News

tax_stinger_logobanner

 
 
article1_lee
Tax Reform, the CARES Act, and Beyond: Hedge Fund Schedule K-1 for Individuals

Our Recommended Reading List for CPAs
richardson_article4
A Simple Fix to the “Retail Glitch”
brody_article3
Helpful Instructions for Filing Domestic and Foreign Voluntary Disclosures
articl2_gordon
Can New York State Audit Federal Tax Issues?



Latest Articles

  • Bipartisan Budget Act of 2015 Changes Partnership Audit Rules

    By:
    Ellen S. Brody, JD, CPA, and Vivek Chandrasekhar, JD
    |
    May 1, 2016
    On Nov. 2, 2015, Congress enacted the Bipartisan Budget Act of 2015 ("BBA"), repealing the previous audit regime in effect for partnerships that had been around since the Tax Equity and Fiscal Responsibility Tax Act of 1982 ("TEFRA"). 

  • Cause Marketing: Plan Carefully to Avoid Legal and Tax Pitfalls

    By:
    Luana K. Lewis
    |
    May 1, 2016
    In recent years, cause marketing efforts have grown more popular with charities and their commercial marketing partners. Customer perceptions and behaviors are expected to drive the cause marketing trend even further in the future. 

  • The Panama Papers: A Reminder to Taxpayers That It’s Not Too Late to Clean Up Unreported Offshore Assets

    By:
    Bryan Skarlatos, Esq., and Michael Sardar, Esq.
    |
    May 1, 2016
    So far, the “Panama Papers” - as they have come to be called - have disclosed that several high-profile individuals around the world were holding foreign bank accounts and other assets through Panamanian offshore entities.

  • IRS Proposed Regulations Concerning Basis Consistency and Reporting for Property Acquired from a Decedent

    By:
    Kevin Matz, CPA, Esq., LLM
    |
    May 1, 2016
    On July 31, 2015, President Obama signed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the “Highway Act”) into law. The Highway Act, among other things, added new provisions to IRC sections 1014(f) and 6035 concerning basis consistency and reporting for property acquired from a decedent. 

  • Don’t Overlook Your Clients’ IRA Beneficiary Designations

    By:
    Kevin Matz, CPA, Esq., LLM
    |
    Apr 1, 2016
    The beneficiary designation forms for qualified retirement plans and individual retirement accounts (collectively, “IRAs”) are often overlooked in a client’s estate plan. But in many instances, the beneficiary designation forms will control more assets than the will itself. 

  • Carried Interest: Labor vs. Capital

    By:
    Daniel G. Mazzola, CPA, CFA
    |
    Apr 1, 2016
    The U.S. government promotes business activity via the I.R.C. by taxing the profits of the sale of investment assets held for at least one year at a lower rate than the one at which income for services rendered is taxed. 

  • Is It Time For A Flat Tax On Private Foundations?

    By:
    Robert Lyons, CPA, MST
    |
    Apr 1, 2016

    Under our current federal tax structure, private foundations pay a 2% excise tax on their net investment income when filing Form 990-PF.  In certain years, the 2% rate can be reduced to 1% when the foundation’s charitable distributions exceed the average distributions during a five-year averaging process. This is determined on Part V of Form 990-PF. 

  • Colorado Wins Round Two on Use Tax Reporting Requirements for Remote Sellers

    By:
    Brian Gordon, CPA
    |
    Apr 1, 2016
    In 2010, Colorado enacted a law that imposes use tax reporting obligations on many remote sellers with no nexus to the state. This law does not require them to collect sales or use tax; it only requires them to report the sales information to both the purchaser and the state of Colorado, notifying them of a use tax liability. 

  • The 2015 Business Extender Law

    By:
    Stewart Berger, CPA
    |
    Mar 1, 2016
    On Dec. 18, 2015, President Obama signed the “Protecting Americans from Tax Hikes Act of 2015” (PATH Act). Highlights of the law as it pertains to businesses are as follows

  • ‘Til Death or Divorce Do Us Part

    By:
    Carole M. Bass and Rebecca A. Provder
    |
    Mar 1, 2016
    Death and divorce -  two “d” words that no one wants to talk about, but which cannot be ignored. While working together at the same firm, the authors – a trusts and estates lawyer and a matrimonial lawyer – have seen firsthand the significant overlap between their two fields, and how considering both can achieve optimal results for clients. 
Page
Tax Quote
  

"Taxes and golf are alike, you drive your heart out for the green, and then end up in the hole."
​

 – Unknown

Tax Cases


In Case You Missed It – July 2020


Tax News

IRS Confirms It Has No Plans to Extend the Filing Deadline Past July 15, Forbes Media LLC

National Taxpayer Advocate Erin Collins Says Covid-19 Has Introduced New Challenges, The Trusted Professional

Treasury Dept. Releases New, Streamlined PPP Loan Forgiveness Application, The Trusted Professional

IRS Outlines Changes to Health Care Spending Available Under CARES Act, Internal Revenue Service

With July 15 Deadline Approaching, 37% of Taxpayers Can’t Pay Because of Covid, Endeavor Business Media

IRS Finalizes Guidance for the Section 199A Deduction for Shareholders of Regulated Investment Companies, Internal Revenue Service

IRS Announces Rollover Relief for Required Minimum Distributions from Retirement Accounts That Were Waived Under the CARES Act, Internal Revenue Service

*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.

 

 

Interested in writing for the TaxStringer? Click here for Submission Guidelines and contact TaxStringer@nysscpa.org.


View Upcoming Tax Courses

 
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.