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Latest Articles

  • The U.S. Supreme Court Affirms the Eighth Circuit’s Decision in Favor of the Government Concerning the Estate Tax Treatment of Life Insurance Proceeds Used to Fund a Corporate Redemption Obligation

    By:
    Kevin Matz, CPA, JD, LLM
    |
    Aug 1, 2024
    In Connelly v. U.S., 602 U.S. ___ (6/6/2024), the United States Supreme Court affirmed a decision of the Eighth Circuit Court of Appeals in favor of the government concerning the estate tax treatment of life insurance proceeds that are used to fund a corporate redemption obligation under a buy-sell agreement. The specific question presented was whether, in determining the fair market value of the corporate shares, there should be any offset to take into account the redemption obligation to the decedent’s estate under a buy-sell agreement. 
  • The Success in Succession, Part I: Estate Planning and Estate & Gift Tax Planning

    By:
    By Morris Sabbagh, Esq.
    |
    Aug 1, 2024

    Whether you’re planning to pass your business to the next generation or simply to make an exit, and whether it’s your own business succession or a client’s, the success of your succession plan will depend on how well it addresses both tax and nontax issues.

  • Helping Clients Navigate Estate Planning and Divorce

    By:
    Gus Dimopoulos, Esq.
    |
    Aug 1, 2024

    As an attorney specializing in matrimonial law, I’ve worked on numerous cases involving divorce and estate planning. Clients often turn exclusively to financial professionals for guidance, overlooking the crucial role of their attorneys.

  • Penalties in Modern Tax Practice

    By:
    Melissa Wiley
    |
    Jun 3, 2024

    “In 1955, there were approximately 14 penalty provisions in the Internal Revenue Code. There are now [in 2011] more than ten times that number.”  Internal Revenue Manual (“IRM”) part 20.1.1.1.1.

    Whenever I am asked why it is that I speak so often about penalties, I highlight the above quote from the IRS’s employee handbook. Whereas there were 14 penalty provisions in 1955, approximately 150 were listed by 2011; there are even more now, 13 years later.
  • The YA Global Tax Court Decision: Private Fund Activities Drag Non-U.S. Fund Investors Into the U.S. Tax Net

    By:
    Mark Leeds
    |
    Jun 3, 2024
    For U.S. history aficionados, November 15 is an auspicious day: It was on this day in 1777 that the Continental Congress approved the Articles of Confederation. These articles framed the basic form of government for what was to become the United States. Well, tax folks working with private funds are likely to remember November 15 for another reason as well. 
  • The Realities of Improper Planning for Your Client who Has Animal(s)

    By:
    Melissa Gillespie, Esq., CPA, JD, MST
    |
    May 1, 2024

    Have you ever considered the fate of your client’s pet upon their death or disability? In addition, how this care will be funded? Have you asked your clients if they have considered this when they are sitting across from you discussing their estate plan? When they are planning for their children, grandchildren, bequests to charities, etc.—did they consider their pets? Moreover, did you even discuss this with your client?

  • Recent IRS Chief Counsel Advice Addresses the Gift Tax Consequences of Modifying a Grantor Trust on Beneficiary Consent to Add a Tax Reimbursement Clause

    By:
    Kevin Matz, CPA, JD, LLM
    |
    May 1, 2024

    IRS Chief Counsel Advice (CCA) 202352018, released on December 29, 2023, addresses the gift tax consequences of modifying a grantor trust on beneficiary consent to add a tax reimbursement clause. The CCA concludes that such a modification to add a tax reimbursement clause will constitute a taxable gift by the trust beneficiaries because the addition of a discretionary power to distribute income and principal to the grantor is a relinquishment of a portion of the beneficiaries’ interest in the trust.

  • Nothing to Fear but Fear Itself: Planning in the Current Environment

    By:
    Carl Fiore, JD, LLM
    |
    May 1, 2024
    As the calendar turns to 2024, taxpayers and their advisors face an uncertain future.  Given a divided government for at least the next two years, it is not the usual suspect of potential legislation and sweeping tax changes that fuels this uncertainty. Instead, a declining market, the potential for recession looming, and increasing interest rates has left many taxpayers in a general malaise heading into the new year. However, while this overall economic downturn presents at least short-term challenges, it also creates certain wealth planning opportunities.
  • Multi-Entity Structures in the Not-for-Profit Context

    By:
    Peter Egan, Esq. and Anita Pelletier, Esq.1
    |
    May 1, 2024
    The formation of affiliate organizations in the not-for-profit world is a consideration that surfaces during the lifetime of many not-for-profit organizations as a strategy to expand operations, address tax implications of unrelated business income, shield itself from liability and expand on overall capacity to deliver more on an organization's charitable mission. 
  • 2023 in Review and an Outlook on the Horizon for Tax-Exempt Entities

    By:
    Magdalena M. Czerniawski, CPA, MBA
    |
    Apr 1, 2024

    As we enter a new year—an election year at that—many business tax incentives, including those affecting tax-exempt organizations, face potential elimination after 2025. As of this writing, Congress has introduced legislation to extend some of these incentives. Meanwhile, the popular Employee Retention Tax Credit (ERC) came under IRS fire in 2023 after a significant uptick in fraudulent claims by unscrupulous ERC “mills.” The following summarizes updates to the ERC along with other significant changes presented recently at the FAE’s Exempt Organization Conference.

Tax Jokes
  

What do gymnasts and accountants have in common? They're good at keeping their balance.
 
https://parade.com/1317763/jessicasager/accounting-jokes/

*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.