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Income Taxation

  • A CPA’s Guide to Life Insurance

    By:
    Chad L. Reyes
    |
    Apr 1, 2014
    Even during the depths of the Great Depression, the U.S. Supreme Court noted that life insurance for dependents is “kept up very often at the cost of painful sacrifice, and abandoned only under dire compulsion” (Burnet v. Wells). Because of the socially beneficial role life insurance plays in families that have lost a loved one, it has been afforded very favorable tax treatment by the IRC.

  • Feared PFIC Regs Get New Twist - Tax Stringer March 2014

    By:
    Lisa S. Goldman, CPA, and Thomas V. Ruta, CPA
    |
    Mar 1, 2014
    Late last year, the IRS released Temporary Regulation 1.1298-1T under IRC Section 1298(f) dealing with the complicated and troublesome rules surrounding passive foreign investment companies (PFICs). These new regulations require certain U.S. taxpayers who own shares in PFICs to report information about their investments on an enhanced Form 8621. The rules also have a complex history, and CPAs practicing in the international arena should pay close attention to the fine print.

  • Defending New York Residency Audits that Target Capital Gains

    By:
    Jack Trachtenberg, Esq.
    |
    Feb 1, 2014
    It is no secret that New York maintains one of the most aggressive residency audit programs in the country. By some accounts, the New York State Department of Taxation and Finance generates more than $300 million per year in personal income tax revenue to a large extent by challenging the residency status of taxpayers who claim to have made their homes in other states. The largely subjective nature of the inquiry, combined with a high burden of proof for the taxpayer and frequent lack of available records to meet that burden of proof, feeds the aggressiveness of the department’s efforts to collect revenue. CPAs should be aware of the department's history and policies in this area.

  • Tax Implications of Foreign Pension Plan Participation

    By:
    By James Cassidy, CPA
    |
    Mar 1, 2012
    As a result of IRS offshore compliance initiatives, recently enacted legislation, and new informational reporting requirements, tax preparers and U.S. participants in foreign pension plans must carefully evaluate how a foreign-based retirement plan is structured and valued. Because many U.S. citizens who have repatriated or are currently residing and working abroad, as well as foreign nationals currently residing in the United States, either have retirement assets abroad or are currently participating in a foreign plan, practitioners and taxpayers should evaluate the reporting requirements, follow guidance for preparing accurate tax and information returns and strive to minimize both taxes and onerous penalties.
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