Latest Articles

  • A New Environment for Estate Planning Takes Shape in 2021

    By:
    Kevin Matz, Esq., CPA, LLM (Taxation)
    |
    Mar 1, 2021
    A new environment is starting to take shape in 2021, and with it comes additional considerations to factor into one’s estate planning. As a result of the success of Georgia Senate candidates Raphael Warnock and Jon Ossoff in their respective Senate races on January 5, the makeup of the new Senate is 50 representatives per party, with Democratic Vice President Kamala Harris holding a tiebreaking vote. 
  • The Many Ways to Source Receipts from Asset Management Services in New York and None Are Clear

    By:
    Barry Halpern, CPA and Katherine Krafchuk, CPA
    |
    Mar 1, 2021
    With the continued shift to economic nexus and market-based sourcing, many asset management service providers find themselves doing business in more states. The continued shift to single sales factor weighting places a profound focus on the receipts factor and its sourcing for both taxpayers and auditors. This is especially true in New York State and New York City (collectively, “New York”), as New York sourcing rules are complex and can be cumbersome.

  • The U.S. Taxation of Foreign Pensions

    By:
    Christopher Callahan, Esq., LLM, JD
    |
    Mar 1, 2021

    This article presents a summary of the U.S. tax and reporting obligations with which a U.S. citizen must comply in connection with his or her interest in a foreign defined contribution plan that is organized by active companies with numerous employees. Any references in this article to a “foreign plan,” a “foreign pension,” or similar phrases are meant to describe such plans.

  • Tax Issues in Divorce: Before and After Tax Reform Part 2

    By:
    Justin T. Miller, J.D., LL.M., TEP, AEP®, CFP®
    |
    Mar 1, 2021
    This is the second in a three-part series focusing on tax issues in divorce before and after tax reform. To view the first part, please click here. Stay tuned for the concluding piece in the March issue, which will be discussing retirement accounts, property transfers and division of property and support trusts in lieu of alimony.
  • IRC Section 163(j) Update, Including Highlights of CARES Act Modifications and IRS Final Regulations

    By:
    Edward P. Rigby, CPA, MST
    |
    Feb 1, 2021
    This article summarizes the key highlights of the Coronavirus Aid,  Relief, and Economic Security (CARES) Act modifications and recent IRS regulations associated with the interest expense limitation rules under IRC Section 163(j). In general, the interest expense limitation rules under Section 163(j) were enacted as part of the Tax Cuts and Jobs Act (TCJA), effective for tax years beginning after December 31, 2017. 
  • Tax Issues in Divorce: Before and After Tax Reform

    By:
    Justin T. Miller, J.D., LL.M., TEP, AEP®, CFP®
    |
    Feb 1, 2021

    This is a three-part piece focusing on tax issues in divorce before and after tax reform. Stay tuned for pieces in the February and March issues, which will be discussing many other aspects including dependency exemptions and child tax credits, sale of principal residence exclusion, deductions related to divorce, support trusts in lieu of alimony and more.

  • The SECURE Act: Increased Income Taxes on Inherited Retirement Accounts

    By:
    Nicholas S. Proukou, Esq.
    |
    Feb 1, 2021
    The Setting Every Community Up for Retirement Enhancement (SECURE) Act accelerated income taxation on inherited retirement accounts dramatically. This was huge news for the estate and financial planning worlds in early 2020—until it wasn't. This past year was full of strange and dramatic turns, many of which have overshadowed this seismic shift in retirement account taxation under the SECURE Act.
  • America, Love It or Leave It!: Tax Consequences of Citizenship Renunciation

    By:
    Alicea Castellanos, CPA
    |
    Feb 1, 2021
    During the tumultuous protests against the Vietnam War in the late ’60 s and ’70s, many pro-war activists decried the slogan “America, love it or leave It!” The meaning behind the slogan is that there is no middle road when proclaiming allegiance and loyalty to the United States—that is, you are either supportive of your country and the decisions made by its government, or if not, you have the choice to live elsewhere. It is a highly emotional proclamation reminiscent of a time in this country when people were deeply divided on life-and-death issues. 
  • SALT Business: A Glimpse in the Eye of the Pandemic

    By:
    Timothy P. Noonan, JD and Doran J. Gittelman
    |
    Jan 1, 2021
    There has been no shortage of excitement in the State and Local Tax (SALT) world this year. Between state-issued COVID-19 guidance, federal stimulus efforts, and the ever-changing landscape of income sourcing and nexus rules, individuals and multistate businesses are struggling to remain tax compliant. In this article, we will focus on some of the hot topics in state and local tax this year, and touch upon some of the big shifts occurring during the pandemic. 
  • PPP Loan Forgiveness Update

    By:
    Stewart Berger, CPA
    |
    Jan 1, 2021
    In response to COVID-19, the Coronavirus Aid, Relief and Economic Security (CARES) Act was enacted whereby Paycheck Protection Program (PPP) e-loans made from February 15, 2020 to August 8, 2020 may be forgiven. The cancelled debt will be excluded from income under Reg. 1.265.1. Taxpayers cannot deduct expenses that are allocable to income, whether they are excluded from income or exempt from taxes. The IRS has previously determined that businesses whose PPP loans are forgiven cannot deduct business expenses paid for by the loan.

President Biden has outlined many tax proposals that he would like to pass. Which one do you think will be passed first?


1) Repeal TCJA components for high-income filers
2) Impose 12.4% social security payroll tax for wages above $400,000
3) Raise the corporate income tax to 28%
4) Create a corporate minimum tax on book income
5) Double the tax rate on GILTI and impose it to country-by-country
6) Temporarily increase the Child Tax Credit and Dependent Credit


Please submit your choice via the below link:
 https://www.surveymonkey.com/r/JKL3Z89

Tax Quote
  

“The best things in life are free, but sooner or later the government will find a way to tax them.”

 – Anonymous

*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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