• NYS Department of Taxation & Finance Announces Latest Policy Concerning Sales Tax Treatment of Scaffolding

    By:
    David A. Shuster, JD, LLM
    |
    Dec 1, 2014
    Just like a midtown Manhattan city block, the NYS Tax Department’s position concerning the application of the state’s sales tax rules to scaffolding transactions appears to be continually under construction.  On October 23, 2014, the Department issued TSB‑M‑14(15)S to clarify its policy in this area.
  • Qualified Longevity Annuity Contracts – Something New Under the Sun

    By:
    Bruce Resnik, JD, CPA/PFS
    |
    Dec 1, 2014
    On July 2, 2014, the Internal Revenue Service promulgated new regulations to the Internal Revenue Code which permitted the use of a new type of deferred annuity contract called a “Qualified Longevity Annuity Contract” (QLAC) to be used in conjunction with tax-qualified defined contribution plans and IRA’s. The purpose of the regulations was to make the purchase of lifetime annuities more attractive within retirement plans and help individuals to secure lifetime guaranteed monthly income no matter how long they live.
  • Introducing the New York State Throwback Tax

    By:
    Kevin Matz, JD, LLM, CPA
    |
    Dec 1, 2014
    On April 1, 2014, Governor Andrew Cuomo signed into law several provisions affecting estate planning and trusts as part of the New York State Executive Budget. Although most of the attention has focused on the New York estate tax law changes, the new law ushered in significant changes in the income taxation of trusts as well.
  • Updates in Employment Law in the Greater New York Area

    By:
    Jonathan A. Wexler, Esq., and Kaitlyn Fallon, Esq.
    |
    Nov 1, 2014
    New York City and New Jersey have recently enacted several statutes that impose various obligations on employers who do business in those jurisdictions. These provisions include additional employment protection for pregnant employees or those affected by pregnancy, protection for victims of domestic or sexual violence, and protection for job applicants with a criminal history.
  • De Minimus Can Be Maximus under the New Tangible Property Regulations

    By:
    James J. Wienclaw, CPA
    |
    Nov 1, 2014
    So much has been written on the tangible property regulations during their evolution from proposed standards to final regulations, and even the CPA community has been outspoken with regard to these regulations. Still, many taxpayers are paying less attention than expected to them, perhaps because the lengthy implementation delays left some taxpayers taking a wait-and-see approach.
  • To Live and Die in New York: The Tax Department’s Guidance on the 2014 New York State Estate Tax Law Changes

    By:
    Kevin Matz, JD, LLM, CPA
    |
    Nov 1, 2014
    On Aug. 25, 2014, the New York State Department of Taxation and Finance (DTF) issued TSB-M-14(6)M to provide guidance on the significant changes in the New York State estate tax system that became effective on Apr. 1, 2014 (see this author's prior TaxStringer article on the subject). In its guidance, the New York DTF clarified certain points, left open by the language of the April statute, concerning the following:
  • State Tax Implications for Multinational Companies

    By:
    Nicole DeRosa, CPA
    |
    Nov 1, 2014
    As if the ever-changing state and local tax laws and regulations aren't complicated enough for U.S.-based companies, multinational (i.e. foreign, non-U.S.) companies have it worse. For such company, failure to consider state and local tax implications when deciding to expand to the United States could have costly consequences.
  • Three Common Problems in Handling a New York Residency Audit

    By:
    Mark Klein, JD
    |
    Oct 1, 2014
    New York’s nonresident audit program continues to snag thousands of taxpayers who might—or might not—owe additional tax dollars to the state. Residency audits have reportedly generated more than $1 billion dollars for New York’s coffers, and hundreds of millions of dollars of new revenue is budgeted for the next year.
  • Transparency Top 12: Managing Risk and Disclosure Issues for Charitable Organizations

    By:
    Luana K. Lewis
    |
    Oct 1, 2014
    Since the 1920s, the Better Business Bureau (BBB) has developed charity reports that seek to help both public and business donors make more informed giving decisions. This service flows out of the BBB's mission to promote trustworthy business practices, especially in solicitations of any kind.
  • New York State Corporation Tax Reform: Prepare Now for Changes in 2015

    By:
    Brian Gordon, CPA
    |
    Oct 1, 2014
    There are sweeping changes coming to New York State corporation tax laws, effective for tax years beginning on or after Jan. 1, 2015, for reasons that include reducing complexity and removing uncertainty.
  • Revised Nonresident Audit Guidelines

