• 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. 
  • Asset Protection Planning: An Accountant’s Guide to Domestic and Foreign Asset Protection Trusts

    By:
    K. Eli Akhavan, Esq.
    |
    Jul 1, 2017
    Accountants should have more than a passing familiarity with asset protection. There are three reasons: first, an accountant occupies a unique position in an individual’s personal and business life—he or she has unfettered access to the data comprising a client’s financial existence and operations.
  • 'Placed in Service' Does Not Mean 'Open for Business'

    By:
    Dennis Zinkevich, CPA
    |
    Jul 1, 2017
    On Apr. 13, 2017, the IRS issued an official Action on Decision (“AoD”) regarding its defeat in Stine, LLC v. United States. Stine addressed whether a building can be considered to be “placed in service”—meaning it is substantially complete and in a state of readiness and availability to carry out its specified function—before it is “open for business” for purposes of depreciation and the special Gulf Opportunity Zone (“Go Zone”) bonus depreciation. 
  • The Federal Education Deduction and Credits

    By:
    Carnet A. Brown, CPA
    |
    Jul 1, 2017
    When it comes to credits and deductions, the primary concern of most taxpayers is the effect on their tax refunds or tax liabilities. How much will their tax refunds increase, and how much will their tax liabilities be reduced? 
  • Tax Court Rules the Extension of Variable Prepaid Forward Contracts Is Not a Taxable Event

    By:
    LD Sergi and Matthew Kaufman
    |
    Jul 1, 2017
    On Apr. 19, 2017, the United States Tax Court in Estate of Andrew J. McKelvey v. Commissioner held that the extension of certain variable prepaid forward contracts (“VPFC”) did not result in a sale or exchange of property under IRC section 1001 and that the open transaction treatment provided to VPFCs in Revenue Ruling 2003-7 continues until the transactions are closed through the future delivery of the stock underlying the VPFC, or the cash equivalent. 

  • Protecting Your Assets From a Future Former Spouse

    By:
    Daniel S. Rubin, JD, LLM
    |
    Jun 1, 2017
    No one weds with the intention of later divorcing, but most people recognize at least a possibility that the person standing next to them at the altar might actually be their "future former spouse."
  • The Appropriate Approach to Misappropriation: Responding to Fraud in Non-Profit Organizations

    By:
    Israel Tannenbaum, CPA
    |
    Jun 1, 2017
    Fraud can be one of the most devastating discoveries within an organization—and reports about defrauded organizations suffering significant losses due to employee corruption are rising. 
  • Issues in Sun Capital Continue to be Top of Mind for Investment Funds

    By:
    LD Sergi
    |
    Jun 1, 2017

    In March 2016, the federal district court in Massachusetts (the “District Court”), issued a decision in Sun Capital Partners III, LP v. New England Teamsters & Trucking Industry Pension Fund, 2013 U.S. App. LEXIS 15190 (1st Cir. 2013) (“Sun Capital”), holding that, for purposes of pension withdrawal liability under Title IV of the Employee Retirement Income Security Act of 1974 (ERISA), as amended by the Multiemployer Pension Plan Amendment Act of 1980 (MPPAA), two private equity funds were engaged in a trade or business and that they were under “common control” with the portfolio company such that they were jointly and severally liable for its pension withdrawal liability. 

  • Investments by U.S. Investors in Non-U.S. Businesses – Tax Planning and Effective Structuring

    By:
    Gerard O’Beirne, CPA, and Harold Adrion, JD, LLM
    |
    Jun 1, 2017
    Planning and effective structuring for U.S. investors investing in non-U.S. businesses can only be accomplished with an understanding of the various rules that impact cross-border transactions. 
  • France: Changes to the Tax Collection System and Other Current Tax Developments

    By:
    Michael Jaffe, Christophe Flaicher, and Bertrand Hermant
    |
    May 1, 2017
    A long-awaited change to the French tax system is scheduled to go into effect throughout the next two years: the implementation of a current year “pay-as-you-earn” (PAYE) system. France has aspired to change the system since World War II, and it would be the last member of the Organisation for Economic Cooperation and Development (OECD) to implement the change. 
  • Asset Management Companies May Have Unknown State Tax Liabilities

    By:
    Brian Rebhun
    |
    May 1, 2017

    States continue to embrace economic nexus standards and impose various sales factor market sourcing methods. Asset management companies should reexamine their income streams to confirm they are properly filing state income and gross receipts-based tax returns and remitting associated state taxes.  

  • 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. 

 
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