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Latest Articles

  • Taxation of the Mobile Workforce – An Employer’s Perspective

    By:
    Mark S. Klein and Brandon J. Bourg
    |
    Mar 1, 2024
    It’s 2024. No longer is working from home merely a fad brought on by the pandemic (unlike baking sourdough or watching Tiger King). Studies suggest that nearly 30% of employees have adopted some type of hybrid work arrangement or combination of in-office working with the flexibility to work from home. Remote work is becoming increasingly popular, and by all indications is here to stay.                                                                                                                

  • The Inflation Reduction Act: Clean Energy Tax Credits and Deductions

    By:
    Don L. Warrant, CPA
    |
    Mar 1, 2024

    The Inflation Reduction Act of 2022 marks a pivotal moment in the realm of clean energy investments, offering tax incentives for businesses and individuals to employ sustainable practices. The Act serves to incentivize taxpayers to invest in clean, renewable energy property by providing incentives in the form of tax credits and deductions. Certain incentives provided by the Act are discussed below. 

  • A Practical Discussion with Respect to Internal Revenue Code Section 1031—The "Like Kind" Tax-deferred Exchange, Part 2

    By:
    Raymond L. Liebman, Esq., CPA
    |
    Mar 1, 2024

    This is the second part of a three-part series explaining the basics of the tax-deferred 1031 exchange, the different types available, the mechanics of how they work, and the benefits to be reaped by a client who decides to partake in such an exchange. To view Part 1, please click here.

  • 2023 New York Tax Update – Year in Review

    By:
    Daniel Kelly
    |
    Feb 1, 2024

    2023 was another busy year for New York taxes.  Highlights included: a Budget with new appeal rights for the Tax Department, enhanced disaster relief, and important—but narrow—tax increases; final and adopted regulations, tracking updates and various changes brought about by New York’s 2014 corporate tax reform; continued pressure on the allocation of wage income from remote work and a recent nonresident wage allocation decision; new tools on the New York Tax Department’s website for taxpayers and tax practitioners; and numerous other updates.

  • A Practical Discussion with Respect to Internal Revenue Code Section 1031—The "Like Kind" Tax-deferred Exchange, Part 1

    By:
    Raymond L. Liebman, Esq., CPA
    |
    Feb 1, 2024

    This article is a three-part series explaining the basics of the tax-deferred 1031 exchange, the different types available, the mechanics of how they work, and the benefits to be reaped by a client who decides to partake in such an exchange.

  • The Future of AI Is Now. Is Tax Ready?

    By:
    Chris D'Ambola, MBA, and Anli Chen, PMP, CSSBB
    |
    Feb 1, 2024
    There will always come a time when the future becomes the present. Generative artificial intelligence (AI), once seen as a vision of tomorrow, has rapidly advanced to become an established part of the day-to-day operations for organizations in every industry. As AI’s potential and capabilities continue growing, questions about AI’s impact to traditional tax functions and the employees who perform them are only getting louder. 
  • 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.

Tax Jokes
  

Why are accountants always tired after work? Because their job is so taxing.

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.