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Grants vs. Contracts: Considerations for Public Charities and Private Foundations

Our Recommended Reading List on Tax Policy

SCOTUS Affirms Decision of Gov't Concerning Estate Tax Treatment Life Insurance Proceeds
The Success in Succession, Part I: Estate Planning and Estate & Gift Tax Planning
Helping Clients Navigate Estate Planning and Divorce

Latest Articles

  • The New York Pass-Through Entity Tax (PTET): Frequently Asked Questions and Answers

    By:
    Elizabeth Pascal, Esq., JD
    |
    Nov 1, 2023
    New York’s Pass-Through Entity Tax (PTET) is now in its third year. Since its passage as part of the 2021/22 budget legislation in April 2021, New York has made some significant changes and released interpretive guidance responding to some of the most common questions about the elective tax. It has become clear that the PTET offers significant benefits to many taxpayers by shifting the incidence of the tax from individuals, who are limited to a $10,000 federal deduction for state and local taxes, to entities that may deduct the entirety of the tax federally.

  • Hot New York Tax Topics in the Hedge Fund World

    By:
    Timothy P. Noonan, JD, and Ariele R. Doolittle, Esq.
    |
    Nov 1, 2023
    There have been countless reports in recent years of hedge funds leaving New York in favor of better state tax and business climates. And New York’s weather isn’t driving the exodus.  Instead with the onset of remote work during and after the COVID-19 pandemic, many service professionals have realized that they can do their work from anywhere.

  • The College Planning Process 2023

    By:
    Frank J. DeCandido, CPA, CFP®, MBA
    |
    Nov 1, 2023

    Planning for students attending college, including choosing the right school they will attend and how much you are willing to pay for their education, is becoming more and more important and complicated.

  • After the Move – Part III: Returning to New York

    By:
    K. Craig Reilly, Esq.
    |
    Oct 1, 2023
    Welcome back to the third and final installment of the “After the Move” series. Part One focused on employment compensation, including New York’s nonresident income sourcing rules for telecommuting and the proper sourcing methodologies for various types of deferred compensation. Part Two outlined several potential pitfalls that can lead to unexpected New York source income when changing residency in connection with one-off transactions, such as the complete or partial sale of a business. 

  • Succession Planning: Paving the Path for Small Business Continuity

    By:
    Moira S. Laidlaw and David Simon
    |
    Oct 1, 2023
    Running a small business is a journey that is not for the faint-hearted. It involves daily obstacles, long-term strategic planning, and sometimes the pressure of meeting stakeholder demands. Small business owners often find their name on the door, along with the weighty responsibility it carries.

  • Recent Court Decision Highlights the Split in Authority Concerning the Estate Tax Treatment of Life Insurance under a Buy-Sell Agreement

    By:
    Kevin Matz, Esq., CPA, LLM
    |
    Oct 1, 2023
    In Connelly v. United States, No. 21-3683 (8th Cir. 2023), the United States Court of Appeals for the Eighth Circuit, on the taxpayer’s appeal from an order granting summary judgment in favor of the IRS by the United States District Court for the Eastern District of Missouri, considered(i) whether a buy-sell agreement was able to fix the value of the decedent’s corporate shares for estate tax purposes (it was not), and (ii) whether life insurance proceeds payable to the corporation to help fund a corporate redemption of shares needed to be considered in determining the fair market value of the corporate shares for federal estate tax purposes.

  • After the Move – Part II: New York State’s Income Sourcing Rules for Business Sales

    By:
    K. Craig Reilly, Esq.
    |
    Sep 1, 2023

    Welcome back. This article is Part Two in the three-part “After the Move” series, outlining the potential New York State tax savings (and, more specifically, unexpected tax exposure) following a move away from the state. 

  • Recent Tax Court Case Contains Detailed Discussion of Gift Tax Adequate Disclosure Requirements

    By:
    Kevin Matz, Esq., CPA, LLM
    |
    Sep 1, 2023

    Schlapfer v. Commissioner, T.C. Memo. 2023-65 (U.S. Tax Court May 22, 2023), is the first reported case to contain a detailed discussion of the adequate disclosure requirements under the gift tax adequate disclosure regulations that are set forth in Treas. Reg. Sec. 301.6501(c)-1(f).

     

  • Calls For U.S. Wealth Tax Again Grow Louder – But Are They Any More Effective?

    By:
    Alicea Castellanos, CPA
    |
    Sep 1, 2023

    After years of debate, discussion and indecision over income gaps, some states have proposed laws to tax the uber-rich even as President Biden calls for the same. Is America ready to cross this threshold of taxation? And what’s really behind the threats and the promises?

  • Beyond College Savings: Using 529 Plans as an Estate Planning Tool

    By:
    David Oh, JD, LLM, and Julie Min Chayet, JD, MPA
    |
    Sep 1, 2023

    For decades, most people have known 529 Plans  as a tool for putting money aside tax free for their children’s college expenses. Less known is their usefulness as a powerful estate planning tool. Strategically, using 529s as part of a wealth transfer strategy can help high-net-worth clients pass on significant wealth tax free to future generations. 
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.