Latest Articles

  • Understanding Unrelated Business Income Tax

    By:
    Israel Tannenbaum
    |
    Mar 1, 2018

    Facing increased competition for donor dollars and a growing charitable base, many tax-exempt organizations have set their sights on income diversification. As part of this quest for alternative revenue streams, non-profits are expanding into businesses traditionally dominated by taxable entities.  While this can be a boon to an organization’s resources, it can potentially subject tax-exempt entities to reporting and paying taxes, the most common of which is the tax on unrelated business income. 

  • Cybersecurity for Accountants

    By:
    Patrick Buono
    |
    Mar 1, 2018
    According to Forbes magazine, the global cost of cybercrime will reach $2 trillion by 2019. Warren Buffett considers cyber attacks “a bigger threat to humanity than nuclear weapons,” and Ginni Rometty, IBM President & CEO, describes cybercrime as “the greatest threat to every profession, every industry, every company in the world.” 
  • The Tax Cuts and Jobs Act: Traps for the Unwary Accountant

    By:
    Ellen Seiler Brody, JD, CPA, Esq. and Vivek A. Chandrasekhar, JD, Esq.
    |
    Feb 1, 2018
    On Dec. 22, 2017, President Trump enacted into law Public Law 115-97, which is colloquially, although not technically, called the "Tax Cuts and Jobs Act" (the "Act").  The Act enacts wide-ranging changes to the IRC, such as lowering the individual and corporate rates, creating a brand new deduction for certain non-corporate business, and increasing expensing for certain capital expenditures.
  • How the 2017 Tax Reform Act Affects Estate Planning for High-Net Worth Individuals

    By:
    Kevin Matz, Esq., CPA, LLM (Taxation)
    |
    Feb 1, 2018
    On Dec. 20, 2017, Congress passed far-reaching changes to the IRC that were signed into law by the president on Dec. 22, 2017 as Public Law 115-97 (the “2017 Tax Reform Act,” also informally known as the “Tax Cuts and Jobs Act”).  

  • The Effect of the Tax Cuts and Jobs Act of 2017 on Expatriation

    By:
    Shannon P. McNulty, Esq., LLM (Taxation), CFP
    |
    Feb 1, 2018

    Affluent U.S. citizens and long-term legal permanent residents (i.e., green card holders) looking to expatriate from the United States can face a daunting financial obstacle in the form of the exit tax regime imposed by IRC section 877A. While the recently enacted tax law leaves IRC section 877A unchanged, it effects other changes to the IRC that can make it easier for those seeking to expatriate to get out from under IRC section 877A penalties.

  • Comparing the New York City Unincorporated Business Tax and General Corporation Tax

    By:
    Robert Thee, CPA, PC
    |
    Feb 1, 2018
    Most businesses operating in New York City in the form of pass-through entities for federal tax purposes—such as partnerships, limited liability companies, S corporations, and sole proprietorships—will be subject to an entity-level tax: either the Unincorporated Business Tax (UBT) or the General Corporation Tax (GCT). 
  • Are New York’s PNOLC Draft Regulations Too Restrictive?

    By:
    R. Gregory Roberts, Esq., Jennifer S. White, Esq., and Jeremy P. Gove, Esq.
    |
    Jan 1, 2018
    On May 5, 2017, the New York State Department of Taxation and Finance (the “Department”) released its long-awaited draft regulations (the “Draft Regulations”) regarding the computation of the prior net operating loss conversion (“PNOLC”) subtraction. Initial comments to the Draft Regulations were due Aug. 3, 2017; however, the Department continues to review comments.
  • Employee Stock Ownership Plans: Exploring Opportunities for Business Owners

    By:
    Kevin Jennings, ABV, CVA and Carla Klinger
    |
    Jan 1, 2018
    An employee stock ownership plan (ESOP) is a qualified retirement plan under IRC section 401(a) that is nondiscriminatory and provides transition opportunities for a company’s owners. But an ESOP is not for everyone—the company must be robust and produce sufficient cash flow to cover the expenditures associated with an ESOP.  
  • Choice of Entity

    By:
    Dean L. Surkin, JD, LLM
    |
    Jan 1, 2018
    When entering a new business transaction (or significantly changing an existing one), clients should consider their choices of entity and business structure. They must consider the requirements of the business, the extent or liability protection, and the tax effects, and we, as their principal tax advisors, should work closely with their attorneys in making informed choices.
  • Accounting Methods for Construction Contracts

    By:
    Joseph Molloy, CPA
    |
    Jan 1, 2018
    New York City is in the middle of its biggest office construction building boom in three decades, and residential spending—which includes spending on new construction as well as alterations and renovations—is projected to reach $11.6 billion in 2018, according to a New York Building Congress analysis of multiple data sources.
Tax Quote

Taxation with representation ain’t so hot either. 
— Gerald Barzan, humorist

*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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