Latest Articles

  • The New Qualified Business Income Deduction Under IRC Section 199A

    By:
    Ellen Seiler Brody, Esq., and Vivek A. Chandrasekhar, Esq.
    |
    Apr 1, 2018
    Public Law 115-97 (the Act) provided a significant benefit to corporate taxpayers. While the highest marginal corporate tax rate was previously 35%, corporations now face only a flat 21% tax. In an attempt to provide parity for non-corporate taxpayers, the Act introduces a new IRC section 199A, which provides a 20% deduction for qualified business income earned by individuals, trusts, and estates. 
  • New York’s Corporate Nexus & Apportionment Rules—Review & Update (Part 2 of 2)

    By:
    Mark S. Klein and Daniel P. Kelly
    |
    Apr 1, 2018
    We’re back to continue our discussion regarding the implementation and development of New York’s 2015 corporate tax reform.  Even though the law is nearly four years old, both tax practitioners and tax administrators struggle to provide form to the framework created by the new law. 
  • PFICs: Current State of Affairs

    By:
    Paul H. Dailey, CPA, MBA
    |
    Apr 1, 2018
    Passive Foreign Investment Companies (PFICs) are still alive and kicking! The new law made only one structural change to the PFIC regime: limiting the PFIC insurance exception. 
  • Self-Employment Tax for Partnerships, LLC and LLP Members

    By:
    Dean L. Surkin, JD, LLM
    |
    Apr 1, 2018
    The advent of the Tax Cuts and Jobs Act of 2017 has started to affect the entity structures that taxpayers choose for their businesses. Some practitioners are recommending an expanded use of C corporations while others are recommending maximum utilization of the qualified business income (QBI) deduction. 
  • New York’s Corporate Nexus & Apportionment Rules: Overview & Update

    By:
    Mark S. Klein and Daniel P. Kelly
    |
    Mar 1, 2018
    New York’s corporate franchise tax reform, which passed in 2014 and became effective Jan. 1, 2015, was groundbreaking in numerous ways. (The Administrative Code of New York City was subsequently amended to adopt many, but not all, of the same revisions for city corporate tax purposes.) 

  • Relationship Capital: How to Evaluate Personal Goodwill Prior to Selling a Closely-Held Business

    By:
    Ladidas Lumpkins, CPA, JD, LLM (Taxation) and Roman Katz, JD
    |
    Mar 1, 2018
    How do you evaluate the financial power of relationships? An iconic scene from the movie The Devil Wears Prada offers great insight, particularly when powerful fashion editor Miranda Priestly recounts how she persuaded the magazine’s publisher to pass over a younger challenger for the job.
  • Understanding Unrelated Business Income Tax

    By:
    Israel Tannenbaum
    |
    Mar 1, 2018

    Facing increased competition for donor dollars and a growing charitable base, many tax-exempt organizations have set their sights on income diversification. As part of this quest for alternative revenue streams, non-profits are expanding into businesses traditionally dominated by taxable entities.  While this can be a boon to an organization’s resources, it can potentially subject tax-exempt entities to reporting and paying taxes, the most common of which is the tax on unrelated business income. 

  • Cybersecurity for Accountants

    By:
    Patrick Buono
    |
    Mar 1, 2018
    According to Forbes magazine, the global cost of cybercrime will reach $2 trillion by 2019. Warren Buffett considers cyber attacks “a bigger threat to humanity than nuclear weapons,” and Ginni Rometty, IBM President & CEO, describes cybercrime as “the greatest threat to every profession, every industry, every company in the world.” 
  • The Tax Cuts and Jobs Act: Traps for the Unwary Accountant

    By:
    Ellen Seiler Brody, JD, CPA, Esq. and Vivek A. Chandrasekhar, JD, Esq.
    |
    Feb 1, 2018
    On Dec. 22, 2017, President Trump enacted into law Public Law 115-97, which is colloquially, although not technically, called the "Tax Cuts and Jobs Act" (the "Act").  The Act enacts wide-ranging changes to the IRC, such as lowering the individual and corporate rates, creating a brand new deduction for certain non-corporate business, and increasing expensing for certain capital expenditures.
  • How the 2017 Tax Reform Act Affects Estate Planning for High-Net Worth Individuals

    By:
    Kevin Matz, Esq., CPA, LLM (Taxation)
    |
    Feb 1, 2018
    On Dec. 20, 2017, Congress passed far-reaching changes to the IRC that were signed into law by the president on Dec. 22, 2017 as Public Law 115-97 (the “2017 Tax Reform Act,” also informally known as the “Tax Cuts and Jobs Act”).  

Tax Quote

The below quote is from the The Honeymooners:

Ed Norton is trying to explain to Ralph Kramden what to do when he appears before the IRS. 


Ed Norton
: “When you get down there tomorrow, I got the idea: stand on the 18th Amendment.”


Ralph Kramden
: “Are you nuts or somethin'? Stand on the 18th Amendment? You mean stand on the Fifth Amendment. The 18th Amendment was for prohibition.”


Ed Norton:
“Well, that's just what I mean. Tell 'em you were drunk when you made out your taxes!”

Death, taxes and childbirth! There's never any convenient time for any of them
*Outside the Box is a new addition to the TaxStringer featuring important articles on financial and investment management topics by top authors who have expertise both inside and outside the realm of taxation.

 

 

Interested in writing for the TaxStringer? Click here for Submission Guidelines and contact TaxStringer@nysscpa.org.


 
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.