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Feature Articles

Proposed Net Investment Income Changes Add Complexity
By Mary Ho, CPA

Opponents of tax law simplification have nothing to fear after the enactment of the additional Medicare Contribution Tax on unearned income known as the Net Investment Income (NII) Tax. It creates levels of complexities that require us to understand not only the exact components of NII, but also creates some interesting variances for the hedge fund industry and brings to light additional distinctions between a trader fund and an investor fund for tax purposes.


ATRA Liberalizes Roth Rollovers
By Louis F. LiBrandi, EA, ChFC, Fellow CEBS

Financial experts are still uncovering “goodies” buried in the 154 complex pages of the American Taxpayer Relief Act of 2012 (ATRA)—the so-called fiscal cliff legislation. New rules governing in-plan transfers of pre-tax amounts into a Roth account have not been receiving a lot of attention. These rules state that an eligible retirement plan, with a designated Roth program, can now be amended to allow participants to transfer eligible rollover distributions to a designated Roth account from another account in the same plan, as long as the participant is vested in the funds beings transferred.


VITA Program Helps Students and Taxpayers
By Richard J. Koreto

As the tax season draws to a close, many tax preparers find themselves well-paid for their efforts even though their clients didn't give them a dime. They were students doing it for the experience, working with lower-income taxpayers who received professional tax help that they otherwise wouldn't have been able to obtain. The IRS Volunteer Income Tax Assistance (VITA) program, in partnership with volunteer tax professionals, made this rewarding experience possible.


Tax Compass

The Tax Compass is an op-ed section providing an avenue for tax professionals to address important topics and express opinion on tax policy. The views and opinions expressed are those of the author(s) and do not imply endorsement by the NYSSCPA or the authors’ firms or employers. Responses may be sent to: taxstringer@nysscpa.org.

The Jock Tax: Taxation without Representation?
By Daniel G. Mazzola, CPA,
CFA

The phrase "taxation without representation" typically calls to mind American patriots throwing tea over the sides of British ships docked in Boston Harbor in the days leading up to the Revolutionary War. To a lesser known extent, however, the phrase also applies to a different New England Patriot, as well as a Philadelphia 76er or a N.Y.Yankee.
Read more.

The Jock Tax: Taking a Fresh Look
By Alison J. Iavarone, CPA,
MBA, MS

Two of the key arguments against the so-called jock tax are “Taxation without Representation” and “Fairness.” To start with, I agree that the Boston Tea Party conjures up a lot of emotions about how no one—including professional athletes—should have to pay taxes in a jurisdiction in which they don't have a vote. Let us look at the basics. Read more.


News Items
Tax Quote

"Where there is an income tax, the just man will pay more and the unjust less on the same amount of income.”

—Plato


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Views expressed in articles published in Tax Stringer are the authors' only and are not to be attributed to the publication, its editors, the NYSSCPA or FAE, or their directors, officers, or employees, unless expressly so stated. Articles contain information believed by the authors to be accurate, but the publisher, editors and authors are not engaged in redering legal, accounting or other professional services. If specific professional advice or assistance is required, the services of a competent professional should be sought.