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News

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2024 New York Tax Update – Year in Review

Our Recommended Reading List on Tax Policy

State Tax Considerations When Selling a Partnership Interest

Can a Home Subject to a Mortgage Be Transferred to a Trust?
SCOTUS Exposes All Regulations to Court Scrutiny in Loper Bright

Latest Articles

  • A Case of New York State Statutory Residency

    By:
    Brian Gordon, CPA
    |
    Dec 1, 2019

    A case concerning New York State statutory residency for the years 2012 and 2013 was recently decided by an Administrative Law Judge (ALJ) in the matter of Nelson Obus. This case reveals specifics of the law surrounding statutory residency, and how that law can potentially trip up taxpayers.

  • Carrying the Day with Carried Interest Wealth Transfer Planning for Fund Principals

    By:
    N. Todd Angkatavanich, JD, LLM, Joel Friedlander, JD, Joshua Zimmerman, JD, LLM, and Naomita Yadav, JD
    |
    Dec 1, 2019

    As the financial markets flourish, there continues to be a strong focus on gift and estate planning opportunities available to hedge fund and private equity fund managers. The inherent compensation structure, including the “carried interest,” presents a unique opportunity for advisors to formulate wealth-transfer strategies for the fund manager’s future generations.

  • The Latest Proposals on Qualified Opportunity Zone Businesses

    By:
    Michelle M. Jewett, JD, Kevin Matz, JD, Esq., CPA, LLM, Jeffrey D. Uffner, JD, LLM (taxation), Richard Madris, JD, and David C. Olstein, JD
    |
    Nov 1, 2019
    The new tax incentive added by the 2017 Tax Cuts and Jobs Act—designed to promote long-term growth in economically distressed areas known as qualified opportunity zones (QOZ)—is gaining interest among businesses and business owners interested in starting or expanding businesses in QOZs or moving existing businesses to QOZs.

  • Guidance for Transferees of Partnership Interests

    By:
    Christine Piar, Managing Director of Deloitte Tax, LLP, Copyright © 2019 Deloitte Development LLC
    |
    Nov 1, 2019
    On May 7, 2019, the IRS and the U.S. Treasury department released Proposed Regulations under IRC section 1446(f) that potentially have broad application to the transfer of any partnership interest. It’s important that transferees understand in what manner and to what extent the withholding provisions could apply to them, as well as the potential consequences of noncompliance. This article focuses specifically on the effect of these regulations on the transferee of nonpublicly traded partnership interests, even when withholding does not apply.

  • Skilled Versus Custodial Care for Senior Citizens

    By:
    Daniel G. Fish
    |
    Nov 1, 2019

    Like a wheel of fortune, some senior citizens will suffer an illness and no financial risk, whereas others will suffer both an illness and a financial exposure. And many senior citizens are completely unaware of the hidden financial risk they face.

  • Taxation of Carried Interests for Senior-Level Fund Managers

    By:
    Arthur H. Kohn, Andrew L. Oringer, and Steven W. Rabitz
    |
    Oct 1, 2019
    Carried interest arrangements have been common for years in many types of private investment funds (“Funds”), including private equity, real estate, and hedge funds. Going back a few decades, the tax analysis applicable to carried interests was highly uncertain. 

  • IRS and Cryptocurrency: Where are We Now and What Next?

    By:
    Melissa Gillespie, JD, CPA, MST
    |
    Oct 1, 2019
    Over the past few years, the IRS has been slowly issuing guidance and warnings regarding the reporting and taxation of the usage and exchanging of virtual currency. Recently, on July 26, 2019, the IRS advised those who have engaged in virtual currency usage that they have begun sending educational letters to taxpayers with virtual currency transactions who either may have failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly.

  • The Case for the Continuing Relevance of the Gift Tax

    By:
    Philip A. Di Giorgio, Esq.
    |
    Oct 1, 2019

    With the passage of the Tax Cuts and Jobs Act of 2017 (the 2017 Tax Act) the lifetime exemptions from estate, gift and generation skipping transfer tax (GST) more than doubled from an already steep $5,490,000 to a cliff-hanging $11,180,000 as of January 1, 2018. As in the past, these exemption amounts continue to be adjusted for inflation leaving us with a gift tax exemption of $11,400,000 as of January 1, 2019. New York State repealed its gift tax back at the turn of the millennia, so the gift tax is strictly a federal phenomenon for New Yorkers.

  • Corporate International Tax Issues v2.0

    By:
    Cecil Nazareth, CPA, CA, MBA
    |
    Oct 1, 2019

    If you’re a CPA or a manager in a corporate finance department, it’s more important than ever to understand how the new tax law affects cross-border transactions and international tax. Since the Tax Cuts & Jobs Act (TCJA) was passed in late 2017, millions of individuals and entities have had to rethink their tax planning and tax structures completely. Going from a credit system to a territorial system is a monumental shift—you might as well be going from Earth to Mars. Everything you did in the past is no longer valid. You need to start fresh.

  • The New Moneyball

    By:
    Alan Pogroszewski, MBA, Kari Smoker, JD, and Keith Donnelly, JD, CPA
    |
    Sep 1, 2019

    In 2003, Michael Lewis’ book, Moneyball: The Art of Winning an Unfair Game, outlined the economic disadvantages the small-market Oakland A’s faced competing against the New York Yankees and other large-market teams. Lewis’ book also examined the A’s strategy of exploiting market inefficiencies in the valuation of Major League Baseball players to not only compete, but actually succeed, within the parameters of large-market and small-market teams. Such is the business of sports.
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Tax Jokes
  

If I needed to hire an accountant in Transylvania, who would you recommend? Count Dracula, of course.
 
https://parade.com/1317763/jessicasager/accounting-jokes/

Tax News

 

2025 Tax Filing Season Starts as IRS Begins Accepting Tax Returns Today; Taxpayers Have Many Options for Help, Internal Revenue Service

IRS, CASST Announce 2025 Filing Season Changes Aimed at Preventing Spread of Scams, Schemes; New Fuel Tax Credit Statement and Increased Review of “Other Withholding” Claims Among Highlights, Internal Revenue Service

Governor Hochul's Tax Plans Aim to Ease Costs for New Yorkers in 2025, The Trusted Professional


SALT Talks Gain Steam with Trump's blessing on Tax Break, Arizent


Will the New Partnership Related Party Basis-Shifting Rules Survive?, Thomson Reuters/Tax & Accounting


IRS Faces Hiring Freeze and Revoked Job Offers as Tax Season Begins, The Trusted Professional

Treasury, IRS Issue Proposed Regulations on New Automatic Enrollment Requirement for 401(K) and 403(B) Plans, Internal Revenue Service

Treasury Official on Int’l Tax ‘Simplification’ Efforts, Thomson Reuters/Tax & Accounting


Conference Speakers Discuss How to Navigate the Changing Landscape of Exempt Organizations Taxation, The Trusted Professional


IRS Targets Tax Loopholes in Partnership Transactions with New Rules, The Trusted Professional

Taxpayer Advocate Gives IRS a Mixed Review in 2024 Annual Report, The Trusted Professional

*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.