Latest Articles

  • What’s New in New York Taxes for Closely Held and Flow-Through Entities

    By:
    Timothy P. Noonan, JD
    |
    Aug 1, 2019
    Last month I spoke at the State Society’s annual conference on tax issues for closely-held entities.  My topic, as you might guess, was all-things involving New York State taxes in this area of the law.  This article outlines what I talked about, and it covers recent updates and developments in the New York State and City tax areas and how some of these changes effect closely-held and flow-through entities.
  • Key Estate Planning Concepts That Every CPA Should Know for Their High Net Worth Clients

    By:
    Randy P. Siller, CPA*, CIMA®, and Daniel L. Daniels, JD
    |
    Aug 1, 2019

    A Credit Shelter Trust [(CST), also known as a bypass trust, estate tax shelter trust, or family trust], is a type of irrevocable trust used by married couples with large estates to take full advantage of the federal estate tax exemptions. The federal exemption for 2019 is $11,400,000 per taxpayer, so proper use of this vehicle can allow a married couple to shield up to $22,800,000 of assets from federal estate tax.

  • What Professionals Need to Know About the Cannabis Industry

    By:
    Zachary Gordon, CPA
    |
    Aug 1, 2019

    Cannabis is an industry that is of great interest to CPAs, finance professionals, investors, and the public at large. While many have found their way into the industry, there is still a fundamental question to be answered by each professional: should I take on this cannabis client or investment?

  • What CPAs Should Know About Captive Insurance Companies

    By:
    Chad L. Reyes
    |
    Aug 1, 2019

    In today's fast-moving business environment, many successful companies are increasingly choosing to supplement their existing Property and Casualty policy coverages with a Captive Insurance Company to more effectively manage their enterprises risk. A high percentage of these companies are not just Fortune 1000 companies but rather highly successful family-owned businesses searching for a need of a more effective approach to managing the risks of their growing business.

  • Recent Federal R&D Tax Credit Updates and Why CPAs May Want to Think Again About Going It Alone

    By:
    Mark A. Nickerson, CPA, CMA, MBA and Kaylei E. Russell
    |
    Jul 1, 2019

    The Research and Development (R&D) credit has become an integral part of tax planning for businesses in the United States since its inception almost forty years ago. The credit was originally enacted to help spur competitiveness and creativity for the United States compared to other countries.

  • Deep Dive Tax Cut and Jobs Act - Nonprofits

    By:
    Magdalena M. Czerniawski, CPA, MBA and Robert Lyons, CPA, MST
    |
    Jul 1, 2019
    The 2017 Tax Cut and Jobs Act (TCJA) created a number of significant roadblocks for non-profit organizations. The roadblocks came in two forms—transportation benefits and other. The Act itself created a great deal of uncertainty insofar as part of the effective dates were as of January 1, 2018, while others were for years beginning January 1, 2018.
  • The Nuts and Bolts of an IRS Audit and the Collection Process

    By:
    Hana Boruchov, Esq., JD, and Leo Gabovich, Esq., JD
    |
    Jul 1, 2019
    The IRS audit process is rife with procedural rules to ensure taxpayers are notified before action is taken against them and they have time to respond. However, these procedures also introduce added complexity for tax professionals who may face multiple pressures—they may lack expertise in handling audit and collection matters and/or their clients may have delayed in getting them involved in the matter and deadlines are looming.
  • Overview of Current Federal Income Taxation on Cryptocurrency Transactions

    By:
    Hanni Liu, PhD
    |
    Jul 1, 2019

    Since the inception of cryptocurrency in 2009, the very concept of currency has been challenged and debated. This article explains briefly what cryptocurrency is, how it works, and the current federal income tax implications on transactions using cryptocurrency.

  • The Tax Effect of Per Diem Rate for Individual Taxpayers Subject to DOT “Hours of Service” Rules

    By:
    Candelaria Zepeda & Andrew S. Griffith, DBA, EA, CPA, CMA, CIA, CFE, CRMA
    |
    Jun 1, 2019
    The Tax Cuts and Job Acts (TCJA) was ratified at the end of 2017 and placed into effect beginning with the 2018 tax year. Specific to unreimbursed employee expenses, the changes affect allowances in many industries; namely, a suspension of itemized deductions which includes meal and travel costs that are subject to the 2% adjusted gross income (AGI) floor.
  • IRS Can Resume Charging PTIN User Fees—But Final Cost Still to Be Determined

    By:
    Frank G. Colella, Esq., LL.M, CPA
    |
    Jun 1, 2019

    According to the IRS 26 C.F.R. § 1.6109-2(d), “Beginning after December 31, 2010, all tax return preparers must have a preparer tax identification number or other prescribed identifying number that was applied for and received at the time and in the manner, including the payment of a user fee, as may be prescribed by the Internal Revenue Service.” However, since June 2017, the IRS has suspended this fee charged for a “practitioner tax identification number” or PTIN.

Tax Quote
 

"The only difference between death and taxes is that death doesn't get worse every time Congress meets."

 – Will Rogers

*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.