Latest Articles

  • Are New York’s PNOLC Draft Regulations Too Restrictive?

    By:
    R. Gregory Roberts, Esq., Jennifer S. White, Esq., and Jeremy P. Gove, Esq.
    |
    Jan 1, 2018
    On May 5, 2017, the New York State Department of Taxation and Finance (the “Department”) released its long-awaited draft regulations (the “Draft Regulations”) regarding the computation of the prior net operating loss conversion (“PNOLC”) subtraction. Initial comments to the Draft Regulations were due Aug. 3, 2017; however, the Department continues to review comments.
  • Employee Stock Ownership Plans: Exploring Opportunities for Business Owners

    By:
    Kevin Jennings, ABV, CVA and Carla Klinger
    |
    Jan 1, 2018
    An employee stock ownership plan (ESOP) is a qualified retirement plan under IRC section 401(a) that is nondiscriminatory and provides transition opportunities for a company’s owners. But an ESOP is not for everyone—the company must be robust and produce sufficient cash flow to cover the expenditures associated with an ESOP.  
  • Choice of Entity

    By:
    Dean L. Surkin, JD, LLM
    |
    Jan 1, 2018
    When entering a new business transaction (or significantly changing an existing one), clients should consider their choices of entity and business structure. They must consider the requirements of the business, the extent or liability protection, and the tax effects, and we, as their principal tax advisors, should work closely with their attorneys in making informed choices.
  • Accounting Methods for Construction Contracts

    By:
    Joseph Molloy, CPA
    |
    Jan 1, 2018
    New York City is in the middle of its biggest office construction building boom in three decades, and residential spending—which includes spending on new construction as well as alterations and renovations—is projected to reach $11.6 billion in 2018, according to a New York Building Congress analysis of multiple data sources.
  • The Tax Cuts and Jobs Act: What Practitioners Need to Know

    By:
    Ben Lederman, CPA
    |
    Dec 1, 2017
    Coming into its first year, the Trump administration set two major goals—one, to repeal or replace the Affordable Care Act (ACA), also known as Obamacare, and two, to reform the tax code, primarily through tax cuts. After failing to pass ACA repeal several times, Congress and the Trump administration have moved on to tax reform. 

  • How Will the Trump Administration Impact Estate Taxes and Medicaid Benefits for Long-Term Care?

    By:
    Anthony J. Enea, Esq.
    |
    Dec 1, 2017
    While it still remains to be seen which specific legislative policies the Trump administration will enact, a repeal of the federal estate tax may be very likely if Congress passes tax reform or tax cuts.  
  • With Tax Reform Uncertainty, Roth Conversions Need a Tremendous Amount of Confidence

    By:
    David M. Barral, CPA/PFS, CFP
    |
    Dec 1, 2017
    Tax reform has been on every tax professional’s mind—even more so as we approach year-end. Without any certainty of where we’re heading and when any changes will take effect, tax planning for clients has become increasingly difficult. It is a particularly difficult decision for those contemplating a Roth conversion, which can carry with it a hefty tax bill. 
  • Divorce and Taxes

    By:
    Stewart Berger, CPA
    |
    Dec 1, 2017

    In the United States, there is a divorce every 36 seconds—or about 876,000 per year. The average marriage lasts approximately eight years before a couple gets divorced. Most people who get divorced, however, do not know the tax consequences or ramifications.

  • The Current State of Leveraged Partnership Structures and Liability Allocations

    By:
    Jorge Otoya, CPA and Jim Dubeck
    |
    Nov 1, 2017
    One of the many benefits of using partnerships to conduct business is that a partner can include its allocable share of partnership liabilities in the tax basis of its partnership interest (“outside basis”). 
  • Tax Court Declines to Follow Revenue Ruling 91-32 in Grecian Magnesite Mining Case

    By:
    Ari Berk, Jim Calzaretta, Paul Epstein, JD, LLM (taxation) and Christine Piar, JD
    |
    Nov 1, 2017
    After a three-year period following the trial and briefs from the taxpayer and the IRS, during which the Obama administration each year sought legislation ratifying the IRS’s position in Revenue Ruling 91-32, the Tax Court has finally issued its opinion declining to follow the ruling.
Tax Quote
 

“The problem is not that the people are taxed too little. The problem is that government spends too much.” 

– Ronald Reagan

*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.

 

 

Interested in writing for the TaxStringer? Click here for Submission Guidelines and contact TaxStringer@nysscpa.org.


 
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.