Latest Articles

  • A Primer on Qualified Business Income under IRC Section 199A

    By:
    Dean L. Surkin, JD, LLM
    |
    Mar 1, 2020
    The 2017 Tax Cuts and Jobs Act (TCJA) allows owners of pass-through entities and sole proprietors to deduct a portion of their qualified business income (QBI), codified in IRC section 199A. In general, the deduction is the lesser of 20% of qualified business income or the greater of 50% of W-2 wages or the sum of 25% of W–2 wages with respect to the qualified trade or business and 2.5% of the unadjusted basis immediately after acquisition of all qualified property.
  • Automobiles under the Tax Cuts and Jobs Act of 2017

    By:
    Ellen S. Brody, JD, CPA, Esq., and Cory M. Paul, JD
    |
    Mar 1, 2020

    The Tax Cuts and Jobs Act (TCJA) has dominated headlines since its passage in late 2017. More than two years later, the tax and accounting community are still trying to implement all of its changes, as final regulations are issued piecemeal for various IRC provisions modified by the TCJA. While much press coverage is given to clarifications of big-ticket items, such as qualified opportunity zones and the long-term effects of the TCJA as a whole, it is important to remain aware of the myriad smaller changes that were also enacted.

  • The Multistate Tax Implications of a Mobile Workforce

    By:
    Mark Klein and Emma Savino
    |
    Mar 1, 2020

    In 2019, Americans took an estimated 470 million domestic business trips, and spent more than $327 billion on business travel, which has increased year after year. In fact, global business travel is forecasted to increase by 6.9% in 2020. Surveys suggest that 85% of companies have employees who work outside their resident jurisdiction—and more employees are travelling away from their home business location than ever before.

  • Form 5471 Reporting Refresher and Updates

    By:
    Justin Lynch
    |
    Mar 1, 2020
    The Tax Cut and Jobs Act (TCJA), signed into law in December 2017, brought significant changes to U.S. international taxation. During the 2018 tax filing season, practitioners had to navigate the new reporting requirements of the deemed repatriation of offshore accumulated earnings and global intangible low-taxed income (GILTI), among other provisions.
  • IRC Section 199A Considerations for Tax Year 2019

    By:
    Ben Lederman, CPA
    |
    Feb 1, 2020
    The qualified business income (QBI) deduction under IRC section 199A has been one of the most discussed topics in federal taxation since the passage of the 2017 Tax Cuts and Jobs Act (TCJA). Many articles have followed the release of the new law, proposed regulations, and final regulations to help practitioners to understand the deduction and its impact on their clients.
  • The SECURE Act Changes Rules for Individual Retirement Savings Accounts

    By:
    Mark H. Levin, CPA, MS (taxation)
    |
    Feb 1, 2020

    On Dec. 20, 2019, President Trump signed into law the Further Consolidated Appropriations Act of 2020 (FCTA). Among its many provisions, the FCTA includes the Setting Every Community Up for Retirement Enhancement Act of 2019 (aka the SECURE Act). While most of these changes affect taxpayers’ IRAs and 401(k) accounts in a positive way, certain provisions tighten some rules. This discussion will review key provisions of the act and their impact on taxpayers.

  • Final Regulations on Qualified Opportunity Funds: Trust and Estate Issues

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

    On Dec. 19, 2019, the U.S. Department of Treasury and the IRS (collectively, the Treasury Department) released long-awaited final regulations on qualified opportunity funds (QOF). The final regulations come on the heels of two tranches of proposed regulations, which generated more than 300 comment letters from organizations and other interested parties. The NYSSCPA submitted a comment letter to the Treasury Department dated Jan. 9, 2019, that addressed a wide range of issues. In addition, the American College of Trust and Estate Counsel (ACTEC) submitted two separate comment letters to the Treasury Department on trust- and estate-related issues, the second of which was dated Jun. 27, 2019.

  • New York City Taxes: A Quick Primer for Businesses

    By:
    Debra S. Herman and Elizabeth Pascal, JD
    |
    Feb 1, 2020

    In addition to the plethora of New York State (NYS) taxes imposed on residents and businesses, New York City (NYC or city) has its own distinct set of business taxes, administered and collected by the NYC Department of Finance (DOF). The DOF collects more than $33.2 billion in revenue for the city and values more than 1 million properties with a total market value of $988 billion.

  • Inside the Black Box: Executors’ Elections

    By:
    Theresa McGinley, JD, Kevin Duncan, JD, and Brian Conboy, JD
    |
    Jan 1, 2020

    During the administration of a decedent’s estate, an executor performs four basic functions: identifies and collects the decedent’s assets; determines cash needs for payment of expenses and debts, and raises cash to pay the expenses; files any required tax returns, including the decedent’s final personal income tax returns, gift tax returns, estate tax returns, and fiduciary income tax returns, and pays associated taxes; and distributes assets in accordance with the terms of the decedent’s Last Will and Testament.

  • A Look into the Final Treasury Regulations on the Temporarily Expanded Federal Gift and Estate Tax Exemptions

    By:
    Kevin Matz, JD, Esq., CPA, LLM
    |
    Jan 1, 2020
    On Nov. 26, 2019, the U.S. Department of Treasury and the IRS published final regulations addressing the effect of recent legislative changes to the basic exclusion amount allowable in computing federal gift and estate taxes.
Tax Quote
  

"Taxes and golf are alike, you drive your heart out for the green, and then end up in the hole."

 – Unknown

*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.