• The Tax Cuts and Jobs Act: Traps for the Unwary Accountant

    By:
    Ellen Seiler Brody, JD, CPA, Esq. and Vivek A. Chandrasekhar, JD, Esq.
    |
    Feb 1, 2018
    On Dec. 22, 2017, President Trump enacted into law Public Law 115-97, which is colloquially, although not technically, called the "Tax Cuts and Jobs Act" (the "Act").  The Act enacts wide-ranging changes to the IRC, such as lowering the individual and corporate rates, creating a brand new deduction for certain non-corporate business, and increasing expensing for certain capital expenditures.
  • How the 2017 Tax Reform Act Affects Estate Planning for High-Net Worth Individuals

    By:
    Kevin Matz, Esq., CPA, LLM (Taxation)
    |
    Feb 1, 2018
    On Dec. 20, 2017, Congress passed far-reaching changes to the IRC that were signed into law by the president on Dec. 22, 2017 as Public Law 115-97 (the “2017 Tax Reform Act,” also informally known as the “Tax Cuts and Jobs Act”).  

  • The Effect of the Tax Cuts and Jobs Act of 2017 on Expatriation

    By:
    Shannon P. McNulty, Esq., LLM (Taxation), CFP
    |
    Feb 1, 2018

    Affluent U.S. citizens and long-term legal permanent residents (i.e., green card holders) looking to expatriate from the United States can face a daunting financial obstacle in the form of the exit tax regime imposed by IRC section 877A. While the recently enacted tax law leaves IRC section 877A unchanged, it effects other changes to the IRC that can make it easier for those seeking to expatriate to get out from under IRC section 877A penalties.

  • Comparing the New York City Unincorporated Business Tax and General Corporation Tax

    By:
    Robert Thee, CPA, PC
    |
    Feb 1, 2018
    Most businesses operating in New York City in the form of pass-through entities for federal tax purposes—such as partnerships, limited liability companies, S corporations, and sole proprietorships—will be subject to an entity-level tax: either the Unincorporated Business Tax (UBT) or the General Corporation Tax (GCT). 
  • Are New York’s PNOLC Draft Regulations Too Restrictive?

    By:
    R. Gregory Roberts, Esq., Jennifer S. White, Esq., and Jeremy P. Gove, Esq.
    |
    Jan 1, 2018
    On May 5, 2017, the New York State Department of Taxation and Finance (the “Department”) released its long-awaited draft regulations (the “Draft Regulations”) regarding the computation of the prior net operating loss conversion (“PNOLC”) subtraction. Initial comments to the Draft Regulations were due Aug. 3, 2017; however, the Department continues to review comments.
  • Employee Stock Ownership Plans: Exploring Opportunities for Business Owners

    By:
    Kevin Jennings, ABV, CVA and Carla Klinger
    |
    Jan 1, 2018
    An employee stock ownership plan (ESOP) is a qualified retirement plan under IRC section 401(a) that is nondiscriminatory and provides transition opportunities for a company’s owners. But an ESOP is not for everyone—the company must be robust and produce sufficient cash flow to cover the expenditures associated with an ESOP.  
  • Choice of Entity

    By:
    Dean L. Surkin, JD, LLM
    |
    Jan 1, 2018
    When entering a new business transaction (or significantly changing an existing one), clients should consider their choices of entity and business structure. They must consider the requirements of the business, the extent or liability protection, and the tax effects, and we, as their principal tax advisors, should work closely with their attorneys in making informed choices.
  • Accounting Methods for Construction Contracts

    By:
    Joseph Molloy, CPA
    |
    Jan 1, 2018
    New York City is in the middle of its biggest office construction building boom in three decades, and residential spending—which includes spending on new construction as well as alterations and renovations—is projected to reach $11.6 billion in 2018, according to a New York Building Congress analysis of multiple data sources.
  • The Tax Cuts and Jobs Act: What Practitioners Need to Know

    By:
    Ben Lederman, CPA
    |
    Dec 1, 2017
    Coming into its first year, the Trump administration set two major goals—one, to repeal or replace the Affordable Care Act (ACA), also known as Obamacare, and two, to reform the tax code, primarily through tax cuts. After failing to pass ACA repeal several times, Congress and the Trump administration have moved on to tax reform. 

  • How Will the Trump Administration Impact Estate Taxes and Medicaid Benefits for Long-Term Care?

