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Taxation

  • FAE speaker: cloud computing tax laws out of step with technology

    By:
    CHRIS GAETANO
    |
    Mar 13, 2014
    In the old days—when tweeting was something birds did and a “face book” was merely a student directory distributed at colleges—software transactions were relatively simple: You walked to the store, picked out the program you wanted—perhaps on a 3.5-inch floppy disk—went to the checkout counter and brought it home. 
  • Landmark Gaied Residency Case Is Reversed; Gaied Lawyer Weighs In

    By:
    RICHARD J. KORETO
    |
    Feb 25, 2014
    New York's Gaied case has become a sort of standard in residency taxation—it's the  case that other guidance and disputes are compared with when lawyers and accountants try to answer the multilayered question: what does the state mean by "permanent place of abode"?  Final guidance on this question may be coming, however, thanks to a recent ruling from the New York Court of Appeals. The state's highest court has reversed a lower court and sided with appellant John Gaied, in what will likely be a landmark decision. 
  • NYSSCPA Members Offer Free Tax Advice

    By:
    RICHARD J. KORETO
    |
    Feb 24, 2014
    Continuing a long tradition, Society members are once again are sitting on tax advice panels at various newspaper offices around the state. In mid-February, members gathered at the offices of Newsday to take questions that ranged from simple yes/no situations to highly complicated scenarios that would require further investigation. Sometimes the CPAs gave welcome news, and sometimes disappointing news, but they always left the taxpayers more enlightened.
  • State Finds Subtleties in Nonprofit Tax Query

    By:
    RICHARD J. KORETO
    |
    Feb 18, 2014
    Among other things, the recent passing of New York's Nonprofit Revitalization Act may have focused attention on a wide variety of special tax issues charitable entities have to address. There are a lot of complex laws and rules, as highlighted in the recently released Advisory Opinion TSB-A-14(4)S. As noted in the opinion, CPAs working with or for certain nonprofits have to ask themselves if they're offering restaurant suppers or fundraising suppers—the tax department treats them differently.
  • Risk exposures in tax-related services: what you need to know

    By:
    Randy R. Werner, J.D., LL.M./Tax, CPA
    |
    Feb 18, 2014
    There are several steps that firms can take to minimize areas of risk in tax-related services provided to clients; to help illustrate that point, we’ve outlined three key strategies here. 
  • An important reminder for busy season

    By:
    |
    Feb 17, 2014
    Change is inevitable in our profession, but this year, we enter a busy season that seems especially rife with new and shifting developments. That includes the tax implications stemming from the Affordable Care Act and the demise of the Defense of Marriage Act; new local, state and federal tax codes; an increased regulatory environment in the wake of legislation such as the Dodd-Frank Act and the Consumer Protection Act; and a host of new accounting and auditing standards. Indeed, New York CPAs will have their work cut out for them in 2014. 
  • Time to Brush Up on College Tax Credits and Deductions

    By:
    RICHARD J. KORETO
    |
    Feb 11, 2014
    Ask any accountant what time it is, and you'll hear "tax season."  But ask a the parent of a college-bound high school senior, and the answer will be "financial aid season." Fortunately, the two answers blend, as colleges demand information from the tax returns—and even the returns themselves—in order to calculate financial aid. Now is the time for CPAs and clients to work together on college funding, and New York is giving timely help with a recently updated page on college tuition credits.