• 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. 
  • To Grant(or) Not? Choosing the Right Structure for Your Special Needs Trust

    By:
    Ashley Velategui, CFA
    |
    Sep 1, 2017
    Raising a special needs child can be one of life’s greatest joys, but their parents face unique challenges—not the least of which is figuring out how to financially provide for the child after both parents have passed away. 
  • New York State Residency Audits: What Is Credible Testimony?

    By:
    Brian Gordon, CPA
    |
    Sep 1, 2017
    There are two different ways a person can be considered a resident of New York State or New York City for tax purposes. The first way is to be deemed “domiciled” in New York. Depending on the circumstances, an analysis to determine domicile can be complex—but generally, you are domiciled in New York City or New York State if it is your place of primary residence. 
  • Tools and Techniques to Shield, Defer Taxes on Unrealized Stock Gains

    By:
    Thomas Boczar, ESQ., LLM., CPWA, CFA, and Elizabeth Ostrander, CFA
    |
    Sep 1, 2017

    Investors with highly appreciated stock positions face a challenging environment. The stock market is at record heights, interest rates are steadily increasing, and risks seem to be lurking everywhere around the globe. 

  • France Delays Implementation of New Tax Withholding System for One Year

    By:
    Michael Jaffe, Christophe Flaicher, PhD, and Bertrand Hermant, PhD, LLM
    |
    Sep 1, 2017
    In our May 2017 article, we mentioned that the implementation of a current year “pay-as-you-earn” (PAYE) withholding tax fell during an election year—and that the new president could get cold feet when confronted with this major change to the tax collection process.
  • Taxing Times for Non-Doms Post-Brexit

    By:
    Nick Warr
    |
    Aug 1, 2017
    Against the backdrop of Brexit, increasing economic uncertainty, and the rather strange political environment after the United Kingdom’s recent general election, it is rather surprising that on July 13, 2017, Theresa May's government announced its intent to push ahead with the proposed changes to the beneficial tax regime, which applies to U.K. residents but non-domiciled individuals (“non-doms”). 

  • Transfer of a Primary Residence: The Tax and Long-Term Care Consequences

    By:
    Anthony J. Enea, Esq.
    |
    Aug 1, 2017
    A senior citizen’s decision to transfer a primary residence raises a number of important issues for both the attorney and client—for example, gift taxes, potential capital gains tax consequences, and of course the transfer’s impact on the Medicaid eligibility of the senior. 
  • Is New York Overreaching on Audit and Litigation of Federal Issues?

    By:
    Joseph Lipari, JD, and Ellen S. Brody, JD, CPA
    |
    Aug 1, 2017
    Under New York law, an individual’s personal income tax is calculated by making certain adjustments to the taxpayer's federal adjusted gross income. In this, New York is similar to many other states. 
  • Strategies to Maintain the Individually Owned or Trust-Owned Life Insurance Policy

    By:
    Henry Montag, CFP
    |
    Aug 1, 2017
    Over the years, many have called attention to the problem of prematurely expiring life insurance and what CPAs and attorneys need to know in order to advise and assist their clients’ trustees (usually an eldest son or daughter) regarding the performance and monitoring of the life insurance policy for which they are responsible. 

 
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.