• Proposed Regulations Under IRC Section 2704

    By:
    Kevin Matz, Esq., CPA, LLM (Taxation)
    |
    Oct 1, 2016

    On Aug. 2, 2016, the U.S. Department of the Treasury and the IRS issued proposed regulations under IRC Section 2704 (the “Proposed Regulations”) that, if enacted in its present form, might significantly curtail the ability of taxpayers to claim valuation discounts for both lack of control and lack of marketability in family-controlled entities. 

  • 2016 New York Tax Update: Highlights and Lowlights

    By:
    Timothy P. Noonan, JD
    |
    Oct 1, 2016

    This article covers recent updates and developments in the New York State and City tax areas.

  • A Brief Update on Filing Requirements for U.S. Citizens Living Abroad and Resident Aliens in the United States

    By:
    R. John Smith, Esq.
    |
    Oct 1, 2016

    Who has to file Form 1040NR? Form 1040NR may need to be filed if a specified individual is a nonresident alien engaged in a trade or business in the United States, represented a deceased person who would have had to file Form 1040NR, or represented an estate or trust that had to file Form 1040NR. See the form’s instructions for more information.

  • Who Do You Want Making Decisions About Your Online Accounts If You Die or Become Incapacitated? A Proposed New York Statute Would Give You the Right to Choose

    By:
    Kadeen Wong, Esq., and Kevin Matz, CPA, Esq., LLM
    |
    Sep 1, 2016
    Have you ever wondered what will happen to the contents of your Facebook, LinkedIn, and personal e-mail accounts if you die or become incapacitated? Does your family know what accounts you have? Do they have the authority to access, use, or terminate those accounts? 
  • Early Twenty-First Century Estate Planners Shift Focus from Estate to Income Tax Planning

    By:
    Philip A. Di Giorgio, Esq.
    |
    Sep 1, 2016

    This article will focus on successive changes to the federal tax code since the beginning of the 21st century—which have resulted in a dramatic paradigm shift in estate planning—as well as some of the planning strategies that have garnered increased attention as a result of those changes. 

  • Setting the Tone: The Broken Windows Theory and Tax Policy

    By:
    David Tunstall, CPA
    |
    Sep 1, 2016

    The presidential campaign is in full swing, and with it comes tax policy proposals from each candidate. Both candidates have said they will help middle class families by raising taxes on the wealthy. So what are they talking about? Who is the wealthy? How would they do that? Is it true?

  • Number of Expatriations Continue to Rise

    By:
    Alicea Castellanos, CPA, TEP, N.P. and Jack R. Brister, TEP
    |
    Sep 1, 2016
    American expats continue to renounce their citizenship at an increasing rate, although the overall percentage taking this step remains relatively small. Driving this trend is the fact that the United States is the sole country in the Organisation for Economic Co-operation and Development (OECD) that imposes taxes on its citizens regardless of where they reside. 
  • Does My Organization Have Unrelated Business Taxable Income?

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

    Unrelated business taxable income (UBTI) is a relatively simple concept: It represents activities conducted by an organization that are both (1) commercial and (2) not in furtherance of the organization’s exempt purpose. UBTI is based on the idea that when a nonprofit participates in commercial activities or exploits its exempt purpose, it would be competing at an unfair advantage with for-profit entities because, as a nonprofit, it generally does not pay taxes on its income. 

  • U.S. Announces Greater Scrutiny of Foreign-Owned LLCs: Is Peer Pressure a Motivator?

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

    The United States and other jurisdictions have spent a decade trying to identify owners of foreign corporations. Now, a five-year-old report by the Organization for Economic Cooperation and Development (OECD) might have served as an impetus for a U.S. proposal regarding disclosure requirements for limited liability companies (LLCs). 

  • Form 926: Return by a U.S. Transferor of Property to a Foreign Corporation

    By:
    Mitchell Sorkin, CPA, MBA, PFS
    |
    Aug 1, 2016

    This article is the first in a series of articles explaining various IRS forms that relate to the reporting of foreign transactions.

