Taxation

  • To Live and Die in New York: Recent Tax Changes Affecting Estates and Trusts

    By:
    KEVIN MATZ, JD, LLM, CPA
    |
    Oct 2, 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. 
  • AICPA sues IRS over voluntary return preparer program

    By:
    CHRIS GAETANO
    |
    Aug 8, 2014
    The AICPA has filed a lawsuit against the IRS over a voluntary tax return preparer program that the institute said is riddled with flaws and should never have been implemented, since the IRS lacks the statutory authority to do so.
  • NYSSCPA meets with newly appointed finance commissioner

    By:
    CHRIS GAETANO
    |
    Aug 6, 2014
    In a meeting with members of the NYSSCPA’s New York, Multistate and Local Taxation Committee, Jaques Jiha, New York City’s recently appointed Department of Finance commissioner, said he would improve transparency, equity and efficiency in the department and work to make it more customer oriented. 
  • The end of email as we know it? IRS pans overused Circular 230 disclaimers

    By:
    CHRIS GAETANO
    |
    Jul 9, 2014
    Tax pros: Thanks to a recent rule change, your written communications just got 63 words lighter.  Practitioners who have sent an email in the past decade are familiar with this standard disclaimer: “Pursuant to Internal Revenue Service Circular 230, we hereby inform you that the advice set forth herein with respect to U.S. federal tax issues was not intended or written to be used, and cannot be used, by you or any taxpayer, for the purpose of avoiding any penalties that may be imposed on you or any other person under the Internal Revenue Code.”
  • IRS: Treat Bitcoins As Property, Not Currency

    By:
    CHRIS GAETANO
    |
    Apr 22, 2014
    In a notice released on March 25, the Internal Revenue Service (IRS) clarified its position on digital currencies such as Bitcoin, declaring that such mediums of exchange should not be counted as currency for tax purposes, but should, instead, be treated as property. 
  • Feared PFIC Regs Get New Twist

    By:
    LISA S. GOLDMAN, CPA, and THOMAS V. RUTA, CPA
    |
    Apr 15, 2014
    On Dec. 30, 2013, the IRS released Temporary Regulation 1.1298-1T under IRC Section 1298(f) dealing with the complicated and troublesome rules surrounding passive foreign investment companies (PFICs).
  • Navigating New York’s Looming Estate-Tax Fiscal Cliff

    By:
    Alonza Robertson
    |
    Apr 15, 2014
    Recent changes to New York’s estate-tax laws were supposed to help keep more wealthy families and their heirs from leaving the state. But the new changes, revealed this April in Albany, actually impose a 164-percent tax that may trigger an inevitable exodus anyway.
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