Latest Articles

  • Rising Interest Rates are an Opportunity to Deduct Capital Loss Carryovers

    By:
    Thomas J. Boczar and Jeff Markowski
    |
    Jun 1, 2018

    Some companies currently face two concurrent challenges—first, how to accelerate the utilization of otherwise non-deductible capital loss carryovers for tax purposes and second, how to guard against the impact of rising interest rates.

  • Does Lender Management Provide Family Offices with a Roadmap for Obtaining an IRC section 162 Trade or Business Expense Deduction in Connection with Providing Investment Management Services?

    By:
    Kevin Matz, Esq., CPA, LLM (taxation)
    |
    Jun 1, 2018

    Lender Management, LLC v. Commissioner of Internal Revenue provides family offices with a potential roadmap for obtaining trade or business expense deductions under IRC section 162 in connection with rendering investment management services.

  • Is That Loss Actually Deductible On Your Cannabis Investment or Loan?

    By:
    Peter Metz, CPA, and John Pellitteri, CPA
    |
    Jun 1, 2018

    At the federal level, cannabis businesses that “touch the leaf” are taxed on the sum of revenue less cost of goods sold, according to IRC section 280E. Businesses that do not touch the leaf—meaning those that indirectly benefit from cannabis activity, such as suppliers and landlords—can also claim other deductions. But if there is a loss on your investment or loan, will the loss be deductible? Although the investment might appear rosy right now, storm clouds could one day come to this industry. 

  • U.S. Taxation of U.S. Limited Liability Companies

    By:
    Michael W. Galligan
    |
    Jun 1, 2018

    This is the first of a three-part series on an introduction to the cross-border tax treatment of U.S. limited liability companies. Please look for the next two parts in the July and August issues.

  • Taking Full Advantage of the R&D Tax Credit: Tips for Identifying, Gathering, and Documenting a Sustainable Claim

    By:
    Peter J. Scalise
    |
    May 1, 2018
    In 1981, the U.S. economy was in a recession, and research-and-development jobs were declining throughout the country. In response, Congress passed the Economic Recovery Tax Act of 1981, which included the Research and Development Tax Credit Program (hereinafter “RTCP” or “RTC”), enacted into the IRC. 

  • Powerful Domestic Trust Strategies for International and Cross-Border Families

    By:
    Al W. King III, JD, LLM (tax law) and Jack R. Brister
    |
    May 1, 2018
    There has been a powerful evolution taking place over the last decade of international families utilizing the United States for their trusts. Previously, the main reasons for an international family to establish a U.S. situs trust were if they owned U.S. property or if they had a U.S. green card or U.S. citizen family members. 
  • New York State is Auditing Federal Tax Issues: Work-Related Education Expenses

    By:
    Brian Gordon, CPA
    |
    May 1, 2018
    The New York State Tax Department has increased their audits involving federal tax issues.  This may be due to a reduction in IRS audit personnel, but regardless of the reason, these issues affect both federal and New York State taxes and they therefore have the right to audit. 
  • Social Security Filing Strategies Under the New Rules

    By:
    Ash Ahluwalia, MBA, CFP
    |
    May 1, 2018

    For most Americans, social security retirement benefits typically represent 30 to 60% of their retirement income. Yet according to the National Social Security Association, LLC, over 90% of social security recipients receive less money than they are entitled to receive. For many filers, this can represent tens of thousands of dollars in lost retirement benefits.


  • 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. 
Tax Quote

I'm proud to pay taxes in the United States; the only thing is, I could be just as proud for half the money. 
— Arthur Godfrey

*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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