• 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.
  • Navigating the Perilous Waters of Trusteeship: The Issue of Control

    By:
    Shahnaz Mahmud
    |
    Jul 1, 2014
    Whom do you trust? This is a sensitive question for almost everyone. But in the family office world, it's even more important. Author George MacDonald summed it best: “To be trusted is a greater compliment than being loved.”The NYSSCPA Family Office Committee’s fourth annual conference in February 2014 addressed the topic of trust—specifically, a trustee’s obligations and pitfalls that such a trustee might face.
  • A New Trend in New York State Residency Cases

    By:
    Brian Gordon, CPA
    |
    Jul 1, 2014
    For former New Yorkers, convincing New York state that a change of domicile occurred is still very difficult. Several recent residency cases have resulted in a loss for taxpayers and a win for New York state.
  • Tax Incentives for Film Production in New York State

    By:
    Zev Landau, CPA, MBA
    |
    Jul 1, 2014
    Because New York state is a financial powerhouse (just consider Wall Street), it has an important edge in securing financing for film productions. New York’s government and its wealthy entities can provide financing through government grants, tax incentives, and tax credits.
  • Fraud Risks and Prevention Techniques for Exempt Organizations

    By:
    David Zweighaft, CPA/CFE, CPE
    |
    Jun 10, 2014
    Reliance on documents is often the basis for initiating, recording, or approving accounting transactions—and, in a perfect world, that would be reasonable and acceptable. Unfortunately, there is always the risk of fraud in clients’ organizations.
  • Pressure Builds on U.S. Taxpayers with Foreign Accounts

    By:
    Robert Barnett, CPA, JD, MS (taxation) and Renato Matos, JD, LLM (taxation)
    |
    Jun 1, 2014
    The Foreign Account Tax Compliance Act of 2010 (FATCA) has manifested outside the United States in recent months, as a result of an agreement announced on Aug. 29, 2013, between the U.S. Department of Justice and the Swiss Federal Department of Finance.
  • Estate Tax Changes under the 2014/2015 Executive Budget

    By:
    Jonathan Rikoon
    |
    Jun 1, 2014
    Governor Andrew M. Cuomo announced in January that he would introduce legislation intended to reduce the estate tax provisions that may provide an incentive for New Yorkers to move out of the state shortly before death. But even though the new law, signed on Apr. 1, 2014, provides some tax relief for moderately well-off taxpayers, the wealthiest New Yorkers will see little—if any—change. In some cases, they will actually experience an increase in estate and income tax.
  • New York’s Film Tax Credit Program Bolsters Its Success in the Film Industry

    By:
    Zev Landau, CPA, MBA
    |
    Jun 1, 2014
    New York state recently enacted a bill that will extend tax credits for film production and postproduction, based on qualified costs. Find out how your clients or company can take advantage of this state's Film Tax Credit in this first of a two-part series by CPA and MBA Zev Landau.
  • To Live and Die in New York: Recent Tax Changes Affecting Estates and Trusts - Tax Stringer May 2014

    By:
    Kevin Matz, JD, LLM, CPA
    |
    May 1, 2014
    On Apr. 1, 2014, Governor Andrew M. Cuomo signed into law, as part of the New York State Executive Budget, what might appear to be sweeping changes affecting estate planning and trusts. But the new law falls short of achieving the laudable objective that Governor Cuomo had specified in his State of the State address: keeping wealthy New Yorkers in the Empire State during their golden years.

 
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.