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Open Account Debt & Form 7203

Our Recommended Reading List on Tax Policy

Defending IRS Collection Actions Part 2
Reporting Foreign Assets and Activities: Requirements and Challenges
New York State Secure Choice Savings Program

Latest Articles

  • With Tax Reform Uncertainty, Roth Conversions Need a Tremendous Amount of Confidence

    By:
    David M. Barral, CPA/PFS, CFP
    |
    Dec 1, 2017
    Tax reform has been on every tax professional’s mind—even more so as we approach year-end. Without any certainty of where we’re heading and when any changes will take effect, tax planning for clients has become increasingly difficult. It is a particularly difficult decision for those contemplating a Roth conversion, which can carry with it a hefty tax bill. 

  • Divorce and Taxes

    By:
    Stewart Berger, CPA
    |
    Dec 1, 2017

    In the United States, there is a divorce every 36 seconds—or about 876,000 per year. The average marriage lasts approximately eight years before a couple gets divorced. Most people who get divorced, however, do not know the tax consequences or ramifications.

  • The Current State of Leveraged Partnership Structures and Liability Allocations

    By:
    Jorge Otoya, CPA and Jim Dubeck
    |
    Nov 1, 2017
    One of the many benefits of using partnerships to conduct business is that a partner can include its allocable share of partnership liabilities in the tax basis of its partnership interest (“outside basis”). 

  • Tax Court Declines to Follow Revenue Ruling 91-32 in Grecian Magnesite Mining Case

    By:
    Ari Berk, Jim Calzaretta, Paul Epstein, JD, LLM (taxation) and Christine Piar, JD
    |
    Nov 1, 2017
    After a three-year period following the trial and briefs from the taxpayer and the IRS, during which the Obama administration each year sought legislation ratifying the IRS’s position in Revenue Ruling 91-32, the Tax Court has finally issued its opinion declining to follow the ruling.

  • Avoiding the Exit Tax

    By:
    Philip D. W. Hodgen
    |
    Nov 1, 2017

    Every year, more and more U.S. citizens renounce their citizenship, and green card holders give up their visa status. These actions trigger a tax problem: the exit tax.

  • Social Security Benefits for Non-Working Spouses

    By:
    Daniel Mazzola, CPA, CFA
    |
    Nov 1, 2017
    In 1945, Michigan’s legislators passed a law requiring all bartenders to be licensed but prohibiting women to secure such licenses unless they were the wives or daughters of male bar owners. 

  • Tools and Techniques to Shield and Defer Taxes On Unrealized Stock Gains

    By:
    Thomas Boczar, ESQ., LLM, CPWA, CFA, and Elizabeth Ostrander, CFA
    |
    Oct 1, 2017
    What strategies might investors consider to strategically manage their single-stock risk over a longer-term period? Exchange funds, stock protection funds, and completeness portfolios are the primary tools investors can use to manage their stock concentration risk over a long-term period.

  • Long-Term Care Premiums Paid by New York Resident Taxpayers: A Potential Double Benefit

    By:
    David M. Barral, CPA/PFS, CFP
    |
    Oct 1, 2017

    For those who are proactive in planning for their end-of-life care, purchasing long-term care (LTC) insurance is a great idea. There are also tax benefits available for the premiums paid. Most CPAs are familiar with considering these premiums as an itemized deduction at the federal level under IRC section 213(d)(1)(D), but these premiums are not 100% deductible—it is adjusted annually and limited by the age of the taxpayer.

  • Key Tax Issues in Negotiating M&A Deals for Small Businesses

    By:
    Jordan L. Fieldstein, JD, LLM (taxation) and Michael P. Spiro, JD, LLM (taxation)
    |
    Oct 1, 2017
    Negotiating the sale of a small business begins with striking the commercial bargain between the parties. The alternative tax structures available to effect a single transaction, however, can have a significant impact on the parties’ economic bargain. 

  • Information Exchange With the United Kingdom Leads to Adjustment in Foreign Tax Credit Claimed

    By:
    Charles Ladas, CPA, and Joseph Neri, CPA
    |
    Oct 1, 2017
    As the global economy becomes more aligned, it is common for businesses and individuals today to have income and tax compliance issues in more than one country. With the complexity of varying tax regimes and the difficulty in monitoring offshore tax compliance, governments and taxing authorities around the world are looking for ways to collaborate and ensure taxpayers are paying their fair share, wherever they may be. 
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Tax Cases


 In Case You Missed It – March 2023
Tax Jokes
  

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

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

Tax News


IRS, Treasury Issue Final Business E-filing Regulations, The Trusted Professional


IRS Extends Lookback Period for Covid-19 Era Refund Claims, Thomson Reuters


Supreme Court Rules In Taxpayer’s Favor On FBAR Penalties, Forbes Media LLC


IRS and Treasury Provide Guidance for Insurance Providers on Alternative Minimum Tax Under the Inflation Reduction Act, Internal Revenue Service


Global Minimum Tax Deal Moves Ahead Without U.S. For Now,The Trusted Professional


IRS Introduces New Service Industry Tip Reporting Program, 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.

 

 

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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.