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Latest Articles

  • Sec 461(l) Excess Business Loss Limitation is Back

    By:
    Shashi Singal, CPA, MSA, CA
    |
    Feb 1, 2022

    The Tax Cuts and Jobs Act of 2017 (TCJA) added the excess business loss (EBL) limitation under sec 461(l) applicable to noncorporate taxpayers,  in addition to the already existing limitations of basis, at-risk and passive activity loss rules,  effective for taxable years beginning after December 31, 2017 and before January 1, 2026.

  • CPA Evolution and the Masters in Taxation: What's Next?

    By:
    Nina Terranova-Dorata, PhD, CPA
    |
    Feb 1, 2022

    The word is out that the CPA Evolution exam takes effect January 2024. According to the AICPA, the Evolution CPA exam will provide for a strong core in accounting, auditing, tax, and technology and a deeper knowledge in one of three disciplines: Business Analysis and Reporting (BAR), Information Systems and Controls (ISC), and Tax Compliance and Planning (TCP). Audrey Katcher, CPA/CITP, CGMA, AICPA Board of Examiners indicates that the overall purpose is “…to embrace what’s changing in the profession and the business environment and the skills a newly licensed CPA will need to possess for licensure.” Evolution expects to reflect the reality of practice and for TCP, that is knowing tax law and tax planning strategies.

  • World Leaders Agree on a New Global Corporation Tax System to Adjust to the Digitalization of the Economy

    By:
    Mathieu Aimlon, CPA
    |
    Jan 1, 2022
    Tax systems are designed to raise the revenue that is needed to absorb the cost of government operations including the country’s infrastructure and military. On the other side, in most countries and jurisdictions, compliance to the tax system is generally voluntary and taxpayers are allowed to structure their business to minimize their tax bill. Some taxpayers have the opportunity to plan their tax internationally.
  • 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.
  • The “Last Call” for Medicaid Homecare Without a Look-Back Period for Transfers has Perhaps Arrived!

    By:
    Anthony J. Enea, Esq.
    |
    Jan 1, 2022
    For more than a decade, New Yorkers had been able to receive Medicaid home care services without worrying about the five-year look back period for non-exempt asset transfers (gifts), which is imposed for Medicaid nursing home eligibility. One could transfer all of their savings and home without incurring any period of ineligibility for Medicaid Home Care Services. Unfortunately, this advantage came to an end in 2020.
  • Go With the Flow: Cash Flow Planning for Every Life Stage

    By:
    Jill A. Harris, CPA, MBA
    |
    Jan 1, 2022
    Cash flows are among the most basic components of personal financial planning. They are a great way to jump-start discussions with your clients about other financial planning issues. If you prepare individual income tax returns for your clients, you already have a good start on their cash flows.
  • Understanding Your Tax-Exempt Investors

    By:
    Ofer Lion and Dustin W. Lauermann
    |
    Dec 1, 2021
    It is a common misconception that “nonprofit” means “no profit.” However, not only is it acceptable for a nonprofit, tax-exempt organization to profit from their key activities (think: hospitals bills and university tuition), many have significant investment portfolios. In addition to traditional holdings of bonds and publicly traded stock, tax-exempt organizations increasingly seek and participate in private equity investments, opportunity funds, special purpose acquisition companies (SPACs), partnerships and joint venture deals.
  • Tax Credits and Incentives to Benefit Growing Businesses Part 1

    By:
    Barry Halpern, CPA, and Mark Leaheey, CPA, CGMA, MSA
    |
    Dec 1, 2021

    Credits and Incentives can be very beneficial to companies in all industries, yet credits continue to go unclaimed. Companies without the capacity to perform the necessary compliance and diligence to obtain the incentives explain part of this, but the more prevalent reason is probably sheer ignorance. Companies are unaware of the potential benefits available to them.

  • Modern Asset Protection – An Introduction

    By:
    Gary Forster
    |
    Dec 1, 2021

    Asset protection is a body of law that has developed as an amalgamation of business structures, trusts, titling and creditor exemptions. Asset protection planning insulates assets otherwise exposed to future unknown creditors. Prudent structuring uses widely accepted legal strategies to make clients unattractive to claimants.

  • Pass-Through Entity Taxes: What to know

    By:
    Arvinder Kaur, CPA
    |
    Dec 1, 2021

    In 2018, the Tax Cuts and Jobs Act (TCJA) was enacted. As part of the revised provisions, the IRS limited the deductibility of state and local tax (SALT) payments as an itemized deduction for federal income tax purposes to $10,000 in a calendar year. This limitation has generally increased taxes due to the federal government for many individuals.

Tax Jokes
  

When you spell out "THE IRS," it looks a lot like "THEIRS.

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.