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Latest Articles

  • 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.  
  • International Activities Conducted by Tax-Exempt Organizations, Center of Attention at the Internal Revenue Service

    By:
    Eva Mruk, CPA, EA, and Garrett M. Higgins, CPA
    |
    Sep 1, 2021

    International activities conducted by tax-exempt organizations have been a high-focus area for decades. Today, this subject continues to be a high enforcement priority for the IRS, who actively seeks to ensure that foreign assets and expenditures are used for charitable purposes. Tax laws prohibit the diversion of charitable assets to any noncharitable purpose; this includes financial support of terrorist organizations and activities. Needless to say, cooperation and partnerships with other federal agencies are crucial to combat the existing abuses in this area.

  • Minimizing the Risks of a New York State Residency audit After COVID

    By:
    Karen Tenenbaum, Esq., LLM. (Tax), CPA
    |
    Aug 1, 2021
    COVID-19 caused millions of people to make a change in where and how they were living. To get away from crowds, they left cities in favor of the suburbs. Others sheltered in place free of the obligation to travel to an office. In many cases, this did not affect their taxes. However, where taxpayers lived and worked in different states, an opportunity arose to revisit their taxes. 
  • The Double-Tax Whipsaw: Some Problems with Resident Credits

    By:
    Elizabeth Pascal, JD and Ariele R. Doolittle, Esq.
    |
    Aug 1, 2021
    We would like to think that states give their residents a full tax credit for taxes paid to other state jurisdictions so that individuals won’t be subject to double taxation. Although this is often the case—for example, a state gives its resident a credit for taxes paid to a neighboring state on wages earned there—it isn’t always the case.
  • Cash Method? Avoid The Tax Shelter Trap

    By:
    Robert S. Barnett, JD, MS (Taxation), CPA
    |
    Aug 1, 2021
    Many taxpayers will need to consider the recent small business taxpayer regulations. On January 5, 2021, the IRS released final regulations[1] that provide guidance on the implementation of several provisions of the Tax Cuts and Jobs Act (TCJA).[2] The final regulations address several important tax provisions including the following: limitation on use of the cash method of accounting, exemption from inventory methods required under IRC § 471, uniform capitalization requirements under § 263A, and the percentage of completion method for certain long-term construction contracts under § 460A.
  • Supreme Court Rejects Challenge to the Affordable Care Act

    By:
    David Silverstein, CPA
    |
    Aug 1, 2021

    In a June 17, 2021 decision, the Affordable Care Act (ACA, “Obamacare”) survived its third and presumably final challenge as the Supreme Court rejected the challenge in a 7-2 decision. This margin of victory was wider than the 5-4 and 6-3 decisions from the prior two Supreme Court cases applicable to the ACA (in 2012 and 2015, respectively). 

  • The Deemed Realization Proposal in the Biden Administration’s “Green Book”

    By:
    Kevin Matz, Esq., CPA, LL.M. (Taxation)
    |
    Jul 1, 2021
    On May 28, 2021, the U.S. Treasury Department released its General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals (which is popularly called the “Green Book”). Significantly, the Green Book does not propose any changes to federal estate and gift taxes—in stark contrast to the previous Green Book that the Obama administration had released back in 2016, which had proposed vast changes to the estate and gift tax system.
  • New Power of Attorney Law

    By:
    Pauline Yeung-Ha, Esq.
    |
    Jul 1, 2021

    For over a decade, New Yorkers have been using the New York State Statutory Short Form Power of Attorney (“2010 POA”) which also contained the Statutory Gifts Rider. The implementation and execution of the 2010 POA have been confusing and complex for most New Yorkers. 

Tax Jokes
  

Why are accountants always tired after work? Because their job is so taxing.

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.