• 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. 
  • New York State Residency: What's New in 2015?

    By:
    Brian Gordon, CPA
    |
    Jun 1, 2015
    In 2015, the topic of interest for New York State residency is what effect—if any—the important events of last year had on audit policy. Last year, 2014, was an interesting year in the New York residency arena. 
  • When Can a Taxpayer Use the Streamlined Filing Procedures to Disclose Unreported Foreign Assets?

    By:
    Bryan C. Skarlatos, Esq.
    |
    May 1, 2015
    Many taxpayers have foreign assets that they have not reported on prior years’ tax returns, and they have several options to address this noncompliance. 
  • Fighting the Good Fight for New York Estate Tax Reform: Examining the Estate Tax in the 2015–2016 New York State Fiscal Year Budget

    By:
    Kevin Matz, Esq., CPA, LLM
    |
    May 1, 2015
    The estate tax provisions signed into law by Governor Andrew Cuomo on Apr. 1, 2015, as part of the 2015–2016 New York State fiscal year budget (the “budget bill”), leave much to be desired. 
  • Understanding the Military Spouse Residency Relief Act

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

    The Service Members Civil Relief Act (SCRA) was established to protect military personnel from being sued while in the service of the United States and for up to one year following active duty. 

  • Charitable Lead Annuity Trust/Grantor Trust

    By:
    G. Dean Goodwin, CLU, AEP
    |
    May 1, 2015

    A CLAT / Grantor Trust provides the best of both worlds; an immediately income tax deductible charitable donation and tax-free income for children and a legacy for grandchildren.

  • Choices for Taxpayers with Unreported Foreign Assets: Voluntary Disclosure, Streamlined Submission, or Run Away and Hide?

    By:
    Bryan C. Skarlatos, Esq.
    |
    Apr 1, 2015

    Recently, many tax return preparers have learned that a number of their clients failed to report their interest in a foreign bank account, corporation or trust to the IRS.  Because the Foreign Asset Tax Compliance Act requires foreign financial institutions to report their U.S. depositors to the IRS, the IRS is more likely to discover non-reporting taxpayers.  Furthermore, in light of more stringent reporting requirements, recent publicity and IRS enforcement action focused on non-reporters of foreign assets, all tax preparers should ask their clients whether they have failed to report foreign assets to the IRS.  When a practitioner learns of a client’s unreported foreign assets, what should he or she do?  

  • Common Traps To Avoid When Making Section 754 Elections

    By:
    Randy Schwartzman, CPA, MST; Jeffrey Bilsky, CPA; Patricia Brandstetter, JD, LL.M.
    |
    Apr 1, 2015

    Generally, a partnership seeking to adjust the basis of partnership property upon the transfer of an interest under Section 743(b), or following a distribution under Section 734(b), must have a valid Section 754 election in place. Although a seemingly simple election, it is not uncommon that a partnership intending to make a valid Section 754 election inadvertently fails to satisfy all of the regulatory requirements. Under those circumstances, however, there may be limited recourse available to the partnership to pursue corrective action.

  • Household Employment Issues: How to Keep Your Clients Compliant

    By:
    Guy Maddalone
    |
    Apr 1, 2015

    As it relates to household employment, state, local and federal tax laws as well as relevant state and local labor laws are often overlooked or misunderstood. To avoid making a costly error, it is important to understand current tax and labor law and to follow it appropriately. 

  • Estate Tax Planning After ATRA: What’s Left?

    By:
    Joseph Septimus and Tara Thompson Popernik
    |
    Apr 1, 2015

    For the overwhelming majority of US taxpayers, the American Taxpayer Relief Act of 2012 ("ATRA") eliminated the need for federal estate tax planning. It did so by making the $5 million applicable exemption amount (indexed for inflation) permanent. Additionally, in April 2014, the New York State estate tax exemption increased, so fewer New York taxpayers would need state estate tax planning. 

  • Capitalizing on the Repair Regulations

    By:
    STEWART BERGER, CPA
    |
    Mar 1, 2015
    After several years of study, the IRS has finalized regulations known as the Tangible Property Regulations or the Repair Regulations.
  • Obama’s Budget Proposal to Tax Unrepatriated Foreign Earnings

    By:
    LISA S. GOLDMAN, CPA, AND THOMAS V. RUTA, CPA
    |
    Mar 1, 2015
    President Obama’s 2016 Budget contains a proposal to end "deferral” of tax on income earned in Controlled Foreign Corporations (CFC).
  • New York Residency Audits: Defending Foreign Domicile Changes

    By:
    JACK TRACHTENBERG, JD, ESQ. and JENNIFER S. GOLDSTEIN, JD, ESQ.
    |
    Mar 1, 2015
    Generally, to establish a change of domicile, a taxpayer must demonstrate a change of lifestyle such that the taxpayer’s subjective intent to make a new location his or her permanent home is substantiated by objective evidence.

 
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