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IRS to Stop Automatically Assessed 3520 Late Filing Penalty on Large Foreign Gifts

Our Recommended Reading List on Tax Policy

Estate of Fields v. Comm’r—Bad Facts FLP Causes Estate Tax Inclusion
SCOTUS Addresses Constitutional Challenge to Mandatory Repatriation Tax
The Success in Succession, Part III: Financial Planning

Latest Articles

  • Tax Issues in Divorce: Before and After Tax Reform Part 3

    By:
    Justin T. Miller, J.D., LL.M., TEP, AEP®, CFP®
    |
    Apr 1, 2021
    A qualified retirement plan typically is set up by employers as an employee benefit. These plans are subject to federal tax and labor laws—that is, both the Code and the Employee Retirement Income Security Act of 1974 (ERISA)—and are overseen by the Service, the Pension Benefit Guaranty Corporation, and the Department of Labor.

  • Corporate Veils, the Sequel: Jeremiah and the Transformation of Walls

    By:
    Alicea Castellanos, CPA
    |
    Apr 1, 2021
    Whether you view the Bible as literature or religious scripture, one cannot deny that there are many lessons and morals to be derived from the stories contained therein. There is an episode in the Old Testament related to the Biblical prophet Jeremiah, who knew by prophetic countenance that the holy city of Jerusalem would be imminently destroyed.

  • Purchasing Services from Foreign Persons

    By:
    Yelena Y. Antipova, Esq.
    |
    Apr 1, 2021

    As technological advances have been evolving with a rapid rate, people have become more mobile. The pandemic of 2020 has only accelerated a further movement towards e-commerce. Companies can source services from anywhere in the world; people can provide services from anywhere in the world.

  • A New Environment for Estate Planning Takes Shape in 2021

    By:
    Kevin Matz, Esq., CPA, LLM (Taxation)
    |
    Mar 1, 2021
    A new environment is starting to take shape in 2021, and with it comes additional considerations to factor into one’s estate planning. As a result of the success of Georgia Senate candidates Raphael Warnock and Jon Ossoff in their respective Senate races on January 5, the makeup of the new Senate is 50 representatives per party, with Democratic Vice President Kamala Harris holding a tiebreaking vote. 

  • The Many Ways to Source Receipts from Asset Management Services in New York and None Are Clear

    By:
    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.

  • The U.S. Taxation of Foreign Pensions

    By:
    Christopher Callahan, Esq., LLM, JD
    |
    Mar 1, 2021

    This article presents a summary of the U.S. tax and reporting obligations with which a U.S. citizen must comply in connection with his or her interest in a foreign defined contribution plan that is organized by active companies with numerous employees. Any references in this article to a “foreign plan,” a “foreign pension,” or similar phrases are meant to describe such plans.

  • Tax Issues in Divorce: Before and After Tax Reform Part 2

    By:
    Justin T. Miller, J.D., LL.M., TEP, AEP®, CFP®
    |
    Mar 1, 2021
    This is the second in a three-part series focusing on tax issues in divorce before and after tax reform. To view the first part, please click here. Stay tuned for the concluding piece in the March issue, which will be discussing retirement accounts, property transfers and division of property and support trusts in lieu of alimony.

  • IRC Section 163(j) Update, Including Highlights of CARES Act Modifications and IRS Final Regulations

    By:
    Edward P. Rigby, CPA, MST
    |
    Feb 1, 2021
    This article summarizes the key highlights of the Coronavirus Aid,  Relief, and Economic Security (CARES) Act modifications and recent IRS regulations associated with the interest expense limitation rules under IRC Section 163(j). In general, the interest expense limitation rules under Section 163(j) were enacted as part of the Tax Cuts and Jobs Act (TCJA), effective for tax years beginning after December 31, 2017. 

  • Tax Issues in Divorce: Before and After Tax Reform

    By:
    Justin T. Miller, J.D., LL.M., TEP, AEP®, CFP®
    |
    Feb 1, 2021

    This is a three-part piece focusing on tax issues in divorce before and after tax reform. Stay tuned for pieces in the February and March issues, which will be discussing many other aspects including dependency exemptions and child tax credits, sale of principal residence exclusion, deductions related to divorce, support trusts in lieu of alimony and more.

  • The SECURE Act: Increased Income Taxes on Inherited Retirement Accounts

    By:
    Nicholas S. Proukou, Esq.
    |
    Feb 1, 2021
    The Setting Every Community Up for Retirement Enhancement (SECURE) Act accelerated income taxation on inherited retirement accounts dramatically. This was huge news for the estate and financial planning worlds in early 2020—until it wasn't. This past year was full of strange and dramatic turns, many of which have overshadowed this seismic shift in retirement account taxation under the SECURE Act.
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Tax Jokes
  

How does Santa Claus list elves on his tax returns? As "dependent Clauses.


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

Tax News

 

IRS Takes Steps to Help Prevent Refund Delays by Accepting Duplicate Dependent Returns with an IP PIN for 2025 Filing Season; Taxpayers Encouraged to Sign up Soon for IP PIN, Online Account, Internal Revenue Service

After Trump's Win, Accounting Professionals Are in a 'Wait-and-See' Mode on IRS' Future,The Trusted Professional

Treasury Department, IRS Publish Final Rules Expanding Clean Energy Tax Credit Access, The Trusted Professional

Tax Interest Rates Set to Dip in the First Quarter of 2025, The Trusted Professional

*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.