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Latest Articles

  • Considerations of S-Corp Acquisitions

    By:
    Thomas Mitchell, Esq., and Brian Krastev, Esq.
    |
    Jan 3, 2024
    When buying or selling a business, the existence of a target company that is taxed as a subchapter S corporation (an “S Corporation”) can be advantageous for all parties to a transaction. The acquisition of an S Corporation, however, presents unique tax considerations that are vital for both buyers and sellers to understand.
  • The Medicaid Asset Protection Trust (MAPT)

    By:
    Michael Ettinger, Esq.
    |
    Jan 3, 2024
    Long-term care insurance is the preferred option for protecting assets from nursing home costs, because it helps keep clients out of the nursing home by paying for home care. The trend today is to “age in place.” Many clients over the years were forced to spend their final days in a facility simply because they ran out of money to pay for home health aides. 
  • The Social Security “Stealth Tax” and How to Control It

    By:
    David Freitag, CLU, ChFC, CRPC
    |
    Jan 3, 2024
    The majority of the rules and funding policy that controls how Social Security works today were put in place by the congressional Greenspan Bipartisan Commission’s overhaul of the system in 1983. Prior to 1983, Social Security payments were not counted as income; as a result, no income tax was due on these payments.
  • Taxing Decisions: Evaluating Tax Elections After the Death of a Spouse

    By:
    Julie Min Chayet, Brian Conboy, and Elisa Pickel
    |
    Dec 1, 2023

    Effective estate administration means identifying, valuing and collecting assets, filing tax returns, making distributions and determining cash needs to pay taxes, expenses and debts, among many other tasks.

  • ‘FORE!’ Recent Changes in Florida’s Trust Laws to Review Before Hitting the Golf Course

    By:
    Joshua R. Landsman
    |
    Dec 1, 2023

    With more than 1,200 golf courses, Florida has more courses than any other state in the United States. With plenty of golf courses and warm weather, Florida has been a “hot” destination for new residents. According to the United States Census Bureau, Florida saw the biggest increase in population in 2022 with 319,000 new residents. (Forbes, Florida’s Moving Statistics that May Surprise You, July 28, 2023, Florida Moving Stats You Should Know – Forbes Home). 

  • Proposed Bipartisan Legislation on Opportunity Zones and Qualified Opportunity Funds Would Extend the Investment and Gain Deferral Period By Two Years and Permit Investment in a Fund of Funds

    By:
    Kevin Matz, Esq., CPA, LLM
    |
    Dec 1, 2023

    On September 27, 2023, H.R. 5761, the “Opportunity Zones Transparency, Extension and Improvement Act,” was introduced as bipartisan legislation in the House of Representatives (the “proposed legislation”).[1]  Among other things, the proposed legislation, if enacted into law, would extend the investment and tax deferral period for capital gains that are invested in qualified opportunity funds (QOFs) by two years (from December 31, 2026 to December 31, 2028) and permit QOFs to be structured as a fund of funds.

  • Sales Tax – It’s the Things You Don’t Know to Fear…

    By:
    Mark Stone, CPA, MST
    |
    Dec 1, 2023

    Over 30 years, the problems that clients experience with sales tax tend to repeat themselves, over and over and over again. Most of those problems are easily preventable if someone would just spend 15 minutes discussing sales tax with them when they started the business, or at least one year or two later—when the business started to get traction and really took off.

  • The New York Pass-Through Entity Tax (PTET): Frequently Asked Questions and Answers

    By:
    Elizabeth Pascal, Esq., JD
    |
    Nov 1, 2023
    New York’s Pass-Through Entity Tax (PTET) is now in its third year. Since its passage as part of the 2021/22 budget legislation in April 2021, New York has made some significant changes and released interpretive guidance responding to some of the most common questions about the elective tax. It has become clear that the PTET offers significant benefits to many taxpayers by shifting the incidence of the tax from individuals, who are limited to a $10,000 federal deduction for state and local taxes, to entities that may deduct the entirety of the tax federally.
  • Hot New York Tax Topics in the Hedge Fund World

    By:
    Timothy P. Noonan, JD, and Ariele R. Doolittle, Esq.
    |
    Nov 1, 2023
    There have been countless reports in recent years of hedge funds leaving New York in favor of better state tax and business climates. And New York’s weather isn’t driving the exodus.  Instead with the onset of remote work during and after the COVID-19 pandemic, many service professionals have realized that they can do their work from anywhere.

  • The College Planning Process 2023

    By:
    Frank J. DeCandido, CPA, CFP®, MBA
    |
    Nov 1, 2023

    Planning for students attending college, including choosing the right school they will attend and how much you are willing to pay for their education, is becoming more and more important and complicated.

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.