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Latest Articles

  • Post-TCJA Considerations for Exempt Organizations

    By:
    Catherine Petercsak, CPA, and Kerri N. Bogda, CPA
    |
    Jul 1, 2018

    On Dec. 22, 2017, President Donald Trump signed the Tax Cut and Jobs Act (the Act) into law. The Act is the most comprehensive change to the U.S. tax code since 1986. In some way, the new rules affect almost every individual, business, and tax-exempt entity. Most of the provisions of the Act are effective for tax years beginning after Dec. 31, 2017.

  • Accountants and Divorce Attorneys: A Marriage Made in Congress

    By:
    Joseph A. DeMarco, JD
    |
    Jul 1, 2018
    As divorce attorneys seek to navigate the impact of the Tax Cuts and Jobs Act (“TCJA”) on divorce cases, one thing appears clear: Effective advocacy for matrimonial clients will require greater reliance on accounting professionals. 
  • U.S. Taxation of U.S. LLCs: Major Considerations in the International Context

    By:
    Michael W. Galligan
    |
    Jul 1, 2018
    Many countries make a strict distinction between corporations and partnerships for tax purposes and do not have a “check-the-box” election or, if they do, it does not necessarily follow the U.S. scheme. 
  • Both Sides Now: The Increasing Importance of Focusing on Both Sides of Competence for Families and Family Owned Enterprises

    By:
    Patricia Annino, Esq., JD, LLM (taxation)
    |
    Jul 1, 2018

    We are in a global societal phase change and are living in a non-linear world. All of us know someone who is one year old, and most of us know individuals who are older than 100. Many generations now coexist—entwining families emotionally, intellectually, physically, and financially in unprecedented ways. Accountants have never been in the position of planning for and impacting so many generations at once.

  • Rising Interest Rates are an Opportunity to Deduct Capital Loss Carryovers

    By:
    Thomas J. Boczar and Jeff Markowski
    |
    Jun 1, 2018

    Some companies currently face two concurrent challenges—first, how to accelerate the utilization of otherwise non-deductible capital loss carryovers for tax purposes and second, how to guard against the impact of rising interest rates.

  • Does Lender Management Provide Family Offices with a Roadmap for Obtaining an IRC section 162 Trade or Business Expense Deduction in Connection with Providing Investment Management Services?

    By:
    Kevin Matz, Esq., CPA, LLM (taxation)
    |
    Jun 1, 2018

    Lender Management, LLC v. Commissioner of Internal Revenue provides family offices with a potential roadmap for obtaining trade or business expense deductions under IRC section 162 in connection with rendering investment management services.

  • Is That Loss Actually Deductible On Your Cannabis Investment or Loan?

    By:
    Peter Metz, CPA, and John Pellitteri, CPA
    |
    Jun 1, 2018

    At the federal level, cannabis businesses that “touch the leaf” are taxed on the sum of revenue less cost of goods sold, according to IRC section 280E. Businesses that do not touch the leaf—meaning those that indirectly benefit from cannabis activity, such as suppliers and landlords—can also claim other deductions. But if there is a loss on your investment or loan, will the loss be deductible? Although the investment might appear rosy right now, storm clouds could one day come to this industry. 

  • U.S. Taxation of U.S. Limited Liability Companies

    By:
    Michael W. Galligan
    |
    Jun 1, 2018

    This is the first of a three-part series on an introduction to the cross-border tax treatment of U.S. limited liability companies. Please look for the next two parts in the July and August issues.

  • Taking Full Advantage of the R&D Tax Credit: Tips for Identifying, Gathering, and Documenting a Sustainable Claim

    By:
    Peter J. Scalise
    |
    May 1, 2018
    In 1981, the U.S. economy was in a recession, and research-and-development jobs were declining throughout the country. In response, Congress passed the Economic Recovery Tax Act of 1981, which included the Research and Development Tax Credit Program (hereinafter “RTCP” or “RTC”), enacted into the IRC. 

  • Powerful Domestic Trust Strategies for International and Cross-Border Families

    By:
    Al W. King III, JD, LLM (tax law) and Jack R. Brister
    |
    May 1, 2018
    There has been a powerful evolution taking place over the last decade of international families utilizing the United States for their trusts. Previously, the main reasons for an international family to establish a U.S. situs trust were if they owned U.S. property or if they had a U.S. green card or U.S. citizen family members. 
Tax Jokes
  

"Why are accounting departments the most welcoming? Because they know everyone counts."

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

*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.