Latest Articles

  • 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.

  • Medicaid Planning and the Medicaid Asset Protection Trust

    By:
    Pauline Yeung-Ha
    |
    Jun 1, 2019
    Technological advances have increased life expectancy significantly. As the population ages, caring for the elderly has become more prevalent. Rising health care costs is a concern for seniors. Many seniors are house rich, cash poor—their major asset is their home which they seek to protect against unexpected long-term care costs.
  • Utilizing Trusts for the Benefit of Those Suffering with Addictions

    By:
    Anthony J. Enea, Esq.
    |
    Jun 1, 2019

    Earlier this year Customs and Border Protection officers in Nogales, Arizona seized 254 pounds of fentanyl that was hidden in the floor compartment of a truck transporting cucumbers. Fentanyl is a deadly opioid (in powder form) that is often masked and /or mixed with heroin. It is responsible for thousands of deaths in the United States. A quarter milligram of the drug (the equivalent of several grains of rice) has the potential to kill a person quickly.

  • IRC Section 163(j): Old Law vs. New Law

    By:
    Michael Billet, JD, CPA
    |
    May 1, 2019
    The Tax Cuts and Jobs Act (TCJA), enacted in late 2017, transformed the landscape of the Internal Revenue Code by giving birth to several new tax code sections. One of those new sections is Section 163(j), which limits the business interest expense deductible for certain taxpayers, with the disallowed amount carried forward to future tax years. The newly enacted Section 163(j) replaced its predecessor of the same name. 
  • Tax Accounting Method + Form 3115 + Under $25 Million

    By:
    Eric P. Wallace, CPA
    |
    May 1, 2019

    Tax accounting methods, and the ability to change those methods, are key issues for taxpayers.  Proper tax accounting methods, and continuing IRS changes to their method-change procedures, are at the front and center of all IRS audits. Tax accounting methods and their change procedures certainly have heightened awareness and importance to tax practitioners; and this is the rule yet again for this tax year.

  • 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.
Tax Quote
 

The below quote is from The Golden Girls as Blanche is being audited.

 


Blanche Devereaux: A person cannot open a letter anymore without being accosted by some vile disgusting thing. I thought it was against the law to send filth like this in the mail.


Dorothy Zbornak: Blanche, what is it?


Blanche Devereaux: A letter from the IRS. I am being audited!

*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.