Latest Articles

  • NYS Residency Case: Was His Weekend Home His Domicile?

    By:
    Brian Gordon, CPA
    |
    May 1, 2019

    This is an analysis of a case involving petitioner Thomas McManus, which was decided by Winifred M. Maloney, Administrative Law Judge (ALJ) on February 7, 2019. See McManus Case. Petitioner represented himself at the hearing. This is a residency case involving the issue of domicile for the year 2009.  

  • A Roller Coaster That Requires Your Immediate Attention: New York Does Decouple from Certain Federal Income Tax Changes for Trusts and Estates

    By:
    Sharon L. Klein
    |
    May 1, 2019

    On December 28, 2018, the Department of Taxation and Finance (the Department) issued Technical Memorandum TSB-M-18(6)I – New York State Decouples from Certain Personal Income Tax Internal Revenue Code (IRC) Changes for 2018 and after.

  • Opportunity Zone Investments—Practical Issues and Concerns

    By:
    Robert N. Gordon
    |
    Apr 1, 2019
    Ever since the Tax Cuts and Jobs Act (TCJA) of 2017 created “Opportunity Zones,” there has been a lot of excitement about this new incentive to invest in distressed areas. Actual investment in qualified opportunity funds (QOFs) had slowed while tax professionals awaited regulations spelling out the details.
  • IRS Issues New Guidance for Offshore Voluntary Disclosures

    By:
    Michael Sardar, Esq.
    |
    Apr 1, 2019
    On March 13, 2018, the IRS announced that it would end its long-running Offshore Voluntary Disclosure Program (“OVDP”) on September 28, 2018. With the closure of one of the IRS’s most successful compliance enforcement programs, practitioners were anxious for the IRS to announce a new program to take its place.
  • The Connecticut Pass-Through Entity Tax and the Federal SALT Deduction: A Perfect Match?

    By:
    Elizabeth Pascal, JD and William Turkovich
    |
    Apr 1, 2019
    On May 31, 2018, Connecticut enacted Public Act 18-49, establishing the Pass-Through Entity Tax. As has been written about in this publication and elsewhere, the PET, as it’s known, responds to the $10,000 limitation on an individual’s federal state and local tax (SALT) following passage of the 2017 Tax Cuts and Jobs Act (TCJA).
  • The Foreign Tax Credit and the New GILTI Basket

    By:
    Charles Ladas, CPA
    |
    Apr 1, 2019
    With the 2019 tax filing season well underway, most CPAs and tax professionals probably have a good awareness of the new tax provisions in the 2017 Tax Cuts and Jobs Act (TCJA). Whether they have a good understanding of them is a whole different story. There’s no question that numerous provisions of the TCJA are mind-numbingly complex.
  • Connecticut’s Response to the Tax Cuts and Jobs Act of 2017 (Part II)

    By:
    Louis B. Schatz, Esq.
    |
    Mar 1, 2019

    This article is the second in a two-part series about Connecticut’s Response to the Tax Cuts and Jobs Act of 2017 (the “New Federal Tax Act”). To read the first part published in the February 2019 TaxStringer, which summarized the provisions of Connecticut’s new pass-through entity tax, please click here.  This second part of the series summarizes the remaining significant provisions of the new Connecticut legislation that was adopted in response to the New Federal Tax Act.

  • New York State Sales Tax Audits

    By:
    Alfred T. Grillo, CPA
    |
    Mar 1, 2019
    Every New York business should be concerned about a potential sales tax audit. The result could be expensive and time consuming, and could also expose the owners of the business to personal financial responsibility. This article will discuss some of the various ways businesses can be selected for audit, and the areas where auditors are likely to focus. Knowing these factors may assist CPAs in limiting audits and liability for their clients.
  • New Jersey Tax Update

    By:
    Chaim Kofinas, CPA
    |
    Mar 1, 2019

    On July 2, 2018, the New Jersey Legislature passed—and Governor Phil Murphy signed—his first budget. This budget was designed to move New Jersey in a new direction as envisioned by the new Governor. The budget bill contains tax increases, tax breaks, and a host of other provisions.

  • Structuring a Transaction: Ways to Minimize Income Tax Implications for Sellers

    By:
    Lisa M. Cribben, CPA/ABV, ASA, CMA and Crystal Christenson, CPA, MST
    |
    Mar 1, 2019

    Most taxable sale transactions are typically structured in one of three ways: asset sale, stock sale, or stock sale with a Sec. 338(h)(10) election. Each of these structures provides certain advantages to the buyer or seller. Below we’ll discuss the nuances of each structure and the importance of the allocation of the sales price. 

Tax Quote
 
"A fine is a tax for doing something wrong. A tax is a fine for doing something right”

– 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.