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Federal Taxation

  • Buy-Sell Agreements: The Accountant’s Holistic Primer Part 2

    By:
    Joshua P. Friedlander, Matthew E. Rappaport, Esq., LLM and Daniel J. Gershman, JD
    |
    Jun 1, 2021

    For companies where ownership is vested exclusively in one individual, there is often a need to address continuity of the company in the event of the sole owner’s death or incapacity. The surviving spouse of an owner may not want to be encumbered with a business foreign to him, and an unclear line of succession could lead to in-fighting or panicking among employees at all levels of the business; in this way, an asset that has produced income for loved ones in the past now becomes a potential liability. 

  • Buy-Sell Agreements: The Accountant’s Holistic Primer, Part 1

    By:
    Joshua P. Friedlander, Matthew E. Rappaport, Esq., LLM, and Daniel J. Gershman, JD
    |
    May 1, 2021
    This is the first of a two-part article on buy-sell agreements. The second part will be featured in the June TaxStringer.

    Most accountants are familiar with the concept of Buy-Sell Agreements, and after practicing long enough, most accountants are involved in planning several Buy-Sell Agreements and administering at least a few of them. Buy-Sell Agreements create the mechanism for an entity and its owners to experience an orderly transition of equity ownership and governance upon a wide range of events that might include death, disability, retirement, voluntary withdrawal, or an impasse among the owners.

  • How to Determine the Section 199A Deduction for Your Client

    By:
    Cameron Williams, CPA
    |
    May 1, 2021

    The qualified business income (QBI) deduction under Internal Revenue Code (IRC) Section 199A introduces challenges and benefits for owners of pass-through businesses. Although the deduction can provide a significant tax opportunity, navigating the many rules and limitations associated with it can be complicated and time consuming. Here, learn key applications and requirements when determining the QBI deduction for taxpayers who receive QBI from multiple sources, such as Schedule K-1s and rental properties.

  • Impact of CARES Act on Partners, Shareholders, and Beneficiaries

    By:
    Dean L. Surkin, JD, LLM
    |
    Apr 1, 2021
    To maximize the economic stimulus afforded by the Coronavirus Aid, Relief and Economic Security (CARES) Act, many of its tax provisions are retroactive. The economic impact of the pandemic on many businesses meant that their income – and their tax bills – would decline sharply from 2019 to 2020. Having a tax cut take effect for a year in which the tax bill is lower has much less effect than when the cut comes in a year with a greater tax bill.

  • Tax Issues in Divorce: Before and After Tax Reform Part 3

    By:
    Justin T. Miller, J.D., LL.M., TEP, AEP®, CFP®
    |
    Apr 1, 2021
    A qualified retirement plan typically is set up by employers as an employee benefit. These plans are subject to federal tax and labor laws—that is, both the Code and the Employee Retirement Income Security Act of 1974 (ERISA)—and are overseen by the Service, the Pension Benefit Guaranty Corporation, and the Department of Labor.

  • 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. 
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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.