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Federal Taxation

  • Estate Planning for Founders and Investors in Venture-backed Companies: Transfers of Qualified Small Business Stock by Gift

    By:
    Michael S. Arlein and Brian M. Sweet
    |
    May 1, 2020
    Congress first enacted IRC section 1202 in 1993 to encourage investment in specific types of small businesses by providing an exclusion of certain gain from the sale or exchange of qualified small business stock (QSBS). The original benefits of IRC section 1202 attracted moderate attention, but those benefits were significantly enhanced in subsequent decades, most notably under the Small Business and Jobs Act of 2010.

  • Penalty Avoidance: When Can Taxpayers Rely on Their Advisors?

    By:
    Ellen S. Brody, JD, Esq., CPA and Menahem M. Grossman, Esq.
    |
    May 1, 2020
    The IRC imposes various penalties on taxpayers who fail to comply with the obligations it sets forth for them. However, taxpayers can often avoid penalties if they can prove that their failure was due to reasonable cause and that they acted in good faith [IRC section 6664(c)(1)].

  • IRC Section 1202 Ignites Investor Interest

    By:
    Amy Bloom, CPA
    |
    Apr 1, 2020
    Alan Patricof, a vanguard in the venture capital industry, was instrumental in the enactment of IRC section 1202 as part of the Revenue Reconciliation Act of 1993 in order to encourage investment in small businesses. IRC section 1202 only applies to stock in C corporations, and initially it did not receive a lot of attention. Since its enactment, though, it has undergone several changes. The 2017 Tax Cuts and Jobs Act (TCJA), however, reduced the corporate tax rate from 35% to 21%, making operating as a C corporation more attractive to investors.

  • The IRS’s Offshore Voluntary Disclosure Program Has Ended—Now What?

    By:
    Christopher M. Ferguson
    |
    Apr 1, 2020

    On Sep. 28, 2018, the IRS’s Offshore Voluntary Disclosure Program (OVDP) came to an end; however, offshore tax and reporting noncompliance persists in today’s increasingly global economy. Tax advisors are still helping clients who have been—or continue to be—noncompliant with their offshore tax and reporting obligations. This Q&A addresses some of the common issues that taxpayers and their advisors are dealing with in a post-OVDP world.

  • The SECURE Act Changes Rules for Individual Retirement Savings Accounts

    By:
    Mark H. Levin, CPA, MS (taxation)
    |
    Feb 1, 2020

    On Dec. 20, 2019, President Trump signed into law the Further Consolidated Appropriations Act of 2020 (FCTA). Among its many provisions, the FCTA includes the Setting Every Community Up for Retirement Enhancement Act of 2019 (aka the SECURE Act). While most of these changes affect taxpayers’ IRAs and 401(k) accounts in a positive way, certain provisions tighten some rules. This discussion will review key provisions of the act and their impact on taxpayers.

  • New York City Taxes: A Quick Primer for Businesses

    By:
    Debra S. Herman and Elizabeth Pascal, JD
    |
    Feb 1, 2020

    In addition to the plethora of New York State (NYS) taxes imposed on residents and businesses, New York City (NYC or city) has its own distinct set of business taxes, administered and collected by the NYC Department of Finance (DOF). The DOF collects more than $33.2 billion in revenue for the city and values more than 1 million properties with a total market value of $988 billion.

  • Inside the Black Box: Executors’ Elections

    By:
    Theresa McGinley, JD, Kevin Duncan, JD, and Brian Conboy, JD
    |
    Jan 1, 2020

    During the administration of a decedent’s estate, an executor performs four basic functions: identifies and collects the decedent’s assets; determines cash needs for payment of expenses and debts, and raises cash to pay the expenses; files any required tax returns, including the decedent’s final personal income tax returns, gift tax returns, estate tax returns, and fiduciary income tax returns, and pays associated taxes; and distributes assets in accordance with the terms of the decedent’s Last Will and Testament.

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