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Latest Articles

  • Coming to America – Love, Marriage and Immigration

    By:
    Carole M. Bass and Rebecca A. Provder
    |
    Jun 1, 2016

    In the 1988 hit comedy, Coming to America, Prince Akeem, heir to the throne of Zamunda, flees his home country to escape an arranged marriage. He comes to the United States to find his queen, a woman who will love him in spite of his vast wealth and title. Sure enough, he finds Lisa McDowell, heir to the McDowell’s Restaurant fortune.

  • Foreign Trust Reporting: Substance Over Forms? I Think Not

    By:
    Alicea Castellanos, CPA, TEP, NP and Jack R. Brister, TEP
    |
    Jun 1, 2016
    In a world dominated by data, the IRS’s role in data collection continues to expand. No longer is the agency’s sole focus domestic income tax reporting, collection, and enforcement; rather, today’s IRS is responsible for activity that occurs beyond U.S. borders and disseminating an array of information. 
     

  • Bipartisan Budget Act of 2015 Changes Partnership Audit Rules

    By:
    Ellen S. Brody, JD, CPA, and Vivek Chandrasekhar, JD
    |
    May 1, 2016
    On Nov. 2, 2015, Congress enacted the Bipartisan Budget Act of 2015 ("BBA"), repealing the previous audit regime in effect for partnerships that had been around since the Tax Equity and Fiscal Responsibility Tax Act of 1982 ("TEFRA"). 

  • Cause Marketing: Plan Carefully to Avoid Legal and Tax Pitfalls

    By:
    Luana K. Lewis
    |
    May 1, 2016
    In recent years, cause marketing efforts have grown more popular with charities and their commercial marketing partners. Customer perceptions and behaviors are expected to drive the cause marketing trend even further in the future. 

  • The Panama Papers: A Reminder to Taxpayers That It’s Not Too Late to Clean Up Unreported Offshore Assets

    By:
    Bryan Skarlatos, Esq., and Michael Sardar, Esq.
    |
    May 1, 2016
    So far, the “Panama Papers” - as they have come to be called - have disclosed that several high-profile individuals around the world were holding foreign bank accounts and other assets through Panamanian offshore entities.

  • IRS Proposed Regulations Concerning Basis Consistency and Reporting for Property Acquired from a Decedent

    By:
    Kevin Matz, CPA, Esq., LLM
    |
    May 1, 2016
    On July 31, 2015, President Obama signed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the “Highway Act”) into law. The Highway Act, among other things, added new provisions to IRC sections 1014(f) and 6035 concerning basis consistency and reporting for property acquired from a decedent. 

  • Don’t Overlook Your Clients’ IRA Beneficiary Designations

    By:
    Kevin Matz, CPA, Esq., LLM
    |
    Apr 1, 2016
    The beneficiary designation forms for qualified retirement plans and individual retirement accounts (collectively, “IRAs”) are often overlooked in a client’s estate plan. But in many instances, the beneficiary designation forms will control more assets than the will itself. 

  • Carried Interest: Labor vs. Capital

    By:
    Daniel G. Mazzola, CPA, CFA
    |
    Apr 1, 2016
    The U.S. government promotes business activity via the I.R.C. by taxing the profits of the sale of investment assets held for at least one year at a lower rate than the one at which income for services rendered is taxed. 

  • Is It Time For A Flat Tax On Private Foundations?

    By:
    Robert Lyons, CPA, MST
    |
    Apr 1, 2016

    Under our current federal tax structure, private foundations pay a 2% excise tax on their net investment income when filing Form 990-PF.  In certain years, the 2% rate can be reduced to 1% when the foundation’s charitable distributions exceed the average distributions during a five-year averaging process. This is determined on Part V of Form 990-PF. 

  • Colorado Wins Round Two on Use Tax Reporting Requirements for Remote Sellers

    By:
    Brian Gordon, CPA
    |
    Apr 1, 2016
    In 2010, Colorado enacted a law that imposes use tax reporting obligations on many remote sellers with no nexus to the state. This law does not require them to collect sales or use tax; it only requires them to report the sales information to both the purchaser and the state of Colorado, notifying them of a use tax liability. 
Page
Tax Case
  

In Case You Missed it - August 2024

Tax Jokes
  

Why are taxes like golf? Because you work hard on the green just to end up in the hole. 


https://parade.com/1317763/jessicasager/accounting-jokes/

Tax News


Kamala Harris' Tax Policies Could Be Factor in Presidential Election,The Trusted Professional


IRS Issues Five New Warning Signs of Incorrect Employee Retention Credit Claims,The Trusted Professional


FinCEN Estimates Entities Will Spend Millions of Hours Seeking Access to Beneficial Ownership Information,The Trusted Professional


Treasury, IRS Issue Updated Guidance on Required Minimum Distributions from IRAs, Other Retirement Plans; Generally Retains Proposed Rules, Internal Revenue Service


IRS Enhances FATCA Registration Website by Requiring Users to Establish Multi-factor Authentication,Internal Revenue Service


TIGTA: IRS Needs to Strengthen Its Digital Asset Enforcement Efforts,The Trusted Professional


Security Summit Warns Tax Pros to Remain Vigilant Against Phishing Emails and Cloud-based Attacks,Internal Revenue Service


New, evolving Scams Threaten Tax Professionals; Security Summit Warns Extra Attention Needed on Trending Threats that Could Affect Businesses, Clients,Internal Revenue Service


Security Summit Urges Tax Pros to Watch Out for Identity Theft Red Flags,Internal Revenue Service

*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.