Latest Articles

  • 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. 
  • Doing Business on the Web: State Tax Traps for the Unwary

    By:
    Elizabeth Pascal, JD, Mark Klein, and Joe Endres, JD
    |
    Feb 1, 2017
    It isn’t easy being an online retailer or service provider these days. Businesses have increasing opportunities and economic pressures to expand their market beyond a single state or region—in fact, other than “mom and pop” stores serving a single local community, it’s rare to find any business that isn’t seeking to expand its geographic market. 
  • Planning for the Stars: Estate and Insurance Planning for Entertainers and Professional Athletes

    By:
    K. Eli Akhavan, Esq., and Jonathan I. Shenkman
    |
    Feb 1, 2017

    This article is the second in a two-part series about some of the types of planning for entertainers and professional athletes. To read the first part published in the January 2017 TaxStringer, “Planning for the Stars: Financial & Investment Planning for Entertainers and Professional Athletes,” please click here.

  • Rev. Proc. 2016-49: QTIP Elections Designed to Take Advantage of Portability of the Deceased Spousal Unused Exclusion Amount Will Not Be Disregarded

    By:
    Kevin Matz, Esq., CPA, LLM (Taxation)
    |
    Feb 1, 2017

    Revenue Procedure 2016-49 answers in the affirmative the question of whether the IRS will respect a qualified terminable interest property (“QTIP”) election where the executor has elected portability of the deceased spousal unused exclusion (“DSUE”) amount under IRC section 2010(c)(5)(A).  

  • Tax Implications of Purchasing Real Estate from a Foreign Person—What You Need to Know

    By:
    Linda M. Bruckner, CPA
    |
    Feb 1, 2017

    Many tax clients think that the tax withholding rules apply only to those in business. They are familiar with withholding on employee wages and may have even needed to withhold tax on income allocated or paid to a foreign investor in their company; however, most clients do not expect a federal tax withholding requirement when making payments for personal purposes—which is why the rules surrounding the purchase of a home may come as a surprise.

  • Pre- and Post-Mortem Planning

    By:
    Elana S. Bronson, Esq.
    |
    Jan 1, 2017
    When a client is nearing the end of his or her life, advisors should be aware of both pre- and post-mortem planning opportunities. While the majority of this article will focus on tax planning techniques, there are also practical considerations. This article is not exhaustive, but is intended to serve as a helpful guide for practitioners.  
  • Federal Tax Planning Strategies for Individuals and Small Businesses

    By:
    Warren M. Bergstein, CPA, AEP
    |
    Jan 1, 2017
    Every year, to minimize their overall liability, taxpayers should start giving consideration to moves that may either lower their current year tax bill or equalize their tax liability over a two-year period. 
  • Planning for the Stars: Financial & Investment Planning for Entertainers and Professional Athletes

    By:
    K. Eli Akhavan, Esq., and Jonathan I. Shenkman
    |
    Jan 1, 2017

    Financial and legal advisors representing entertainers and professional athletes—“celebrities”—confront unique circumstances not usually present when working with more traditional clients. These challenges include the “sudden wealth” effect, short earnings horizon, inconsistent cash flow, unrestrained spending habits, limited financial literacy, and incompetent advising.

  • The Life Insurance Policy Lapse and Litigation Crisis: What CPAs Need to Know in Order to Avoid a Client Crisis and Create a Glide Path to Safety

    By:
    E. Randolph Whitelaw, AEP Distinguished, and Henry Montag, CFP, CLTC
    |
    Jan 1, 2017

    After more than 35 years of “buyer beware” warnings, why do consumers continue to purchase flexible premium non-guaranteed death benefit life insurance products for a 10 to 50 year planning duration period, assume policy performance risk without knowing the risks to be managed, and forego annual policy performance monitoring—all while knowing there is a high probability that the policy will lapse without value during their lifetimes? 

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.
*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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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.