• Governments’ Accountability for Tax Revenue

    By:
    Michele Mark Levine, CPA
    |
    Oct 1, 2015
    While not the usual venue, there is perhaps no more logical a place to discuss government financial reporting than in a tax publication.  What is at the very core of taxation, if not the exchange of resources for the benefits of civil society?
  • SCOTUS: Same Sex Marriage for All

    By:
    Jane Bernardini, CPA, PFS
    |
    Oct 1, 2015
    Throughout my long career as a public accountant, I have never experienced and observed changes in tax laws and federal benefits as sudden as those related to same-sex marriage.  
  • Revised Tax Return Due Dates

    By:
    Stewart Berger, CPA
    |
    Oct 1, 2015

    The Highway Trust Fund Extension Act of 2015, which was passed by Congress and signed by President Obama on July 31, 2015, revised the filing of tax returns for calendar and fiscal year taxpayers for years beginning after December 31, 2015, resulting in a major restructuring of entity return due dates.

  • 5 Years of TaxStringer Stats

    By:
    TaxStringer Staff
    |
    Sep 30, 2015

    Thank you, our readers, for your ongoing interest in the TaxStringer and contributing to its five years of success. 

  • Who Said That? A Quiz for the Politically Inclined

    By:
    TaxStringer Staff
    |
    Sep 30, 2015

    Currently, there are 21 Democrats and Republicans running for their partys nomination for the office of President of the United States. Each candidate has said some pretty interesting things when it comes to taxes. See if you can match the quote to the candidate (Here’s a hint: Quotes are presented in the order in which the candidates declared their intention to run).  

  • Avoid Misleading Fundraising Appeals: Disclose Fully and Accurately

    By:
    Luana K. Lewis
    |
    Sep 1, 2015

    Through fundraising solicitations, charities inform donors about how supporting their activities will advance their missions.  To a great extent, these missions are the core reason why they are tax exempt under IRC section 501(c)(3). 

  • What Happens to Judgment Quality when Accountants Change Roles Within Their Firm?

    By:
    Robin Pennington, PhD, CPA; Jennifer B. Schafer, PhD, CPA; and Robert E. Pinsker, PhD, CPA
    |
    Sep 1, 2015

    It is a common practice, even among large firms, to rotate staff accountants to other departments when needed. Small to mid-size firms, given their relatively limited staff, find it particularly challenging to meet the demand for accounting services: audit staff often assist with tax preparation during tax season, and tax professionals assist on audits when needed.

  • Combat Pay and Related Benefits for Military Personnel

    By:
    Daniel G. Mazzola, CFA, CPA
    |
    Sep 1, 2015

    As a gesture of gratitude to the members of our armed forces engaged in combat overseas, the U.S. federal government has granted these dutiful men and women an exemption from federal income tax on their regular compensation, instituted bonus pay packages, and established special savings programs.  

     

  • IRS Proposes Additional Rules Applying to Private Equity Management Fee Waivers

    By:
    Todd G. Povlich
    |
    Sep 1, 2015
    On July 23, 2015, the IRS issued proposed regulations that would further limit a private equity firm’s ability to use management fee waiver mechanisms.  It is commonplace to see private equity firms waive current management fees from a sponsored investment fund and, in return, take a profits interest in said fund.  
  • International Tax and Withholding Issues for Entertainers and Athletes

    By:
    Carola Knoll, CPA
    |
    Aug 1, 2015

    Entertainers and athletes that come into the United States to perform are subject to U.S. taxation at the federal level, and possibly at the state and local levels as well. This article will highlight various federal U.S. tax compliance issues they could face.

  • 10 Questions on Deferred Management Fees for Hedge Fund Managers in 2017

    By:
    Timothy P. Noonan, JD, and Alan S. Kufeld, CPA, MST
    |
    Aug 1, 2015
    Over the past year, CPAs have been flooded with questions about the state tax implications of deferred management fee income that many hedge fund managers are expecting to receive in the near future. 
  • Options for Tax Collection Problems

    By:
    Daniel Gibson, CPA, EA
    |
    Aug 1, 2015
    Tax professionals encounter a myriad of reasons why taxpayers fail to keep up with their tax debts—for example, a sudden business downturn, unexpected catastrophic medical expenditures, or just living a lifestyle that leaves little left for the nuisance of tax payments to the government. 
  • Advising U.S. Charities That Are Friends of Foreign Charities

    By:
    Emily Grand
    |
    Aug 1, 2015
    A “friends of” charity usually has a simple mission: raise funds for and awareness of the foreign charity that shares its name. For example, American Friends of the British Museum works in the United States to raise money to support projects and programs of the British Museum and to increase the museum’s profile among Americans. 
  • The Challenges of Bitcoin: What Has the IRS Done, and What Else Can It Do?

    By:
    Carnet A. Brown, CPA
    |
    Jul 1, 2015
    There can be no growth or development unless there is change—either positive or negative. The former is welcomed and supported; the latter must be managed with the hope of mitigating its effects. 
  • IRS Real Property Foreclosure and Cancellation of Debt Audit Technique Guide: A First Look

    By:
    H. Wayne Cecil, PhD, CPA, and Teresa King, PhD, CPA
    |
    Jul 1, 2015
    The IRS publishes Audit Technique Guides (ATG) to assist its examiners in performing appropriately focused audits of federal income tax returns. 
  • The Supreme Court Decided on Colorado Sales Tax—Or Did It?

    By:
    Brian Gordon, CPA
    |
    Jul 1, 2015
    In 2010, Colorado came up with a unique way to collect use tax on sales from remote sellers outside that state: because states cannot require out-of-state retailers to collect sales tax for them, Colorado passed a law requiring out-of-state sellers to report, to their customers and to the state, the amount of purchases made that is subject to use tax.
  • Three Considerations Before Purchasing Employment Practices Liability Insurance

    By:
    Kristine A. Sova
    |
    Jul 1, 2015
    Employment practices liability insurance (EPLI) is a type of insurance coverage that protects businesses from financial consequences associated with employment-related lawsuits. 
  • Managing Assets for Aging Baby Boomers and Their Parents

    By:
    Mira B. Weiss, Esq.
    |
    Jun 1, 2015
    Benjamin Franklin is famously quoted for saying, “In this world nothing can be said to be certain, except death and taxes.” Now, baby boomers can add a third certainty to that list: the extraordinary cost of long-term care. 
  • Optimizing Wealth Transfer under the U.S. Transfer Tax Regime

    By:
    Robert Weiss and Victoria Bolton
    |
    Jun 1, 2015
    The U.S. transfer tax regime, with its relatively new portability feature, high exclusion levels, and stability—along with the convergence of maximum estate and ordinary income tax rates—might tempt taxpayers into thinking that lifetime strategic planning is no longer needed or that simplified testamentary plans will produce better results for families. 
  • Tax Benefits of Energy-Efficiency Measures

    By:
    Kimberly Giese
    |
    Jun 1, 2015
    Energy is usually a “top five” expense item for any organization, but there are many ways to reduce the amount that an entity consumes or spends. These options are always site specific; they range from easy to complex, and the timeline and return on investment (ROI) vary by project. 

 
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.