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Latest Articles

  • The Incredible Growing Sales Tax

    By:
    Melanie Lee, JD, and Marc Simonetti, JD
    |
    Jun 1, 2022

    The state and local sales tax landscape is constantly shifting as the marketplace of goods and services evolves. Recently, there has been a series of changes related to states expanding their sales tax. First, states are expanding their jurisdiction to impose sales tax, i.e., increasing the number of people subject to tax through nexus. Second, states have attempted to expand the sales tax base by subjecting new transactions and services to tax.

  • Dealing with Proposed Regs under the SECURE Act

    By:
    Steven B. Gorin, CPA, Esq., CGMA
    |
    Jun 1, 2022
    My article, “Strategy Under the SECURE Act” (the “prior article”) (https://www.nysscpa.org/news/publications/the-tax-stringer/article/strategy-under-the-secure-act) examined certain strategic issues that CPAs may need to explain to their clients. This article complements those ideas with provisions of proposed regulations issued in February (the “proposed regs”).
  • Estate Planning with Digital Assets

    By:
    Melissa Gillespie, JD, CPA, MST
    |
    Jun 1, 2022

    When we think of digital assets, we usually think of cryptocurrency, Bitcoin, etc. Although, the definition of  “digital asset” does not appear in the Merriam Webster, Macmillan or Britannica dictionaries, it did appear in Free Dictionary.


  • International Tax Implications for Digital Assets

    By:
    Mark DiMichael, CPA, CFE
    |
    Jun 1, 2022
    Digital asset businesses and investors are quickly recognizing that the legal and regulatory framework of the United States is highly burdensome for their business activities. The various rules can result in added legal and accounting costs related to filings with the Securities & Exchange Commission, compliance with the Bank Secrecy Act, and understanding and complying with the patchwork of money transmitter laws and state tax nexus laws in 50 different states. 
  • Estate Tax Planning for NRNCs Using the Foreign Corporation

    By:
    Gary A. Forster, JD, LLM
    |
    May 1, 2022
    Lifetime gifts of U.S. intangibles by non-resident non-citizens (NRNCs) are exempt from gift tax. However, all U.S. situs assets, both tangible and intangible (unless falling within a limited exemption), are subject to estate tax. Those same assets held in a foreign corporation are excluded from estate tax.
  • COVID-19: Relationships and Financial Pressures

    By:
    Hana Boruchov, JD and Leo Gabovich, JD
    |
    May 1, 2022
    Coronavirus (COVID-19) has been a pandemic that has affected many aspects of our daily lives. One of the unfortunate results of the major changes to our lifestyle and economic impacts has been a surge in separations and divorces worldwide. According to Legal Templates, a company that provides licensed attorneys in the United States with legal form templates, there was a 34% increase of sales of its divorce agreements in the first half of 2020 alone, as compared to 2019.
  • The Unclear Status of Decentralized Finance (DeFi) Transactions

    By:
    Mark DiMichael, CPA, CFE
    |
    May 1, 2022
    Blockchain technology and digital assets are blurring lines that were previously well established, such as the definitions of money, value, currency, investments, loans, and more. The rise of digital assets has created new types of business transactions never previously envisioned by regulators. Because of this, digital assets exist in a gray area for many accounting, tax, and regulatory issues.
  • Cybersecurity Best Practices for Family Offices

    By:
    Jamie Herman, CCISO, CISSP, CISM
    |
    May 1, 2022
    Cyber risks and the resulting impacts are at an unprecedented high, with the potential to cause significant monetary and reputational damage. Today, cybercriminals seek out high-value entities that are perceived to have insufficient cybersecurity controls — making family offices prime targets.
  • The Not-So-Basic Basis of Bases: Tax Basis Reporting Calculations and Analysis

    By:
    Dean L. Surkin, JD, LLM
    |
    Apr 1, 2022

    The IRS directed partnerships to report capital accounts on the tax basis starting in 2020. In this article, I’ll address the prior rule, why the IRS wasn’t happy, the change they wanted, how to process the transition, and the need to maintain both the former capital account and the IRS-prescribed method.

  • Cannabis Taxes in New York State: How High Is Too High

    By:
    Jason Klimek, Esq., and Kara Cline, CPA
    |
    Apr 1, 2022

    New York State legalized adult-use cannabis on March 31, 2021, under the Marijuana Regulation and Taxation Act (MRTA). Along with legalization came Article 20-C of the New York State Tax Law. Article 20-C, effective April 1, 2022, imposes the first U.S. THC potency excise tax. The excise tax is in addition to a 13% sales tax, which replaces the standard state and local sales tax rates

In Case You Missed It – June 2022
  

Almost every day, federal and state courts issue opinions that affect taxpayers. The IRS and state taxing authorities also publish guidance on myriad topics. Read more

Tax Quote
  

"The purpose of a tax cut is to leave more money where it belongs: in the hands of the working men and working women who earned it in the first place."

 – Robert Dole

*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.