Advisory Opinion Coverage
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Net Investment Income
Changes Add Complexity
Mary Ho, CPA
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.
Liberalizes Roth Rollovers
Louis F. LiBrandi, EA,
ChFC, Fellow CEBS
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
Richard J. Koreto
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
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: firstname.lastname@example.org.
Tax: Taxation without Representation?
Daniel G. Mazzola, CPA,
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.
Tax: Taking a Fresh Look
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
Alison J. Iavarone, CPA,
Deduction Deadlines Extended, CPA.Blog
Gross Income Tax Regular Place of Business is Not a
Requirement for Unincorporated Businesses to Use
Form NJ-NR-A (Business Allocation Schedule), New Jersey
Division of Taxation
Could Make S Corp Status More Popular, CFO.Com
Lew May Hold the Wild Card for Tax Reform, Politico
Court Case Could Have Tax Consequences for Same-sex
Couples, Illinois News Bureau
Bonds and Small Business Health Care Tax Credit Take
a Hit from Sequester, AccountingToday
Releases the Dirty Dozen Tax Scams for 2013, Internal
- Cutting That Bagel Will Cost You: Weird State Tax Laws
Tax Deductions, Kiplinger
Strange But Legitimate Federal Tax Deductions, Intuit,
Bizarre Tax Deductions, U.S.News & World Report
10 Tax Deductions Should Be on Your Radar, Fox
Training is A Tax Haven for Baseball Players,
there is an income tax, the just man will pay more and
the unjust less on the same amount of income.”
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Quality Enhancement Staff