Latest Articles

  • Straddle Identifications: Making the Best out of a Bad Situation

    By:
    Mark Fichtenbaum CPA, JD, LLM
    |
    Dec 1, 2016

    Straddles are defined in IRC section 1092(c) as two or more offsetting positions in personal property. A taxpayer holds offsetting positions with respect to personal property if the taxpayer’s risk of loss from holding any position is substantially reduced by reason of their holding one or more other positions with respect to personal property—whether or not of the same kind. 

  • State Residency for Professional Athletes: Overview and Traps for the Unwary

    By:
    Corey L. Rosenthal, JD
    |
    Dec 1, 2016

    Fall is an amazing time of the year for sports fans. The NFL season is in full swing, the NBA and NHL seasons are beginning, and—of course—baseball’s World Series is played. As both sports enthusiasts and state and local tax professionals, we also focus on how professional athletes must report their taxes to various states.  

  • Federal Investigators Increase Scrutiny of Offshore Bank Accounts

    By:
    Alicea Castellanos, CPA, TEP, N.P., and Jack Brister, TEP
    |
    Dec 1, 2016

    Federal watchdogs are demonstrating their renewed focus on the illegal use of offshore bank accounts, as the Department of Justice (DOJ) says it is zeroing in on potential tax evaders. 

  • What if Your Spouse Doesn't Want to Study? Visa Requirements for U.S. Tax Practitioners

    By:
    Luciana Zamith Fischer
    |
    Nov 1, 2016
    In a globalized world, where investment and trade continues to flow across borders, investors and companies find it difficult to understand the complexities imposed by countries based on notions of sovereignty and national security. 
  • Form 8865: Return of U.S. Persons with Respect to Certain Foreign Partnerships

    By:
    Mitchell Sorkin, CPA, MBA, PFS, CEA
    |
    Nov 1, 2016

    The purpose of Form 8865 is to report the information required under IRC section 6038 (reporting with respect to controlled foreign partnerships). This form also reports transfers to foreign partnerships and acquisitions, depositions, and changes in interest in foreign partnerships.

  • To Have and to Hold But to Not Be Held Accountable

    By:
    Jacalyn F. Barnett, Esq.
    |
    Nov 1, 2016
    New Year’s Eve is not just a time for fireworks and celebrations—it is also the moment when the IRS determines whether or not you are married. If you are married at the stroke of midnight, the IRS considers you to have been married for the whole year. 
  • Exotic Dance Club Wins Battle, Loses War

    By:
    Brian Gordon, CPA
    |
    Nov 1, 2016

    Admission charges to a place of amusement—such as baseball games, museums, and beaches—are subject to New York State sales tax. There is, however, an exemption under New York Tax Law section 1105(f)(1) on admission charges to a theater or place of assembly for “dramatic or musical arts performances.” 

  • Tax Compass: Letters to the Editor

    By:
    TaxStringer Staff
    |
    Nov 1, 2016

    The letters to the editor below are comments from readers in response to Daniel Mazzola’s opinion piece, “Why the Estate Tax Should Concern Us All,” which appeared in the October 2016 TaxStringer.

  • Fundamental Tax Reform Is Mostly Dead—but Not Quite

    By:
    Curtis S. Dubay
    |
    Oct 1, 2016

    In the classic children’s movie The Princess Bride, Billy Crystal plays a miracle-performing medicine man. When the hero of the story is brought to him, Crystal’s character says that he is “mostly dead.” That is an apt description of fundamental tax reform’s current state. 

  • Why the Estate Tax Should Concern Us All

    By:
    Daniel Mazzola, CPA, CFA
    |
    Oct 1, 2016

    During the week of Aug. 7, presidential candidates Hillary Clinton and Donald Trump revealed their respective tax policies in major speeches to partisan audiences. While the presentations contained such jargon as marginal rates, inversions, and expenditures, the programs can be summarized as follows: Corporate America—along with the wealthy—will bear the brunt of Mrs. Clinton’s progressive agenda in the form of higher taxes, while these two groups would see their taxes reduced under a Trump regime. This is the choice Americans face in November.

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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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.