Latest Articles

  • Taxation of Carried Interests for Senior-Level Fund Managers

    By:
    Arthur H. Kohn, Andrew L. Oringer, and Steven W. Rabitz
    |
    Oct 1, 2019
    Carried interest arrangements have been common for years in many types of private investment funds (“Funds”), including private equity, real estate, and hedge funds. Going back a few decades, the tax analysis applicable to carried interests was highly uncertain. 
  • IRS and Cryptocurrency: Where are We Now and What Next?

    By:
    Melissa Gillespie, JD, CPA, MST
    |
    Oct 1, 2019
    Over the past few years, the IRS has been slowly issuing guidance and warnings regarding the reporting and taxation of the usage and exchanging of virtual currency. Recently, on July 26, 2019, the IRS advised those who have engaged in virtual currency usage that they have begun sending educational letters to taxpayers with virtual currency transactions who either may have failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly.
  • The Case for the Continuing Relevance of the Gift Tax

    By:
    Philip A. Di Giorgio, Esq.
    |
    Oct 1, 2019

    With the passage of the Tax Cuts and Jobs Act of 2017 (the 2017 Tax Act) the lifetime exemptions from estate, gift and generation skipping transfer tax (GST) more than doubled from an already steep $5,490,000 to a cliff-hanging $11,180,000 as of January 1, 2018. As in the past, these exemption amounts continue to be adjusted for inflation leaving us with a gift tax exemption of $11,400,000 as of January 1, 2019. New York State repealed its gift tax back at the turn of the millennia, so the gift tax is strictly a federal phenomenon for New Yorkers.

  • Corporate International Tax Issues v2.0

    By:
    Cecil Nazareth, CPA, CA, MBA
    |
    Oct 1, 2019

    If you’re a CPA or a manager in a corporate finance department, it’s more important than ever to understand how the new tax law affects cross-border transactions and international tax. Since the Tax Cuts & Jobs Act (TCJA) was passed in late 2017, millions of individuals and entities have had to rethink their tax planning and tax structures completely. Going from a credit system to a territorial system is a monumental shift—you might as well be going from Earth to Mars. Everything you did in the past is no longer valid. You need to start fresh.

  • The New Moneyball

    By:
    Alan Pogroszewski, MBA, Kari Smoker, JD, and Keith Donnelly, JD, CPA
    |
    Sep 1, 2019

    In 2003, Michael Lewis’ book, Moneyball: The Art of Winning an Unfair Game, outlined the economic disadvantages the small-market Oakland A’s faced competing against the New York Yankees and other large-market teams. Lewis’ book also examined the A’s strategy of exploiting market inefficiencies in the valuation of Major League Baseball players to not only compete, but actually succeed, within the parameters of large-market and small-market teams. Such is the business of sports.

  • SoulCycle and the NYC Sales Tax on Fitness Clubs

    By:
    Brian Gordon, CPA
    |
    Sep 1, 2019

    A hearing was held before Administrative Law Judge (ALJ) Barbara J. Russo in the matter or SoulCycle, Inc. vs. the NYS Division of Taxation. The determination was issued on May 23, 2019.

  • Customized Retirement Plans Revisited—An Overlooked Benefit for Business Owners: Higher Contributions, Flexibility and Opportunities for Additional Deductions

    By:
    Kenneth A. Horowitz CLU, ChFC, RICP
    |
    Sep 1, 2019

    The current pension legislation was just given a boost to assist business owners of closely held privately entities with income tax planning strategies to help manage current income taxes as well as attract, retain, and reward talent to their businesses.

  • What’s New in New York Taxes for Closely Held and Flow-Through Entities

    By:
    Timothy P. Noonan, JD
    |
    Aug 1, 2019
    Last month I spoke at the State Society’s annual conference on tax issues for closely-held entities.  My topic, as you might guess, was all-things involving New York State taxes in this area of the law.  This article outlines what I talked about, and it covers recent updates and developments in the New York State and City tax areas and how some of these changes effect closely-held and flow-through entities.
  • Key Estate Planning Concepts That Every CPA Should Know for Their High Net Worth Clients

    By:
    Randy P. Siller, CPA*, CIMA®, and Daniel L. Daniels, JD
    |
    Aug 1, 2019

    A Credit Shelter Trust [(CST), also known as a bypass trust, estate tax shelter trust, or family trust], is a type of irrevocable trust used by married couples with large estates to take full advantage of the federal estate tax exemptions. The federal exemption for 2019 is $11,400,000 per taxpayer, so proper use of this vehicle can allow a married couple to shield up to $22,800,000 of assets from federal estate tax.

  • What Professionals Need to Know About the Cannabis Industry

    By:
    Zachary Gordon, CPA
    |
    Aug 1, 2019

    Cannabis is an industry that is of great interest to CPAs, finance professionals, investors, and the public at large. While many have found their way into the industry, there is still a fundamental question to be answered by each professional: should I take on this cannabis client or investment?

Tax Quote
 

"If you get up early, work late, and pay your taxes, you will get ahead — if you strike oil."

 – J. Paul Getty

*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.

 

 

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