• The Panama Papers: A Reminder to Taxpayers That It’s Not Too Late to Clean Up Unreported Offshore Assets

    By:
    Bryan Skarlatos, Esq., and Michael Sardar, Esq.
    |
    May 1, 2016
    So far, the “Panama Papers” - as they have come to be called - have disclosed that several high-profile individuals around the world were holding foreign bank accounts and other assets through Panamanian offshore entities.
  • IRS Proposed Regulations Concerning Basis Consistency and Reporting for Property Acquired from a Decedent

    By:
    Kevin Matz, CPA, Esq., LLM
    |
    May 1, 2016
    On July 31, 2015, President Obama signed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the “Highway Act”) into law. The Highway Act, among other things, added new provisions to IRC sections 1014(f) and 6035 concerning basis consistency and reporting for property acquired from a decedent. 
  • Don’t Overlook Your Clients’ IRA Beneficiary Designations

    By:
    Kevin Matz, CPA, Esq., LLM
    |
    Apr 1, 2016
    The beneficiary designation forms for qualified retirement plans and individual retirement accounts (collectively, “IRAs”) are often overlooked in a client’s estate plan. But in many instances, the beneficiary designation forms will control more assets than the will itself. 
  • Carried Interest: Labor vs. Capital

    By:
    Daniel G. Mazzola, CPA, CFA
    |
    Apr 1, 2016
    The U.S. government promotes business activity via the I.R.C. by taxing the profits of the sale of investment assets held for at least one year at a lower rate than the one at which income for services rendered is taxed. 
  • Is It Time For A Flat Tax On Private Foundations?

    By:
    Robert Lyons, CPA, MST
    |
    Apr 1, 2016

    Under our current federal tax structure, private foundations pay a 2% excise tax on their net investment income when filing Form 990-PF.  In certain years, the 2% rate can be reduced to 1% when the foundation’s charitable distributions exceed the average distributions during a five-year averaging process. This is determined on Part V of Form 990-PF. 

  • Colorado Wins Round Two on Use Tax Reporting Requirements for Remote Sellers

    By:
    Brian Gordon, CPA
    |
    Apr 1, 2016
    In 2010, Colorado enacted a law that imposes use tax reporting obligations on many remote sellers with no nexus to the state. This law does not require them to collect sales or use tax; it only requires them to report the sales information to both the purchaser and the state of Colorado, notifying them of a use tax liability. 
  • The 2015 Business Extender Law

    By:
    Stewart Berger, CPA
    |
    Mar 1, 2016
    On Dec. 18, 2015, President Obama signed the “Protecting Americans from Tax Hikes Act of 2015” (PATH Act). Highlights of the law as it pertains to businesses are as follows
  • ‘Til Death or Divorce Do Us Part

    By:
    Carole M. Bass and Rebecca A. Provder
    |
    Mar 1, 2016
    Death and divorce -  two “d” words that no one wants to talk about, but which cannot be ignored. While working together at the same firm, the authors – a trusts and estates lawyer and a matrimonial lawyer – have seen firsthand the significant overlap between their two fields, and how considering both can achieve optimal results for clients. 
  • IC-DISCS 101: The History, Relevance, and Importance of Interest-Charge Domestic International Sales Corporations

    By:
    David Roer, CPA
    |
    Mar 1, 2016
    In a recent heated tax discussion, the topic of Interest-Charge Domestic International Sales Corporations (commonly known as an IC-DISC) was brought up. 
  • You Can’t Take it With You: Passive Activity Loss Carryovers at Death

    By:
    Carl Fiore, JD, LLM
    |
    Mar 1, 2016
    “You can’t take it with you.” Although more commonly associated with gift and estate tax planning among tax practitioners, this statement also applies to income tax as well. 
  • Examining the Nuances of New York Income Taxation of Trusts

    By:
    Catherine B. Eberl, JD
    |
    Feb 1, 2016
    Just like a resident individual, a New York resident trust is subject to New York income tax on all of its income. 
  • Social Security Strategies

    By:
    Daniel Mazzola, CPA, CFA
    |
    Feb 1, 2016
    The Social Security Act, was signed into law in 1935, was designed to provide adequate financial assistance to the elderly, the poor, the unemployed, the widowed, and fatherless children.  
  • 3 Solutions to New York Tax Inequities

    By:
    William F. Berardi, CPA
    |
    Feb 1, 2016
    In 2012, Gov. Cuomo tasked the New York State Tax Reform and Fairness Commission to review the state’s complex tax code and recommend ways to simplify it. The commission’s final report, issued in 2013, highlighted several areas of tax inequality that remain on the state’s books. 
  • New York State Releases Its Throwback Tax Form (and It Is Unduly Complex)

    By:
    Kevin Matz, Esq., CPA, LLM
    |
    Feb 1, 2016
    The New York State Department of Taxation and Finance has posted on its website Form IT-205-J, New York State Accumulation Distribution for Exempt Resident Trusts (Schedule J).
  • IRS, States, and Tax Industry Implement New Safeguards

    By:
    Damon Asper
    |
    Jan 1, 2016
    Protecting taxpayers against fraud is a top priority for the IRS. But recent years have proved challenging, as criminals gather increasing amounts of personal data. The IRS, however, has made real progress in the past several years.
  • A Great Time To Give: Charitable Trust Planning in the Current Environment

    By:
    Carl Fiore, JD, LLM
    |
    Jan 1, 2016
    While charitable giving has always been an important part of tax planning, the current tax and economic environment has greatly incentivized many wealthy individuals to give more.  
  • New York Sales Tax Audits: Are Test Period Agreements Binding?

    By:
    Brian Gordon, CPA
    |
    Jan 1, 2016
    There are many different types of sales tax audits.  Audits of cash businesses, which are often closely-held or family-owned businesses that lack internal controls, are very common. 

  • Final Regulations on F Reorganizations

    By:
    Michael Schonig, CPA
    |
    Jan 1, 2016
    On Sept. 21, 2015, the Treasury Department and IRS released final regulations providing clarification on the qualification of transactions as “F Reorganizations” under IRC section 368(a)(1)(F). 
  • The Crowdfunding Craze: A Primer for Tax Professionals

    By:
    Sean Mathey, Esq.
    |
    Dec 1, 2015
    The popularity of Internet crowdfunding has exploded in recent years.  As individuals and businesses turn increasingly to this alternative form of financing, the regulatory response has been outpaced, leaving tax and legal advisors on uneven ground regarding client counsel.  
  • Retirement Plans: An Overlooked Benefit for Business Owners
    Higher Contributions and Greater Flexibility

    By:
    Kenneth A. Horowitz, CLU, ChFc
    |
    Dec 1, 2015
    Many CPAs ask if companies are still sponsoring defined benefit plans.  They are usually surprised by how the current pension rules are “business-owner friendly.”  

 
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