NYCPA is updating our website to provide an improved member experience. From June 12-14, our current website will be unavailable as we transition to a new platform. 

News

tax_stinger_logobanner

 
 
Navigating the 2026 New York State Estate Tax
The One Big Beautiful Bill Act: Tax Provisions
Clearing the Fog: Analyzing and Reporting Partnership Liabilities
A Deep Dive Into Schedule K‑1: What Taxpayers, Partners, and Shareholders Need
Navigating State Income Tax Apportionment by Entity Type

Latest Articles

  • Impact of SECURE Final Regs on Planning for Trusts

    By:
    Steven B. Gorin, CPA, Esq., CGMA
    |
    Sep 4, 2025
    This article discusses selected issues under the 2024 final regulations implementing the SECURE Act and SECURE 2.0.

  • Court Decision Might Mean Foreign Tax Credits Can Offset U.S. Tax— but Don’t Jump at the Chance

    By:
    Alicea Castellanos, CPA
    |
    Sep 4, 2025
    The U.S. is one of the only nations that imposes income tax on its citizens who live abroad. The theory is that this taxation guarantees Americans worldwide pay their share for the privilege of U.S. citizenship and, perhaps more importantly, prevents them from hiding income by living overseas. 

  • First Look at the Tax Provisions of “The One Big Beautiful Bill Act”: How It Affects Individuals

    By:
    Mark H. Levin, CPA, MS (Taxation)
    |
    Aug 1, 2025

    On Jul. 4, 2025, President Trump signed The One Big Beautiful Bill Act (OBBBA) into law as Public Law 119-21. Title XI of the law contains the tax provisions for the 2025–2026 federal budget.

  • New CFC Rules for 2026: Section 958(b)(4) Restoration and the Foreign Controlled Corporation Provisions

    By:
    Philip D.W. Hodgen
    |
    Aug 1, 2025

    The One Big Beautiful Bill Act, signed on Jul. 4, 2025, includes changes that apply to controlled foreign corporations and their US shareholders. Two of those changes affect whether a US taxpayer has a Form 5471 filing requirement and an income inclusion for a foreign corporation’s subpart F income or net Controlled Foreign Corporations (CFC) tested income—the new name for global intangible low-taxed income. The changes are effective for foreign corporation tax years beginning after Dec. 31, 2025. 

  • Proposed CAMT Guidance May Have Significant Impact on Asset Management and Real Estate Reporting Part 2

    By:
    Aaron Lebovics, Annet Thomas-Pett, CPA, Charwin Embuscado, CPA, Jason Black, CPA, Jennifer Wyatt, CPA, and Michael Hauswirth, JD
    |
    Aug 1, 2025
    The proposed regulations contain rules addressing "adjustments to apply certain subchapter K principles" in connection with contributions to and distributions from partnerships. In general, these rules require the Corporate Alternative Minimum Tax Regs (CAMT) entity, any other partner in the relevant partnership, and the partnership itself to include in their AFSI any income, expense, gain, or loss reflected in the financial statement income (FSI) as a result of the contribution to or distribution from the partnership.

  • Coast-to-Coast Tax Residency: Comparing New York and California Residency Rules

    By:
    Daniel P. Kelly & Joseph F. Tantillo, Esq.
    |
    Aug 1, 2025
    A few years ago, one of the authors examined the trials and tribulations taxpayers face when navigating east-and-west-coast residency issues.[1] Over the last seven years, the world and individual tax residency considerations have undergone material change. Taxpayers still pursue changes in tax residency for all the classic reasons—retirement, a new job, health circumstances, or different weather—but there are several more recent residency motivators in play. 

  • Beneficial Owner Disclosure Under the New York LLC Transparency Act

    By:
    George Martin, Kevin Matz, CPA, JD, LLM, and Tracy McLaughlin, CFP
    |
    Jun 1, 2025
    After a rollercoaster of activity related to the federal Corporate Transparency Act (CTA), the U.S. Treasury Department (Treasury) announced Mar. 2, 2025, that it will not enforce any penalties or fines associated with beneficial ownership information reporting for U.S. reporting companies. (“Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies,” https://tinyurl.com/5bvp4mt7). 

  • Has the No Lookback for Home Care Medicaid in New York Run Its Course?

    By:
    Anthony J. Enea, Esq.
    |
    Jun 1, 2025
    When the state of New York passed legislation in 2020 creating a 30-month lookback period for uncompensated transfers of assets under the Medicaid home care program, few imagined that almost five years later, the law would still not be in effect.

  • Proposed CAMT Guidance May Have Significant Impact on Asset Management and Real Estate Reporting Part 1

    By:
    Aaron Lebovics, Annet Thomas-Pett, CPA, Charwin Embuscado, CPA, Jason Black, CPA, Jennifer Wyatt, CPA, and Michael Hauswirth, JD
    |
    Jun 1, 2025

    Proposed guidance related to the corporate alternative minimum tax (CAMT) may create incremental reporting burdens for asset management and real estate funds.

    On Sept. 12, 2024, the Treasury Department and the IRS issued proposed regulations implementing the CAMT. Enacted in 2022 as part of the Inflation Reduction Act, the CAMT imposes a 15 percent minimum tax on the adjusted financial statement income (AFSI) of an “applicable corporation.” The CAMT is effective for tax years beginning after Dec. 31, 2022.

  • What Tax Practitioners Need to Know About the Proposed Amendments to Circular 230

    By:
    Sharyn M. Fisk, JD, LLM
    |
    May 1, 2025

    On Dec. 20, 2024, the Treasury Department and the IRS released proposed regulations (REG-116610-20) to update Circular 230, which governs practice before the IRS. These amendments, if finalized, would have a substantial impact on attorneys, CPAs, enrolled agents, and other tax professionals who practice before the IRS. Understanding these proposed amendments is essential for tax practitioners to prepare for potential changes ahead.
Page
Tax Jokes
  

Have you heard the one about the fun accountant? No? Me neither.
 
https://parade.com/1317763/jessicasager/accounting-jokes/

Updated Tax Withholding Estimator Lets Millions of Taxpayers Take One, Big, Beautiful Bill Changes Into Account When Calculating Their Withholding, Internal Revenue Service

Dirty Dozen Tax Scams for 2026: IRS Reminds Taxpayers to Watch out for Dangerous Threats, Internal Revenue Service

IRS Updates Filing Process for 501(c)(4) Organizations, The Trusted Professional

Time is Running Out to Claim $1.2 billion in Refunds for Tax Year 2022; Taxpayers Face April 15 Deadline, Internal Revenue Service

As Tax Rules Get More Complicated, Being Skilled is Now Essential for Tax Professionals, The Trusted Professional

*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.

 

 

Interested in writing for the TaxStringer? Click here for Submission Guidelines and contact TaxStringer@nysscpa.org.


View Upcoming Tax Courses

 
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.