Latest Articles

  • New PTIN User Fee: IRS Announcement Despite Ongoing Remand Litigation

    By:
    Frank G. Colella, Esq, LLM, CPA
    |
    Jun 1, 2020
    The IRS recently announced its intention to reimpose a practitioner tax identification number (PTIN) user fee for the 2020 tax season. The proposed regulation requires tax practitioners to pay $21 (plus a vendor fee) to obtain or renew their PTINs.
  • Equity and Equity-Based Compensation for LLCs

    By:
    Robert M. Finkel
    |
    Jun 1, 2020
    The structures for granting equity incentives to employees and other service providers of corporations are tried and true. The income tax consequences to a grantee upon his receipt of restricted stock and stock options and to the issuing corporations are well settled.
  • COVID-19 Emergency Tax Postponement Relief: The IRS Expands Its Scope

    By:
    Kevin Matz, JD, Esq., CPA, LLM
    |
    May 1, 2020
    On Apr. 9, 2020, as a further response to COVID-19, the U.S. Treasury Department and the IRS issued Notice 2020-23, which significantly expanded the scope of the emergency tax postponement relief. The relief granted by the new notice covers taxpayers who have an IRS tax filing or payment deadline between Apr. 1 and Jul. 15, 2020.
  • Estate Planning for Founders and Investors in Venture-backed Companies: Transfers of Qualified Small Business Stock by Gift

    By:
    Michael S. Arlein and Brian M. Sweet
    |
    May 1, 2020
    Congress first enacted IRC section 1202 in 1993 to encourage investment in specific types of small businesses by providing an exclusion of certain gain from the sale or exchange of qualified small business stock (QSBS). The original benefits of IRC section 1202 attracted moderate attention, but those benefits were significantly enhanced in subsequent decades, most notably under the Small Business and Jobs Act of 2010.
  • Penalty Avoidance: When Can Taxpayers Rely on Their Advisors?

    By:
    Ellen S. Brody, JD, Esq., CPA and Menahem M. Grossman, Esq.
    |
    May 1, 2020
    The IRC imposes various penalties on taxpayers who fail to comply with the obligations it sets forth for them. However, taxpayers can often avoid penalties if they can prove that their failure was due to reasonable cause and that they acted in good faith [IRC section 6664(c)(1)].
  • Tax Exemption: What Nonprofit Executives, Board Members, and Auditors Need to Know (Part 2 of 2)

    By:
    Allen L. Fetterman, CPA, MBA
    |
    May 1, 2020
    Published in the April issue of TaxStringer, part 1 of this series provided a beginning overview of the basics of tax exemption. This article will continue that discussion, focusing especially on tax exemption with respect to jeopardizing tax-exempt status, lobbying, the Form 990 series, and state laws.
  • Telecommuting During and After COVID-19: What Every Employer Should Know

    By:
    Elizabeth Pascal, JD and Emma Savino
    |
    Apr 1, 2020

    Last month, the TaxStringer published our article, The Multistate Tax Implications of a Mobile Workforce, on various tax considerations facing employers with an increasingly mobile workforce. How the world has changed in just a few weeks!

  • Tax Exemption: What Nonprofit Executives, Board Members, and Auditors Need to Know (Part 1 of 2)

    By:
    Allen L. Fetterman, CPA, MBA
    |
    Apr 1, 2020

    Many nonprofit executives, board members, and their auditors are familiar with Form 990—some auditors might even prepare it. Yet many of these professionals don’t know enough about what needs to be done to obtain and maintain tax-exempt status, and they’re not aware of actions that could jeopardize that status. For that reason, this discussion provides a beginning overview of the basics of tax exemption—and will be continued in an upcoming article in next month’s TaxStringer.

  • IRC Section 1202 Ignites Investor Interest

    By:
    Amy Bloom, CPA
    |
    Apr 1, 2020
    Alan Patricof, a vanguard in the venture capital industry, was instrumental in the enactment of IRC section 1202 as part of the Revenue Reconciliation Act of 1993 in order to encourage investment in small businesses. IRC section 1202 only applies to stock in C corporations, and initially it did not receive a lot of attention. Since its enactment, though, it has undergone several changes. The 2017 Tax Cuts and Jobs Act (TCJA), however, reduced the corporate tax rate from 35% to 21%, making operating as a C corporation more attractive to investors.
  • The IRS’s Offshore Voluntary Disclosure Program Has Ended—Now What?

    By:
    Christopher M. Ferguson
    |
    Apr 1, 2020

    On Sep. 28, 2018, the IRS’s Offshore Voluntary Disclosure Program (OVDP) came to an end; however, offshore tax and reporting noncompliance persists in today’s increasingly global economy. Tax advisors are still helping clients who have been—or continue to be—noncompliant with their offshore tax and reporting obligations. This Q&A addresses some of the common issues that taxpayers and their advisors are dealing with in a post-OVDP world.

Tax Quote
  

"Taxes and golf are alike, you drive your heart out for the green, and then end up in the hole."

 – Unknown

*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.