• 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.”  
  • IRS Proposes Implementing a Donee Report Form

    By:
    John Vazzana, CPA, CGMA
    |
    Dec 1, 2015

    The Omnibus Budget Reconciliation Act of 1993 (“OBRA93”) contained two major provisions affecting charities and their donors by introducing the "substantiation" and "disclosure" requirements.

  • The CPA’s Annual Life Insurance Audit

    By:
    Laura Sherris, Esq.
    |
    Dec 1, 2015
    Based on a recent study by the National Association of Insurance Commissioners, over 60% of people who own life insurance have no idea what they own or how it works. 
  • New York State and New York City Business Allocation: What Has Changed, and What Has Not

    By:
    Brian Gordon, CPA
    |
    Nov 1, 2015
    In the past few years, there have been vast changes to the landscape of corporate allocation in the world of state and local taxes.  
  • Maintaining Beneficial Tax Treatment of Employer Stock After Job Loss

    By:
    Daniel Mazzola, CPA, CFA
    |
    Nov 1, 2015
    A combination of low interest rates, abundance of cash in company coffers, and a need for growth has led to an explosion of corporate mergers and acquisitions this year.  
  • Newsmaker: Diana Leyden, New York City’s First Taxpayer Advocate

    By:
    Chris Gaetano, Trusted Professional Staff
    |
    Nov 1, 2015
    In July, Diana Leyden became New York City’s first-ever Taxpayer Advocate, a new office within the city’s Department of Finance from which she will help taxpayers navigate the city’s tax code, while also working to address systemic issues that impede taxpayer compliance. 
  • Abandoned Property: The Silent Liability

    By:
    Joseph Endres
    |
    Nov 1, 2015
    Winter is right around the corner. For businesses holding abandoned property on their books (and virtually every operating entity holds abandoned property, whether it knows it or not), that means it’s time to start preparing the annual abandoned property return.  
  • A Letter from the Comptroller of The City of New York, Scott M. Stringer

    By:
    Scott Stringer
    |
    Oct 1, 2015

    I am pleased to join with you in saluting the fifth anniversary of this respected publication. As the Comptroller of The City of New York, my chief goal is to ensure that every tax dollar is used in a fiscally prudent manner--and to hold city agencies accountable for those funds.

  • Deconstructing Maryland v. Wynne: A Big-Time Development in the State Tax Area

    By:
    Timothy P. Noonan, CPA and Ariele R. Doolittle, Esq.
    |
    Oct 1, 2015
    It was a big year for the U.S. Supreme Court, which issued decisions on hot-button social issues and Obamacare.  But for us tax folks, no case was of more importance than the Court’s May 2015 decision in Comptroller of the Treasury of Maryland v. Wynne, which struck down an aspect of Maryland’s personal income tax scheme related to resident credits. 
  • 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.  

     

 
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.