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IRS to Stop Automatically Assessed 3520 Late Filing Penalty on Large Foreign Gifts

Our Recommended Reading List on Tax Policy

Estate of Fields v. Comm’r—Bad Facts FLP Causes Estate Tax Inclusion
SCOTUS Addresses Constitutional Challenge to Mandatory Repatriation Tax
The Success in Succession, Part III: Financial Planning

Latest Articles

  • Structuring a Transaction: Ways to Minimize Income Tax Implications for Sellers

    By:
    Lisa M. Cribben, CPA/ABV, ASA, CMA and Crystal Christenson, CPA, MST
    |
    Mar 1, 2019

    Most taxable sale transactions are typically structured in one of three ways: asset sale, stock sale, or stock sale with a Sec. 338(h)(10) election. Each of these structures provides certain advantages to the buyer or seller. Below we’ll discuss the nuances of each structure and the importance of the allocation of the sales price. 

  • IRS Issues New Guidance on Section 199A Qualified Business Income Deduction

    By:
    Ed Morris, CPA
    |
    Feb 1, 2019
    On January 18, 2019, in response to many comments regarding last summer’s proposed regulations, the IRS issued final and new proposed regulations concerning the Code Section 199A pass-through deduction. At the same time, the IRS issued a revenue procedure dealing with the calculation of W-2 wages and a welcome proposed revenue procedure providing a safe harbor for rental real estate activities.

  • Practical Sales Tax Considerations for Vendors in the Wake of Wayfair (Part II)

    By:
    Mark Klein, JD and Joe Endres, JD
    |
    Feb 1, 2019
    In last month’s installment, we provided a brief review of the U.S. Supreme Court case South Dakota v. Wayfair, and included a state-by-state review of the new laws and rules governing sales tax administration that the case has engendered. News in this area is exploding on almost a daily basis.  

  • Connecticut’s Response to the Tax Cuts and Jobs Act of 2017 (Part I)

    By:
    Louis B. Schatz, Esq.
    |
    Feb 1, 2019
    The Tax Cuts and Jobs Act of 2017 (TCJA) was signed into law on December 22, 2017. Most of the provisions of the New Federal Tax Act were effective January 1, 2018 (although some provisions went into effect in 2017). The adoption of the New Federal Tax Act had a significant impact on state taxation, especially in states like Connecticut, where the base for the Personal Income Tax starts with federal adjusted gross income. 

  • Looking Under the Hood of Mutual Funds and ETFs

    By:
    David J. Perrotto
    |
    Feb 1, 2019
    Did you know that according to Leichtman Research Group’s annual on-demand study, 54% of U.S. adults said they have Netflix in their household? Why do I mention this? Because it’s the same number of Americans that own individual stock, a stock mutual fund, or participate in a self-directed 401(k) or IRA, and roughly half those assets are outside IRAs. 

  • Fiduciary Income Tax Planning: Income Taxation of Trusts Under the New Tax Act

    By:
    Carl C. Fiore, JD, LLM
    |
    Jan 1, 2019

    The Tax Cuts and Jobs Act of 2017 (TCJA) represents a broad-based change to the U.S. tax code, touching on virtually every area of taxation, including of course fiduciary income tax. While some aspects of the new tax law impact trusts directly, the effect of the TCJA on individuals may have even greater implications for trust planning. 

  • Medtronic v. Commissioner: New Direction for Transfer Pricing Cases?

    By:
    Rita Chung, CPA
    |
    Jan 1, 2019
    For tax years 2005 and 2006, the IRS proposed a transfer pricing adjustment resulting in a tax deficiency of over $1.35 billion.  Medtronic filed a lawsuit in the U.S. Tax Court, and in June of 2016, the Tax Court issued its decision disagreeing with the IRS’s allocation of income.  

  • The Wayfair Decision and its Effect on Income Tax Nexus

    By:
    Brian Gordon, CPA
    |
    Jan 1, 2019
    Nexus is a connection to a state or taxing jurisdiction that is sufficient for a business to be subject to their tax laws. The U.S. Constitution does not define nexus, but gives guidance under two separate clauses. The Due Process clause states that more than a minimal connection is required. 

  • Practical Sales Tax Considerations for Vendors in the Wake of Wayfair (Part I)

    By:
    Mark S. Klein and Joseph N. Endres, JD
    |
    Jan 1, 2019
    By now we’re sure you have all heard about the U.S. Supreme Court case South Dakota v. Wayfair, Inc. This case reversed over 50 years of precedent and completely changed the way states can administer their sales tax laws with respect to out-of-state vendors. 

  • 2018 Year-End Tax Planning

    By:
    David M. Barral, CPA/PFS, CFP
    |
    Dec 1, 2018
    Tax planning is a year-round analysis. However, year-end tax planning is an especially important time for taxpayers, along with their advisors, to take advantage of any opportunities before the year closes. This year is particularly important since the December 2017 tax overhaul created by P.L. 115-97, also known as the Tax Cuts and Jobs Act, (“TCJA”) has shaken up some aspects of traditional tax planning. 
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Tax Jokes
  

How does Santa Claus list elves on his tax returns? As "dependent Clauses.


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

Tax News

 

IRS Takes Steps to Help Prevent Refund Delays by Accepting Duplicate Dependent Returns with an IP PIN for 2025 Filing Season; Taxpayers Encouraged to Sign up Soon for IP PIN, Online Account, Internal Revenue Service

After Trump's Win, Accounting Professionals Are in a 'Wait-and-See' Mode on IRS' Future,The Trusted Professional

Treasury Department, IRS Publish Final Rules Expanding Clean Energy Tax Credit Access, The Trusted Professional

Tax Interest Rates Set to Dip in the First Quarter of 2025, 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.