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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

  • The Federal Education Deduction and Credits

    By:
    Carnet A. Brown, CPA
    |
    Jul 1, 2017
    When it comes to credits and deductions, the primary concern of most taxpayers is the effect on their tax refunds or tax liabilities. How much will their tax refunds increase, and how much will their tax liabilities be reduced? 

  • Tax Court Rules the Extension of Variable Prepaid Forward Contracts Is Not a Taxable Event

    By:
    LD Sergi and Matthew Kaufman
    |
    Jul 1, 2017
    On Apr. 19, 2017, the United States Tax Court in Estate of Andrew J. McKelvey v. Commissioner held that the extension of certain variable prepaid forward contracts (“VPFC”) did not result in a sale or exchange of property under IRC section 1001 and that the open transaction treatment provided to VPFCs in Revenue Ruling 2003-7 continues until the transactions are closed through the future delivery of the stock underlying the VPFC, or the cash equivalent. 

  • Protecting Your Assets From a Future Former Spouse

    By:
    Daniel S. Rubin, JD, LLM
    |
    Jun 1, 2017
    No one weds with the intention of later divorcing, but most people recognize at least a possibility that the person standing next to them at the altar might actually be their "future former spouse."

  • The Appropriate Approach to Misappropriation: Responding to Fraud in Non-Profit Organizations

    By:
    Israel Tannenbaum, CPA
    |
    Jun 1, 2017
    Fraud can be one of the most devastating discoveries within an organization—and reports about defrauded organizations suffering significant losses due to employee corruption are rising. 

  • Issues in Sun Capital Continue to be Top of Mind for Investment Funds

    By:
    LD Sergi
    |
    Jun 1, 2017

    In March 2016, the federal district court in Massachusetts (the “District Court”), issued a decision in Sun Capital Partners III, LP v. New England Teamsters & Trucking Industry Pension Fund, 2013 U.S. App. LEXIS 15190 (1st Cir. 2013) (“Sun Capital”), holding that, for purposes of pension withdrawal liability under Title IV of the Employee Retirement Income Security Act of 1974 (ERISA), as amended by the Multiemployer Pension Plan Amendment Act of 1980 (MPPAA), two private equity funds were engaged in a trade or business and that they were under “common control” with the portfolio company such that they were jointly and severally liable for its pension withdrawal liability. 

  • Investments by U.S. Investors in Non-U.S. Businesses – Tax Planning and Effective Structuring

    By:
    Gerard O’Beirne, CPA, and Harold Adrion, JD, LLM
    |
    Jun 1, 2017
    Planning and effective structuring for U.S. investors investing in non-U.S. businesses can only be accomplished with an understanding of the various rules that impact cross-border transactions. 

  • France: Changes to the Tax Collection System and Other Current Tax Developments

    By:
    Michael Jaffe, Christophe Flaicher, and Bertrand Hermant
    |
    May 1, 2017
    A long-awaited change to the French tax system is scheduled to go into effect throughout the next two years: the implementation of a current year “pay-as-you-earn” (PAYE) system. France has aspired to change the system since World War II, and it would be the last member of the Organisation for Economic Cooperation and Development (OECD) to implement the change. 

  • Asset Management Companies May Have Unknown State Tax Liabilities

    By:
    Brian Rebhun
    |
    May 1, 2017

    States continue to embrace economic nexus standards and impose various sales factor market sourcing methods. Asset management companies should reexamine their income streams to confirm they are properly filing state income and gross receipts-based tax returns and remitting associated state taxes.  

  • Qualified Retirement Plan Design for Closely Held Businesses

    By:
    Andrew E. Roth, Esq., JD, LLM
    |
    May 1, 2017

    The primary goal of most employers in establishing any type of retirement savings program is to provide retirement income in a tax-efficient manner. The best way to achieve this is through a qualified retirement plan.

  • Meeting a Nonprofit’s Fiduciary Obligation in Today’s Challenging Environment

    By:
    Anne Bucciarelli, CFA
    |
    May 1, 2017
    The environment today is challenging for nonprofits. Many organizations are feeling the twin pressures of ensuring consistent distributions while simultaneously maintaining and growing their endowment, often through fund-raising. 
Page

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.