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2022 New York Tax Update – Year in Review

Our Recommended Reading List on Tax Policy

Corporate Transparency Act
The Inflation Reduction Act of 2022: It’s Impact on CPAs and Their Clients
Estates and Trusts Update – 2022 In Review and 2023 Outlook

Latest Articles

  • Common Client Planning Issues: Post-2017 Act Solutions

    By:
    Martin M. Shenkman, CPA, MBA, AEP, PFS, JD
    |
    Nov 1, 2018
    The 2017 Tax Cuts and Jobs Act dramatically changed all aspects of income and estate tax planning and ancillary financial and insurance planning. Most articles have focused on explaining the new laws, which is natural as the first step must be knowing what has occurred. The 2017 tax act brings a myriad of nuances and subtle, as well as dramatic, changes. 

  • Changing Residency: The Most Effective SALT Deduction Workaround?

    By:
    Timothy P. Noonan, JD
    |
    Nov 1, 2018
    2018 has been an amazing year for tax practitioners. Since the passage of the 2017 Tax Cuts and Jobs Act, practitioners have been scrambling to understand the implications of the federal tax overhaul and to begin implementing new strategies for clients.

  • A Primer on How to Provide for your Bitcoin in your Estate Planning and the Taxation Thereof

    By:
    Anthony J. Enea, Esq.
    |
    Nov 1, 2018
    The ownership of a digital currency, whether it be bitcoin or any other cryptocurrency, has by its very nature significant complexities. As part of its inherent complexities, the issue of its taxation and how one can legally dispose of the cryptocurrency upon one’s demise needs to be properly addressed.

  • S-Banks’ Entire Income Should Qualify for Tax Reform’s 20 Percent Pass-through Deduction

    By:
    Curtis Dubay
    |
    Oct 1, 2018
    When the Treasury Department released proposed regulations in early August of this year for Sec. 199A, created by the Tax Cuts and Jobs Act (TCJA), some of the tax press seemed surprised that banks organized as S-corporations (S-banks) qualified for the 20 percent deduction that Sec. 199A grants certain pass-through businesses.

  • Is Leaving New York More Taxing Than It’s Worth?

    By:
    Daniel P. Kelly and Mark S. Klein
    |
    Oct 1, 2018
    As state and local tax attorneys, the 2017 Tax Cuts and Jobs Act has mixed up our lives. The end of the year used to see a flurry of activity around taxpayers settling audits, making estimated payments, and otherwise ensuring they maximized the federal tax benefits of their obligation to pay different state and local taxes.  

  • Altera: Legislative Intent Within Administrative Bounds

    By:
    Michael I. Billet, JD, CPA
    |
    Oct 1, 2018

    Altera Corporation & Subsidiaries (Altera Corp.) is battling the IRS in court over the validity of a federal income tax regulation that concerns Section 482 of the Internal Revenue Code (IRC).  

  • How the Use of a Revocable or Irrevocable Trust Can Simplify the Conveyance of a Second Home Located in Another State Upon Death

    By:
    Anthony J. Enea, Esq.
    |
    Oct 1, 2018
    Everyday, according to the Pew Research Center, approximately 10,000 baby boomers reach 65 years of age. As the approximately 65 million surviving members of the baby boomer generation (those born between 1946 and 1964) retire, it is not unusual for them to own homes in multiple states.

  • New U.S. Tax Law and the IRC Section 962 Election

    By:
    Charles Ladas, CPA
    |
    Sep 1, 2018
    With the ratification of the Tax Cuts and Jobs Act (TCJA), many U.S. taxpayers are reconsidering their business structures. The reason for this is that the tax provisions of the TCJA contain greater benefits for domestic corporations than other business entities and individuals. 

  • New York State Residency – Does a Permanent Place of Abode have to be Permanent?

    By:
    Brian Gordon, CPA
    |
    Sep 1, 2018

    In a recent case involving residency before the New York State Tax Tribunal, In the Matter of the Petition of Leslie Mays, the issue of the taxpayer’s permanent place of abode was at the center. You may be surprised that the tribunal determined that an apartment that was maintained for less than five months was  a permanent place of abode.

  • A Forensic Guide to Finding Cryptocurrency in Divorce Litigation

    By:
    Mark DiMichael, CPA, CFF, ABV, CFE and Katerina Gaebel, CPA
    |
    Sep 1, 2018
    In recent years, awareness and use of Bitcoin and cryptocurrency has risen dramatically. Cryptocurrency transactions are fast, global, decentralized, secure, and irreversible. Although cryptocurrency and blockchain technology have the ability to revolutionize commerce, cryptocurrency’s anonymous nature has made it a haven for illicit activity.  This is because while cryptocurrency transactions are all publicly viewable on a “blockchain,” the individual participants of each transaction cannot be easily determined. 
Page

Tax Cases


 In Case You Missed It – January 2023

Court Deems a Foundation a Foreign Trust, Greenlighting Tax Penalties
Tax Jokes
  

"What does the pessimistic accountant think? It's accrual world."

https://parade.com/1317763/jessicasager/accounting-jokes/

Tax News


IRS Sets January 23 as Official Start to 2023 Tax Filing Season; More Help Available for Taxpayers This Year, Internal Revenue Service

Get Ready for Taxes: What’s New and What to Consider When Filing in 2023, Internal Revenue Service

Federal Budget Bill Contains New Provisions for Retirement Savings,The Trusted Professional


IRS Updates Frequently Asked Questions About Form 1099-K, Internal Revenue Service

Treasury, IRS Issue Interim Guidance on New Corporate Alternative Minimum Tax, Internal Revenue Service

EU Agrees to Implement Global Minimum Tax, Thomson Reuters

Conference Speaker Looks Back and Ahead at Federal Tax Issues, The Trusted Professional

IRS Expected to Improve IT Services Over Next Few Years, The Trusted Professional


IRS Issues Standard Mileage Rates for 2023; Business Use Increases 3 Cents Per Mile, Internal Revenue Service


Treasury, IRS Provide Transitional Guidance for Broker Reporting on Digital Assets, Internal Revenue Service

Treasury, IRS Provide Updated Guidance on Accounting Methods for Specified Research or Experimental Expenditures, 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.


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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.