knowledge of the foreign tax reporting and compliance requirements.
  • Guaranteed 10-Pay Whole Life Insurance Contracts

    By:
    G. Dean Goodwin, CLUT, AEPT
    |
    May 1, 2014
    Most advisors and clients utilize the benefits of life insurance for the traditional purposes of replacing income or providing liquidity to pay estate taxes through the income tax-free death benefit; however, permanent insurance is often perceived as being expensive and not providing a competitive rate of return compared to other asset classes. In order to provide policyholders with a sense of certainty, a number of mutual insurance companies have introduced guaranteed 10-pay whole life contracts that are contractually paid-up with 10 years of premium payments, regardless of dividend performance.
  • A CPA’s Guide to Life Insurance

    By:
    Chad L. Reyes
    |
    Apr 1, 2014
    Even during the depths of the Great Depression, the U.S. Supreme Court noted that life insurance for dependents is “kept up very often at the cost of painful sacrifice, and abandoned only under dire compulsion” (Burnet v. Wells). Because of the socially beneficial role life insurance plays in families that have lost a loved one, it has been afforded very favorable tax treatment by the IRC.

Tax Quote

“Tax day is the day that ordinary Americans send their money to Washington, D.C., and wealthy Americans send their money to the Cayman Islands.” 


- Jimmy Kimmel

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