Latest Articles

  • Telecommuting During and After COVID-19: What Every Employer Should Know

    By:
    Elizabeth Pascal, JD and Emma Savino
    |
    Apr 1, 2020

    Last month, the TaxStringer published our article, The Multistate Tax Implications of a Mobile Workforce, on various tax considerations facing employers with an increasingly mobile workforce. How the world has changed in just a few weeks!

  • Tax Exemption: What Nonprofit Executives, Board Members, and Auditors Need to Know (Part 1 of 2)

    By:
    Allen L. Fetterman, CPA, MBA
    |
    Apr 1, 2020

    Many nonprofit executives, board members, and their auditors are familiar with Form 990—some auditors might even prepare it. Yet many of these professionals don’t know enough about what needs to be done to obtain and maintain tax-exempt status, and they’re not aware of actions that could jeopardize that status. For that reason, this discussion provides a beginning overview of the basics of tax exemption—and will be continued in an upcoming article in next month’s TaxStringer.

  • IRC Section 1202 Ignites Investor Interest

    By:
    Amy Bloom, CPA
    |
    Apr 1, 2020
    Alan Patricof, a vanguard in the venture capital industry, was instrumental in the enactment of IRC section 1202 as part of the Revenue Reconciliation Act of 1993 in order to encourage investment in small businesses. IRC section 1202 only applies to stock in C corporations, and initially it did not receive a lot of attention. Since its enactment, though, it has undergone several changes. The 2017 Tax Cuts and Jobs Act (TCJA), however, reduced the corporate tax rate from 35% to 21%, making operating as a C corporation more attractive to investors.
  • The IRS’s Offshore Voluntary Disclosure Program Has Ended—Now What?

    By:
    Christopher M. Ferguson
    |
    Apr 1, 2020

    On Sep. 28, 2018, the IRS’s Offshore Voluntary Disclosure Program (OVDP) came to an end; however, offshore tax and reporting noncompliance persists in today’s increasingly global economy. Tax advisors are still helping clients who have been—or continue to be—noncompliant with their offshore tax and reporting obligations. This Q&A addresses some of the common issues that taxpayers and their advisors are dealing with in a post-OVDP world.

  • A Primer on Qualified Business Income under IRC Section 199A

    By:
    Dean L. Surkin, JD, LLM
    |
    Mar 1, 2020
    The 2017 Tax Cuts and Jobs Act (TCJA) allows owners of pass-through entities and sole proprietors to deduct a portion of their qualified business income (QBI), codified in IRC section 199A. In general, the deduction is the lesser of 20% of qualified business income or the greater of 50% of W-2 wages or the sum of 25% of W–2 wages with respect to the qualified trade or business and 2.5% of the unadjusted basis immediately after acquisition of all qualified property.
  • Automobiles under the Tax Cuts and Jobs Act of 2017

    By:
    Ellen S. Brody, JD, CPA, Esq., and Cory M. Paul, JD
    |
    Mar 1, 2020

    The Tax Cuts and Jobs Act (TCJA) has dominated headlines since its passage in late 2017. More than two years later, the tax and accounting community are still trying to implement all of its changes, as final regulations are issued piecemeal for various IRC provisions modified by the TCJA. While much press coverage is given to clarifications of big-ticket items, such as qualified opportunity zones and the long-term effects of the TCJA as a whole, it is important to remain aware of the myriad smaller changes that were also enacted.

  • The Multistate Tax Implications of a Mobile Workforce

    By:
    Mark Klein and Emma Savino
    |
    Mar 1, 2020

    In 2019, Americans took an estimated 470 million domestic business trips, and spent more than $327 billion on business travel, which has increased year after year. In fact, global business travel is forecasted to increase by 6.9% in 2020. Surveys suggest that 85% of companies have employees who work outside their resident jurisdiction—and more employees are travelling away from their home business location than ever before.

  • Form 5471 Reporting Refresher and Updates

    By:
    Justin Lynch
    |
    Mar 1, 2020
    The Tax Cut and Jobs Act (TCJA), signed into law in December 2017, brought significant changes to U.S. international taxation. During the 2018 tax filing season, practitioners had to navigate the new reporting requirements of the deemed repatriation of offshore accumulated earnings and global intangible low-taxed income (GILTI), among other provisions.
  • IRC Section 199A Considerations for Tax Year 2019

    By:
    Ben Lederman, CPA
    |
    Feb 1, 2020
    The qualified business income (QBI) deduction under IRC section 199A has been one of the most discussed topics in federal taxation since the passage of the 2017 Tax Cuts and Jobs Act (TCJA). Many articles have followed the release of the new law, proposed regulations, and final regulations to help practitioners to understand the deduction and its impact on their clients.
  • The SECURE Act Changes Rules for Individual Retirement Savings Accounts

    By:
    Mark H. Levin, CPA, MS (taxation)
    |
    Feb 1, 2020

    On Dec. 20, 2019, President Trump signed into law the Further Consolidated Appropriations Act of 2020 (FCTA). Among its many provisions, the FCTA includes the Setting Every Community Up for Retirement Enhancement Act of 2019 (aka the SECURE Act). While most of these changes affect taxpayers’ IRAs and 401(k) accounts in a positive way, certain provisions tighten some rules. This discussion will review key provisions of the act and their impact on taxpayers.

Tax Quote
 

"I hate paying taxes. But I love the civilization they give me."

 – Oliver Wendell Holmes

*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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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.