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Income Taxation

  • Strategy Under the SECURE Act

    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

    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

    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

    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.

  • Carrying the Day with Carried Interest Wealth Transfer Planning for Fund Principals

    N. Todd Angkatavanich, JD, LLM, Joel Friedlander, JD, Joshua Zimmerman, JD, LLM, and Naomita Yadav, JD
    Dec 1, 2019

    As the financial markets flourish, there continues to be a strong focus on gift and estate planning opportunities available to hedge fund and private equity fund managers. The inherent compensation structure, including the “carried interest,” presents a unique opportunity for advisors to formulate wealth-transfer strategies for the fund manager’s future generations.

  • Skilled Versus Custodial Care for Senior Citizens

    Daniel G. Fish
    Nov 1, 2019

    Like a wheel of fortune, some senior citizens will suffer an illness and no financial risk, whereas others will suffer both an illness and a financial exposure. And many senior citizens are completely unaware of the hidden financial risk they face.

  • Looking Under the Hood of Mutual Funds and ETFs

    David J. Perrotto
    Feb 1, 2019
    Did you know that according to Leichtman Research Group’s annual on-demand study, 54% of U.S. adults said they have Netflix in their household? Why do I mention this? Because it’s the same number of Americans that own individual stock, a stock mutual fund, or participate in a self-directed 401(k) or IRA, and roughly half those assets are outside IRAs. 

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.