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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

  • To Grant(or) Not? Choosing the Right Structure for Your Special Needs Trust

    By:
    Ashley Velategui, CFA
    |
    Sep 1, 2017
    Raising a special needs child can be one of life’s greatest joys, but their parents face unique challenges—not the least of which is figuring out how to financially provide for the child after both parents have passed away. 

  • New York State Residency Audits: What Is Credible Testimony?

    By:
    Brian Gordon, CPA
    |
    Sep 1, 2017
    There are two different ways a person can be considered a resident of New York State or New York City for tax purposes. The first way is to be deemed “domiciled” in New York. Depending on the circumstances, an analysis to determine domicile can be complex—but generally, you are domiciled in New York City or New York State if it is your place of primary residence. 

  • Tools and Techniques to Shield, Defer Taxes on Unrealized Stock Gains

    By:
    Thomas Boczar, ESQ., LLM., CPWA, CFA, and Elizabeth Ostrander, CFA
    |
    Sep 1, 2017

    Investors with highly appreciated stock positions face a challenging environment. The stock market is at record heights, interest rates are steadily increasing, and risks seem to be lurking everywhere around the globe. 

  • France Delays Implementation of New Tax Withholding System for One Year

    By:
    Michael Jaffe, Christophe Flaicher, PhD, and Bertrand Hermant, PhD, LLM
    |
    Sep 1, 2017
    In our May 2017 article, we mentioned that the implementation of a current year “pay-as-you-earn” (PAYE) withholding tax fell during an election year—and that the new president could get cold feet when confronted with this major change to the tax collection process.

  • Taxing Times for Non-Doms Post-Brexit

    By:
    Nick Warr
    |
    Aug 1, 2017
    Against the backdrop of Brexit, increasing economic uncertainty, and the rather strange political environment after the United Kingdom’s recent general election, it is rather surprising that on July 13, 2017, Theresa May's government announced its intent to push ahead with the proposed changes to the beneficial tax regime, which applies to U.K. residents but non-domiciled individuals (“non-doms”). 

  • Transfer of a Primary Residence: The Tax and Long-Term Care Consequences

    By:
    Anthony J. Enea, Esq.
    |
    Aug 1, 2017
    A senior citizen’s decision to transfer a primary residence raises a number of important issues for both the attorney and client—for example, gift taxes, potential capital gains tax consequences, and of course the transfer’s impact on the Medicaid eligibility of the senior. 

  • Is New York Overreaching on Audit and Litigation of Federal Issues?

    By:
    Joseph Lipari, JD, and Ellen S. Brody, JD, CPA
    |
    Aug 1, 2017
    Under New York law, an individual’s personal income tax is calculated by making certain adjustments to the taxpayer's federal adjusted gross income. In this, New York is similar to many other states. 

  • Strategies to Maintain the Individually Owned or Trust-Owned Life Insurance Policy

    By:
    Henry Montag, CFP
    |
    Aug 1, 2017
    Over the years, many have called attention to the problem of prematurely expiring life insurance and what CPAs and attorneys need to know in order to advise and assist their clients’ trustees (usually an eldest son or daughter) regarding the performance and monitoring of the life insurance policy for which they are responsible. 

  • Asset Protection Planning: An Accountant’s Guide to Domestic and Foreign Asset Protection Trusts

    By:
    K. Eli Akhavan, Esq.
    |
    Jul 1, 2017
    Accountants should have more than a passing familiarity with asset protection. There are three reasons: first, an accountant occupies a unique position in an individual’s personal and business life—he or she has unfettered access to the data comprising a client’s financial existence and operations.

  • 'Placed in Service' Does Not Mean 'Open for Business'

    By:
    Dennis Zinkevich, CPA
    |
    Jul 1, 2017
    On Apr. 13, 2017, the IRS issued an official Action on Decision (“AoD”) regarding its defeat in Stine, LLC v. United States. Stine addressed whether a building can be considered to be “placed in service”—meaning it is substantially complete and in a state of readiness and availability to carry out its specified function—before it is “open for business” for purposes of depreciation and the special Gulf Opportunity Zone (“Go Zone”) bonus depreciation. 
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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.