Taxation

  • Working on an estate tax return?

    By:
    Anthony J. Cooper, J.D.
    |
    Mar 19, 2015
    Late-filing penalties for estate tax returns are frequently used as grounds for professional liability claims against CPAs, in large part because of their cost: Given the steeply progressive tax rates for estate tax and rapidly accruing penalties, these can exceed $300,000.
  • For NYSSCPA members, tax season help is just a click or call away

    By:
    Staff Report
    |
    Mar 17, 2015
    Having trouble getting answers this tax season? Two highly interactive—and free—member benefits may lead you to the clarification or guidance you need: the technical hot­line, run by volunteers from more than 41 NYSSCPA technical committees, and Exchange, the Society’s social networking platform, which members often use to crowdsource their tax season challenges.
  • Newsmaker: Meet the New Taxpayer Rights Advocate Margaret Neri

    By:
    CHRIS GAETANO
    |
    Dec 12, 2014
    In July, Margaret “Peg” Neri was appointed the state’s new Taxpayer Rights Advocate, after her predecessor, Camille Siano Enders, left the post to become deputy commissioner and director of the Bureau of Conciliation and Mediation Services. 
  • 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.”
Page