  • Is It Debt or Equity? A Survey of the Proposed Section 385 Regulations

    By:
    James J. Wienclaw, CPA
    |
    Jul 1, 2016
    The fundamental question investors address when capitalizing a business is how it should be funded—with debt, equity, or a combination of both. Considerations can vary widely depending on the level of risk an investor is willing to take or the desired tax treatment.
  • New Seller Due Diligence Responsibilities After the Midco Cases?

    By:
    Ellen S. Brody, CPA, JD, Esq. and Vivek A. Chandrasekhar, JD, Esq.
    |
    Jul 1, 2016
    In the post-General Utilities world, shareholders have looked to dispose of their interest in C Corporations with appreciated assets in a way that would avoid the double taxation arising on a sale of assets followed by a liquidating distribution to the noncorporate shareholder. 
  • U.S. Real Estate Beckons to Foreign Investors in Wake of FIRPTA Revisions

    By:
    Alicea Castellanos, CPA, TEP, NP and Jack R. Brister, TEP
    |
    Jul 1, 2016

    Changes to U.S. tax rules that were signed into law in December have important implications for foreign entities seeking to invest in the U.S. real estate market. This includes both additional disclosure requirements and provisions that may increase the tax efficiency of certain assets.

  • A Few Words About Estate Planning and Trustee Engagements

    By:
    Ron Klein, JD, CFE
    |
    Jul 1, 2016

    Thirty years of protecting CPAs from malpractice risks has shown that every CPA is safer if they understand the risks they are facing. In no type of engagement is this truer than in estate planning and trustee engagements. And the reason for this is clear: hindsight!


  • Mortgage Interest Tax Deduction

    By:
    Daniel Lahage, CPA
    |
    Jun 1, 2016
    During every election cycle, a set of tax proposals set forth by candidates become topics for debate. Whether or not each candidate will actually be able to implement that tax policy is another question. 
  • Tax Haven, USA

    By:
    Erica Rubin, CPA, CGMA
    |
    Jun 1, 2016

    International tax structuring and cross border planning has always been a complex and evolving process. The massive leak at Mossack Fonseca, the Panamanian law firm responsible for setting up countless offshore companies, along with the U.S. Treasury Department’s challenge to the corporate inversion “loophole” have brought forth issues that will again challenge the status of tax havens in the global marketplace.

  • Coming to America – Love, Marriage and Immigration

    By:
    Carole M. Bass and Rebecca A. Provder
    |
    Jun 1, 2016

    In the 1988 hit comedy, Coming to America, Prince Akeem, heir to the throne of Zamunda, flees his home country to escape an arranged marriage. He comes to the United States to find his queen, a woman who will love him in spite of his vast wealth and title. Sure enough, he finds Lisa McDowell, heir to the McDowell’s Restaurant fortune.

  • Foreign Trust Reporting: Substance Over Forms? I Think Not

    By:
    Alicea Castellanos, CPA, TEP, NP and Jack R. Brister, TEP
    |
    Jun 1, 2016
    In a world dominated by data, the IRS’s role in data collection continues to expand. No longer is the agency’s sole focus domestic income tax reporting, collection, and enforcement; rather, today’s IRS is responsible for activity that occurs beyond U.S. borders and disseminating an array of information. 
     
  • Bipartisan Budget Act of 2015 Changes Partnership Audit Rules

    By:
    Ellen S. Brody, JD, CPA, and Vivek Chandrasekhar, JD
    |
    May 1, 2016
    On Nov. 2, 2015, Congress enacted the Bipartisan Budget Act of 2015 ("BBA"), repealing the previous audit regime in effect for partnerships that had been around since the Tax Equity and Fiscal Responsibility Tax Act of 1982 ("TEFRA"). 
  • Cause Marketing: Plan Carefully to Avoid Legal and Tax Pitfalls

    By:
    Luana K. Lewis
    |
    May 1, 2016
    In recent years, cause marketing efforts have grown more popular with charities and their commercial marketing partners. Customer perceptions and behaviors are expected to drive the cause marketing trend even further in the future. 

 
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.