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Lifetime Gifts and Testamentary Transfers by US Grantors to Non-Citizens
The One Big Beautiful Bill Act: Tax Provisions
The Psychology of Estate Planning

New York’s Convenience Rule Continues to Be Tested—The Zelinsky Case
Qualified Small Business Stock (QSBS): A Powerful Tax Break

Latest Articles

  • AI in Accounting: Leveraging the New Era of Efficiency and Insight

    By:
    Orumé Hays, CPA, CGMA, MST
    |
    Oct 1, 2024

    Our profession is at an exciting crossroads, and it's not just about the numbers anymore. Imagine having a tireless assistant who can analyze data, spot trends, and offer actionable insights faster than ever. That’s the power of generative AI for CPAs and accountants. We're not talking calculators—sophisticated tools like ChatGPT, Claude, Gemini, BingAI, powered by large language models (LLMs) are revolutionizing the way we work with accounting and financial data.

  • New Planning Opportunities for Inherited IRAs

    By:
    Kenneth A. Horowitz, CLU® ChFC® RICP® AEP®
    |
    Sep 1, 2024
    The impact of the SECURE Act 2.0 has created a game change for high-net-worth clients. The Setting Every Community Up for Retirement (SECURE) Act requires beneficiaries of inherited IRAs to withdraw all assets of the IRA account within 10 years, in most cases. This can create a significant income event resulting in giving back most of the income tax benefits accumulated over the years. Post-death control is also minimized while the resulting lack of asset protection increases.

  • The Success in Succession, Part II: Business Planning

    By:
    Joseph G. Milizio, Esq.
    |
    Sep 1, 2024

    This article is the second in a three-part series on succession planning. Part I discussed the legal considerations in creating an exit or succession plan, including estate planning and estate and gift tax planning. Part III will focus on financial planning.

  • Achieving the Impossible: Estate Tax Exclusion and Step-Up in Basis

    By:
    Copyright © 2024 Jonathan G. Blattmachr, Mitchell M. Gans & Martin M. Shenkman. All Rights Reserved.
    |
    Sep 1, 2024
    One of the challenges in estate planning is keeping assets out of the deceased owner's taxable estate while still ensuring the assets receive the automatic change in basis (commonly called the step-up in basis) under Internal Revenue Code Section 1014. When the estate tax rates were much higher than they are today (70%-77% a few decades ago compared to 40%) and the long term capital gains income tax rates were not more than 25%, it was beneficial in most cases to seek estate tax exclusion even if the step-up in basis was forfeited. 

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

    By:
    Lori A. McLaughlin, CPA, PFS and Kamila Czeczot, CPA
    |
    Aug 1, 2024

    Like their for-profit counterparts, charitable organizations often enter into agreements with other individuals or organizations. But there is a complexity to how grants are described in the Internal Revenue Code (IRC), and these differences can have operational implications on charitable organizations. So charitable organizations should understand what defines a grant versus a contract, as well as how each should be classified and reported for tax purposes. (All references to the IRC refer to the Internal Revenue Code of 1986, as amended, unless otherwise noted.)

  • The U.S. Supreme Court Affirms the Eighth Circuit’s Decision in Favor of the Government Concerning the Estate Tax Treatment of Life Insurance Proceeds Used to Fund a Corporate Redemption Obligation

    By:
    Kevin Matz, CPA, JD, LLM
    |
    Aug 1, 2024
    In Connelly v. U.S., 602 U.S. ___ (6/6/2024), the United States Supreme Court affirmed a decision of the Eighth Circuit Court of Appeals in favor of the government concerning the estate tax treatment of life insurance proceeds that are used to fund a corporate redemption obligation under a buy-sell agreement. The specific question presented was whether, in determining the fair market value of the corporate shares, there should be any offset to take into account the redemption obligation to the decedent’s estate under a buy-sell agreement. 

  • The Success in Succession, Part I: Estate Planning and Estate & Gift Tax Planning

    By:
    By Morris Sabbagh, Esq.
    |
    Aug 1, 2024

    Whether you’re planning to pass your business to the next generation or simply to make an exit, and whether it’s your own business succession or a client’s, the success of your succession plan will depend on how well it addresses both tax and nontax issues.

  • Helping Clients Navigate Estate Planning and Divorce

    By:
    Gus Dimopoulos, Esq.
    |
    Aug 1, 2024

    As an attorney specializing in matrimonial law, I’ve worked on numerous cases involving divorce and estate planning. Clients often turn exclusively to financial professionals for guidance, overlooking the crucial role of their attorneys.

  • Penalties in Modern Tax Practice

    By:
    Melissa Wiley
    |
    Jun 3, 2024

    “In 1955, there were approximately 14 penalty provisions in the Internal Revenue Code. There are now [in 2011] more than ten times that number.”  Internal Revenue Manual (“IRM”) part 20.1.1.1.1.

    Whenever I am asked why it is that I speak so often about penalties, I highlight the above quote from the IRS’s employee handbook. Whereas there were 14 penalty provisions in 1955, approximately 150 were listed by 2011; there are even more now, 13 years later.

  • The YA Global Tax Court Decision: Private Fund Activities Drag Non-U.S. Fund Investors Into the U.S. Tax Net

    By:
    Mark Leeds
    |
    Jun 3, 2024
    For U.S. history aficionados, November 15 is an auspicious day: It was on this day in 1777 that the Continental Congress approved the Articles of Confederation. These articles framed the basic form of government for what was to become the United States. Well, tax folks working with private funds are likely to remember November 15 for another reason as well. 
Page
Tax Cases
  

In Case You Missed It – December 2025.

Tax Jokes
  

A fine is a tax for doing wrong. A tax is a fine for doing well.
 
https://parade.com/1317763/jessicasager/accounting-jokes/

IRS Outlines Steps to Resume Normal Operations After Shutdown,The Trusted Professional

Tax Professional Have Until Dec. 31 to Renew Their Preparer Tax Identification Number,Internal Revenue Service

Treasury, IRS provide guidance for individuals who received tips or overtime during tax year 2025,Internal Revenue Service

IRS Has Significant Backlogs Following The Shutdown: What’s Moving and What’s Still Stuck,Forbes Media LLC

Treasury, IRS issue guidance on tax benefit for lenders on loans secured by farm or rural property under the One, Big, Beautiful Bill,Internal Revenue Service

401(k) limit increases to $24,500 for 2026, IRA limit increases to $7,500,Internal Revenue Service

TIGTA Outlines Nearly 100 IRS Audits and Evaluations for Fiscal Year 2026,The Trusted Professional

IRS Establishes Safe Harbor for Crypto Staking in Trusts,The Trusted Professional

IRS Confirms Roth-Only Catch-Up Contributions for High Earners Starting 2026,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.

 

 

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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.