Latest Articles

  • New U.S. Tax Law and the IRC Section 962 Election

    By:
    Charles Ladas, CPA
    |
    Sep 1, 2018
    With the ratification of the Tax Cuts and Jobs Act (TCJA), many U.S. taxpayers are reconsidering their business structures. The reason for this is that the tax provisions of the TCJA contain greater benefits for domestic corporations than other business entities and individuals. 
  • New York State Residency – Does a Permanent Place of Abode have to be Permanent?

    By:
    Brian Gordon, CPA
    |
    Sep 1, 2018

    In a recent case involving residency before the New York State Tax Tribunal, In the Matter of the Petition of Leslie Mays, the issue of the taxpayer’s permanent place of abode was at the center. You may be surprised that the tribunal determined that an apartment that was maintained for less than five months was  a permanent place of abode.

  • A Forensic Guide to Finding Cryptocurrency in Divorce Litigation

    By:
    Mark DiMichael, CPA, CFF, ABV, CFE and Katerina Gaebel, CPA
    |
    Sep 1, 2018
    In recent years, awareness and use of Bitcoin and cryptocurrency has risen dramatically. Cryptocurrency transactions are fast, global, decentralized, secure, and irreversible. Although cryptocurrency and blockchain technology have the ability to revolutionize commerce, cryptocurrency’s anonymous nature has made it a haven for illicit activity.  This is because while cryptocurrency transactions are all publicly viewable on a “blockchain,” the individual participants of each transaction cannot be easily determined. 
  • Dear Mom and Dad: Would You Mind if I Gifted You My Low-Cost Basis Assets?

    By:
    Anthony J. Enea, Esq.
    |
    Sep 1, 2018
    When one thinks of a gift of significant assets, it is most often one from a parent or grandparent to their children or grandchildren. This is often done to allow the older generation to reduce the size of their estate for federal or New York tax purposes or for elder law and asset protection planning purposes. 
  • When Opportunity Knocks to Defer Tax on Gains: “Qualified Opportunity Funds"

    By:
    Kevin Matz, Esq., CPA, LLM (taxation)
    |
    Aug 1, 2018
    The 2017 Tax Cuts and Jobs Act includes a new tax incentive provision that is intended to promote investment in economically distressed communities, referred to as “Opportunity Zones.
  • A Tale of Three Freezes

    By:
    N. Todd Angkatavanich, JD, LLM (taxation) and Jonathan A. Mayer, CPA
    |
    Aug 1, 2018
    As a general proposition, all estate freeze transactions share some common characteristics. These transactions generally involve a senior generation family member (sometimes referred to as "Senior Family Member") making some form of a transfer of an asset and receiving back some form of cash-flow interest (e.g., a promissory note, a fixed annuity interest, or a preferred payment). 
  • U.S. Taxation of U.S. LLCs: Concerns About ‘Hybrid’ Tax Planning

    By:
    Michael Galligan
    |
    Aug 1, 2018
    An important concern in dealing with the tax treatment of U.S. LLCs in non-U.S. tax jurisdictions is the extent to which their treatment as “hybrid entities” will cause them to run afoul of a growing campaign against tax planning seeking to take advantage of the inconsistent treatment by different countries and jurisdictions of major types of income and tax offsets. 
  • Does Cybersecurity Apply to Me?

    By:
    Steven S. Rubin, JD
    |
    Aug 1, 2018

    Have you heard of cybersecurity? In this digital age, a malicious actor does not need to walk through your doors to steal from you. They can simply click a button. These malicious actors are educated, intelligent, and motivated. While companies strive to establish the impossible perfect defense, a hacker needs to get into their systems only once.

  • Post-TCJA Considerations for Exempt Organizations

    By:
    Catherine Petercsak, CPA, and Kerri N. Bogda, CPA
    |
    Jul 1, 2018

    On Dec. 22, 2017, President Donald Trump signed the Tax Cut and Jobs Act (the Act) into law. The Act is the most comprehensive change to the U.S. tax code since 1986. In some way, the new rules affect almost every individual, business, and tax-exempt entity. Most of the provisions of the Act are effective for tax years beginning after Dec. 31, 2017.

  • Accountants and Divorce Attorneys: A Marriage Made in Congress

    By:
    Joseph A. DeMarco, JD
    |
    Jul 1, 2018
    As divorce attorneys seek to navigate the impact of the Tax Cuts and Jobs Act (“TCJA”) on divorce cases, one thing appears clear: Effective advocacy for matrimonial clients will require greater reliance on accounting professionals. 
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