Latest Articles

  • New York State Tax Benefits for Seniors

    By:
    Joseph Rosoff, CPA
    |
    Sep 1, 2014
    Senior citizens or retired individuals filing a New York state income tax return may qualify for special income tax benefits and breaks that can reduce tax liability, including subtraction modifications and credits. Some examples of income exempt from New York state taxation include Social Security benefits, New York state pensions, pensions from local and federal governments, and the pension and annuity income exclusion.
  • The June 2014 Revised Offshore Voluntary Disclosure Program and Streamlined Programs

    By:
    Melissa Gillespie, JD, CPA, MST
    |
    Aug 1, 2014
    It has been interesting to watch the IRS mold and remodel its original 2009 Offshore Voluntary Disclosure Program (OVDP). Since then, updates have included the 2011 Offshore Voluntary Disclosure Initiative (OVDI), which closed in September 2011; the December 2011 new compliance procedures for nonresident U.S. taxpayers, with a promise of “more to follow”; the 2012 OVDP program, which replaced the 2011 OVDI; and the announcement in June 2012 of new streamlined filing compliance procedures for U.S. citizens or dual citizens residing outside the United States. On Jun. 18, 2014, it was announced that the IRS has once again revised its OVDP.
  • Fraud Case Study: Travel and Expense Fraud

    By:
    David Zweighaft, CPA/CFE, CPE
    |
    Aug 1, 2014
    Certain situations increase the likelihood of fraud, such as when a trusted employee is under financial pressure, feels he deserves greater recognition or more pay, and has the ability to prepare and obtain approval for reimbursement of any travel and expense submissions.
  • Trusting the Trustees and Additional Trust-Related Issues

    By:
    Shahnaz Mahmud
    |
    Aug 1, 2014
    The first article in this series discussed trusting the beneficiaries, but what about trusting the trustees? At the NYSSCPA Family Office Committee conference, Randy Werner, a loss prevention executive at CAMICO, urged participants to truly think about what is involved.
  • The Grantor Retained Annuity Trust: A Jackpot for Taxpayers Who Want to Limit Gift Tax Liability

    By:
    Daniel Mazzola, CPA, CFA
    |
    Aug 1, 2014
    One of the first things lottery winners learn is that their prize money is subject to taxation. In the United States, lottery prize money is classified as gambling winnings and is considered taxable income, just like wages from employment and interest earned at a bank. There is not much the lottery winner of a significant cash prize can do regarding income taxes, but he can reduce gift taxes by establishing a grantor retained annuity trust.
  • Advancements in Reproductive Technology Raise Estate Planning Issues

    By:
    Carole M. Bass, Esq.
    |
    Jul 1, 2014
    Massive scientific advancements in the field of reproductive technology—coupled with delays in childbearing, the growth of nontraditional families, and increased success rates in cancer treatment—have resulted in rapid expansion in the use of assisted reproductive technology (ART). In 2012, the American Society of Reproductive Medicine removed the “experimental”label from egg freezing, signaling an anticipated expansion in the number of women who will harvest and store unfertilized eggs for later use.
  • Navigating the Perilous Waters of Trusteeship: The Issue of Control

    By:
    Shahnaz Mahmud
    |
    Jul 1, 2014
    Whom do you trust? This is a sensitive question for almost everyone. But in the family office world, it's even more important. Author George MacDonald summed it best: “To be trusted is a greater compliment than being loved.”The NYSSCPA Family Office Committee’s fourth annual conference in February 2014 addressed the topic of trust—specifically, a trustee’s obligations and pitfalls that such a trustee might face.
  • A New Trend in New York State Residency Cases

    By:
    Brian Gordon, CPA
    |
    Jul 1, 2014
    For former New Yorkers, convincing New York state that a change of domicile occurred is still very difficult. Several recent residency cases have resulted in a loss for taxpayers and a win for New York state.
  • Tax Incentives for Film Production in New York State

    By:
    Zev Landau, CPA, MBA
    |
    Jul 1, 2014
    Because New York state is a financial powerhouse (just consider Wall Street), it has an important edge in securing financing for film productions. New York’s government and its wealthy entities can provide financing through government grants, tax incentives, and tax credits.
  • Fraud Risks and Prevention Techniques for Exempt Organizations

    By:
    David Zweighaft, CPA/CFE, CPE
    |
    Jun 10, 2014
    Reliance on documents is often the basis for initiating, recording, or approving accounting transactions—and, in a perfect world, that would be reasonable and acceptable. Unfortunately, there is always the risk of fraud in clients’ organizations.

Tax Quote

“This is the season of the year when we discover that we owe most of our success to Uncle Sam.” 


- The Wall Street Journal

Death, taxes and childbirth! There's never any convenient time for any of them.
*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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