Latest Articles

  • Looking Under the Hood of Mutual Funds and ETFs

    By:
    David J. Perrotto
    |
    Feb 1, 2019
    Did you know that according to Leichtman Research Group’s annual on-demand study, 54% of U.S. adults said they have Netflix in their household? Why do I mention this? Because it’s the same number of Americans that own individual stock, a stock mutual fund, or participate in a self-directed 401(k) or IRA, and roughly half those assets are outside IRAs. 
  • Fiduciary Income Tax Planning: Income Taxation of Trusts Under the New Tax Act

    By:
    Carl C. Fiore, JD, LLM
    |
    Jan 1, 2019

    The Tax Cuts and Jobs Act of 2017 (TCJA) represents a broad-based change to the U.S. tax code, touching on virtually every area of taxation, including of course fiduciary income tax. While some aspects of the new tax law impact trusts directly, the effect of the TCJA on individuals may have even greater implications for trust planning. 

  • Medtronic v. Commissioner: New Direction for Transfer Pricing Cases?

    By:
    Rita Chung, CPA
    |
    Jan 1, 2019
    For tax years 2005 and 2006, the IRS proposed a transfer pricing adjustment resulting in a tax deficiency of over $1.35 billion.  Medtronic filed a lawsuit in the U.S. Tax Court, and in June of 2016, the Tax Court issued its decision disagreeing with the IRS’s allocation of income.  
  • The Wayfair Decision and its Effect on Income Tax Nexus

    By:
    Brian Gordon, CPA
    |
    Jan 1, 2019
    Nexus is a connection to a state or taxing jurisdiction that is sufficient for a business to be subject to their tax laws. The U.S. Constitution does not define nexus, but gives guidance under two separate clauses. The Due Process clause states that more than a minimal connection is required. 
  • Practical Sales Tax Considerations for Vendors in the Wake of Wayfair (Part I)

    By:
    Mark S. Klein and Joseph N. Endres, JD
    |
    Jan 1, 2019
    By now we’re sure you have all heard about the U.S. Supreme Court case South Dakota v. Wayfair, Inc. This case reversed over 50 years of precedent and completely changed the way states can administer their sales tax laws with respect to out-of-state vendors. 
  • 2018 Year-End Tax Planning

    By:
    David M. Barral, CPA/PFS, CFP
    |
    Dec 1, 2018
    Tax planning is a year-round analysis. However, year-end tax planning is an especially important time for taxpayers, along with their advisors, to take advantage of any opportunities before the year closes. This year is particularly important since the December 2017 tax overhaul created by P.L. 115-97, also known as the Tax Cuts and Jobs Act, (“TCJA”) has shaken up some aspects of traditional tax planning. 
  • Deconstructing Sales Tax for Contractors in New York

    By:
    Joseph N. Endres, JD, and Joshua K. Lawrence, JD
    |
    Dec 1, 2018
    When it comes to sales tax compliance in New York, few industries have it tougher than the construction industry. Navigating the nuts and bolts of sales tax rules applicable to construction contractors can be confounding for both contractors and those who hire them. 
  • 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.
Tax Quote
 

The below quote is from The Golden Girls as Blanche is being audited.

 


Blanche Devereaux: A person cannot open a letter anymore without being accosted by some vile disgusting thing. I thought it was against the law to send filth like this in the mail.


Dorothy Zbornak: Blanche, what is it?


Blanche Devereaux: A letter from the IRS. I am being audited!

*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.