Latest Articles

  • 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. 
  • PFICs: Current State of Affairs

    By:
    Paul H. Dailey, CPA, MBA
    |
    Apr 1, 2018
    Passive Foreign Investment Companies (PFICs) are still alive and kicking! The new law made only one structural change to the PFIC regime: limiting the PFIC insurance exception. 
  • Self-Employment Tax for Partnerships, LLC and LLP Members

    By:
    Dean L. Surkin, JD, LLM
    |
    Apr 1, 2018
    The advent of the Tax Cuts and Jobs Act of 2017 has started to affect the entity structures that taxpayers choose for their businesses. Some practitioners are recommending an expanded use of C corporations while others are recommending maximum utilization of the qualified business income (QBI) deduction. 
  • New York’s Corporate Nexus & Apportionment Rules: Overview & Update

    By:
    Mark S. Klein and Daniel P. Kelly
    |
    Mar 1, 2018
    New York’s corporate franchise tax reform, which passed in 2014 and became effective Jan. 1, 2015, was groundbreaking in numerous ways. (The Administrative Code of New York City was subsequently amended to adopt many, but not all, of the same revisions for city corporate tax purposes.) 

  • Relationship Capital: How to Evaluate Personal Goodwill Prior to Selling a Closely-Held Business

    By:
    Ladidas Lumpkins, CPA, JD, LLM (Taxation) and Roman Katz, JD
    |
    Mar 1, 2018
    How do you evaluate the financial power of relationships? An iconic scene from the movie The Devil Wears Prada offers great insight, particularly when powerful fashion editor Miranda Priestly recounts how she persuaded the magazine’s publisher to pass over a younger challenger for the job.
Tax Quote

Taxation with representation ain’t so hot either. 
— Gerald Barzan, humorist

*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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