    By:
    Anthony J. Enea, Esq.
    |
    Dec 1, 2017
    While it still remains to be seen which specific legislative policies the Trump administration will enact, a repeal of the federal estate tax may be very likely if Congress passes tax reform or tax cuts.  
  • With Tax Reform Uncertainty, Roth Conversions Need a Tremendous Amount of Confidence

    By:
    David M. Barral, CPA/PFS, CFP
    |
    Dec 1, 2017
    Tax reform has been on every tax professional’s mind—even more so as we approach year-end. Without any certainty of where we’re heading and when any changes will take effect, tax planning for clients has become increasingly difficult. It is a particularly difficult decision for those contemplating a Roth conversion, which can carry with it a hefty tax bill. 
  • Divorce and Taxes

    By:
    Stewart Berger, CPA
    |
    Dec 1, 2017

    In the United States, there is a divorce every 36 seconds—or about 876,000 per year. The average marriage lasts approximately eight years before a couple gets divorced. Most people who get divorced, however, do not know the tax consequences or ramifications.

  • The Current State of Leveraged Partnership Structures and Liability Allocations

    By:
    Jorge Otoya, CPA and Jim Dubeck
    |
    Nov 1, 2017
    One of the many benefits of using partnerships to conduct business is that a partner can include its allocable share of partnership liabilities in the tax basis of its partnership interest (“outside basis”). 
  • Tax Court Declines to Follow Revenue Ruling 91-32 in Grecian Magnesite Mining Case

    By:
    Ari Berk, Jim Calzaretta, Paul Epstein, JD, LLM (taxation) and Christine Piar, JD
    |
    Nov 1, 2017
    After a three-year period following the trial and briefs from the taxpayer and the IRS, during which the Obama administration each year sought legislation ratifying the IRS’s position in Revenue Ruling 91-32, the Tax Court has finally issued its opinion declining to follow the ruling.
  • Avoiding the Exit Tax

    By:
    Philip D. W. Hodgen
    |
    Nov 1, 2017

    Every year, more and more U.S. citizens renounce their citizenship, and green card holders give up their visa status. These actions trigger a tax problem: the exit tax.

  • Social Security Benefits for Non-Working Spouses

    By:
    Daniel Mazzola, CPA, CFA
    |
    Nov 1, 2017
    In 1945, Michigan’s legislators passed a law requiring all bartenders to be licensed but prohibiting women to secure such licenses unless they were the wives or daughters of male bar owners. 
  • Tools and Techniques to Shield and Defer Taxes On Unrealized Stock Gains

    By:
    Thomas Boczar, ESQ., LLM, CPWA, CFA, and Elizabeth Ostrander, CFA
    |
    Oct 1, 2017
    What strategies might investors consider to strategically manage their single-stock risk over a longer-term period? Exchange funds, stock protection funds, and completeness portfolios are the primary tools investors can use to manage their stock concentration risk over a long-term period.
  • Long-Term Care Premiums Paid by New York Resident Taxpayers: A Potential Double Benefit

    By:
    David M. Barral, CPA/PFS, CFP
    |
    Oct 1, 2017

    For those who are proactive in planning for their end-of-life care, purchasing long-term care (LTC) insurance is a great idea. There are also tax benefits available for the premiums paid. Most CPAs are familiar with considering these premiums as an itemized deduction at the federal level under IRC section 213(d)(1)(D), but these premiums are not 100% deductible—it is adjusted annually and limited by the age of the taxpayer.

  • Key Tax Issues in Negotiating M&A Deals for Small Businesses

    By:
    Jordan L. Fieldstein, JD, LLM (taxation) and Michael P. Spiro, JD, LLM (taxation)
    |
    Oct 1, 2017
    Negotiating the sale of a small business begins with striking the commercial bargain between the parties. The alternative tax structures available to effect a single transaction, however, can have a significant impact on the parties’ economic bargain. 
  • Information Exchange With the United Kingdom Leads to Adjustment in Foreign Tax Credit Claimed

    By:
    Charles Ladas, CPA, and Joseph Neri, CPA
    |
    Oct 1, 2017
    As the global economy becomes more aligned, it is common for businesses and individuals today to have income and tax compliance issues in more than one country. With the complexity of varying tax regimes and the difficulty in monitoring offshore tax compliance, governments and taxing authorities around the world are looking for ways to collaborate and ensure taxpayers are paying their fair share, wherever they may be. 

 
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.