Latest Articles

  • Medicaid Planning and the Medicaid Asset Protection Trust

    By:
    Pauline Yeung-Ha
    |
    Jun 1, 2019
    Technological advances have increased life expectancy significantly. As the population ages, caring for the elderly has become more prevalent. Rising health care costs is a concern for seniors. Many seniors are house rich, cash poor—their major asset is their home which they seek to protect against unexpected long-term care costs.
  • Utilizing Trusts for the Benefit of Those Suffering with Addictions

    By:
    Anthony J. Enea, Esq.
    |
    Jun 1, 2019

    Earlier this year Customs and Border Protection officers in Nogales, Arizona seized 254 pounds of fentanyl that was hidden in the floor compartment of a truck transporting cucumbers. Fentanyl is a deadly opioid (in powder form) that is often masked and /or mixed with heroin. It is responsible for thousands of deaths in the United States. A quarter milligram of the drug (the equivalent of several grains of rice) has the potential to kill a person quickly.

  • IRC Section 163(j): Old Law vs. New Law

    By:
    Michael Billet, JD, CPA
    |
    May 1, 2019
    The Tax Cuts and Jobs Act (TCJA), enacted in late 2017, transformed the landscape of the Internal Revenue Code by giving birth to several new tax code sections. One of those new sections is Section 163(j), which limits the business interest expense deductible for certain taxpayers, with the disallowed amount carried forward to future tax years. The newly enacted Section 163(j) replaced its predecessor of the same name. 
  • Tax Accounting Method + Form 3115 + Under $25 Million

    By:
    Eric P. Wallace, CPA
    |
    May 1, 2019

    Tax accounting methods, and the ability to change those methods, are key issues for taxpayers.  Proper tax accounting methods, and continuing IRS changes to their method-change procedures, are at the front and center of all IRS audits. Tax accounting methods and their change procedures certainly have heightened awareness and importance to tax practitioners; and this is the rule yet again for this tax year.

  • NYS Residency Case: Was His Weekend Home His Domicile?

    By:
    Brian Gordon, CPA
    |
    May 1, 2019

    This is an analysis of a case involving petitioner Thomas McManus, which was decided by Winifred M. Maloney, Administrative Law Judge (ALJ) on February 7, 2019. See McManus Case. Petitioner represented himself at the hearing. This is a residency case involving the issue of domicile for the year 2009.  

  • A Roller Coaster That Requires Your Immediate Attention: New York Does Decouple from Certain Federal Income Tax Changes for Trusts and Estates

    By:
    Sharon L. Klein
    |
    May 1, 2019

    On December 28, 2018, the Department of Taxation and Finance (the Department) issued Technical Memorandum TSB-M-18(6)I – New York State Decouples from Certain Personal Income Tax Internal Revenue Code (IRC) Changes for 2018 and after.

  • Opportunity Zone Investments—Practical Issues and Concerns

    By:
    Robert N. Gordon
    |
    Apr 1, 2019
    Ever since the Tax Cuts and Jobs Act (TCJA) of 2017 created “Opportunity Zones,” there has been a lot of excitement about this new incentive to invest in distressed areas. Actual investment in qualified opportunity funds (QOFs) had slowed while tax professionals awaited regulations spelling out the details.
  • IRS Issues New Guidance for Offshore Voluntary Disclosures

    By:
    Michael Sardar, Esq.
    |
    Apr 1, 2019
    On March 13, 2018, the IRS announced that it would end its long-running Offshore Voluntary Disclosure Program (“OVDP”) on September 28, 2018. With the closure of one of the IRS’s most successful compliance enforcement programs, practitioners were anxious for the IRS to announce a new program to take its place.
  • The Connecticut Pass-Through Entity Tax and the Federal SALT Deduction: A Perfect Match?

    By:
    Elizabeth Pascal, JD and William Turkovich
    |
    Apr 1, 2019
    On May 31, 2018, Connecticut enacted Public Act 18-49, establishing the Pass-Through Entity Tax. As has been written about in this publication and elsewhere, the PET, as it’s known, responds to the $10,000 limitation on an individual’s federal state and local tax (SALT) following passage of the 2017 Tax Cuts and Jobs Act (TCJA).
  • The Foreign Tax Credit and the New GILTI Basket

    By:
    Charles Ladas, CPA
    |
    Apr 1, 2019
    With the 2019 tax filing season well underway, most CPAs and tax professionals probably have a good awareness of the new tax provisions in the 2017 Tax Cuts and Jobs Act (TCJA). Whether they have a good understanding of them is a whole different story. There’s no question that numerous provisions of the TCJA are mind-numbingly complex.
Tax Quote
 

"The only difference between death and taxes is that death doesn't get worse every time Congress meets."

 – Will Rogers

*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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