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Income Taxation

  • Digital Assets: A Fad, or Something More?

    By:
    Sean C. Prince, CPA
    |
    Sep 1, 2022
    Foodies love their fads and crazes: Kobe beef, bluefin tuna sashimi, even the seasonal pumpkin spice latte. But truffles are one foodie craze that has persisted over time. Prized by chefs and gourmands, truffles add what some consider a spectacular touch to many dishes. Truffles are a rare, spontaneous fungus that can’t be cultivated. 

  • The Unclear Status of Decentralized Finance (DeFi) Transactions

    By:
    Mark DiMichael, CPA, CFE
    |
    May 1, 2022
    Blockchain technology and digital assets are blurring lines that were previously well established, such as the definitions of money, value, currency, investments, loans, and more. The rise of digital assets has created new types of business transactions never previously envisioned by regulators. Because of this, digital assets exist in a gray area for many accounting, tax, and regulatory issues.

  • The Non-Citizen and the U.S. Estate and Gift Tax – An Introduction

    By:
    Gary Forster
    |
    Mar 1, 2022
    Since 1916, the United States has imposed an “estate tax” on the U.S. assets of foreign decedents and on all assets of U.S. citizens and resident non-citizens.  The estate tax covers transfers of wealth at death.  The United States also imposes a “gift tax” on gratuitous lifetime transfers. The gift tax covers the value of gifts made during life. Non-resident non-citizens are taxed only on gifts of U.S. based assets. 

  • Strategy Under the SECURE Act

    By:
    Steven B. Gorin, CPA, Esq., CGMA
    |
    Jan 1, 2022
    The Setting Every Community Up for Retirement Enhancement (SECURE) Act changed I.R.C. Code § 401(a)(9) so that, in most cases, a beneficiary who is not a surviving spouse must take distributions from IRAs and other retirement plans over a period not exceeding 10 years, rather than using his/her life expectancy.

  • New Planning Opportunities for Inherited IRAs

    By:
    Kenneth Horowitz, CLU, ChFC, RICP
    |
    Oct 1, 2021

    The impact of the SECURE Act of 2019 has created a game change for high-net-worth clients. The Setting Every Community Up for Retirement (SECURE) Act requires beneficiaries of inherited IRAs to withdraw all assets of the IRA account within 10 years in most cases. This can create a significant income event resulting in giving back most of the income tax benefits accumulated over the years. Additionally, post-death control and resulting lack of asset protection is greatly minimized.

  • The Many Ways to Source Receipts from Asset Management Services in New York and None Are Clear

    By:
    Barry Halpern, CPA and Katherine Krafchuk, CPA
    |
    Mar 1, 2021
    With the continued shift to economic nexus and market-based sourcing, many asset management service providers find themselves doing business in more states. The continued shift to single sales factor weighting places a profound focus on the receipts factor and its sourcing for both taxpayers and auditors. This is especially true in New York State and New York City (collectively, “New York”), as New York sourcing rules are complex and can be cumbersome.

  • Asset Protection Planning for Vulnerable Professionals

    By:
    Matthew E. Rappaport, JD, Esq., LLM
    |
    Aug 1, 2020

    America is the most litigious society in the world, and few thoughts strike more fear into the hearts of ordinary people than a protracted lawsuit and—even worse—enforcement of a monetary judgment. Outside of the nation’s capital, New York is home to the most lawyers per capita, so the dangers of litigation loom larger in that state than almost anywhere else.
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