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Latest Articles

  • The Sunset of the Doubled Estate, Gift, and GST Tax Exclusion Amounts after December 31, 2025 – What High Net Worth Individuals and Family Offices Need to Know About It

    By:
    Lucy D. Bickford and Kevin Matz, CPA, JD, LLM
    |
    Nov 1, 2024
    In the world of high-net-worth individuals and their financial advisors, the sunset of certain provisions of the 2017 Tax Cuts and Jobs Act (TCJA) is a topic of intense discussion. The TCJA significantly increased the lifetime gift and estate tax exclusion and the generation-skipping transfer (GST) tax exemption. 
  • A Test of New York State’s Infamous Convenience Rule

    By:
    Brian Gordon, CPA
    |
    Nov 1, 2024

    The case of Scott and Elizabeth Bryant was heard in the Division of Tax Appeals by Administrative Law Judge Alexander Chu-Fong. The determination was dated Sept. 12, 2024, DTA number 830818.

    This case addresses New York State’s convenience rule for telecommuting employees during the COVID-19 pandemic. This can also apply to other forced office closures.

  • Does a Transfer on Death Deed Live up to the Hype?

    By:
    Anthony J. Enea, Esq.
    |
    Nov 1, 2024

    Effective July 19, 2024, the Heirs Property Protection and Deed Theft Prevention Act of 2024 became law in New York. With the enactment of a new Section 424 of the Real Property Law (RPL), a Transfer on Death Deed (TODD) was authorized. One of the stated objectives of a TODD is to avoid probate for real property without having to use a costlier living trust. This purportedly simplifies and reduces the expense of conveying real property for persons of modest means and lower income.

  • AI in Accounting: Leveraging the New Era of Efficiency and Insight Part 2

    By:
    Irene Wachsler, CPA, MBA
    |
    Nov 1, 2024

    This is part two of a two-part series on Leveraging AI for Tax Resolution and Client Success. To view part one, please click here.

    First, it is crucial to understand the different types of AI models and capabilities readily available on the market today.

  • Charitable Planning for Individuals

    By:
    Sahri Zeger, JD
    |
    Oct 1, 2024

    Charitable contributions play a crucial role in addressing important needs within our communities, and the U.S. tax code recognizes their value by providing various incentives. By understanding tax strategies related to charitable giving, individuals can maximize their impact while also receiving significant tax advantages. This article will discuss some lesser-known aspects of direct charitable giving and common charitable planning strategies using trusts.

  • Long Term Care and Asset Protection Planning

    By:
    Brian Miller, JD, CELA
    |
    Oct 1, 2024

    It is estimated that 70% of adults aged 65 years and older will require long-term care at some point in their lives. Long-term care includes a variety of services designed to meet an individual’s health or personal care needs, allowing them to live as independently and safely as possible when they can no longer perform daily activities on their own.

  • AI in Accounting: Leveraging the New Era of Efficiency and Insight

    By:
    Orumé Hays, CPA, CGMA, MST
    |
    Oct 1, 2024

    Our profession is at an exciting crossroads, and it's not just about the numbers anymore. Imagine having a tireless assistant who can analyze data, spot trends, and offer actionable insights faster than ever. That’s the power of generative AI for CPAs and accountants. We're not talking calculators—sophisticated tools like ChatGPT, Claude, Gemini, BingAI, powered by large language models (LLMs) are revolutionizing the way we work with accounting and financial data.

  • New Planning Opportunities for Inherited IRAs

    By:
    Kenneth A. Horowitz, CLU® ChFC® RICP® AEP®
    |
    Sep 1, 2024
    The impact of the SECURE Act 2.0 has created a game change for high-net-worth clients. The Setting Every Community Up for Retirement (SECURE) Act requires beneficiaries of inherited IRAs to withdraw all assets of the IRA account within 10 years, in most cases. This can create a significant income event resulting in giving back most of the income tax benefits accumulated over the years. Post-death control is also minimized while the resulting lack of asset protection increases.
  • The Success in Succession, Part II: Business Planning

    By:
    Joseph G. Milizio, Esq.
    |
    Sep 1, 2024

    This article is the second in a three-part series on succession planning. Part I discussed the legal considerations in creating an exit or succession plan, including estate planning and estate and gift tax planning. Part III will focus on financial planning.

  • Achieving the Impossible: Estate Tax Exclusion and Step-Up in Basis

    By:
    Copyright © 2024 Jonathan G. Blattmachr, Mitchell M. Gans & Martin M. Shenkman. All Rights Reserved.
    |
    Sep 1, 2024
    One of the challenges in estate planning is keeping assets out of the deceased owner's taxable estate while still ensuring the assets receive the automatic change in basis (commonly called the step-up in basis) under Internal Revenue Code Section 1014. When the estate tax rates were much higher than they are today (70%-77% a few decades ago compared to 40%) and the long term capital gains income tax rates were not more than 25%, it was beneficial in most cases to seek estate tax exclusion even if the step-up in basis was forfeited. 
Tax Jokes
  

What do accountants in the Army live by? Be audit you can be.


https://parade.com/1317763/jessicasager/accounting-jokes/

*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.