Latest Articles

  • Qualified Retirement Plan Design for Closely Held Businesses

    By:
    Andrew E. Roth, Esq., JD, LLM
    |
    May 1, 2017

    The primary goal of most employers in establishing any type of retirement savings program is to provide retirement income in a tax-efficient manner. The best way to achieve this is through a qualified retirement plan.

  • Meeting a Nonprofit’s Fiduciary Obligation in Today’s Challenging Environment

    By:
    Anne Bucciarelli, CFA
    |
    May 1, 2017
    The environment today is challenging for nonprofits. Many organizations are feeling the twin pressures of ensuring consistent distributions while simultaneously maintaining and growing their endowment, often through fund-raising. 
  • New Jersey Inheritance Tax: Planning Considerations in Light of Repeal and Possible Federal Changes

    By:
    Martin M. Shenkman, Esq., Glenn A. Henkel, Esq., Richard Greenberg, Esq., Alan A. Davidson, Esq. and Andrew Wolfe, Esq.
    |
    Apr 1, 2017
    Only about 18 states have an estate tax. New Jersey recently repealed its estate tax effective Jan. 1, 2018, but it remains one of a handful of states that will still have an inheritance tax: a tax on beneficiaries receiving a bequest. 
  • Statutory Residency in New York: What Qualifies as a Permanent Place of Abode?

    By:
    Jennifer S. White, Esq., and Jason Feingertz, Esq., CPA
    |
    Apr 1, 2017
    It is no surprise that many individuals choose to have a second home in a state as wonderful as New York. While having access to a New York dwelling certainly has its perks, it might also come with the pitfall of subjecting an individual to New York State personal income tax (“Tax”) on worldwide income.
  • Medicaid’s Five-Year Look-Back and the Importance of Advanced Planning

    By:
    Ronald Fatoullah, Esq., Elizabeth Forspan, Esq., Eva Schwechter, JD
    |
    Apr 1, 2017
    Recent studies show that health care costs for the aging population are increasing at staggering rates. According to New York State’s Office of Health Insurance Program, one year in a nursing home can cost an individual upwards of $145,000. 
  • Partnership Examinations After the Bipartisan Budget Act of 2015

    By:
    Dean L. Surkin, JD, LLM
    |
    Mar 1, 2017

    The playing field for partnership examinations changes next year, along with how the IRS collects tax on adjustments to partnership income. The partnership—rather than the partners—will pay the tax in the first instance. 

  • Major New Reporting Requirements for Foreign-Owned Single-Member LLCs

    By:
    Lisa S. Goldman, CPA
    |
    Mar 1, 2017
    The Treasury Department has clamped down on a key reporting exemption that foreign-owned, single-member limited liability companies (LLCs) previously enjoyed, significantly impacting any foreign person or entity with holdings in U.S. single-member LLCs that are disregarded for federal income tax purposes. 
  • 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. 
  • Energy Incentive Programs: Good for the Earth and the Bottom Line

    By:
    Bruce A. Johnson, MBA, CEM
    |
    Mar 1, 2017
    These days, people talk a lot about “going green.” Companies promote environmentally conscious programs and policies to win new customers, improve public image, and reduce costs. Indeed, energy incentive programs may confer tremendous tax savings. 
  • A Comparison of State Residency Rules

    By:
    Brian Gordon, CPA
    |
    Feb 1, 2017
    All states agree that you are taxed as a resident in the state where you are domiciled, although some exemptions apply for extended absences. They also agree on the definition of “domicile”—which, in simple terms, is your primary residence. States don’t, however, uniformly agree on the factors that determine your domicile. 

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.

 

 

Interested in writing for the TaxStringer? Click here for Submission Guidelines and contact TaxStringer@nysscpa.org.


 
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.