    By:
    Barry Horowitz, CPA, MST, and Alex Fishbane, JD, LLM
    |
    Oct 1, 2014
    New York State has once again revised its nonresident audit guidelines and released several cases that clarified previously murky areas of New York’s residency rules. The new guidelines reflect these changes.
  • IRS Guidance on the Two Percent of AGI Floor for Trusts and Estates

    By:
    Kevin Matz, JD, LLM, CPA
    |
    Sep 1, 2014
    On May 9, 2014, the IRS issued final regulations under Treasury Regulations section 1.67-4 that provide guidance on which costs incurred by estates or trusts, other than grantor trusts (nongrantor trusts), are subject to the two percent of adjusted gross income (AGI) floor for miscellaneous itemized deductions under Internal Revenue Code (IRC) section 67(e).
  • The Lapsing Policy Crisis: An Intervention Plan Is Needed

    By:
    E. Randolph Whitelaw, AEP, and Henry Montag, CFP, CLTC
    |
    Sep 1, 2014
    For the past 35 years, flexible premium nonguaranteed death benefit policies—adjustable life, universal life, variable universal life, and equity indexed universal life—have been the life insurance products of choice; however, only a few of these policies will achieve their originally illustrated values.
  • New York’s 2014 Trust Income Tax Changes

    By:
    Jonathan J. Rikoon
    |
    Sep 1, 2014
    The estate tax law changes that New York enacted earlier this year were accompanied by new rules intended to close two perceived loopholes in New York’s taxation of trust income. Although the original version of the proposals would have been far-reaching, the final changes that went into effect on Apr. 1, 2014, are somewhat more modest.
  • New York State Tax Benefits for Seniors

    By:
    Joseph Rosoff, CPA
    |
    Sep 1, 2014
    Senior citizens or retired individuals filing a New York state income tax return may qualify for special income tax benefits and breaks that can reduce tax liability, including subtraction modifications and credits. Some examples of income exempt from New York state taxation include Social Security benefits, New York state pensions, pensions from local and federal governments, and the pension and annuity income exclusion.
  • The June 2014 Revised Offshore Voluntary Disclosure Program and Streamlined Programs

    By:
    Melissa Gillespie, JD, CPA, MST
    |
    Aug 1, 2014
    It has been interesting to watch the IRS mold and remodel its original 2009 Offshore Voluntary Disclosure Program (OVDP). Since then, updates have included the 2011 Offshore Voluntary Disclosure Initiative (OVDI), which closed in September 2011; the December 2011 new compliance procedures for nonresident U.S. taxpayers, with a promise of “more to follow”; the 2012 OVDP program, which replaced the 2011 OVDI; and the announcement in June 2012 of new streamlined filing compliance procedures for U.S. citizens or dual citizens residing outside the United States. On Jun. 18, 2014, it was announced that the IRS has once again revised its OVDP.
  • Fraud Case Study: Travel and Expense Fraud

    By:
    David Zweighaft, CPA/CFE, CPE
    |
    Aug 1, 2014
    Certain situations increase the likelihood of fraud, such as when a trusted employee is under financial pressure, feels he deserves greater recognition or more pay, and has the ability to prepare and obtain approval for reimbursement of any travel and expense submissions.
  • Trusting the Trustees and Additional Trust-Related Issues

    By:
    Shahnaz Mahmud
    |
    Aug 1, 2014
    The first article in this series discussed trusting the beneficiaries, but what about trusting the trustees? At the NYSSCPA Family Office Committee conference, Randy Werner, a loss prevention executive at CAMICO, urged participants to truly think about what is involved.
  • The Grantor Retained Annuity Trust: A Jackpot for Taxpayers Who Want to Limit Gift Tax Liability

    By:
    Daniel Mazzola, CPA, CFA
    |
    Aug 1, 2014
    One of the first things lottery winners learn is that their prize money is subject to taxation. In the United States, lottery prize money is classified as gambling winnings and is considered taxable income, just like wages from employment and interest earned at a bank. There is not much the lottery winner of a significant cash prize can do regarding income taxes, but he can reduce gift taxes by establishing a grantor retained annuity trust.
  • Advancements in Reproductive Technology Raise Estate Planning Issues

    By:
    Carole M. Bass, Esq.
    |
    Jul 1, 2014
    Massive scientific advancements in the field of reproductive technology—coupled with delays in childbearing, the growth of nontraditional families, and increased success rates in cancer treatment—have resulted in rapid expansion in the use of assisted reproductive technology (ART). In 2012, the American Society of Reproductive Medicine removed the “experimental”label from egg freezing, signaling an anticipated expansion in the number of women who will harvest and store unfertilized eggs for later use.

 
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.