Latest Articles

  • Important FAQs: Cancellation of Debt

    By:
    Robert M. Finkel
    |
    Aug 1, 2020
    In the current economic climate, many of our clients have or will reach agreements with creditors to reduce agreed debt. The reduction of certain types of debt can give rise to taxable income to the debtor, so-called cancellation of debt (COD) income under IRC section 61(a)(12).
  • IRS Notice 2020-39: Additional Opportunity Zone Relief Due to the COVID-19 Pandemic

    By:
    Kevin Matz, Esq., CPA, LLM
    |
    Aug 1, 2020

    In an effort to extend additional relief to opportunity zones in light of the COVID-19 pandemic, the IRS issued Notice 2020-39 on Jun. 4, 2020. It provides very significant relief for qualified opportunity funds (QOF) and their investors.

  • Asset Protection Planning for Vulnerable Professionals

    By:
    Matthew E. Rappaport, JD, Esq., LLM
    |
    Aug 1, 2020

    America is the most litigious society in the world, and few thoughts strike more fear into the hearts of ordinary people than a protracted lawsuit and—even worse—enforcement of a monetary judgment. Outside of the nation’s capital, New York is home to the most lawyers per capita, so the dangers of litigation loom larger in that state than almost anywhere else.

  • How Joseph Wilson Escaped the Clutches of the IRS and Its Form 3520 Penalties

    By:
    Alicea Castellanos, CPA
    |
    Aug 1, 2020

    Even if you’re not a classic film buff, you may know of the “damsel in distress” film genre from the era of silent movies: A villain decked out in a curlicue mustache kidnaps a pretty woman—the significant other of his archenemy—and ties her to the railroad tracks. As the train comes clickety-clacking down the track, the hero, a handsome man on a white horse, rescues the damsel in the nick of time. He also captures the villain and saves the day.

  • Tax Reform, the CARES Act, and Beyond: Hedge Fund Schedule K-1 for Individuals

    By:
    Suzy Lee, CPA, MST, and Stacy L. Palmer, CPA, MBA, MST
    |
    Jul 1, 2020
    In 2016, the authors’ article, “Deconstructing Hedge Fund Schedule K-1s for Individuals,” was published in the TaxStringer. It discussed hedge fund schedules K-1—but much has changed since then. This discussion will review how such changes have affected the presentation of hedge fund K-1s. 
  • A Simple Fix to the “Retail Glitch”

    By:
    Luke Richardson, CPA, MAcc, and John McKinley, CPA, CGMA, JD, LLM
    |
    Jul 1, 2020

    With the recent passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Congress enacted many tax provisions intended to lessen the economic harm caused by the coronavirus (COVID-19) outbreak. Among those changes was a fix for an issue known as the “retail glitch,” which arose from the last major piece of tax legislation, the Tax Cuts and Jobs Act (TCJA).

  • Helpful Instructions for Filing Domestic and Foreign Voluntary Disclosures

    By:
    Ellen S. Brody, JD, CPA, Esq., and David J. Snyder, JD
    |
    Jul 1, 2020

    In April 2020, the IRS quietly updated Form 14457. Previously called the “Offshore Voluntary Disclosure Letter,” the form’s name was changed to “Voluntary Disclosure Practice Preclearance Request and Application.” It had been used in conjunction with the Offshore Voluntary Disclosure Program (OVDP) that ended Sept. 28, 2018.

  • Can New York State Audit Federal Tax Issues?

    By:
    Brian Gordon, CPA
    |
    Jul 1, 2020

    In a typical case, the IRS will audit federal tax issues, and when audit changes are made, it will notify New York State. With little additional work, New York will bill the taxpayer the amount of additional state tax resulting from these federal tax changes. Taxpayers are required to report the IRS audit changes on a New York State amended return within 90 days of the IRS notification, regardless of whether they receive a bill from the state.

  • Protecting Yourself, Your Family, and Your Heirs during the COVID-19 Crisis

    By:
    Kevin Matz, Esq, CPA, LLM
    |
    Jun 1, 2020
    We live in unprecedented times. Many of the tenets we thought we knew at the beginning of March 2020 have now been shattered by COVID-19, which has wreaked havoc not only on our nation’s public health but also on the worldwide economy and the financial markets. 
  • Coronavirus and Nonprofits: Cancellation of Fundraising Events and Membership Dues May Convert to Tax-Deductible Donations

    By:
    Eva Mruk, Susan Barossi, CPA , and Garrett M. Higgins
    |
    Jun 1, 2020
    In the wake of the coronavirus (COVID-19) pandemic, charitable organizations around the world have been forced to cancel or postpone their fundraising events. In addition, many charitable organizations have been advised to close their facilities and perform their operations virtually, if possible. As a result, nonprofits that collect membership dues, tuition, or fees can render limited or even no services in exchange.

What do you think will be the biggest issues tax practitioners will face in 2021?


1) PPP forgiveness and deductibility
2) State nexus, residency, and telecommuting issues in the wake of Covid-19
3) Changes to K-1 basis reporting
4) Potential changes from Covid relief legislation or tax reform under the Biden administration
5) Networking/business development in a remote environment

Please submit your choice via the below link: https://www.surveymonkey.com/r/6BMJ9XL

Tax Quote
  

“The crime of taxation is not in the taking it, it’s in the way that it’s spent.”

 – 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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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.