Taxation

  • 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.
  • NYSSCPA Extends Helping Hand to Public With Annual Tax Panels

    By:
    ROBERT BUSWEILER
    |
    Apr 11, 2014
    Even in the midst of a grueling busy season, NYSSCPA members once again carved out time from their professional schedules to give back to their communities, dispensing free tax advice as part of the Society’s annual volunteer tax panels in February and March.
  • 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.
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