Latest Articles

  • The Story of Lisa: Three Different Approaches to State Fiduciary Income Taxation

    By:
    Peter Desmond Hopkins, CPA, MS
    |
    Dec 1, 2018

    In this article, we will consider the story of Lisa and how various states tax the trust created for her benefit. (The story of Lisa is purely fictional. Any resemblance to persons living or otherwise or to actual situations is purely coincidental.)

  • Opportunities and Pitfalls of Advanced Life Insurance Planning Techniques

    By:
    Matthew E. Rappaport, Esq., LLM and Edward W. Gordon
    |
    Dec 1, 2018

    Life insurance seems simple on the surface, but is probably the most complicated financial product available on the retail market. Since licensing standards are not rigorous and do not require prior education or apprenticeship, and since training typically covers only the introductory topics necessary to make a sale, most life insurance professionals do not know the intricate details of how life insurance products work.

  • Comprehensive Business Planning to Maximize Benefits Under Section 199A

    By:
    Ben Lederman, CPA
    |
    Nov 1, 2018
    The Tax Cuts and Jobs Act introduced many changes to the tax law, including new deductions, but few captured the attention of both tax preparers and taxpayers like the new deduction on pass-through business income under Section 199A.
  • Common Client Planning Issues: Post-2017 Act Solutions

    By:
    Martin M. Shenkman, CPA, MBA, AEP, PFS, JD
    |
    Nov 1, 2018
    The 2017 Tax Cuts and Jobs Act dramatically changed all aspects of income and estate tax planning and ancillary financial and insurance planning. Most articles have focused on explaining the new laws, which is natural as the first step must be knowing what has occurred. The 2017 tax act brings a myriad of nuances and subtle, as well as dramatic, changes. 
  • Changing Residency: The Most Effective SALT Deduction Workaround?

    By:
    Timothy P. Noonan, JD
    |
    Nov 1, 2018
    2018 has been an amazing year for tax practitioners. Since the passage of the 2017 Tax Cuts and Jobs Act, practitioners have been scrambling to understand the implications of the federal tax overhaul and to begin implementing new strategies for clients.
  • A Primer on How to Provide for your Bitcoin in your Estate Planning and the Taxation Thereof

    By:
    Anthony J. Enea, Esq.
    |
    Nov 1, 2018
    The ownership of a digital currency, whether it be bitcoin or any other cryptocurrency, has by its very nature significant complexities. As part of its inherent complexities, the issue of its taxation and how one can legally dispose of the cryptocurrency upon one’s demise needs to be properly addressed.
  • S-Banks’ Entire Income Should Qualify for Tax Reform’s 20 Percent Pass-through Deduction

    By:
    Curtis Dubay
    |
    Oct 1, 2018
    When the Treasury Department released proposed regulations in early August of this year for Sec. 199A, created by the Tax Cuts and Jobs Act (TCJA), some of the tax press seemed surprised that banks organized as S-corporations (S-banks) qualified for the 20 percent deduction that Sec. 199A grants certain pass-through businesses.
  • Is Leaving New York More Taxing Than It’s Worth?

    By:
    Daniel P. Kelly and Mark S. Klein
    |
    Oct 1, 2018
    As state and local tax attorneys, the 2017 Tax Cuts and Jobs Act has mixed up our lives. The end of the year used to see a flurry of activity around taxpayers settling audits, making estimated payments, and otherwise ensuring they maximized the federal tax benefits of their obligation to pay different state and local taxes.  
  • Altera: Legislative Intent Within Administrative Bounds

    By:
    Michael I. Billet, JD, CPA
    |
    Oct 1, 2018

    Altera Corporation & Subsidiaries (Altera Corp.) is battling the IRS in court over the validity of a federal income tax regulation that concerns Section 482 of the Internal Revenue Code (IRC).  

  • How the Use of a Revocable or Irrevocable Trust Can Simplify the Conveyance of a Second Home Located in Another State Upon Death

    By:
    Anthony J. Enea, Esq.
    |
    Oct 1, 2018
    Everyday, according to the Pew Research Center, approximately 10,000 baby boomers reach 65 years of age. As the approximately 65 million surviving members of the baby boomer generation (those born between 1946 and 1964) retire, it is not unusual for them to own homes in multiple states.
Tax Quote
 
"A fine is a tax for doing something wrong. A tax is a fine for doing something right”

– 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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