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Latest Articles

  • FLPs with Estate Plans

    By:
    Phyllis C. Taite, JD, LLM
    |
    Nov 1, 2021
    A family limited partnership (FLP), when constructed properly, is an excellent tool to protect and consolidate assets for management through one instrument. For asset protection, assets held by a FLP are not subject to an individual’s creditors; instead, a charging order is usually required to attach a limited partnership interest.
  • What I Learned from IRS Audits and Tax Court Testimony

    By:
    Bruce A. Johnson, ASA
    |
    Nov 1, 2021
    I can remember worrying about getting audited by the Internal Revenue Service (IRS) on the first gift tax appraisal I conducted 27 years ago when I first started as a full-time business appraiser. Over the next several years, I learned that if an appraiser followed the best practices in business valuation, complied with IRS regulations and documented all inputs and assumptions, there was no real need to be concerned about an appraisal being challenged.
  • Retirement Plan Basics

    By:
    Lisa L. Jones
    |
    Nov 1, 2021
    This article will provide an overview of qualified retirement plan options, their differences, contribution and deduction limits, the factors that influence the choice of the right plan or plans, and an overview of the discrimination testing/compliance issues that a qualified Plan must satisfy.
  • Doing Business in New York: The Post-Pandemic Tax Landscape

    By:
    Elizabeth Pascal, JD, and Katherine Piazza
    |
    Oct 1, 2021
    Over the past 18 months or so, we’ve been writing and speaking about the ways in which the COVID-19 pandemic has precipitated or hastened many changes that businesses were already facing:  reimagining the workplace; relocating offices and their owners; and operating within an increasingly complex multistate tax and compliance landscape.
  • College Tuition and the Pandemic Impact in New Jersey

    By:
    Mark H. Levin, CPA, MS (Taxation)
    |
    Oct 1, 2021

    On June 29, 2021, New Jersey Governor Phil Murphy signed P.L. 2021 Ch. 128, the New Jersey College Affordability Act (CAA). The CAA makes several changes to the gross income tax, the aim of which is to make a college education more affordable to New Jersey taxpayers.

  • Gift Tax Return Tips

    By:
    Joy Matak, JD, LLM, Steven B. Gorin, CPA, Esq., CGMA, and Martin Shenkman, CPA, MBA, AEP, JD
    |
    Oct 1, 2021
    Gift tax returns appear to be seductively simple. Failure to file a gift tax return timely and disclose transactions “in such return, or in a statement attached to the return, in a manner adequate to apprise the Secretary of the nature of such item” in accordance with regulations that impose specific requirements for “adequate disclosure” can delay the tolling of the statute of limitations.
  • 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.

  • Federal and Tri-State Area Income Tax Treatment of Amortizable Bond Premium

    By:
    David M. Barral, CPA/PFS, CFP®, MS (taxation)
    |
    Sep 1, 2021

    A bond investor generally recognizes two characters of income during the bond’s term: interest income from the coupon payments, and a capital gain/loss when the bond matures (or is disposed of). During the bond’s term, they may have to address any Amortizable Bond Premium (ABP) for income tax purposes. ABP is equal to the excess of the purchase price over the face/par value, and is typically incurred when the interest rate on the bond is paying more than the prevailing interest rates on bonds.

  • Recent Administrative and Judicial Developments in IRS Appeals

    By:
    Frank G. Colella, Esq., LLM, CPA
    |
    Sep 1, 2021
    Since enactment of the Taxpayer First Act (TFA) in July 2019, the IRS has issued subregulatory guidance to implement the major new provisions affecting appeals, including a memorandum on taxpayer access to the appeals office and a memorandum on taxpayer access to case files prior to scheduled appeals conferences.  In addition, recent court decisions have also dealt with appeals-related issues, including challenges over the scope of the right to appeal under the TFA.
  • The Decision to Transfer One’s Residence to Loved Ones or a Trust Requires Consideration of Many Factors

    By:
    Anthony J. Enea, Esq.
    |
    Sep 1, 2021
    Clients regularly call and advise me that they have decided to take steps to protect their home and/or vacation home for long-term care purposes. However, the decision to do so raises a number of significant and complex issues and concerns for both the attorney and client; for example, every potential transfer creates estate and gift tax, capital gains tax as well as Medicaid eligibility issues for the client, particularly a senior. A complete and thorough review of all available options should be made prior to making the transfer.  
Tax Jokes
  

What sort of taxes are there on trash bags? Hefty ones, and no one is Glad about it.

https://parade.com/1317763/jessicasager/accounting-jokes/

*Outside the Box is a new addition to the TaxStringer featuring important articles on financial and investment management topics by top authors who have expertise both inside and outside the realm of taxation.

 

 

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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.