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Federal Taxation

  • Restructuring and Repurchasing Distressed Debt: Risks and Opportunities for Borrowers

    By:
    Todd Hatcher, Esq.
    |
    Sep 1, 2020
    Amid an almost unprecedented (in the modern era) pandemic, debt restructuring and workout transactions are accelerating. Similarly, dislocations in the debt markets have presented and continue to present opportunities for relatively well-situated borrowers or their affiliates to capitalize on substantial discounts.

  • Important FAQs: Cancellation of Debt

    By:
    Robert M. Finkel
    |
    Aug 1, 2020
    In the current economic climate, many of our clients have or will reach agreements with creditors to reduce agreed debt. The reduction of certain types of debt can give rise to taxable income to the debtor, so-called cancellation of debt (COD) income under IRC section 61(a)(12).

  • IRS Notice 2020-39: Additional Opportunity Zone Relief Due to the COVID-19 Pandemic

    By:
    Kevin Matz, Esq., CPA, LLM
    |
    Aug 1, 2020

    In an effort to extend additional relief to opportunity zones in light of the COVID-19 pandemic, the IRS issued Notice 2020-39 on Jun. 4, 2020. It provides very significant relief for qualified opportunity funds (QOF) and their investors.

  • Tax Reform, the CARES Act, and Beyond: Hedge Fund Schedule K-1 for Individuals

    By:
    Suzy Lee, CPA, MST, and Stacy L. Palmer, CPA, MBA, MST
    |
    Jul 1, 2020
    In 2016, the authors’ article, “Deconstructing Hedge Fund Schedule K-1s for Individuals,” was published in the TaxStringer. It discussed hedge fund schedules K-1—but much has changed since then. This discussion will review how such changes have affected the presentation of hedge fund K-1s. 

  • A Simple Fix to the “Retail Glitch”

    By:
    Luke Richardson, CPA, MAcc, and John McKinley, CPA, CGMA, JD, LLM
    |
    Jul 1, 2020

    With the recent passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Congress enacted many tax provisions intended to lessen the economic harm caused by the coronavirus (COVID-19) outbreak. Among those changes was a fix for an issue known as the “retail glitch,” which arose from the last major piece of tax legislation, the Tax Cuts and Jobs Act (TCJA).

  • Helpful Instructions for Filing Domestic and Foreign Voluntary Disclosures

    By:
    Ellen S. Brody, JD, CPA, Esq., and David J. Snyder, JD
    |
    Jul 1, 2020

    In April 2020, the IRS quietly updated Form 14457. Previously called the “Offshore Voluntary Disclosure Letter,” the form’s name was changed to “Voluntary Disclosure Practice Preclearance Request and Application.” It had been used in conjunction with the Offshore Voluntary Disclosure Program (OVDP) that ended Sept. 28, 2018.

  • Protecting Yourself, Your Family, and Your Heirs during the COVID-19 Crisis

    By:
    Kevin Matz, Esq, CPA, LLM
    |
    Jun 1, 2020
    We live in unprecedented times. Many of the tenets we thought we knew at the beginning of March 2020 have now been shattered by COVID-19, which has wreaked havoc not only on our nation’s public health but also on the worldwide economy and the financial markets. 
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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.