Taxation

  • 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.
  • NYS Tax Dept. Finds Itself at Sea with Sales Tax

    By:
    RICHARD J. KORETO
    |
    Feb 11, 2014
    When you buy certain items or services, sales and use taxes are due—that's pretty straightforward. But what if you buy something that moves, not just when you purchase it, but continually throughout its existence. That was the question before the Office of Counsel in Advisory Opinion TSB-A-14(5)S. The petitioner is a New York company purchasing a commercial ship, and it wanted to know if the ship's time spent in New York waters determined whether its purchase was subject to sales tax. 
  • Sales Tax Guidance for 'Mad Men'

    By:
    RICHARD KORETO
    |
    Feb 4, 2014
    The New York State Department of Taxation and Finance recently stepped into the world of Don Draper, the troubled creative genius in the TV show "Mad Men," with guidance on sales, purchases and other financial issues affecting advertising agencies. In Tax Bulletin TB-ST-10, issued earlier this month, the department clarified what advertising products and services are taxable—the difference between taxable and nontaxable transactions can be subtle.
  • Cuomo budget: changes could affect CPAs and their clients

    By:
    RICHARD KORETO
    |
    Feb 4, 2014
    In his budget speech on Feb. 21, Gov. Andrew M. Cuomo pointed out that under his administration, the state has passed three budgets in a row on-time—something that hadn’t happened in more than 30 years. Now, he said, he’s going for four in a row, which New York hasn’t achieved since Nelson Rockefeller was governor and many current legislators were still learning how to walk. His speech was upbeat—in fact, he had already mapped much of his tax strategy, so there wasn’t much in the way of surprise in that area—but that doesn’t mean there won’t be any push-back as the state’s fiscal year draws to a close on March 31.
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